Scope of CA in Pakistan:
Chartered Accountancy is an accounting degree that primarily focuses on the audit and assurance, financial accounting and reporting, management accounting, and applied finance or taxation. Chartered Accountancy is an ideal qualification for young inspiring accountants. The designation of a degree holder for chartered accountancy is equivalent to the CPA in United States. The role of Chartered Accountant extends towards auditing sector and they audit the small and large business company including Banks, Textiles, Industries, mils and others business sectors(industrial and commercial). After the complete CA with three years and six month, article ship the person becomes auditor of Chartered firms.
This is one of the most reputed course in Pakistan, and promises a good pay as well as professionalism in accounts. The simple reason to build a career in chartered accountancy in Pakistan is that it is a very well paid and secured profession. The whole world runs on money and every business needs someone to manage their finances, help in filing taxes and do audits. As a chartered accountant, the opportunities to work are endless. Regardless of the industry, every organization needs finance management and chartered accountants are the solution Chartered Accountants in Pakistan are expected to deal with the fields of taxes, accountancy, credit analysis, auditing, law etc. This is a career with high demand in Pakistan. Multiple institutes in Pakistan offer chartered accountancy. These institutes include Institute of Chartered Accountant of Pakistan (ICAP), whose prime objective is to impart the technical and moral knowledge required for a person inspiring for this course.
As being a chartered Accountant, a person is eligible to work in the following industries:
- Businesses and industries
- Chartered accountant firms
- Consultancy firms
- Capital market services
- Financial institutions
- Independent practice
As mentioned above the demand of chartered account is immense in these sectors. An individual who acquires the position of chartered accountant can either work for a business or an organization or assist in managing their accounts, finances, taxation or auditing. He can also work independently and offer his or her services to anybody who needs it. After the completion of chartered accountancy, one can also go into the audit and in that the auditor charge permanent fixed fee. The authority who appoints the auditor like Director of company or the members of company or SECP (Security Exchange Commission of Pakistan) that authority fixed the auditor fee. He works as independent as his nature of job is not employee. He works as an External auditor not internal auditor. He independents to check all the income statement of company and he can met the customers and employee during the company audit. He can attend the any meeting of company any time. He can check the Balance sheet and all accounts of company. Instead of it Chartered Accounting can jobs as employee with too much benefits in Banks, industrial organization, commercial organization, companies, business sectors and social sectors.
Financial industries are always on the lookout for skilled chartered accountants, which is another opportunity of employment for these young aspiring accountants. Working for consultancy firms is another way to utilize the accounting skills acquired during the chartered accountancy. Consultancy firms assign chartered accountants to their various clients to help them with their short or long-term financial goals. Therefore, many chartered accountants wish to work for multiple clients then a consultancy firm. If we classify the advantages of doing chartered accountancy these include high scope, is highly rewarding, mobility, in increasing in demand and lastly Equivalent to M.Com. The path to becoming a chartered accountant is very clear with no confusions. This profession offers a stable job with steady growth and a good pay scale. However, the other hand, you have to stay updated with the ins and outs of finance, which means constant learning and studying is required. In addition, there are certain deadlines that need to be met at the end of each financial year and the work may become stressful.
To become a Chartered Accountant, a student needs to be motivated, with high thinking capacity, who spends full time in study, attempts article ship, with gained experience about finance, accountants and taxation. Students should be good in analysis, solve the case problems after case study, experts in economics knowledge about the supply and demand law and experience in future plain. Including all the student need skills about auditing, human behavior, information system and about business Ethic. Lastly, the student should be expert in economy of Pakistan to become the Chartered Accounting.
One of the most reputable institute in Pakistan for chartered accountancy is the Institute of Chartered Accounting of Pakistan (ICAP), which is the main body of Chartered Accounting for the Chartered Accountants for public and industrial sectors. ICAP represents the accountants for private, domestic and international companies, banks, institutes and taxes centers. According to official website, this institute is the member of IFAC means International Federation of Accountant that is the global organization of accountancy professions. In additional ICAP has approximately 4,000 workers, who are working in 35 countries of the world and with thousands of students are joining its prestigious fraternity. The Institute of Chartered Accounting of Pakistan (ICAP) offered approximately 300 ambassadors to the local and international market in 2006.The the Institute of Chartered Accounting of Pakistan (ICAP) is the world authentic and recognized Institute in Pakistan. Many students who studies in ICAP can go for foreign jobs with high standards. The head office of ICAP is in Karachi Teen Talwar, Clifton with regional offices Islamabad, Lahore, Faisalabad and Multan. Many academic institutes are registers from these offices work for student’s preparation with normal and affordable fee structure. ICAP sets the papers all over the Pakistan chartered accountants institutes.
To become a chartered accountant, you would need to pass a series of tests, but before taking these set of examinations, you need to pass grade 12th. Once a person have cleared his or her high school, the person need to clear a list of exams in the given order.
- CA Foundation course (previously known as CPT or Common Proficiency Test)
- Integrated Course on Information Technology and Soft skills (ICITSS)
- CA Intermediate (previously known as IPCC or Integrated Professional Competence Course)
- Article ship (3-year training)
- Advanced Integrated Course on Information Technology and Soft Skills (AICITSS)
- FC (Final course)