Chartered Accountancy

Ashish Kumar | Deputy Finance Officer | DIT University

What is Chartered Accountancy?

There are many nuances of a Career in Chartered Accountancy. Almost everyone seems to be talking about How to start a Career in Chartered Accountancy, while one should first develop an understanding of What is a Career in Chartered Accountancy. The most authoritative source of information on Chartered Accountancy is someone with real experience in it.

Deputy Finance Officer Ashish Kumar invested 15 years & 2 months in Chartered Accountancy. Deputy Finance Officer Ashish Kumar describes Chartered Accountancy as:

A Chartered Accountant is one who is specialised in accounting, auditing and taxation. He also serves as a management and corporate caretaker. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.

How Deputy Finance Officer Ashish Kumar got into Chartered Accountancy?

I am a Graduate and Post Graduate in Commerce. I have done MBA in Finance. I am also a qualified Chartered Accountant. I have worked with companies like Subros Ltd, Indian Synthetic Rubber Ltd, Technos Electronics Ltd, UPES, PTCUL. I also worked with many CA firms including Davinder SJJAJ & Co, Pradeep Gupta. I am Deputy Finance Officer at DIT University.

Deputy Finance Officer Ashish Kumar's Talk on Chartered Accountancy

The Journey of a Chartered Accountant: Ashish Kumar’s Insights into an Impactful Profession Ashish Kumar, a distinguished Chartered Accountant from Dehradun, takes us through the compelling world of Chartered Accountancy, sharing invaluable insights from his personal journey. With a strong educational foundation and rich experience, Ashish highlights the intricacies of this profession, illustrating its significance in today's economy. In this article, we will delve into what Chartered Accountancy entails, the educational prerequisites, essential skills, benefits, challenges, and a glimpse into the daily life of a Chartered Accountant. What Is Chartered Accountancy? Chartered Accountancy is a prestigious and highly respected accounting profession that specializes in financial management, taxation, auditing, and consultancy services. Chartered Accountants (CAs) play a crucial role in ensuring financial stability and compliance within businesses and government entities. This profession encompasses a wide range of responsibilities, including budget planning, tax regulations, and financial auditing, setting a firm foundation for successful business operations. Through his experiences, Ashish emphasizes that a keen understanding of core accounting principles, tax laws, and financial management is imperative for anyone aspiring to succeed as a Chartered Accountant. Education Budgeting Budgeting is a fundamental aspect of Chartered Accountancy that Ashish underscores as the starting point for effective financial management. A solid grasp of budgeting enables CAs to assess both income and expenditures accurately. In his practice, Ashish explains how budgeting impacts not just balance sheets but also profit and loss accounts, ultimately guiding businesses to make informed financial decisions. Income Tax A thorough understanding of income tax regulations is essential for a Chartered Accountant. Ashish notes that this knowledge allows CAs to navigate complex tax laws, ensuring compliance for their clients while optimizing tax liabilities. He emphasizes the importance of staying updated with evolving tax laws to provide precise advice and strategies for businesses. Core Accounts Core accounting knowledge forms the backbone of a Chartered Accountant's capabilities. Ashish mentions that familiarity with core accounting principles is what enables accountants to apply theoretical concepts in practical scenarios, making sense of financial data essential for informed decision-making. Audit Audit functions as a critical process that Ashish defines as being primarily regulatory in nature. CAs conduct both statutory and internal audits, serving the dual purpose of ensuring compliance with legal standards and enhancing internal management processes. He notes that this role builds trust with clients and regulatory bodies alike, making it indispensable in maintaining financial integrity. Management Accounting Ashish highlights managerial accounting as an emerging field crucial for strategic business planning. This area enables companies to understand profitable and non-profitable sectors, ultimately guiding resource allocation and expansion strategies. The insights provided by management accountants serve as a key tool for businesses aiming to thrive in a competitive landscape. Costing Costing is another vital component in Ashish's professional toolkit. He articulates how understanding both direct and indirect costs allows for better pricing strategies and resource allocation. This knowledge is particularly relevant in manufacturing sectors, where precise costing impacts overall profitability. Laws An awareness of relevant laws is critical for Chartered Accountants. Ashish explains that knowledge of legislative guidelines—such as those from the Ministry of Corporate Affairs—is essential for navigating the regulatory landscape surrounding taxes and corporate governance. This understanding empowers CAs to provide comprehensive advice across various legal domains. Skills Data Mining & Handling Data mining is a pivotal skill for Chartered Accountants as it helps in filtering and interpreting vast amounts of financial information. Ashish believes that being adept in data handling allows CAs to derive actionable insights, ultimately enhancing decision-making for their clients. Oratory Skills The ability to communicate effectively is a key