Careers in Company Secretary

Company Secretary is a professional course administered by The Institute of Company Secretaries of India (ICSI) under the Company Secretaries Act, 1980 to develop and regulate the profession of Company Secretaries in India. According to the Companies Act, companies with a paid up of Rs 50 lakh are required to appoint a Company Secretary. Company Secretary course gives you knowledge and understanding of the modern practice in corporate financial and legal affair. To become a company secretary, the candidate need to pass the Foundation, Intermediate, and Final course conducted by the institute and further, they need to undergo practical training to become eligible for the membership as a Company Secretary.

A Company Secretary's service is very much important for a company’s management The work of a company secretary covers a wide variety of functions, he acts as a vital link between the Company, the Board of Directors, shareholders and governmental and regulatory agencies. He is a compliance officer of the company as well as Corporate Planner and Strategic Manager. Apart from carrying out these functions he also looks after finance, accounts, legal, personnel and administrative functions. Company Secretary is required to handle matters related to central/state sales tax, excise laws, labour laws and corporate law.

Company Secretaryship course is divided into three parts Foundation, Intermediate and Final. This course is a mixture of postal tuition, optional coaching classes and regular examinations at specified centers. Candidates who have passed senior secondary (10+2) can apply for the foundation course. Graduates, post-graduates (excluding fine arts) and who passed final exam of ICWAI or ICAI or of any other accountancy Institution in India or abroad recognised by the Council of the Institute can directly enroll to the intermediate course without doing foundation course. Candidate who passed the Intermediate exam can apply for final course. Registration for each examination should be done at least nine months before the month in which the examination is held. The examinations are usually held in June and December every year. Study material is provided to the students at the time of admission.

In recent times, the rapid corporatisation has increased the demand for Company Secretary's in corporate functions.

Eligibility

The Company Secretary Course conducted by The Institute of Company Secretaries of India (ICSI) has three sections -Foundation, Intermediate, and Final course.

The minimum eligibility required for the Foundation course for Company Secretary is 10+2 or an equivalent examination. Candidate who has enrolled for the 10+2 examination can apply with the proof of passing the examination within 6 months. Candidates who have passed the Foundation Course, and are not less than 17 years of age can apply for the Intermediate course. Graduates, post-graduates (excluding fine arts) and those who have passed final exam of ICWAI or ICAI or of any other accountancy Institution in India or abroad recognised by the Council of the Institute can directly enroll to the intermediate course without doing foundation course. A registered student is required to complete the Intermediate and the Final examination within the registration period. After passing the intermediate course a registered candidate can apply for the Final course.

In essence, excellent command over English, both written and oral is important for a company secretary. At the same time ability to understand, analyse complex and technical issues and exercise accordingly with tact and intelligence are other essentials. It is the moral responsibility of the company secretary to be loyal to his organisation on knowing their top level plans and important secrets.

Job Prospects and Career Options

Exposure to detailed study and practical training in various fields adds to versatility of a company secretary. Company secretary has a great scope of employment in Private companies, consulting firms, financial institutions, banks, Department of company affairs and other regulatory bodies. A qualified company secretary is competent enough to take up wide range of responsibilities in legal, secretarial, finance, accounts, personnel and administrative departments of companies and are involved in major decisions such as formulating long and short term corporate policies and programmes. Their other responsibilities include incorporation, managing public issues, act as internal legal advisor and representative, process inter-corporate loans and investments, maintain company's records, take care of company's tax planning, tax management, tax returns, explore expansion opportunities, arrange collaborations, amalgamations, joint ventures within and outside India etc. They are required to understand relevant aspects of law, update themselves with the changes to ensure proper compliance of legislations. The job also involves arranging company meetings, collecting and compiling information and recording the decisions. Nowadays, they are even foraying in capital markets and financial services industry. Their assistance in administration, management, planning and general running of the company makes them the company's chief administrator.

Course Details

Company Secretaryship course is divided into three sections. Foundation, Intermediate and Final. After the final exam the candidate has to undergo practical training.

Foundation course

Duration of Foundation Course is 8 months. Students are required to pass the Foundation examination within 3 years from the date of their admission. Candidates who have passed senior secondary (10+2) can apply for foundation course. Registration for foundation course is open through out the year. The exams for the foundation course are held in December and June. To appear for the exams in December candidate should apply for the exam before the previous march. Similarly to appear for the June exam, candidate should apply before the previous September. i.e the Registration for each examination should be done at least nine months before the month in which the examination is held.

