UK - Educational Routes to Popular Courses

Indian students generally intend to pursue an academic stream, i.e., a degree course of 3 to 4 years duration in a foreign country. The aim is to continue and complete a postgraduate qualification and then return to India to take up a job. Many do, however, wish to stay on and work.

There are Foundation and Bridge courses which you could take before entering the university. These courses intend to `bridge the gap' between Indian education and British education.

After a degree or a postgraduate degree students register with professional organizations to become members. This assures them a status of professional competence

Studying Accountancy

In UK specialist professional bodies impart training and award qualifications in Accountancy. These qualifications are generally equivalent to under graduation.

Following are five major professional organizations in the area of Accountancy:

• Chartered Association of Certified Accountants, 29 Lincoln's Inn Fields, London WC2A 3EE
• Chartered Institute of Management Accountants, 63 Portland Place, London W1N 4A
• Chartered Institute of Public Finance and Accounting, 3 Robert Street, London WC2N 6BH
• Institute of Chartered Accountants in England and Wales, Chartered Accountants Halls, PO Box 433, Moorgate Place, London EC2 2BJ
• Institute of Chartered Accountants of Scotland, 27 Queen Street, Edinburgh EH2 1LA

Chartered Association of Certified Accountants (ACCA) - The ACCA conducts the professional exams in 3 stages - Foundation, certificate and professional. Minimum eligibility is 2 A-levels and 3 GSCE in 5 separate subjects including English and Maths. Students who have work experience and are graduates may be exempted from the foundation exam. Partial waivers from the professional level are given to those who have done a degree or HND/HNC in Accounting. For membership of ACCA three to five years of experience is required. ACCA offers distance learning courses also. ACCA has examination centers in almost 100 countries.

Chartered Institute of Management Accountants (CIMA) - The CIMA course has 4 stages of exams and practical training for membership. Applicants to the course require two A-levels and three GCSEs including English and Maths. Some exemption may be granted to those who have a BTEC (see BTEC in earlier sections) or higher national diploma or Degree in a relevant subject.

Chartered Institute of Public Finance and Accounting (CIPFA) - CIPFA course is relevant for those keen on working for Public Bodies in UK. The course consists of three professional examinations for which the minimum entry requirements are 2 A-levels, 3 GCSE including Maths and English. Graduates are exempt from the foundation course if they have studied related subjects.

Association of International Accountants (AIA) - This has several branches in the world. In Asia, Hong Kong, Malaysia and Singapore have branches; AIA curriculum can be oriented to local requirements. The exam can be taken after study course for which eligibility is 2A levels. 3 GCSE passes including English and Maths or graduation from any discipline which may permit some course exemptions. AIA qualification is granted after 3 years work experience.

For information write to:

Association of International Accountants, South Bank building, Kingsway, Team Valley, Newcastle upon Tyne NE II OJS

Study of Maths, Business, Legal and Social Studies will also help in gaining exemption from part of the professional training.

Studying business studies

A degree in Business Studies is offered by several universities and colleges in UK. The subject includes study of economics, accounting and finance management, marketing, statistics, human resources, and law. Last year of the degree is normally spent in specialization in a branch of business management. Special feature of degree courses in UK is that it offers specialized degrees and even joint degrees. You could, e.g., do a specialized degree in strategic marketing or a joint degree in business studies and computer science.

Business studies in a degree course are offered as a sandwich course of 4 years duration or a non-sandwich course which takes 3 years.

Postgraduate courses - Postgraduate studies can be done in areas such as in management, finance, marketing, information systems, tourism management, human resource management, industrial relations etc. Course choices are diplomas, certificates or masters and last one to two years. The entry requirement is a degree/BTEC or a higher national diploma.

For MBA courses, experience and GMAT scores are considered for entry.

Professional membership - In Britain membership of professional bodies is sought for better employment prospects. In the area of Business Studies some of the professional qualifications of relevance are given by:

• City and Guilds, National Examination Board for Supervisory Management, 76 Portland Place, London, W1N 4AA
• Institute of Chartered Secretaries and Administrators, 16 Park Crescent, London, W1N 4AH
• Chartered Institute of Marketing, Moor Hall, Cookham, Maidenhead, Berkshire 8L6 9QH
• Business and Technology Education Council (BTEC), Central House, Upper Woburn Place, London WC1H 0HH
• Institute of Management, Management House, Catt Ingham Road, Carby, Northamptanshire, NN 171 TT
• London Chamber of Commerce and Industry Examination Board (LCCIEB), Marlowe House, Station House, Sidcup, Kent DA 15 7BJ
• National Council for Vocational Qualification (NCVQ), 222 Eusten Road, London NW1 2BZ

NCVQ provides a national framework for vocational qualifications. The standards of this are laid down on the basis of the skills required in employment. Qualifications are structured by City and Guilds, and BTEC.

