Introduction:
All organizations, large or small, all over the world, in each and every employment sector and in every kind of business, need someone that can understand and manage the finances. So choosing a career as a professional accountant will put you in global demand and provide you with excellent job prospects. Accountants are professionals who are trained to manage, analyze and interpret the accounts of a company. Accountancy is a very rewarding field and is indeed included in one of the most highly paid jobs in Pakistan
Key Areas for Accounting Careers:
Audit: Audit is at the core of accounting work. Accounting auditing careers involve checking accounting ledgers and financial statements within businesses, public and not-for-profit organizations. Being increasingly computerized, this work can rely on random sampling methods. This provides a solid foundation to future specialist work, as it really enables you to understand how an organization makes money.
Budget Analysis: A budget analyst develops and manages an organization’s financial plans. Many jobs exist in government and private industry. You’ll require strong quantitative skills for this work, along with good people skills, because you’ll be involved in negotiations
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Financial: Financial accountants draw information from the general ledgers to prepare financial statements. They also take part in the business’s important financial decisions involving mergers and acquisitions, employee benefits planning and long-term financial projections. This work can very from week to week, so needs a combined understanding of accounting and finance.
Management Accounting: Management accountants work in companies and contribute to decisions about capital budgeting and business analysis. Major activities include cost analysis, contracts analysis, and participation in efforts to control expenses. Management accountants are now major contributors to business decisions, working alongside marketing and financial managers to develop new business.
Tax: Tax accountants prepare corporate and personal income tax statements. They also prepare strategies for deferring taxes, when to expense items, how to approach a merger or acquisition, etc. You need to have a thorough understanding of economics and the tax code. Many large firms now also look for legal knowledge.
Types of Accounting Careers
Public Accounting Firms: A group of accountants work in a partnership that provides accounting services to individuals, businesses and government. A number of major firms are dominant in this field. A public accounting career will give you a good start in your career, where you can gain foundation knowledge before moving into a specialist area.
Government: Government accountants may work at any level of government. They prepare budgets, track costs and analyze government initiatives. Prospects for advancement are generally good. Bureaucracy and political arguments are the downsides.
Corporations: Businesses of all sizes usually have an accountant or accounting department that prepares financial statements, tracks costs, handles tax returns, and works on major transactions. The work is more dynamic and prospects are good.
Independent: Working as a self-employed accountant means generating your own business. However, you benefit from good customer contact, independence, and – if you are proficient – good returns. Conversely, you are in a more vulnerable position when business is not so good.
Degrees of Accountancy
· CA (Chartered Accountants)
· ACCA (Association of Chartered Certified Accountants)
· CIMA (Chartered Institute of Management
· CAT-UK (Certified Accounting Technician)
· CFA (Chartered Financial Analyst)
· CMA (Cost and Management Accountants)
CHARTARD ACCOUNTANTS (CA)
Chartered Accountants work for big and small firms that offer fee earning advisory and management services to a variety of clients and businesses in the industrial, commercial and non profit sectors. They audit the accounts of these clients and businesses and can also be involved in specialist areas of financial advice such as tax. Chartered Accountants are also employed in commercial organizations, banks, and the private and public sectors.
Chartered Accountancy is a rewarding career and there are excellent prospects for employment in audit firms as well as in local companies, multi-nationals, and local and foreign banks. The profession has stood the test of time, and career opportunities for Chartered Accountants are unfolding as corporations increasingly realize the importance of professional values, ethics and good governance.
Module A:
Paper A1 Functional English
Paper A 2 Quantitative Methods
Module B:
Paper B 3 Introduction to Economics and Finance
Paper B 4 Introduction to Financial Accounting
Paper B 5 Mercantile Law
Module C:
Paper C 6 Financial Accounting
Paper C 7 Taxation
Paper C 8 Business Communication and Behavioral Studies
Module D:
Paper D 9 Company Law
Paper D 10 Cost Accounting
Paper D 11 Auditing
Paper D 12 Information Technology
Article ship:
After completing module D, there is a compulsory article ship for about 3 ½ years.
Module E:
Paper E 13 Information Technology Management, Audit and Control
Paper E 14 Advanced Accounting & Financial Reporting
Paper E 15 Corporate Laws
Paper E 16 Business Management
Module F:
Paper F 17 Management Accounting
Paper F 18 Business Finance Decision
Paper F 19 Advanced Taxation
Paper F 20 Advanced Auditing
Fee Structure
Module A
Rs. 27,500 (With Admin. Charges)
Module B
Rs. 30,000
Module C
Rs. 36,000 (With PSTC)
Module D
Rs. 45,000 (With CCPT)
Module E
Rs. 48000 (Rs. 12,000 per Paper)
Module F
Rs. 48000 (Rs. 12,000 per Paper)
Average Salary:
The average starting salary of Chartered Accountants in Pakistan
Tenure for Completing CA:
The minimum tenure required for doing CA is 5 years, but an average student can complete it in approx: 7 years.
The Association of Chartered Certified Accountants (ACCA)
The Association of Chartered Certified Accountants (ACCA) was founded in 1904. Today, it is one of the world’s leading and fastest-growing international accountancy organizations. ACCA is a professional accountancy qualification which benefits from global recognition. Once you qualify, ACCA membership opens doors to a successful career in accountancy practice or finance, and increases your earning potential. It is very highly rated in the fields of banking, management and consulting, and is a major advantage in competing for senior roles. ACCA membership also enables you to obtain the status of Registered Auditor.
Papers: 14 papers
Fee Structure:
Registration: Rs.1, 000 (Payable only once at the time of Admission)
Paper F1: Rs.8, 000
Paper F2 to F3 Rs.7, 000 each paper
Paper F4 to F9 Rs.8, 000 each paper
Paper P1 to P3 Rs.9, 000 each paper (in case of Combined fee Rs.21, 000)
Paper P4 to P5 Rs.10, 000 each paper
Eligibility Criteria:
· If your age is below 21 years than first five papers of CAT is a prerequisite for starting CA, and if your age is above 21 years than you can directly start ACCA.
· Preferably the students who have passed matriculation or O-level are eligible to peruse their career in these fields.
· The whole CAT scheme will exempt you from three fundamental level papers F1, F2 and F3.
CAT:
The CAT qualification provides a solid foundation to progress to ACCA. It is open to anyone who is at least 16 years old. No formal academic qualifications are required to start this program.
Full Scheme of CAT:
Papers: 9 papers T1 to T10 (except T8)
Tenure: Minimum 1 ½ years.
Fee Structure:
Registration: Rs.1000 (Payable only once at the time of Admission).
Paper T1 to T4: Rs.7, 000 each paper
Paper T5: Rs.8, 000
Paper T6 to T10: Rs8, 000 each paper (except T8).
Total Fee: Rs. 120,000
Minimum Scheme of CAT:
Papers: 5 papers T1 to T5
Tenure: Minimum 6 months.
Fee Structure: Aprox: Rs. 60,000.
