IKON
Deepak Parekh is the Chairman of HDFC a leading housing finance company. Parekh graduated with a B.Com from Sydenham College He went to England in 1965 to qualify as a chartered accountant. He cleared his ACA exams in the first attempt and was afterwards posted at the firm’s consulting arm Ernst & Ernst in New York.
He joined HDFC in 1978. He is also the Non-Executive Chairman of Infrastructure Development Finance Company Ltd (IDFC), a Government of India enterprise for infrastructure projects in 1997
Awards and Honors
Deepak Parekh has won several awards including Businessman of the Year 1996 from Business India and the JRD Tata Corporate Leadership Award by All India Management Association (AIMA). He was the youngest recipient of the prestigious Corporate Award for Life Time Achievement by the Economic Times. Padma Bhushan was conferred on him by the Government of India
What is the Job all about?
Figure Crunching and understanding the nuances of Taxation is what you become when you take up Chartered Accountancy. Expert Accounting is the art of being able to read, analyze, check, and interpret financial DATA, be it Income and Expenditure, Profit and Loss, Corporate Investments or matters of Company Acquisitions or Mergers.
Can you go for it?
You need to determine what you would enjoy doing most in the Commerce field and what level you wish to achieve. Let us check the types of jobs that are normally available in the accounting field
(Note: For Jobs in Banks please see the Chapter on Banking jobs)
- Accounts Assistant: This is the junior position in all Companies and Accounting firms. Though the preference is for graduates, smaller companies do recruit staff with just 10+2 in Commerce. Usually the job entails doing data entry and other basic accounting functions. Viz. Checking Bills against Orders placed. etc.
- Accountant/Cashiers: Here people with B.Com, M.Com or ATC (see below for details) are preferred. These are at Supervisory level i.e. Staff with around 2-3 years of experience. Cashier’s job as the name entails involves handling Cash disbursing or receiving Cash. You have to be meticulous in dealing with Cash and recording all Cash/Cheques transactions. Those who work at Hotels/Airports etc. must be very familiar with Foreign Exchange transactions i.e. daily fluctuations in currency rates and dealing with Credit and Debit cards etc.
- Cost & Works Accountant
Also known as CMA Cost & Management Accountant
The Job involves working out Cost Analysis of various aspects of business. The very basic being, to ensure that the final product is priced correctly – after taking into account cost of all inputs involved and the Profits you wish to generate against the competition. The person who qualifies with an ICWA invariably is linked with the Manufacturing / Marketing / Sales process.
www.icwai.org
- Mutual Fund Advisors / Investment and Equity Analyst
Experts in Stock Markets sell Mutual Funds to individuals. These experts monitor the performance of the companies; so they protect the interests of those who have so invested. Those strong in analysis and understanding the Companies’ performances usually do well in such ventures.
- Teachers – Professors
Some like to impart knowledge in the field of commerce and business. Based on qualifications and experience, you could teach at the Higher Secondary, College or University levels.
- Financial Journalist
Those endowed with Gifts of Understanding figures and writing about them would do well in financial Journalism. Financial Newspapers / Magazines or Banking or Mutual Fund experts employ those who are so gifted. Nowadays there is scope for such professionals on TV Business Channels as well.
- Chartered Accountant (CA)
This is a very exacting job; and you need to be very thorough in the Accounting laws of the country and the Accounting standards that are to be adhered to. You can be debarred from practicing as a CA if and when your integrity is in question. http://icai.org
- MBA with specialization in Finance
The CA is an in-depth expert in finance, whereas the MBA with finance is broad based .His skills are in great demand when it comes to negotiations skills in respect to mergers/acquisitions. While the CA is authorized to sign the Balance Sheet of the Company the MBA cannot. But usually MBA’s are preferred to be CEO of the company.
Is there a future in this field?
The higher you aim and succeed the greater your chances to grow and do well.
Where to begin?
In Goa/Outside Goa
For 1 and 2 above: You could either do your 10+2 in Vocational (Accounts) or in Commerce or proceed with completing your B.Com and then try for this job.