Studying management

In the UK, as in most parts of the world MBA or a postgraduate course in management is very popular. Most universities have a business school which conducts the MBA course as well as short management programs. In Britain private management colleges also offer short term courses as well as postgraduate courses in affiliation with universities. These MBA courses are designed to give practical inputs to managers along with academic skills. The standards as required in the job market are explored and then laid down as set standards in courses for potential managers. At the undergraduate level there are only management related courses available such as business studies. If you have studied Economics and Maths at school you certainly have better chances of entering an undergraduate course. Institutions have different entry requirements and generally 2 or 3 A-levels are required. Maths is certainly a valuable subject for someone who wishes to pursue studies in management, science and operational research. Postgraduate courses in management are of nine months duration followed by 3 months of project work. M.Sc or MA in Management offers specialization in project management, marketing, tourism, entrepreneurship, industrial relations, information systems, etc. MBA is offered as full time/part time course as well as through distance learning. In the UK most universities give favorable consideration to applicants with work experience.

Graduate Management Aptitude Test (GMAT) scores are valid for admission to most MBA courses. Students with an undergraduate degree and no work experience must opt for a diploma in management studies and then apply for a master's degree course.

Addresses for reference for applicants to MBA, MA, MS courses in Management

• Association of Business Schools, 344-354 Greys Inn Road, London WC1X 8BPX
• Institute of Management Services, 1 Cecil Court London Road, Enfield, Middlesex EN2 6DD
• Institute of Administrative, Management, 40 Chatsworth Parade Pitts Wood Orpington, Kent BR5 1RW, Web site : www.educationuk.org
• Business and Technology Education, Council Central House, Upper Woburn Place, London WC1H 0HH
• Institute of Management Specialists, Alexander House, 58 Clarendar Avenue, Royal Leamington Spa, Warwickshire CV32 45A

Studying art and design

The study of art and design incorporates a wide number of fields of study. Painting, fine art, printmaking, lithography, sculpture, film, photography, cinematography, performance and computer aided design.

Types of courses - Entry to an undergraduate course is usually after a foundation course of one year duration followed by 3 or 4-year degree courses. Art education follows 2 major patterns in UK. One is related to enhancing and exploring individual creativity while the other is more technical (applied) and oriented to the industry. There are courses in graphic design, e.g., which teach techniques for print making (typography, illustration) and design for film and television including computer graphics. Industrial design, i.e., designing of products, furniture, ceramics, plastics, interiors form part of three dimensional design.

There are courses in photography, textiles, fashion, audio-visual design and multidisciplinary courses in which the study of design and other subjects is integrated. At the postgraduate level art and design courses can be pursued at the higher degree level (through research work), diploma or certificate level.

Art Teachers certificate/diploma/courses are to train those holding a B Ed degree for teaching art subjects in schools. Indian applicants for Art Teachers Certificate (ATC), Art Teachers Diploma (ATD) or for Postgraduate Certificate in Education (PGCE) must apply to the art and design colleges.



Professional designers may seek membership of professional organisations in the UK, e.g., the Chartered Society of Designers. For membership portfolio has to be submitted and membership examination has to be cleared. The address for correspondence is as follows:

• Chartered Society of Designers, 29 Bedford Square, London WC1B 3EG
• Art and Design Admission Registry, Penn House, 9 Broad Street, Hereford HR4 9AP
• Chartered Society of Designers, 29 Bedford Square, London WC1B 3EG
• National Society for Education in Art and Design, The Gate house, Corsham Court, Corsham, Wiltshire SN13 0PZ
• National Association of Fine Art Education, Department of Art, Birmingham Institute of Art and Design, International House, Lancaster Street, Birmingham B4 7AT

Studying architecture

The study of architecture normally takes seven years in UK. A full time course is offered at schools of architecture in universities and other institutes of higher education. There are 2 professional bodies which regulate the course structure -

• The Royal Institute of British Architects (RIBA), 66 Portland Place, London W1N 4AD.
• Architects Registration Council of the United Kingdom (ARCUK) 73 Hallam Street, London W1N 6EE.

The study of Architecture can be done in 3 stages. The first stage leads to an honors degree and lasts for 3 years. This is followed by a year of practical experience with an Architectural firm. The second stage of the training extends for 2 years. After completion of both these stages student can register with RIBA. The third stage is the Professional Practice Examination taken during the second stage of practical training. On completion of the seven-year period students can register as architects with the Architects Registration Council of UK and become members of professional bodies. For entry essential subjects are English, Maths and Science at the GCE `A' level or class XII level.

Studying tourism

Tourism courses can be studied through many types of courses: college awards, vocational qualifications, first degrees and postgraduate qualifications.

The GNVQs and NVQs are vocational courses in the travel industry. They are available for all types of jobs in the travel sector. The NVQ can be taken after registering with one of the professional bodies. Generally students are admitted to these courses after secondary education.

