Your Accounting Career Awaits
Introduction
Looking to start a career in accounting? If so, the Institute of Chartered Accountants of India (ICAI), the Association of Chartered Certified Accountants (ACCA), and the Institute of Chartered Accountants of Nepal (ICAN) are all great options to consider. In this informative article, we'll provide you with an overview of each institution, including what resources and curriculum they offer, how long it takes to complete their programs, job opportunities, and average salaries.
Not only that, but we'll also compare and contrast the advantages and disadvantages of each institution, giving you a better idea, of which one is the best fit for you. By the end of this article, you'll have a clear understanding of what each institution can offer you and be well-equipped to make an informed decision about your future career in accounting. So, let's get started!
The Institute of Chartered Accountants of India (ICAI) has established itself as a reputable institution since its founding in 1949, playing a critical role in shaping the field of chartered accountancy in India. ICAI's reputation has extended beyond national borders, making it a popular choice for Nepalese students seeking to pursue further studies and a career in accounting.
The flexible degree programs offered by ICAI provide students with a competitive advantage in both domestic and international job markets, positioning them well for opportunities in Nepal or abroad.
Course Completion Time Period
While ICAI's study resources are generally satisfactory, they primarily follow traditional education and exam formats that may not cater to all types of learners today.
Nonetheless, the CA course, spanning approximately 4.5 years, provides ample time for students to develop their accounting skills and knowledge. Although the course duration varies based on the individual's ability to pass each exam on the first attempt, it equips students with comprehensive knowledge and skills essential for success in the accounting industry.
To add on, the pass percentage for the CA Final exams conducted in November 2021 was 13.50% for Group I and 13.25% for Group II.
Career Opportunities
Chartered Accountants have a diverse range of career options available to them, ranging from auditing and taxation to investment and finance. The specialized knowledge and skills obtained during the CA course can prepare graduates for these challenging career paths and enable them to succeed in the workforce.
Chartered Accountants have a wide range of job options, including:
CAs possess specialized knowledge and skills, allowing them to perform the following tasks:
The CA course provides in-depth knowledge of the following areas:
Additionally, graduates can either start their own practice or work for a corporation, making it a highly versatile degree.
In addition to the competitive advantage provided by the CA degree, the career prospects for Chartered Accountants are also lucrative. The Institute of Chartered Accountants of India (ICAI) conducts annual campus placements, providing students with job opportunities in top companies.
According to data from ICAI, the average starting salary for a CA in India is around INR 7-8 lakhs per annum, reflecting the high demand for their specialized skills and knowledge.
As CAs gain experience and progress in their careers, their earnings typically increase. Experienced CAs in India can earn salaries ranging from INR 15-30 lakhs per annum, while top-level CAs with many years of experience can earn salaries of over INR 1 crore per annum.
Despite that it is important to note that these figures are approximate and may vary based on individual circumstances and factors such as industry, location, and demand for specific skills.
The Association of Chartered Certified Accountants (ACCA) is a highly respected international accountancy institution with a history dating back to 1904 in the United Kingdom.
While the Institute of Chartered Accountants of India (ICAI) primarily meets the needs of the Indian market, the Association of Chartered Certified Accountants (ACCA) has a more international focus with a global presence in over 180 countries.
This makes it an attractive option for students who want to pursue a career outside of their home country. The ACCA curriculum is designed to prepare students for global job opportunities, and its study materials are highly regarded in the international accounting industry.
Additionally, the ACCA program offers a more flexible study schedule than the ICAI, allowing students to progress through the program at their own pace. This flexibility, combined with the global recognition of the ACCA certification, makes it an excellent option for Nepalese students who wish to pursue an accounting career abroad. It covers a broad range of topics, including financial accounting, management accounting, taxation, and audit, making it a more diverse and well-rounded option for students who want to explore different areas of accounting. The pass rates for the September 2021 exam session were as follows:
Course Completion Time Period
The ACCA program is designed to be flexible and can be completed in 4 to 5 years, depending on the number of exemptions a student receives from their previous education and the amount of relevant work experience they already possess.
The program consists of 13 papers, and upon completion, students must complete an Ethics and Professional Skills Module to become an ACCA affiliate.
