CA vs CS: Which career has more scope?
Often mistaken for
the same, a chartered accountant is as different from a company secretary as
chalk is from cheese. Chartered Accountants work in all fields of business and
finance. Some are engaged in public practice, others work in the private sector
and some are also employed by government bodies. On the other hand, the main
function of a Company Secretary is to act as the mediator between the company
and its Board of Directors. He also provides guidance to the Chairman and the
Directors on how to make the best use of their responsibilities under various
laws.Let us see the difference between a chartered accountant (CA) and Company Secretariat (CS) so that it helps you to make a career choice-:
Criteria
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Chartered Accountant (CA)
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Company Secretariat (CS)
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1)
Course details
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Chartered
Accountancy Course is a professional course in the field of Accounting. It is
about financial management, taxation and accounting.
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The
Company Secretary (CS) is a professional course which is conducted by The
Institute of Company Secretaries of India (ICSI). To
become a Company Secretary, the candidates need to pass the Foundation
Programme, Executive Programme, and Professional Programme.
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2)
Career Scope
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The
scope of a CA is very wide. He can either pursue private practice or join an
organisation's financial accounting department or serve in taxation
departments. He can also work in fields of Finance, Corporate finance,
Management consultancy, Tax Compliance, Change management. Chartered
accountants mostly deal with studies like market research, budget planning,
planning of policies; management of working capital of an organisation, etc.
Their duty is to ensure that the particular company is maintaining its
financial transactions according to the law of the country and manage the
cost and tax matters of it.
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A
Company Secretary can find employment in government accounts or law
departments or he can become a Managing Director or Chairman of a Company and
be a part of the Board of Directors of a Company. The role of a Company
Secretary is that of an advisor for legal matters. If a company goes public,
then the management of the public issue falls under the ambit of a Company
Secretary. All legalities involved with inter-corporate investments and loans
are looked after by a Company Secretary.
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3)
Skills required
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Good
aptitude skills with concentration ability, good with numbers, good
analytical skills, can work under pressure, a systematic way of working.
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Proficiency
of law and management, good communication skills to deal with many types of
people, should sound convincing and the capacity to fit in the corporate
environment.
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4)
Authority
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A CA
can act as a lawyer and appear before various appellate authorities of direct
and indirect tax departments like The Commissioner of Income Tax, Income Tax
Appellate Tribunal etc and defend his client
|
A
CS does not have the authority to defend his client or represent him in a
case.
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5)
Power
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In
India, it is only a CA who can conduct various statutory audits and audits
under Income Tax Act called Tax Audit etc.
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A
CS does not have the power to conduct such audits
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6)
Statutory body
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The
CA is a member of the Institute of Chartered Accountants of India. A person
can only become a CA after passing exams conducted by The Institute of
Chartered Accountants of India
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A
CS is a member of The Institute of Company Secretaries of India. A person can
become a CS only after passing exams conducted by the Institute of Company
Secretaries of India.
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7)
Companies hiring
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PwC,
Ernst & Young, HSBC Bank, Neeraj Bhagat &
Co., KPMG, Alok Sinhal, ICICI
Prudential, Om Kotak Mahindra, Birla Sun-Life, Tata AIF
Life, Reliance, HDFC Standard Life-Chartered
Accountancy Co., Max New York Life, SBI
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Banks
like SBI, HSBC, Bureau of
Public Enterprises, government financial institutions and stock exchanges,
universities, etc
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8)
Institutes offering the course
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The
Institute of Chartered Accountants of India (ICAI) is
both an examining and a licensing body. It is the responsibility of the
institute to conduct the Chartered accountancy (CA) Courses throughout the
country. A CA programme is of two years apart from the training period. It
has three sections, Competency Professional Test (CPT)
that was earlier known as Professional Education exam PE1, Professional
Competency Examination (PCE) and Final examination
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The
minimum eligibility required for the foundation course for training as a
Company Secretary is 10+2. Graduates or post-graduates in commerce, or any
other discipline are allowed to skip the foundation course and enroll
directly for the intermediate examination. This exemption is also extended to
those who have passed out of the Institute of Cost and Works Accountancy or
the Institute of Chartered Accountants of India. For better career prospects
one may opt for the Company Secretary course after having completed either
the Cost and Works Accountancy course or the Chartered Accountancy course or
both. The Institute of Company Secretaries of India conducts examinations for
different levels of competencies throughout the country. Those who clear
these examinations are granted membership to the Institute.
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