BTEC course in business studies covers travel and tourism also. British Travel Agents Association is a government authorized body for a career in travel. They run travel agents certificate course at 2 levels one for travel agents and the other for travel consultants. The Travel Training Company runs the International Air Transport Authority (IATA), Air Travel courses which deal with all aspects of air travel. IATA membership can be acquired on gaining the required training points.

Undergraduate courses are of 3 years duration. Sandwich courses need an additional year of work experience.

Relevant addresses are as follows:

The Travel Training Company, the Cornerstone, The Broadway, Woking, Surrey GU21 5(offers travel tourism courses through distance education.)

International Air Transport Association, Agency Services Office, Imperial House, 15-19 Kingsway, London WC2B 6UN

Studying hotel management

Hotel and Catering International Management Association (HCIMA) is a professional body which validates hotel management qualification. It admits members as Licentiate or Corporate Members.

HCIMA recognizes a 2-year certificate course and a diploma course of 3 years duration. Licentiate members of HCIMA are certificate holders. Corporate members are those with managerial experience. First degree courses are for 3 or 4 years and these provide exemption from the Hotel and Catering International Management Association's membership examinations. Postgraduate courses are of one year duration. Research degrees take longer. Information about HCIMA membership may be asked from:

Hotel Management Association, 191 Trinity Road, London SW17 7HN

Studying engineering

Engineering qualifications like most other qualifications can be studied at several levels. There exists the craft level, technician’s level, and the advanced technician level and degree courses accredited by the Engineering Council. There are exams conducted by the Engineering Council which provide an alternative route to technical personnel to get a degree. It is particularly meant for those who have not got a professional engineers status.

Those who register with the Engineering Council after acquiring a graduate/postgraduate qualification do not need it to practice engineering but only to establish there competence as an engineer in the international job market. The various branches of engineering civil, electrical and electronics, mechanical all follow the same training pattern. At the bottom of the rung is the crafts level which is training through jobs in the industry, qualifications being given by training boards. Next are the engineering technicians who take the BTEC national diploma or higher national diploma.

First degree courses are 3-year full time courses or 4-year sandwich courses leading to a Bachelor of Engineering. The Masters in Engineering takes another year. PhD or M.Phil studies are longer.

As in most other careers engineers too register with professional bodies concerned with their area of work and get the status of chartered engineers.

Here is a list of some professional bodies in various branches of engineering:

• Institution of Mechanical Engineers, 1 Birdcage Walk, London 8W1H 9J
• Institution of Mechanical Incorporated Engineers, 3 Birdcage Walk, London SW1H 9JN
• The Engineering Council, 10 Malt avers Street, London WC2R 3ER
• The Engineering Council, Examination Department, Essex House, 12-13 Essex Street, London WC2R 3EG
• Engineering Careers Information Service, 41 Clarendon Road, Watford, Herts WD1 1HS
• Institution of Electronics and Electrical Incorporated Engineers, Savoy Hill, Savoy Hill House, London WC2R 0BS
• Institution of Electrical Engineers, Savoy Place, London, WC2R 0BL
• Institution of Lighting Engineers, Lennox House, 9 Law ford Road, Rugby CV21 2DZ
• Institution of Electrical Engineers, Education and Liaison Service, Michael Faraday House, Six Hills Way, Stevenage, Herts SG1 2AY
• Chartered Institution of Building Services Engineers, Delta House, 222 Balham High Road, London SW12 9BS
• Institute of Highway Incorporated Engineers, 20 Queensberry Place, London, SW7 2DR
• Institution of Civil Engineers, 1 Great George Street, London SW1P 3AA
• The Institution of Civil Engineering Surveyors, 26 Market Street, Altrincham, Cheshire WA14 1PF

Studying medicine

Postgraduate medical studies in the United Kingdom (UK) require taking Professional and Linguistics Assessments Board (PLAB). The PLAB test is designed to assess both knowledge and skills, and ability to work safely as a senior house officer in a British hospital. The test can be taken in two parts. Part one is held at centers in the UK and in certain other countries. It consists of a single computer markable paper to a standard set using the 'Angoff method'. Part two can only be taken in the United Kingdom. If consists of a 14-station objective structured clinical examination (OSCE). This tests both clinical and communication skills. Entry to second part requires passing the first part. The second part must be taken within two years of having passed the first. Results are either 'pass' or 'fail'. The costs for part one is £ 145 and for part two is £ 430. In India the British Council Division administers the test in Chennai, Mumbai, Kolkata and Delhi.

Registration is generally in September for the test usually held in November.

