Thursday, July 28, 2022

Career Choice: Chartered Accountancy, Chartered Accountancy Training Institutes in Nepal

Chartered Accountancy is a professional course in accounting that covers all aspects of practical training such as accounting, auditing, taxation and financial analysis. It is a prestigious and rewarding profession in the society. It is a challenging career that imparts the best of technical skills in financial and management areas. Chartered Accountancy profession occupies a prominent role of higher-level executives in our society, economy, trade and business, banking, education, taxation, finance, etc. Chartered Accountancy in other words means a door to a secured and sophisticated career.

With only a decade long history in Nepal, CA has now become one of the preferred subjects for students. Chartered Accountancy in Nepal is a practical based five-year course that gives a wide range of professional knowledge about the job.

Likewise, Chartered Accountants are the individuals who receive recognition from the chartered institutes (The Institute of Chartered Accountants of Nepal (ICAN) - in case of Nepal) after meeting examination and practical experience requirements. The chartered accountant is authorized to render an audit opinion on a company's financial statements. Chartered Accountants today hold top management positions in public as well as private sector enterprises. They also render professional services as accountants and management consultants to various private and public sector organizations. The work of Chartered Accountant was born and has grown up in parallel with the rise of capital markets in the 19th century. And two centuries on, the high-quality financial information and audit that CAs provide supports global business confidence.

In the changing global context, roles and responsibilities of chartered accountants are not confined to performing mere traditional duties in the fields of Auditing, Accounting, Taxation, etc. They are now expected to have a greater understanding of and experience in the fields of business finance, information technology, corporate management, etc. Professional expertise and skills in these subjects do, therefore, constitute the indispensable parts of the CA Education. Chartered accountants work in many different roles providing financial advice and specialist knowledge in areas like audit and assurance, corporate finance, insolvency, tax, forensic accounting, financial reporting and others. 

CA courses can be pursued either from The Institute of Chartered Accountants of Nepal (ICAN) or from The Institute of Chartered Accountants of India (ICAI). ICAN, established in 1997 under the Nepalese Chartered Accountants Act, 1997, is the apex body with sole responsibility to regulate and develop the accounting profession in Nepal. Though theoretically CA is a five-year course in Nepal and four-year course in India, less than 25% students are able to complete it during this duration. The examination syllabus is extensive and in depth studies is required. Therefore becoming a CA is a tough proposition though the prospects that the career holds is worth the grill. On successful completion of the Final Exam, the aspiring CA can apply for membership of The Institute of Chartered Accountants of Nepal (ICAN).The Accountant becomes chartered only after acquiring its membership. 

Changes in global economy and globalization have opened opportunities to the Chartered Accountants for many challenging and rewarding career options. The primary responsibility of chartered accountants in practice, is to report on the financial statements of clients, to the clients' shareholders as required by its constitution or through legislation. Career in CA gives you a good platform for dealing with big corporate houses. Chartered accounting career is a highly sought after career course for long time now and with the increase in the business volumes globally, their importance has achieved new heights. Chartered Accountancy offers a challenging career in trade, industry and social organizations and corporate houses. As a CA, you can start your own private work or can take up employment in private, government and societal organizations. CAs provide services as auditors, management and financial consultants, Company secretaries, liquidators, tax consultants, certifiers, valuators and many others. Rapid changes taking place in the economy have opened up further opportunities for CAs.

Moreover all the companies registered under the Companies Act, are required to get their accounts audited only by practicing Chartered Accountants. A qualified Chartered Accountant has the option of joining the Government Service, Public Sector undertakings or taking up a lucrative assignment in the private sector. The various areas that a CA can work on include Management accounting and internal audit, corporate law advice, project planning and finance, business advise, systems design and information consultancy.

At present there are only around 500 CAs registered at ICAN. Thus professional CAs in Nepal are in high demand because the professionals available at present in Nepal are insufficient to meed the market demand.

Some of the areas where Chartered Accountants can work upon are as follows: Accounting, Planning and Management, Auditing, Taxation, Legal Matters, Financial Management and many more.

Chartered Accountancy is a well-paid profession, be it Government Service, financial institutions, private firms or own consultancy. Most multi-national firms provide numerous perks besides the salary such as medical benefits, house allowance and so on.

Some of the average monthly earnings range between Accounts Managers Rs. 1500 - Rs.30, 000, Financial Controllers Rs. 25,000 - Rs. 80,000, and an experienced CA's may get monthly earnings more than Rs. 150,000 in Nepal and 8,00000 in abroad, according to the company they work for or depending upon the cities they are working in. This depends up on the involvement, commitment, hard work and dedication to the job.

Institutes offering Chartered Accountancy classes as follows:
- Chartered Accountancy Training at Chartered College of Management & Account, Putalisadak, Kathmandu, 4440708, 4438197
- Chartered Accountancy Training at Oxford Management Support Academics, New Baneshwor, Achham, 4482138
- Chartered Accountancy Training at Chartered Academics International, Putalisadak, Kathmandu, 4223651, 4258512