Chartered Accountants Or Company Secretaries?

This is a typical question asked by many students aspiring to be a commerce, trade and industrial professionals. Let us deal with these professions one by one and so understand the intrinsic details, both similarities and differences.

First Let Us Study Chartered Accountants. Chartered Accountants is the most sought after profession by many commerce students. Atleast they dream of it, and many fulfill their dreams. CA, as it is abbreviated, is one of the professions that adds value to a business. CA course is provided by the Institute of Chartered Accountants of India(ICAI).CA is basically about finance, accounts, taxation and audit. hey are the experts in the fields I have mentioned, though they are foraying into capital markets and corporate governance. CA can be done after 12th. After 12th a student has to give CPT (Common Proficiency Test). Here students study subjects like economics, aptitude, mercantile laws and financial accounting. After passing student, according to the new scheme, he/she goes for IPCC. Group wise subjects are studied, like business laws, advanced accounting, auditing, taxation and strategic management along with information technology training. There is a 3yr articleship period during which students can convert the learned theory into practice. The final course also is group wise and has subjects like advanced management accounting, tax laws, advanced auditing and company law. After passing the final course a student has to undergo a GMCS course for improving his management and communicating skills. Then he becomes an ACA(Associate Chartered Accountant) and after years of experience he becomes a Fellow Chartered Accountant(FCA). A Chartered Accountant is normally employed by many firms and companies. Although , a CA can opt for a private practice as well. As a practitioner, he can provide services related to taxation, accounting, legal compliances,share transfers and investment advisories, many other functions besides. A Chartered Accountant is usually preferred for the position of a CFO (Chief Financial Officer).

Now for the Company Secretary. A Company Secretary is a rising profession amongst the youngsters of these days. The fact that any student from any stream can/may be comfortable with this course weighs in its favor. The CS or a Company Secretary plays a vital role in an organisation. His basic function is providing legal compliance services and advising the Board of Directors on long term planning and strategic issues. They are to ensure that all the business operations fall within the purview of the laws enacted by the Parliament of India. The CS course is offered by the Institute of Company Sercretaries of India(ICSI). The CS course is divided into three stages. The first stage being the foundation course. This course can be taken up by postal or oral coaching. In this course, a student studies subjects like financial accounting, english and business communication, economics, statistics, elements of law and management.This course ranges from 6- 8 months. Examinations are held in May/June and November/December. After passing this stage, one enters the Executive Programme. Groupwise subjects are followed. Examinations are normally held in June and December. A student can appear for one group or both groups at a time. During the executive programme, a student has to undergo compulsory computer coaching for 70 hours. Any student, provided he is a foundation pass or a graduate in any stream except fine arts, can appear for this course. In this programme, a student studies subjects like general and commercial laws, taxation, company accounts, cost and management accounting, company law, economic and labour laws, securities compliances and regulation of Indian financial markets. After passing the executive programme, a student enters the Professional Programme. Here he studies subjects like corporate secretarial practice, draftings appearances and pleadings, financial,treasury and forex management, advanced tax laws, due diligence, corporate restructuring and insolvency, corporate governance,business ethics and sustainability, strategic management, alliances and international trade. After passing professional or executive programme, a student has to undergo 16 months practical training, either in a company or under a practising company secreatary. After completing the training he becomes an ACS(Associate Company Secretary). Later on, he may go on to become a FCS(Fellow Company Secretary). A Company secretary can either seek employment or may start a practice. A Company Secretary is the backbone of the company. He advises the Board on long term issues, strategic issues and legal issues. He is the one who is responsible for designing new share schemes and provide security compliances. He is the interface between the organisation, government and media at large. He is the medium through which an investor communicates with the company/firm and vice versa. He looks after all the legal compliances and takes a decision on how the legal provisions could be used for an organization's benefit, ultimately leading to profit. He also is capable of handling taxation and financial affairs of a Company. A Company Secretary is an executive position just below the Board Level. It is financially rewarding and also brings job satisfaction. A Company Secretary also maybe appointed as a Chief Governance Officer(CGO) as he is the one responsible for good corporate governance. A company with a paid up share capital of over 2 crores is required to appoint a whole-time company secretary. So the avenues for a company secretary are huge. A company secretary has oppurtunities to open up a practice as well.

Basically, the syllabus of both the courses are similar, but the avenues are different. While a CA concentrates on finance, auditing and taxation, a CS concentrates on law, governance and securities. So both are different, as different as an apple is from an orange. Students and those looking for a career widening always have a mind to ask which is better? I say, no one. Each is best in their own fields. It is not wise to compare two different things. Oppurtunity wise, if a person looks, it may seem that CA's have wide oppurtunities and scope. Well it is so, since CA is an established profession and its need is seen in many companies. CS is a rising profession but that does not mean that there is no scope for it, they have scope, they have oppurtunities, they have the grit. CS is on an upward trend. The demand is more than supply. The only thing that, according to me, is working down in its favor is the name 'secretary'. Many students think of it as a job of a personal secretary. No, it is not so. A CS is a respected profession, so is CA. Each to its own field, as I said earlier. A CS is as tough to pass as a CA. Both are similar yet different you could say. So A CS is as good a professional option as a CA. There are rising oppurtunities for both the professions. So go ahead hands on. Rule The World.

For more information about these courses, goto www.icai.org and www.icsi.edu.

If you want to ask me, mail me.

If you want to know about the courses you can do along with these or after these, here is a list:
1) MBA/MMS
2) BCOM/BMS/BBM/BBA
3) LLB/LLM/MBL/Diplomas in various laws.
4) LLD
5) Post qualification courses offered by both ICAI and ICSI
6) ICSI and ICAI both got links with institutes of other countries like USA, UK, Australia etc...

So Njoi.

Best option acc to me: CA + CS, CA + MBA, CS + LLB , CS + MBL, CA + Post Qualification, CS + Post Qualification, CA + Diploma, CA + CPA, CS + ICSA, CS + SII

ICSA = Institute of Chartered Secretaries Association.
CPA = Certfied Public Accountants.

There is another course that can pursued along with CA or CS
ICWA(Institute of Cost and Works Accountancy). And Also there is CFA(US). CFA stands for Chartered Financial Analyst which deals with investment broking and portfolio management.