Addresses for Contact:

Chennai
British Council Divisioin, 737 Anna Salai, Chennai 600 002,
nirupa.Femandez@in.britishcounsil.org

Mumbai
Mittal Tower 'C' Wing, 2nd Floor, Nariman Point, Mumbai 400 021, vivek.singh@in.britishcouncil.org

New Delhi
17 Kasturba Gandhi Marg, New Delhi - 110001

Chartered Accountants - Nature of Work

Accounting is a formal system of collecting, organising and reporting financial data that is used for making economic decisions. With the rapid growth of the corporate sector opportunities for Chartered Accountants have grown. Many Chartered Accountants (CA’s) occupy key posts in business firms. They deal with the management of money, prepare and analyse accounts and provide financial advice.

Accountants and auditors prepare, analyse and verify financial reports for businesses and government organisations. The accounting department figures profits for the company, prepares its taxes and keeps track of the cost of running the company. The auditors check those calculations to verify their accuracy.

Chartered Accountants maintain the records of financial transactions which every organization is required to keep by law. They keep records of the income and expenditure of the company and form the basis of the annual accounts. A firms account books need to be audited by a qualified accountant, and certified to be ‘true and fair’ giving full view of the company’s affairs. Only qualified Chartered Accountants are legally allowed to audit a company’s books. Public sector organizations must have their accounts checked by an appointed firm of accountants. Chartered Accountants are members of the Institute of Chartered Accountants of India. Only members of this Institute can call themselves Chartered Accountants. Under the Companies Act, Chartered Accountants in professional practice are authorized to audit company accounts.

Nature of Work

Chartered Accountants are found to be working in private practice or as employees in a firm. The range of work in private practice can vary enormously according to the size and place(city) of practice. If it is a large practising firm there is greater specialization of individual accountants within the organization. Accountants may specialize in the following disciplines :

Financial accounting

Financial accounting deals with keeping financial records. The main tasks are operating accounts, doing internal audits, dealing with wages and salaries, paying accounts and sending out invoices, and coping with tax. Trainee accountants can expect to spend time carrying out the full range of basic accounting tasks, and go on to, for instance, interpreting accounts; later to supervising, controlling and organising expenditure and income, etc. It includes compiling daily, monthly and yearly management accounts for directors.

Auditing

An important part of the work of most Chartered Accountants consists of examining and verifying the accounts of their employers or clients and then certifying that the accounts are a true and fair account of the company’s financial state.

Statutory Audit

Statutory audits are required as per the Company Act by both the private and public sector. Statutory auditors are appointed by share holders for private companies and by the central government on advice of the Comptroller & Adjutant General for the public sector, LIC, financial institutions etc.

Internal Audit

Internal auditing is rapidly growing in importance. As computer systems make information available when required, decisions can be based on actual data. Internal auditors examine and evaluate their firms’ financial and information systems. They keep track of management procedures, and internal controls to ensure that records are accurate and controls are appropriate to protect against fraud and waste. They also review - evaluating the efficiency, effectiveness of company operations and compliance with corporate policies and procedures.

Compulsory tax Audit

Tax auditors review financial records and other information provided by taxpayers to determine the appropriate tax liability. Government departments have tax auditors who may be appointed to audit the taxpayers accounts. All income tax assessees require to get a tax audit by a chartered accountant.

Certification & Audit

CA’s audit the accounts of those who are given loans by banks, issue certificate for tax purposes, and involve themselves in import export certification.

Computers are widely used in accounting and auditing. Accountants summarize transactions in standard formats for financial records, calculate projected financial ratios, or organize data in special formats for financial analysis.

Cost accounting

Cost accounting deals with the complex business of working out what particular operations, jobs, products really cost to produce, taking into account all the relevant factors and not just labour and materials, all the ‘overheads’ and less obvious costs too. It extends to budgeting and budgetary control, forecasting further needs and costs (for instance, looking ahead to rising or falling energy prices), monitoring expenditure to see that costs are not over-shooting, and providing reports, etc., for management accounting. It involves analysing and comparing costs, translating information from non-financial managers into financial terms, and explaining financial information for them.

Tax management

Tax managers specialize in optimising the firm’s financial structure, to ensure the company pays as little as is legal in terms of taxes. Increasingly they have to cope with taxation on an international scale, and with the tax laws of different countries. They look at the tax implications of new plans, changes in company structures, in fact any major decision. They advise on the tax effect of performance goals, which includes pricing policies.

Tax management relates not only to direct taxes e.g income tax but to indirect taxes such as sales tax, agricultural income tax, entertainment tax etc.Tax planning is an important component of this function.

Consultancy

Consultancy is a challenging opening for bright and ambitious young CAs. Business today needs right information and CAs can provide effective information management related to accounting. Consultancy may involve management accounting, aspects of accounting which are used to formulate policies and for assessing resource utilization. Internal audits, often required statutorily, are also done by consulting firms for either determining operational efficiency of the departments or for ensuring that capital purchases are economical.