For 3 above – Management Accountant, Cost Accountant: You need to do your ICWA. ICWA(CMA) has a Goa Chapter at Laxjyot Chamber, Opp. Kadamba Bus Stand, Vasco da Gama, Goa. Eligibility: Graduation. www.icwai.org
The students must enroll themselves for coaching either through postal or oral. Minimum period of study prior to Exams is 6 months. http://myicwai.com
You then you have to appear for the Intermediate Program and Final Program at Centers prescribed by the ICWA authority. Apply for ICWA after 3 years practical experience.
For 4 above – Internal Auditor: Many CA’s practice as Internal Auditors. Whereas there is no formal training for Internal Auditors as such, there is an International recognition, where India too is a member for Practicing Auditors. Institute of Internal Auditors www.cimaglobal.com, Institute of Internal Auditors. www.theiia.org
For 5 above – Mutual Fund Advisors/Share market Analyst: Chowgule College offers a B.Com degree in Financial Services. Thereafter you could join Goa University and do a MBA in Financial Services.
Alternatively you can join Bombay University and do a Diploma in Trading in Futures. The Securities and Exchange Board of India (SEBI) has specified that all people engaged in the capital markets must undertake a test. This is available online – NSE Certification in Financial Markets (NCFM). The Indian Institute of Capital Markets, formerly known as The UTI Institute of Capital Markets, also conducts Short Term programs for Professionals. www.utiicm.com
For 6 above – Teachers/Lecturers in College: M.Com. plus SET or NET. To be a Professor in a College you need M.Com/Phd.
For 7 above – Financial Journalists: You can now do your B.Com. in Financial Journalism through Chowgule College in Margao, Goa, or alternatively after B.Com/M.Com., you can take up a full-time course in Journalism or take up a correspondence Course in Journalism.
For 8 above – Chartered Accountant: After your 10 Standard you can appear for the Entrance Examination called Common Proficiency Test (CPT) at the ICAI (:http://resource.cdn.icai.org/19323ca_atcourse260510.pdf). The student has to be registered with the Board of Studies. i.e. Fill the form and pay the Registration fee of Rs.6000/-. After a period of 30 days from registration the student can appear for the CPT Test, however, you can appear for the Test only after completing the 10+2 class.
After qualifying in the CPT, you must then register for the Integrated Professional Competence Course (IPCC).http://resource.cdn.icai.org/29678caflyer-bos19287.pdf
There are 2 Groups to clear at this stage.
Group 1 would take 9 months of study. Following this, there is a one-week program spanning 35 hours and covering topics, such as personality development, communication skills, office procedure, business environment, general commercial knowledge, etc., before commencement of articled training. Thereafter you must complete a 100 hours Information Technology Training (ITT) before commencement of articled training.
Appear and pass Group I as well as Group II of Integrated Professional Competence Examination (IPCE). You should then register as Articled Assistant for a period of 3 years, on passing either Group I or both the Groups of IPCE. Finally you have to register for CA Final Examination. On passing the CA Finals you can enroll as member of ICAI and be officially designated as CA or Chartered Accountant.
The ICAI have introduced a shorter version to qualify for Accounting Technician (ATC).
Enroll for ATC after 10+2 and CPT.
Complete 9 months of study course.
Complete Orientation Course of one week.
Complete 100 hours of Information Technology Training (ITT).
Pass Accounting Technician Examination (ATE) (i.e. Group I of Integrated
Professional Competence Examination (IPCE))
Complete one year work experience under a Chartered Accountant in practice or in industry.
For further details you may also visit the CA office at 201/202, 2nd Floor,
Kamat Towers, Patto Plaza,
Panaji, Goa – 403 001 or website: www.icai.org
For 9 above – the MBA route: After graduation – appear for the CAT/XAT/SNAP/MAT Entrance examination.
On successful completion of XAT in Goa – you are called for a Group Discussion and a Personal Interview at Goa Institute of Management Studies www.gim.ac.in or Goa University.
Employment avenues
Commercial & Manufacturing Companies, IT Companies, Commodity Markets, Business Journals, Mutual Fund Companies, Banks, etc.
Money
The lowest Position would start with a salary of around Rs10,000/- p.m. and the highest would start at around Rs.35,000/- p.m. and both would grow to Rs. 25,000/- p.m. to around Rs.3-5 lakhs – p.m. respectively.