Exploring a Chartered Accountant: Is this the right career choice for you?

In the ever-changing professional landscape in Bangladesh, Chartered Accountancy (CA) is becoming more and more popular among young people. The steady growth of the Bangladesh economy has further increased the demand for chartered accountants. Also considering the lucrative career opportunities and various benefits offered by CA, many undergraduate and postgraduate students are encouraged to consider shaping their career in this field.

A Chartered Accountant (CA) is a highly qualified professional qualified to offer a variety of accounting services, including auditing, tax, finance and general management, to individuals and businesses. ICAB (Institute of Chartered Accountants of Bangladesh), specifically the only national accounting professional body in Bangladesh, offers a degree of proficiency in the field of accounting.

According to the official website of ICAB, students who have cleared SSC and HSC, O and A Level or equivalent exams can start their CA journey. Additionally, undergraduates, graduate students, postgraduates and students with Associate Cost and Management Accountant (ACMA) / Fellow Cost and Management Accountant (FCMA) and Association of Chartered Accountants (ACCA) / Fellow Chartered and Certified Accountant (FCCA) degrees can join as CA students.

Although chartered accountants specialize mainly in auditing and tax, they are also able to provide services relating to finance and other aspects of institutional management. They gain access to a variety of career opportunities, not limited to specific job sectors. In addition to working for various companies, a chartered accountant can pursue entrepreneurial paths by starting a company that will provide consulting to others.

Nafisa Lubaba, an alumnus of the American International University of Bangladesh (AIUB) and currently a student of T. Hussain & Co., mentioned, “As a business student, teachers always encouraged us to pursue CA studies and I also wanted to explore this profession, which further motivated me me to choose this path. Given the respect and diverse opportunities this career offers, the challenges and risks are worth taking.

Additionally, it is often known that chartered accountants can enjoy higher salaries due to the consistently high demand in these sectors. Sakhawat Saberi Deen, a student currently studying at the Faculty of Finance, University of Dhaka and also a CA aspirant stated, “The worst thing that can happen to a CA aspirant is that he may not be able to clear the final examination. Even so it is possible to get a salary of Tk 50,000 to Tk 60,000 if you manage to complete the second level.

He further added, “At the beginning of your career, you will probably have the opportunity to occupy one of the top positions in any company if you obtain a CA degree beforehand.”

In addition to higher potential compensation, auditors are required to stay updated on industry trends and changes in tax regulations. This helps them in continuous learning, which gives them a competitive advantage as they generally excel in financial knowledge.

One of the major limitations in pursuing CA certification is the rigorous exam structure. The three levels consist of several papers that have to be completed along with a paper period of three to four years, which poses a challenge for CA aspirants. Dealing with long study hours and balancing work and life can be exhausting and requires extremely hard work and dedication.

The total cost of implementing CA covering all three levels leads to BDT. According to the official website of ICAB 1,42,400. Admission to CA program is up to BDT. 30,000.

Silbia Rahaman Setu, an undergraduate student at the University of Dhaka, while discussing the challenges on the road to California mentioned, “Apart from the study and work pressures, the allowance paid during the articulation period is comparatively lower than any other job in the US. the corporate sector, which is why there is a financial barrier. In these times, family support is essential to cover costs.”

CA exams are very difficult to clear and as a result have higher failure rates. Repeatedly experiencing failure can damage students’ self-esteem and motivation. During this journey, many students often feel discouraged from staying in the field and changing their career path to pursue something else.

For Chartered Accountant candidates, the terms ‘article’ and ‘pre-article’ refer to distinct stages of their training pathway.

Articulation is a mandatory, structured apprenticeship period that lasts three years with a practicing chartered accountant. This is a key part of the CA curriculum provided by ICAB. During this time, students gain hands-on experience in auditing, tax, accounting and finance by working in real-world scenarios. Articulation usually begins after a student completes the intermediate level CA course. The experience gained during this period is essential to developing the professional competencies required to obtain the CA designation.

The pre-apprenticeship period refers to any training or work experience that a CA student may undertake before beginning an official internship. This phase is not a formal requirement as per ICAI guidelines but may include activities such as part-time work, internships or preparatory work before taking the CA Intermediate exams. The goal is to provide a basic understanding of the business environment or accounting principles. Under CA Pre-Articleship, undergraduate and graduate students from colleges and universities can take certificate-level examinations.

Nabil M.D. Irfan, an undergraduate student from the Department of Accounting and Information Systems at the University of Dhaka (DU), stated, “I have completed the CA level through the internship preparation program. It is essential to take advantage of the opportunities offered by a pre-article internship. Many CA courses align with our undergraduate curriculum and some departments follow ICAB guidelines in their curriculum. As such, ICAB offers some exemptions at the certificate level, so pursuing your CA studies alongside your bachelor’s degree program will not be a problem.

When considering whether to pursue CA, MD. Mahfuzur Rahman ACA, Manager at Snehashish Mahmud and Co. recommended, “Always do your research before delving into this field as it requires a lot of hard work, dedication and time commitment. Additionally, in the run-up to the article, try to cover as many courses as possible before you join the article. Try to develop an in-depth concept rather than just memorizing.

He also added: “During the internship period, it is important to join a good company. Before joining any company, it is advisable to consult with seniors working in the company about the culture and work environment.”

As students often find it difficult to balance work and studies while pursuing a CA degree, Md Gulam Kibria ACA, Manager at Eastern Bank PLC, suggested, “Treating the internship period as a learning opportunity is extremely important. Try to relate your work experiences with your CA Program experience for better understanding.” He further added, “Joining or forming a study group of peers with a similar mindset to yours who are also preparing for CA exams can help you navigate better the wide range of subjects in CA.”

Overall, like any other professional degree, the CA qualification has its own unique set of advantages and disadvantages. The future of this career option is undoubtedly bright. However, a proper understanding of what to expect in this field, including all the challenges it brings, is essential to successful career planning.

Fatema Tuz Zohora is a third-year student of the Faculty of Finance, University of Dhaka.