Consultant’s functions relate to the following areas :

Corporate law advice - CAs carry out company audits and are experts at corporate law. While in some firms company secretaries deal with corporate legal advice, many firms get advice on company formation and structure, liquidation and financial aspects from CAs.

Project planning and finance - Procuring finances for business needs expertise ; CAs are trained to advise on financial sources and prepare project reports.

Investigation - Firms need assessment on specific aspects of business, e.g., share valuation for takeovers, issue of capital shares, amalgamation with other firms. Consultant CA’s undertake this function too.

Business advice - When a company wishes to expand and acquire larger shareholding, there is need for expert analysis of the profitability of such a venture, as well as its long term benefits. CAs have a fair judgement of this and are often asked for advice on these matters as well as profit improvement, joint venture programmes, etc.

Secretarial Work- Since business enterprises today have to comply with many legal regulations secretarial practice and procedures become important for the enterprise. Chartered accountant form an integral part of this function.

Information Systems- Data processing in business enterprises has become critical to efficient functioning. Chartered accountants specialising in information systems management seem to have become popular in the business sector.

CA in the industry

In the industry you will find MBAs, technologists and CAs as well. In the industry the work of a CA varies according to the size of the firm. CAs are generally found in the higher positions of the accounting department and in the finance division at all levels, In the accounting section they are involved with book keeping, ledgers, vouchers, maintaining budgetary controls, depositing excise tax, sales tax and income tax for the industry, payments and collections, and bank and financial institutional dealings etc. In the finance department the CAs are involved with planning and financial strategies. In small firms the account and finance functions are performed by the same department.

Management accounting

Management Accounting is a task senior chartered accountants perform. They collect, organize, collate and analyse information from all parts of the organization, including the financial departments. This data helps them to make regular critical analysis of past and present financial performance with projections for the future.

Other functions

Finance departments, in large organizations, have to prepare prospectuses for share issues. Finance departments may also be responsible for managing pension funds and long-term investments, investigate prospective investments, and do the preparatory work on the possibility of taking over another company. In some, usually smaller, organizations, the chartered accountant may carry out the legal responsibilities of the Company Secretary. Appointment can be as financial controller also - in a small unit first, and later in large units and organizations.

Work Environment

Accounting is essentially a desk job. Although computer work has replaced paperwork to a considerable extent the job yet can be routine. Concentration and attention to detail are critical. Public accountants experience considerable pressure as deadlines have to be met during the tax period. The job involves considerable stress as they are responsible for managing finances with no margin for error. Self employed accountants and those working for private firms work for longer hours. Public accountants visit the offices of clients while conducting audits. Accountants and auditors employed by large firms and government agencies travel to clients’ places of business, branch or government offices. Self-employed accountants work at home. The majority of accountants, auditors and tax specialists often work long hours.

Personal Characteristics

Accountants must have good numerical ability and should enjoy working with numbers. An analytical mind to interpret data, a logical and methodical approach helps them present their findings accurately. An ‘innovative’ approach towards performance and presentation of work goes a long way in ensuring success. The ability to think differently and to work out newer solutions is required. High standards of professional conduct or ‘ethics’ in the performance of duties is expected. This is because there is a great amount of responsibility on a CA, towards the society, shareholders and the government, hence integrity is one of the most desirable qualities. A CA has to be ‘insightful’. He should have the ability to find the underlying truth and the capacity to take both, a macro and micro view of things. Good verbal and written expression helps while discussing financial matters with people who do not have a financial background. During financial year closing work hours could be demanding. Business acumen to generate clientele is vital. Accountants must be attentive to detail, patient and industrious.

Employment Avenues

The opportunities in this profession are related to the economic growth of the country. Chartered ered Accountants have varied work options:-

---Independent professional practice is one of the most popular options

-- Employment with a Chartered Accountants firm

-- Capital market services

-- Employment with business houses and industry

-- Employment with consultancy firms

70% Chartered Accountants work in public practice and the remaining are engaged in services in trade and industry. Chartered accountants are engaged in the following kinds of activities in varied set ups:-

-- Preparing project reports and feasibility studies

-- Market research

-- Management accounting, cost analysis

-- Budget planning, working capital management, and inventory control

-- Salary structures and incentive plans

-- Policy planning, organisational planning, growth and diversification

-- Securities consultancy

-- Registrar for an issue of shares and other securities

-- Auditing for quality, energy and environment.

Rapid economic change has led to the opening up of new avenues for CAs. Areas such as technology , risk consulting ( forex, treasury and commodity risks), management information system and management consultancy are offering employment. With the coming of multinationals, the demand for CAs has increased.

Today sucess in the accountingfield calls for understanding of broader areas such as e-commerce, business application development and information systems' security. CAs are required to guide the firm/employer through financial systems conversion, upgrades and enterprise application and development.

