CAREERS IN FINANCE

• Chartered Accountancy
• Company Secretartship
• Cost and Management Account
• Actuarial Science
• Banking

Introduction
There much more to working in Fiance than jugglings. What was essentially a back office record keeping job, often perceived as a custodian of the debits and credits of numbers is now seen as a hi3 that player a decisive role in decision making and controlling operations in every organization.
So whetheryou want to work in a bank, look after the finances of a hospital, or work as an investment banker, there are numerous opportunities avaialbel. Any industry or business organization requires finance professionals and there will be at least one person from the fiancé discipline in the core management team of every company, however small the company is. Most student enter Finance train as accountants with Charctered Acctounacy firms , Management Films and Certtified Accountacy companies who form the biggest recruiters. Banking and insurance are also popular area, followed by Actouarial work and Fiancial services. It is a hi3 discipline that leads highly ambitious people to the height of their dreams. Fianance is renowned for paying well , too. Most company’s offere high starting salaries along with performance related bonuses. Propects for hi3 progression are excellent.

Nature of work

Personal Attributes
Typically fianance jobs requires the following traits
‘Ability to realte to others- you will have to work with colleague’s often in small teams and may work in different groups for differnetr projects.
“Resilience”-because you’ll probably be studying for exams after work.If you fail one paper once has to be resilent enough to bounce back and try again.
‘Commitment’—necessary if you are going to put in all those hourse after a day work to sudy and better your prospects.
Other common requirements are communication skills, problem-solving ability business awareness interest in customer service time management leadership potential and of course numeracy.
Cultural awareness and sensitivity are becoming increasing important as large financial companies are gloabal organization

Employment Opportunitis
It is with the advent of globalization of banking services in India that fincial service companies have grown tremendously in the countery. Various global and Indian finance companies have emeged and started setting up business shops in India resulting in financial revolution in India. Growth in the fiannce business sector has resulted in tremendous growth in infrastructure transportation aviatioan banking housing finance personal finace many more.Consumer behavior has also changed with easy access to cahs, resulting in development of housing finance personal finance, auto finance and other life amentities and even luxuries. All these developments in the financial market have resulted in favourable in job scenario also.
One hopes to see exponential growth in this sector in the times to come.

Introduction
A Chartered Accountant is one who is specialized in accounting, auditing and taxation. With the rapid growth in economy, hi3s in finance and accounts have gained tremendous popularity and them most prestigious hi3 option in this field is that of Charterd Accountant.
Chartered Accountancy is a dynamic, challenging and rewarding profession. This satisfying and high profile hi3 equips the person not only with the necessary knowledge and technical skills in the field of accountancy, but also develp managerial outlook to successfully handle even the most critical problems.
Job prospects are excellent. All the companies retgistered under the Companies Atc, are required to geth their accounts audited only by practicing Chartered Accountants. A qualified Chartered Accountant has the option of joining the Government Service, Public Sector Undertak ing, Banks, Insurance companies, Private sector jobs,or setting up one’s own practice.The duty of Chartered accountant is to ensure that the financial transaction of an organization are maintained according to the law; they also keep track of cost management of the company and manage tax matters. They are the ones responsible for handling accounts and fianance related matters, deal with money management, prepare, analyze and audit accounts along with providing financial advice. Only members of the Institute of Chartered Accountants can call themselves Chartered Accountants, upon attaining the certificate from the Institute. Legally only qualified Chartered Accountants are authorized to audit and certifiy a company’s books of accounts.

Nature of Work
Chartered Accountant are generally found to be working either as employees in a firm or they indulge in their private practice.The range of work in both the cases depeneds on the size of practice. The types of functions generally performed by the Chartered Accountants are quite varied, they are.

Personal Attributes
Accountants must have good numerical ability and analyitical mind to interpred facts and figures correctly. They should have logical and methodical approach. As their work often relates to discussing financial matters with number of people, sometimes with people who don’t have background in finance, they should be able to express themselves clearly. This makes it imperative to have good understanding of the subject with equally good verbal and written skills. Sometimes the work can be extremely strenuous and exchusting especially during financial year closing, so stamina both physical and mental with patience to handle such situation are of added advantage. For accountants practicing privately, it is important to have necessary business skills.