Unlock Global Career Opportunities
ACCA is a globally recognized qualification with over 8,500 approved employers, providing numerous job opportunities worldwide. Graduates can expect to earn a high average annual salary. Unloc
Endless Opportunities
ACCA is a globally recognized qualification that allows individuals to work anywhere in the world. The ACCA body has a strong network of over 8,500 approved employers as listed on the ACCA website, providing numerous job opportunities to its members abroad.
With over 18 career profiles available, students are prepared for senior management positions, including the chief financial officer (CFO) role. ACCA graduates can work as management accountants, finance managers, financial analysts, consultants, advisers, and financial planners.
Net Pay You Can Be Happy With
Once an individual has cleared all 13 papers and become an ACCA affiliate, as per the data from the ACCA global salary and career survey 2021, they can expect to earn the average worldwide annual salary of approximately NPR 52.5 lakhs to NPR 60 lakhs per annum including salary, bonuses, and other benefits.
After gaining three years of relevant work experience and becoming a full-fledged member of ACCA, one can anticipate earning the average worldwide annual salary of approximately NPR 82.5 lakhs to 90 lakhs per annum.
In Nepal, ACCA graduates have numerous job opportunities in various sectors such as finance, consulting, banking, healthcare, IT, insurance, public sector, and business management.
These occupations offer tremendous potential for professional growth and personal development. The average salary for recent ACCA graduates in Nepal starts from NPR 15,000 - NPR 30,000 depending on the organization. During internships, students pursuing ACCA receive a monthly salary starting from NPR 10,000. An experienced ACCA professional can earn over NPR 50,000 according to their skills, competition, and organizational demands. In some cases, the salary could be even higher.
Institute of Chartered Accountant of Nepal (ICAN), founded under the Nepal Chartered Accountants Act in 1997, is a highly esteemed institution for individuals seeking to work and reside in Nepal for an extended period.
While ICAN is not yet widely recognized in foreign industries, having a degree from a reputable Nepali institution like ICAN can provide an advantage for those looking to work in Nepal.
Course Completion Time Period
In recent years, ICAN has made strides in improving their study materials, although there is still room for further enhancement to ensure that students receive the best learning resources.
Completion of the ICAN course requires a minimum of 4.5 years, with additional time required for those who struggle to pass exams on the first attempt.
Group Wise Pass Percentage (ICAN)
The pass percentage for ICAN varies across groups. For instance, according to a 2017 data, CAP-I group....
Level | Appeared in the Exam | Pass Percentage |
|---|---|---|
CAP-I | 729 | 66.94 % |
CAP-II (both group) | 1428 | 17.01 % |
CAP-III (both group) | 543 | 14.18 % |
CA Membership | 62 | 56.45 % |
Career Opportunities :
A career in Chartered Accountancy (CA) in Nepal offers a diverse range of opportunities in various areas, including entrepreneurship, management consulting, taxation, cost accounting, financial and tax accountancy, and more. CA professionals can take on a variety of roles, including trustee, advisor, consultant, representative, and valuator.
Employment opportunities are available in both the private and public sectors, such as manufacturing companies, trading businesses, governmental banks, governmental offices, audit firms, financial institutions, insurance companies, and corporate management. Additionally, career paths for CAs can include teaching, forensic accounting, property valuation, and political appointments.
An Overview of the Advantages and Opportunities
Employment opportunities for CAs
- Private sector: manufacturing companies, trading businesses, audit firms, financial institutions, insurance companies, and corporate management
- Public sector: governmental banks and offices
Career paths for CAs
- Teaching
- Forensic accounting
- Property valuation
- Political appointments
Net Pay For ICAN
According to recent salary surveys and job postings in Nepal, the average salary of a Chartered Accountant in Nepal ranges from NPR 5 lakhs to NPR 15 lakhs per annum.
However, it is important to note that these figures are approximate and can vary widely depending on individual circumstances and other factors such as experience, skills, job performance and company size.
Find Your Path
Accounting Career Options: Which Institution is Right for You?
As one of the most in-demand professions in the world, accounting offers a wide range of career options across various industries. But which institution is the right fit for you?
ICAI
Total number of ICAI Members as of 2021 is over 319,000.
ACCA
Total number of ACCA Members as of 2021 is over 219,000.
ICAN
Total number of ICAN Members as of 2021 is over 10,000 (in Nepal).
Conclusion
Finding the perfect career path can be a rollercoaster ride with its own set of twists and turns. However, we believe that the information and guidance we offer can be your compass to navigate the path ahead with more confidence and preparation.