Earnings

A fresh CA in a medium sized CA firm can earn Rs.1.2- 1.8 lakhs a year while the scales can be higher(4-6lakhs) in the industry.

Experience of 10-15 years can fetch Rs 35-40lakhs

Senior CAs with over 15 years of experience in Private companies get Rs 40- 50 lakhs.

Government scales are standard.

Note: Payscales can change from time to time and job to job.

Chartered Accountants - Study &Training

Chartered Accountancy can be pursued after Class 10 or 10+2 or graduation. The following section gives details for entry after Class 10 and 12..

To become a CA, you need to enrol with the Institute of Chartered Accountants of India (ICAI) the only statutory body in India, which conducts the CA course, holds examinations and prescribes qualifications for membership. Head quartered in New Delhi, the Institute has five regional offices and 97 branch offices in the country, apart from 12 Chapters outside India. To start practising, a CA has to clear all the exams and become an Associate Member of the Council.

At present the ICAI has a strength of one lakh Members. There are close to 1,75,000 students who appear for the CA exam at different stages every six months at 170 centres in the country. The qualifying figures are low perhaps due to the tough course curriculum.

Institute of Chartered Accountants of India (ICAI) website : www.icai.org , has designed a new syllabus to keep pace with the changing environment.

Entry to the course after Class 10

Under the new schemes, after Class 10 a student has the option of registering with the Institute of Chartered Accountants of India for pursuing the new syllabus.

After Class 10 boards candidates can register for Common Proficiency Test(CPT) as compared to the earlier scheme where they could register only after Class 12. The CPT examination is an objective type paper of 200 marks and is held once every 3 months across the country. The emphasis in CPT is on core subjects- accountancy, mercantile law,quantitative aptitude,and general aptitude. Students who clear the CPT can begin articleship training, the duration of which has been increased from 3 years to 3 years and 6 months.Following this articles can appear for the Proficiency Competence examination. On clearing the PCE the student can apply for the final examination. Around 100 hours of IT training is also mandatory as per the new norms. General Management and communication skillscan be completed during articleship training .This scheme allows students to qualify as Chartered Accountants in 4 years.

Entry to the course after Class 12

Registration to the ICAI can be made after Class XII. The course comprises of 3 stages and only 5 attempts are permitted for each stage.. PE1 or Professional Examination 1 can be followed by Professional Examination 2 . This is then followed by the Final Examination.

PEI has theoretical training of 10 months. The fee for registration and tuition is Rs. 2,000. Candidates, who are graduates with more than the specified marks or those who have passed the final examination of the Institute of Cost and Works Accountants of India or the Institute of Company Secretaries of India (ICSI), are exempted from PE-I. After PE-I, a student has to appear for PE-II, which is again of 10 months duration. Registration and tuition fees is Rs. 2650. After passing PE-II and before appearing for the final examination, candidates have to register as articled clerks.

In the new system the three-year practical training can be taken after clearing both groups of the PE II Exam. The PE II Syllabus has IT as a subject. The successful completion of a 250 hour computer-training program, prior to practical training is mandatory. The student has to submit a multi-dimensional project after completion of the programmee. Thirty hours, out of the total of 250, have to be devoted to this. After completing the practical training candidates have to take compulsorily courses in General Management & Communication skills before applying for membership of the Institute of Chartered Accountants of India.

Salient features of CA training

-- PEI - Compulsory for students planning to enter after +2. Exemption far Graduates scoring more than stipulated aggregate/CWA/CS qualified candidates.

-- Minimum of 40% in each paper and 50% aggregate is required for passing PEI

-- PEII mandatory for all irrespective of the point of entry.

-- 250 hours of computer training compulsory to begin article slip. This can be done alongside PEI and PE II study.

-- On passing PE II (10 months study) practical training of 3 years,

-- Final Examination can be taken an completion of PE II and practical training of 3 years.

-- After final exams, a candidate subsequently has to undergo a programme on ‘General Management and Communication Skills’, after which he or she can register as an ‘Associate Member’ of the ICAI. After continuing for five years, an associate moves up the ladder to become a ‘Fellow Member’.

Articleship

Practical training as an ‘Article’ (Apprentice)

Articleship is of 3 years and includes training in conducting audits in the area of taxation mainly. The articleship period is one in which the student can learn all the technical details of work. The training begins under close supervision but later the article is left to manage larger assignments. Articleship includes a year of industrial training. This can be done in the last year of articleship and after clearing the Intermediate examination. This is a rotating training in each of the departments in a financial, commercial or industrial undertaking. Final exams of the Board can be taken in the last year of articleship.