Employment Opportunities
Various options for pursuing rewarding hi3s are:

• Set up independent professional practice
• Join a practicing firm of Chartered Accountant
• Render services in the field or capital market
• Enagage in your own industrial business venture
• Take up a suitable position in business or industry

Many national and multinational companies employ CA’s Some of the well known ones include CA firm like price water Coopers, KPMG, Emst and young, Delotte and Insurance companies like ICIC Prudential , Birla Sun-Life Tata Aig, Reliance to name a few.
How to enter into this Profession

1. Enroll with the institute for common proficiency test (CPT) after pasing class 10th examination conducted by an examination body. Appear in CPT after appearing in 10+2 examination after completion of secified period 60 days fro the date of regisatration for CPT with the Board of Studies as on the first day of them opnth in which examination is to be held viz, students registered on or before lst April/1st Oct.,will be eligble to appear inJune/Dece. Examination as the case may be. However , candidate shoul pass both CPT and 10+2 before registering for Instegrate Professional Competence Course
2. Enroll for Group I or Group II or both Group I and Group II Integrated Professional Competence Course to become “Chartered Accountant”.
3. Successfully compelte 9 months of study course from the date of IPCC registration.
4. Successfullycomplete orientation course of one week successfully compelte 100 hours Information Tech. Training(ITT) before commencement of articled training.
5. Appear and pass Group I as well as Group II of intergrated professional completence examination group I is composed of four papers and Group II is composed of three papers.
6. Register as Article Assistant for a period 3 yrs,. On passing either Group I or both the Group of IPCE
7. Register for CA Final Course and prepare for CA Final Examination
8. Undergo General Management and Communication skills 15 days course while undergoing final course and serving the last 12 months of article training.
9. Compelete 3 yrs period of articled training
10. Appear in the Final Examination on completion of the practical training or while servin last 6 months of articled training on ro before the last day of the month proceeding the month in which the examination is to be held.
11. Pass final examinatioin and complete GMCS,is not completed earlier.Enroll as a member of ICAI and designate as “ Chartered Accountant”

Major Enetrance Exam
Common Proficiency Test
About the test
Common Proficiencey Test is an entry level test for C.A Course of 200 marks. This test is diviede inot two sessions of two hourse each. CPT is an objective type test with negative marking.
Examination Pattern
Subject convered in CPT
SESSION-I
Section A : Fundamental Of Accounting (60 marks)
Section B : Mecrcantile Laws 40 marks
SESSION –II
Section A : General Eco (50 marks)
Section B : Quantitative Aptitude (50 marks)
Address of Head Office and Regional Councils

Introduction
Today, with the compulsion that every firm, with a paid up share capital of Rs-5 crore or more has to appoint a person in the capacity of a Company Secretary (CS), there is an exceeding need and importance that has taken precedence the area of Company SecretaryShip.
This is because, in this position, one acts as the mediator between the company and its Board of Directos, govemment, shareholders and regulatory authorities. The job of a Company Secretary is to ensure that the Board Procedures are strictly followed and regularly revised. Company Secretary is the conscience seeker of a company.or she guides the Chairman and the Directors on how to make the best use of their responsibilities under various laws.

A company Secretary is knowledge professional with a research bent of mind acquired through rigorous training corporate laws and corporate management. Company Secretaries are well versed in Information Technology. his procedure orientation and mastery, Company Secretary is able to set up the industries cost efficiency. He is a well versed in foreign collaboration and joint venture agreements as well as intellectual property rights.

Employment Opportunities
The Institute of Company Secretaries of India has been converted into a statutory body under the Company Secretaries Act, 1980.111 actual practices; it will depend upon the size of the company the person is working with. The nature of activities that the company is engaged in will also affect the type of services that a Company Secretary is required provide. Today’s global scene shows a focus on the development of the corporate sector. Growth automatically translates into the involvement of legalities of various kinds. And this falls under the purview of a Company Secret Companies need advice from a person with a thorough knowledge of all relevant laws; this advice service is provided by the Company Secretary. Thus the employment potential for company secretaries exists in (i) Corporate sector (ii) Government sectors ii (iii) Teaching in universities
A combination of experience and expertise can lead to appointment at top-level positions like chairman, directors and managing director, in reputed organizations.