strength that Ashish considers invaluable for Chartered Accountants. Whether dealing with clients or presenting findings to government authorities, possessing strong oratory skills helps build relationships and convey complex financial information clearly. Reading & Analytical Skills Ashish emphasizes continuous learning, stating that a Chartered Accountant must be a lifelong reader. This dedication to reading improves analytical skills and ensures that CAs remain updated with the latest trends, legislation, and best practices in their field. Updating Yourself with Case Laws In an ever-evolving regulatory environment, staying updated with new case laws is crucial. Ashish highlights this skill as essential to providing reliable consulting and advisory services, ensuring that clients adhere to the latest legislative standards and practices. Leadership & Team Building Leadership qualities are fundamental for success as a Chartered Accountant. Ashish talks about his own journey, where effective leadership and the ability to foster teamwork significantly impacted the trust and collaboration within his team, crucial for achieving collective goals. Soft Skills Soft skills, including emotional intelligence and effective communication, are equally important in this profession. Ashish notes that these skills facilitate better interaction with clients and colleagues, ultimately contributing to a more productive work environment. Drafting Skills Drafting skills are vital for creating accurate and legally sound documents. Ashish highlights that being proficient in drafting agreements, proposals, or reports is essential for CAs to protect their clients and ensure formal compliance with regulations. Positives Monetary Potential The monetary potential of a Chartered Accountant is significant. Ashish observes that newly qualified CAs, especially those who achieve high ranks, can command impressive salary packages right out of school, underscoring the financial viability of this career path. Moderate Competition He also points out that after clearing the CA exams, professionals typically face moderate competition in the field. The rigorous screening of candidates ensures that the quality of practitioners remains high, allowing committed individuals to succeed without excessive rivalry. Pride & Recognition Achieving the CA designation brings immense pride and recognition. Ashish shares that this qualification not only elevates one's status within society but also enhances professional respect among peers and clients alike. Strong Social Network Completing a Chartered Accountancy course widens one's social and professional network. Ashish explains that CAs often interact with government agencies, senior management, and fellow professionals, contributing to expansive networking opportunities which can be beneficial throughout their careers. Challenges High Expectations Ashish identifies high expectations as a key challenge in the profession. Clients and regulatory bodies alike rely on CAs for accuracy and transparency, pressuring professionals to deliver consistently exceptional results. Knowledge Upgradation The need for continuous knowledge upgrades presents another challenge. Ashish states that with the introduction of new policies and regulations, CAs must actively seek ongoing education and professional development to stay relevant in their field. Socio-Economic Policies Understanding socio-economic policies is critical for Chartered Accountants, as these factors often influence financial projections and business strategies. Ashish underscores the complexity of these policies, which require CAs to be well-informed. Low Pass Percentage Lastly, the low pass percentage of the CA examinations adds to the challenges in this field. Ashish notes that this rigorous evaluation system is designed to maintain high standards within the profession, making perseverance and dedication essential traits for success. A Day Of Chartered Accountancy The typical day of a Chartered Accountant is multifaceted and dynamic. Ashish begins his day by connecting with his team to discuss priorities and pending tasks, ensuring everyone is aligned on daily objectives. Throughout the day, he engages in activities such as reviewing client accounts, preparing budget reports, and utilizing ERP systems for financial management. By the end of the workday, Ashish reflects on the productive day spent in collaboration with his team, emphasizing the satisfaction that comes from a job well done. In conclusion, the journey of a Chartered Accountant, particularly through the eyes of Ashish Kumar, reveals a profession filled with opportunities, complexities, and rewards. The skills and knowledge acquired through Chartered Accountancy not only lead to personal success but also play an essential role in shaping the financial health of businesses and the economy at large. As such, this career path remains a prestigious choice for those seeking to make a meaningful impact in the world of finance.

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How to get into

Chartered Accountancy?

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Links for this Talk

Deputy Finance Officer Ashish Kumar's LifePage:

[LifePage]
https://www.lifepage.in/page/ashishkumar

LifePage Career Talk on Chartered Accountancy

[Career]
https://www.lifepage.in/careers/chartered-accountancy-2

[Full Talk]
https://lifepage.app.link/20180124-0001

[Trailer]
https://www.youtube.com/watch?v=5hMDvX1su2o

(Chartered Accountancy, Ashish Kumar, DIT University, Deputy Finance Officer, Auditor, Taxation, Auditing, Accountant, Income, Business Finance)

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