The practical training helps in assimilating and learning the applications of theoretical principles and skills required in the profession. Articleship requires working for the whole day. An article or audit clerk cannot pursue any other course of study or training without the permission of the central council of the institute.Only one course is permitted along with the practical training. The options are graduation/postgraduation/CWA/CS/MBA/law. Articleship has to be done for a period of 3 years to 4 years. Experienced Chartered Accountants can enrol articles for training under them. There are certain rules for allowing Chartered Accountant’s to enrol articles. A Chartered Accountant with over 16 years experience can train 8 articles while someone with lesser experience may take fewer articles. Students look for reputed Chartered Accountant’s and Chartered Accountant firms for their articleship. ‘Principal’ as the Chartered Accountant is called can be changed also during the training. Audit clerkship entitles the trainee to earn during this period with the chartered accountancy firm for training of 4 years. The entire period of practical training can be served under a practising member of the institute or it can be divided in part with an industrial firm. Industrial training involves gaining practical experience in internal audit, computerised systems, financial controls etc.The period extends over nine months to a year.

After completing articleship

Membership of the Institute of Chartered Accountants is essential for practicing as a Chartered Accountant. After the completion of articleship membership can be taken. This is the formal authorization for independent practice. After 5 years of membership fellowship of the Institute can be taken.

Qualified Chartered Accountants can further specialize in management accounting, corporate management or tax management.

Continuing professional education

From 2004 it is mandatory for all Chartered Accountants to complete a minimum of 10 hours for non practising CAs and 20 hours for practising CAs CPE (continuing professional eduation) credit in a year. This has to be acquired though attending professional workships, seminars conferences. Minimum of 25 hours CPE credit will be required over a 3 year period.

Address for contact - Institute’s Headquarters are at Indraprastha Marg, New Delhi - 110002. Board of Studies, C1-Sector 1, Noida - 201 301.

Residents of States Apply to

Students residing in the State of Haryana, Northern Council

Himachal Pradesh, Jammu & Kashmir The Institute of Chartered Accountants

and Punjab and the Union Territories of of India, Indraprastha Marg,

Delhi and Chandigarh New Delhi 110002

Students residing in the States of Gujarat, Western Council

Maharashtra, Goa and the Union The Institute of Chartered Accountants of

Territories of Daman & Diu and Dadra India, Anveshak, 27, Cuffe Parade

and Nagar Haveli Colaba, P.B. No. 9926, Mumbai 400005

Students residing in theStates of Andhra Southern Council

Pradesh, Kerala, Karnataka and The Institute of Chartered Accountants of

Tamil Nadu and the Union territories of India 122, Nungambakkam High Rd,

Pondicherry and Lakshadweep Islands P.B.No 3314 Chennai 600034

Students residing in the States of Assam, Eastern Council

Meghalaya Nagaland, Orissa, West Bengal The Institute of Chartered Accountants of

Manipur, Tripura, Sikkim Arunachal Pradesh India 7, Russell Street, Calcutta 700071

and Mizoram and the Union Territory of The Institute of Chartered Accountants of

Andaman & Nicobar Islands India 16/77, Civil Lines, Kanpur 208001

Students residing in the States of Uttar Director of Studies, The Instt. of Chartered

Pradesh, Bihar, Madhya Pradesh Accountants of India, C-1, Sector-1,

and Rajasthan Noida 201 301

Note- In 2007 eleven centres of excellence offering residential courses started in Hyderabad, Noida, Pune, Jaipur, Chandigarh, Ahmedabad, Bangalore, Mumbai, Chennai, Kolkota and Kanpur. The centres provide exhaustive inhouse training in certain areas which are being offered so far only in B-schools. These primarily impart softskills to Chartered Accountants in partnership with B- schools.

International accounting qualifying examinations

Recognition of Indian CA course

ICAI and Institute of Chartered Accountants in England and Wales mutually recognise each others courses and qualifications. Hence Indian CAs get an exemption of seven of the eleven subjects taught in their course.

Certified General Accountants Association of Canada, Italian Accounting body CNDC and the American Institute of Certified Public Accountants, USA also have recognised the ICAI.

International certifications

ACCA

The British Accounting Course of the Association of Chartered Certified Accountants (ACCA) is a training in audit and financial management. The Association of Chartered Certified Accountants(ACCA) is a UK-based, almost 100-years old body of professionals present globally in over 160 countries(out of 194 countries as recognised by UN). With over 200,000 professionally qualified members and 1,62,000 registered students, ACCA is one of the world’s largest accountancy bodies. Its syllabus is recognised by the United Nations. Therefore, ACCA members often enjoy wide professional mobility. The ACCA qualification is also recognised under the UK Companies Act for audit of Company Accounts and UK Insolvency and Financial Services Act. In India ACCA has four offices(in Gurgaon, Calcutta, Chennai and Mumbai) and five examination centres, with Bangalore being a recent addition. To qualify for membership, one has to pass an examination in finance and management-related functions and in a practical test.