• Foundation Course: After 10+2 or equivalent examination in any stream except fine arts a student is eligible to take the foundation course. The subjects are; Corporate and Business Communication, Business Law and Management, Principles of Accountancy, Economics and Statistics, Information system and Quantitative Techniques. Duration ofthe course is 18 months.
• Intermediate Course: For Intermediate course a student must be CS Foundation pass or graduation in any discipline (Arts, Science and Commerce) except fine Arts. Duration of course is 1 8 months.
• Final Course: Admission in final course is after passing the intermediate course. On successfully clearing the Intermediate and Final Courses a candidate is required to serve a training period of 1-2 years with a Company or under a qualified and practicing Company Secretary. On completion of a four months training thereafter the candidate becomes a member of the Institute of the Company Secretaries of India and is assigned a professional membership number and can use the suffix ACS after his / her name. A l Fellow Member of the Institute who is normally a senior pro can use the suffix FCS after his / her name.

Introduction
Cost management has become one of the most important life-lines for any organization’s survival. Organizations require efficient cost management to increase profitability and avoid unwanted expenses. With the global competitive nature and economic demands, a company’s success totally depends on the quality of service it provides with minimum cost input.
A Cost and Management accountant deals solely with the financial aspects of a company. He facilitates strategic management decision in respect of economic activities of an organization by his sheer expertise. He also helps to diagnose the areas of uneconomic activities with cost and management information systems and by analyzing the expenditure of each product or process to show the cost of each thus ensuring that there is a fair share of profit obtained.
A cost accounting degree equips a person with the knowledge on how to manage finance efficiently and ensure managerial decisions are well within the available resources. This is a field which provides satisfaction in terms of position as well as remuneration for successful candidates.

• Collection, compilation and analysis of financial information / reports
• Assessing the feasibility of projects vis-a-vis funds available
• Designing and implementing effective cost control and cost management
• Audit work guiding the management on risks involved and suggesting effective cost cutting measures.

Employment opportunities
A cost accounting degree has tremendous scope in the country. The fact that every organization needs a control on its finance, for its own survival, throws open the tremendous hi3 prospects this field holds. Alternatively one can take up consultancy work with small and big firms. ICWAI passed candidates can hold top management positions as Managing Director, Finance Director, Financial Controller, Accountant, Cost Controller and Chief Internal Auditor.
A cost accountant may build up his own practice by obtaining a license from the institute, which would enable him to practice as a cost accountant, either individually, or in partnership with one or more members of the institute. His clients may include private and public companies, large, medium and small-scale undertakings, partnerships and proprietary concerns, industrial, commercial and service undertakings.

How to enter
The Institute of Cost & Works Accountants of India (ICWAI), is an autonomous professional Institute and provides training, education and research facilities in Cost and Management accounting.
After completing Class XII exams, one needs to qualify in the Foundation Course Exam of ICWA course. The course syllabus for the Foundation Course includes organization and management fundamentals, accounting, economics and business fundamentals, business mathematics and statistics fundamentals.
After passing the Foundation course, candidates are eligible for admission to Intermediate course which has two stages of four papers each. The student can do this through postal correspondence or attending coaching. According to the revised syllabus, along with the 8 papers in the Intermediate, two group discussions, two seminars and also computer training of 50 hours have been included.
After clearing the Intermediate Exam the student can then register for Final Course which also consists of two stages Lansing four papers each. In the final along with the 8 papers; Dissertation (5000 words), Computer (100 hours), Modular training (15 days), Audit / Industrial training (6 months) is included. The total duration for the entire course is 18 months, however it can be covered in two to three years.
Examination: ICWAI Examinations are held in June and December and are conducted at various centers of the Country and also at three Overseas Centers.

