Chartered accountants CA were the first accountants to organize a professional accounting body, initially founded in Scotland in 1854.Chartered accountants work in all areas of commercial enterprise and finance, including audit, tax, financial and general management. Some are engaged in public practice work, others work in the private sector and some are used by government bodies.
Chartered Accountancy: The course can be pursued from Institute of Chartered Accountants of India, which regulates the CA profession, which is the only institute which offers courses in chartered accountancy and gives CA certification.
Under the existing chartered accountancy scheme of education, training, and testing, the necessities for becoming a chartered accountant are as follows: (as per ICAI).
CA (Chartered Accountant) is reckoned one of the best career paths and has been pursued by the students who find themselves comfortable with the numbers.
The profession of CA (Chartered Accountant) is financially rewarding and challenging at the same time.
The CA Course has four Levels in total
- CPT (Common Proficiency Test).
- IPCC/Intermediate (Integrated Professional Competence Course).
- Three years of Articleship under any CA who is practicing the profession.
- CA Final Exam.
Start CA Course through CPT or CA Foundation Route after passing Class 12th.
Registered with the Institute of Chartered Accountants of India (ICAI) for the CA foundation, after passing the 12th class exams. ICAI already announced new revised syllabus which comes into the effects from 1ST July 2017. Now passing the CA foundation course become quite easy and challenging. New subjects and topics are being introduced. Offcourse students will benefit for the long term. For CA foundation there are four subjects which you have to test for: Accounts, Law and English, Economics and Quantitative Analysis. A 400 marks exam in which you have to score a 200 to be eligible to proceed means you have to reach 50%. The CA Foundation examination will be conducted in 4 days.
CA after Graduation.
Students who have graduated in Commerce with 50% marks, non- commerce graduates with subjects other than Mathematics and an aggregate of 55% and non-commerce students with Maths and an aggregate of 60% do not have to appear for the CPT test and can directly register themselves for Integrated Professional Competence Course (IPCC).
During the course in various groups, one has to study Fundamentals of Accounting, Mathematics and Statistics, Economics, Mercantile Law, Accounting, Law, and Auditing, Cost accounting, Income-Tax & Central Sales Tax, and Organization & Management and Fundamentals of Electronic Data Processing.
Registration of the IPCC INTER level:
IPCC – Integrated Professional Competence Course would be the next stage after passing the CPT and 12th Level or Graduation. Passing the CPT and a 12th exam is mandatory without which one would not able to register for the intermediate. Broadly speaking, the registration for the IPCC must be performed well in advance that is before 9 months of the IPCC exam.
- IPCC level contains total 8 papers (Group 1+ Group 2).
- Group – 1 – four papers
- Group – 2 – is composed of 4 papers.
- Passing any of the Group – is necessary for commencing an Articleship.
Registration for the IPCC should be done nine months prior to the first day of the month in which examination is held. Intermediate is held 800 marks subjective exam, which has 8 subjects and to clear that you have, you have to score 40 marks in each and get an overall aggregate of 50% or above. Intermediate has 2 groups of subjects, group 1 having four papers Accounts, Law, Taxation and Costing accounting and group 2 has 4 papers which are Audit, IT&SM, economics&FM and Advanced Accountancy. If you get more than 60 in any subject, you get an exemption which means that if you fail, you don’t have to repeat that paper in the next attempt.
After slogging and clearing the IPCC exam came the Articleship. Articleship is a 3-year long internship, which you have to complete along with the Final CA exam. In this, you have to work under a qualified CA for 3 years.
Candidates need to complete 100 hours Information Technology Training (ITT). Before registering for Articleship, Orientation and ITT should be completed.
Registration for the C. A Final Course.
The last part of the Chartered Accountancy course is Final Course, designed to impart expert knowledge in financial reporting, auditing and professional ethics, taxation, corporate laws, system control, strategic finance and advanced management accountancy. Practical knowledge gives much importance at this stage. The candidate can appear for the CA final examination during the last 6 months of 3 years of articled training. CA final has 8 topics divided into 2 groups. Passing criteria are same as Intermediate.
You can apply for membership after clearing CA finals and completing the 3-year articles.