Eligibility

Eligibility is Class XII.5 subjects are required including Maths/Accounts, English with 65% and 50% in the remainder.Certain course exemptions are offered to Commerce graduates and MBA’s, CA’s and M.Com’s get exemption from the foundation course. In addition, there is an entry scheme’ Mature Students Entry Route’ for people without any formal qualification and those above 21 years of age. However, they have to appear in certain qualifying courses for an entrance examination.

Study

The course is offered through 3 methods of study-Tuition from colleges and institutes (Study centres are located in Delhi, Calcutta, Bombay, Chennai and Bangalore), open learning systems or through textbooks and seminars.

Courses are structured to cover accounting and auditing; taxation and legal framework; financial management and strategy; and management control and information. Interestingly, in order to take into account the varying legal and taxation regulations in different countries, the courses on taxation and legal framework are offered in local (Indian) variant on optional basis.

The examination for all the three stages are held twice in a year(in June and December). A student can pass the exam in a span of two to three years though the maximum time frame allowed is ten years. On clearing all three stages, the student qualifies to become an affiliate of the Association.

Practical training

A mandatory practical training of 3 years is required This can be taken in any size or type of organisation and in any country. ACCA offers a structured practical training programme in all 160 countries around the world. The mandatory training requires a student to attend 15 modules out of the 45 identified modules covering five key areas, including management. This training can be acquired in an industry or commerce, public service, or in a practising firm. The training could be taken before, after or along with the academic studies.There are a choice in practical functions which a student can choose from depending on the function of auditing or financial management he intends to pursue. The student’s training record book is approved by a london-based central authority, before she/he is declared as a qualified manager.

Examinations

The examinations are divided into three parts

Foundation stage, certificate stage(both having four courses each) and the professional stage(with six courses). Graduates, post graduates and other professional: CAs, ICWAs and CS are also eligible for exemption in certain courses.

Examinations are held twice a year in June and December. A maximum of 4 papers can be attempted at a time.All 14 papers can be completed in 3 years. There is no age limit for ACCA. In India the exams can be taken in Mumbai,Chennai, Kolkata, and Delhi and is conducted under the supervision of the British Council.

Placement

For placement, there are four regional directors in India who maintain close tie-ups with leading corporations and audit organisations.

AddressACCA India Representative’ Map Consultants, 124, Sector 14, Gurgaon-122001 or e-mail them at map.acca@axcess.net.in

Website http://www.acca.org.uk

Certified Public Accountant (CPA)

In the US all states follow separate procedures for grant of licence,nevertheless, all CAs must clear the same examination- the Uniform CPA examination conducted by the American Institute of Certified Public Accountants(AICPA)

CPA course is an American accredition for Accountants. A uniform Certified Professional Accountants program has been commissioned for testing professional skills required for accredition to the AICPA, New York. The new format used from 2004 is a computer based test.

The AICPA Board of Examiners follow the following test module.

The test has 4 sections (total time 14 hours)

-- Auditing and Attestation (4½ hours)

The Auditing and Attestation section will cover knowledge of auditing procedures, auditing standards generally accepted in the US and other standards related to attest engagements and the skills needed to apply that knowledge in auditing and other attestation engagements. This section tests such knowledge and skills in context of five broad engagement tasks.

-- Financial Accounting and Reporting (FAR)

The FAR section (4 hours) tests knowledge of accounting principles generally accepted in the United States of America (GAAP) for business enterprises, not for –profit organisation, and governmental entities, and skills needed to apply that knowledge. Content covered in this section will include financial accounting concepts and standards, and their application.

-- Regulation

The Regulation section (3 hours) tests knowledge of federal taxation, ethics, professional legal responsibilities and business law and the skills needed to apply that knowledge.

---- Ethical, Professional and Legal Responsibilities and Business Law

---- Federal Taxation

---- Regulation Content Specification Outline

---- Business Environment Concepts (BEC)

The BEC section (2 ½ hours) tests knowledge of general business environment and business concepts that are needed to know in order to understand the implications of transactions. The skills that are required to apply that knowledge in performing financial statements audit and attesation engagements and other actions normally performed by CPAs are tested. Content covered in this section will include knowledge of business structure; economic concepts essential to obtain an understanding of specific operations of business and industry ; financial management ; information technology and planning and measurement.

The test is held 4 times a year (every 3 months) 2 months for exam taking and one month for exam research, reporting etc. All sections have to be cleared within an 18 months period. Each section of the exam has to be taken individually. The question in the new format will he simulations (20-40 minutes in length) and will include reference, spreadsheet, database, word processing software to test research skills.

The exam can only be taken in the US.

Address for Contact - AICPA, 12011, Avenue of the Americas, New York
NY-10036. www.cpa-exam.org

Chartered Institute of Management Accountants (UK)

For registration contact Chartered Institute of Management Accountants (CIMA), 63 Portland Place, London WIN4AB.