Addresses of Regional Offices

Introduction Actuarial science essentially deals with the education on insurance risks and financial management of Insurance Companies. It involves the application of Maths, Statistics, and Economics analysis to a wide range of decision making process in insurance, investment, financial planning and Management. The profession requires intensive training in Maths & Statistics and insurance probability.
Actuarial science or Insurance is a subject that applies mathematical principles to assess risks of insurance and premium. The most important thing that a person learns through an actuarial course is the application of science, maths, and economics in a wide range of decision making process in investment, financial planning management and insurance.
Actuaries are organization that provides services in sectors like finance and investment, insurance (health, life, general) and several benefit plans regarding employee retirement. Insurance is understood as coverage by contract where by one party undertakes to identify or guarantee another against loss by a specified contingency, the amount for which it is insured. Insurance can therefore cover life, health, goods, equipments, travel or anything of value to the person or organization body. Till very recently, insurance was largely under the government sector. However, now many private multinational firms have come into India with a variety of insurance scheme.

Nature of Work
Actuaries are the backbone of the insurance and pension industries. They apply mathematical, statistical and economic analysis to a wide range of practical problem in insurance, investment, financial planning and management. They are disciplined problem solvers. Actuaries are often involved in making decisions concerned with the financial soundness of insurance companies and pension funds. Actuaries, by virture of their analytical and incisive outlook, can make significant contributions in the fields like demography, social welfare etc. An Actuary can be the cerebral centre of any financial sector. Actuary’s asses the financial impact of tomorrow’s uncertain events. They enable financial decisions to be made with more confidence by analyzing the past, mode, modeling the future, assessing the risks involved, and communicating what the result mean in financial terms.
The work of an actuary involves the calculation of insurance risk, premium and pension programmers. Actuarial science is built on the statistical evaluation of the financial and economic implications of possible contingencies. The job profile of an actuary includes product design, policy pricing, and asset liability management.

In an insurance company a person can be employed in:

• Administration-deals with the registry of claims.
• Development-deals with marketing and procurement of business etc.
• Accounts-deals with the management of funds and their disbursement.
• Investment-responsible for the investment of funds of insurance company.

Personal Attributes
To be a successful Actuary, excellent command over Maths, an interest in Statistics and probability theory, a keen eye for socioeconomics trends as well as legislative provisions in this regard, are some of the important prerequisites. Having a good communication skill, both oral and written are necessary. Knowledge of computers with problem solving skills and decision making skills are preferred. Acquaintance with the business environment, economics, finance and accounts is an added advantage.

Employment Opportunities
Actuaries provide professional services in a wide range of business that include Investment and Financial Services, Life Insurance, Health Insurance, General Insurance, Employee Retirement and Benefit Plans and Risk Management.
They are in demand in Insurance companies, Actuarial firms, Bank, Investment companies, Consulting firms, Risk management companies, public accounting firms, Business houses, and Pension department.
The major government companies are Life Insurance Corporation and india Postal Life Insurance. Many private companies-HDFC, ICICI, Max New York Life, Kotak Mahindra ,Birla Sunlife, have also entered this business hence the prospects of getting a good job in insurance companies has increased a lot.

Introduction
Banking is one of the most important hi3 choices among students because it is well paid, secure and high status hi3 & though it may appear that these jobs are meant for hi2/economics students but the fact is that majority of bank officers are from different streams of education like Arts, Science and others.
Banking offers a clean, peaceful and dignified work atmosphere and lifestyle. The banking sector embraces the A entire society. A Career in banking offers promise of good remuneration and benefits. Service conditions ensure a secure and comfortable lifestyle. The all round demands for professionals has made all the banks whether Public sector banks Foreign and Multinational banks to recruit more and more MBA graduates, CAs and CFAs to enhance efficiency.
Emergence of technology-driven new private banks and entry of Financial Institutions into short-term lending business has created the requirement of more professionals. Now banks are in the mutual funds, securitization.Business, credit cards, consumer loans, housing loans besides trading in gold and forex activities. One can get a varied experience by working in banks.