The training for CAs is a highly elaborate procedure. Aspiring chartered accountants should pass the intermediate exam within ten years of the commencement of their practical training.
During the training period candidates would be required to work in different areas learning the basics of auditing and taxation. This enables them to learn the technical details of the job as well as to get an idea of the working environment of the profession. During this period the articled clerk will also need to continue studies for the CA exam. As the professional training for chartered accountancy is training-on-the-job, an articled clerk is entitled to receive a minimum monthly stipend.
After successful completion of the final exam, the aspiring CA can apply for membership of the ICAI. All members are deemed Associate members of the institute. Associate members who have been in practice for a minimum of 5 years and possess the experience prescribed by the council for this purpose are entitled to apply for Fellowship.
Chartered Accountants are sometimes appointed as executors under a will or trust in order to carry out the administration of an estate or settlements. On such assignments, they are often required to work in co-operation with solicitors and lawyers.
CAs also perform functions under special positions such as directorships of companies, arbitrators for settling disputes, handling work related to insolvency, bankruptcy, etc. They are free to go in either for professional practice or to be employed by the industry sector (private companies, public sector undertakings, etc.)
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