Subjects

English and Business Communication (FCEBC)
Basic Economics and Business Environment (FCBE-BE)
Financial Accounting (FCFA)
Elements of Business Laws and Management (FERBAM)
Information Systems and Quantitative Techniques (FCISQT)

Intermediate course

Candidates who have passed the foundation course, and are not less than 17 years of age can apply for intermediate course. Graduates, post-graduates (excluding fine arts) and those who have passed final exam of ICWAI or ICAI or of any other accountancy Institution in India or abroad recognised by the Council of the Institute can directly enroll to the intermediate course without doing foundation course. Intermediate course consist of two groups. Candidates registered for intermediate course including the month of February in a year are eligible for appearing in both the groups of the Intermediate examination held in December of that year and those registered up to and including the month of August in a year are eligible to appear in the Intermediate examination held in June of next year.

Subjects

Group I
General and Commercial Laws (IGCL)
Company Accounts and Cost & Management Accounting (ICA&CMA)
Tax Laws (ITL)
Management Information Systems and Corporate Communication (IMIS&CC)

Group II
Company Law (ICL)
Company Secretarial Practice (ICSP)
Economic, Labour and Industrial Laws (IELIL)
Securities Laws and Regulation of Financial Markets (ISLRFM)

A candidate can get exemption for some individual papers on the basis of qualification -

1. Company Accounts and Cost & Management Accounting (ICA&CMA) - Master of Corporate Secretaryship/M.Com./M.B.A (with Accountancy as one of the subjects at B.A (C.S)/B.Com. level with full paper in Cost Accounting/Management Accounting/Financial Management at Master of Corporate Secretaryship/M.Com./M.B.A. level and must have secured fifty per cent marks in the subject concerned of a recognised university is exempted from this subject.

2. General and Commercial Laws (IGCL) - A degree in Law or Master of Corporate Secretaryship is exempted from this subject.

3. Tax Laws(ITL) - Master of Corporate Secretaryship is exempted from this subject.

A Candidate who has passed the Final examination of the ICWAI is eligible to seek exemption from the following papers of Intermediate examination under a reciprocal arrangement existing at present between the two Institutes- Company Accounts and Cost & Management Accounting (ICA&CMA), Tax Laws(ITL)in the intermediate level. Financial, Treasury and Forex Management, Direct and Indirect Taxation - Law and Practice in the final level.

Final course

A student is admitted to the Final examination only after a minimum period of nine months after passing intermediate examination. The examinations are conducted twice a year in June and December. Last date for enrolment applications for the final examination is 25th March (with late fee of Rs. 100, 9th April) for June examination and 25th September (with late fee of Rs. 100, 10th October) for December examination.

Subjects:

Group I
Advanced Company Law and Practice (FACLP)
Secretarial Practice relating to Economic Laws and Drafting and Conveyancing (FSPELDC)
Secretarial Management and Systems Audit (FSMSA)

Group II
Financial, Treasury and Forex Management (FFTFM)
Corporate Restructuring-Law and Practice (FCRLP)
Banking and Insurance-Law and Practice (FBILP)

Group III
WTO-International Trade, Joint Ventures and Foreign Collaborations (FWTO)
Direct and Indirect Taxation-Law and Practice (FDITLP)
Human Resource Management and Industrial Relations (FHRMIR)

Training

A candidate who has passed the Final examination of the Institute is required to possess the practical experience and undergo the practical training. The objectives of training is to apprise the students with the functioning of the Corporate Sector and to create a cadre of professional Company Secretaries having a sound theoretical base and practical exposure to serve trade and industry effectively, both as a part of the management team as well as independent practicing professionals. Students who do not possess the specified practical experience are required to undergo on the job training for a period of fifteen months in recognised companies or under a Company Secretary in Practice duly approved for the purpose.

Examination Centres: Ahmedabad, Allahabad, Bangalore, Baroda, Bhopal, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Delhi, Ernakulam, Ghaziabad, Guwahati, Hyderabad, Indore, Jaipur, Jamshedpur, Kanpur, Kolkata, Lucknow, Madurai, Mangalore, Modinagar, Mumbai, Nagpur, Panaji, Patna, Pondicherry, Pune, Ranchi, Shimla, Jammu/Srinagr, Tiruchirapalli, Thiruvananthapuram & Visakhapatnam.