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Chartered Accountants are regarded as one of the highest paying career professionals in India. Chartered Accountancy is a good career option if you are interested in subjects like taxation and accounting. The career path to becoming a Chartered Account (CA) is challenging but very promising as well. The entire Chartered Accountancy course duration is almost 5 years. Therefore, if you are willing to take up a career as a Chartered Accountant, you will have to be prepared to devote that much time to your education.
There is a good demand for Chartered Accountancy professionals in India within private as well as public organisations. A qualified CA is hired to deal with the account details of an organisation. They also help in solving disputes and preventing bankruptcy. If you are planning to pursue this career then it is a better idea to start after class 10. The interested candidates can find the Chartered Accountancy course details along with Chartered Accountant salary and jobs of CA in this article.
What is Chartered Accountancy?
Chartered Accountant is a designation that is given to a professional of accounting who has received certification from a statutory body that states he/ she possesses the necessary qualifications to take care of the matters related to accounting and taxation of a business. These matters include file tax returns, maintaining records of investments, audit financial statements and business practices, preparing and reviewing financial documents and reports. A Chartered Accountant is also qualified and capable of offering advisory services to clients that comprise companies and individuals.
To become a certified Chartered Accountant, a candidate is required to complete three levels of training that are designed by the Institute of Chartered Accountants of India (ICAI). It is only after qualifying all the three levels that the candidate will be given the designation of a CA. The ICAI is a statutory body which is responsible for regulating and maintaining the profession of chartered accountancy in India. The course of Chartered Accountancy is completed in roughly five years.
Chartered Accountancy Course Details and CA Exams
The Chartered Accountant exams or CA exams that a student has to give in order to receive the designation of a CA are given below. Only when the candidate has qualified all these exams is he/ she considered a Chartered Accountant and gets authenticated as the same. The exams of CA are:
- CPT (Common Proficiency Test)
- IPCC (Integrated Professional Competence Course)
- FC (Final course)
Chartered Accountancy (CA) Eligibility Criteria
In order to proceed with the course of Chartered Accountancy, the candidate will have to go through the CA eligibility criteria and check if they possess all the requirements that are asked by the ICAI. The CA eligibility criteria are decided by the ICAI and are helpful in determining if the candidate has the qualifications that will assist him/ her in the profession in future. The eligibility of Chartered Accountancy is given below. Candidates interested in pursuing the course of Chartered Accountant must go through the CA eligibility before they enrol themselves.
- Candidates are eligible for Chartered Accountant CPT registration after class 10 but they will be able to appear for it only after passing class 12.
- Students of commerce, science as well as arts stream can apply for CPT.
- Students of Commerce stream need to secure 50% aggregate marks in Class 12 exams in order to be eligible for CPT.
- Students of all other streams need to score an aggregate of 55% excluding Mathematics and 60% including Mathematics in Class 12 board exams.
- On clearing the CPT exam successfully, candidates become the member of Indian Chartered Accountants Institute (ICAI) – the exam and course conducting body for all CAs in India.
How to become a CA?
There are several steps that need to be followed in order to become a Chartered Accountant. Candidates who wish to know how to become a CA can find the steps in detail here. It must be noted that each of these steps is extremely important.
1. Requirements for Accounting Technician Course (ATC):
- After clearing the Chartered Accountant CPT, candidates have to enrol for the ATC. The same can be done after clearing 10+2
- Candidates who have already cleared Entrance Examination or Professional Education (Examination-I) or Foundation Examination will be eligible to register for ATC.
- Candidates who had formerly registered for Intermediate/ Intermediate (Professional Competence) programme/ Professional Education (Course-II) can enrol for ATC.
2. Apply for IPCC:
- Candidates must have scored at least 100 out of 200 marks in CPT after class 12 in order to apply for IPCC programme.
- Registration for IPCC must be dome nine months before the first day of the month in which the exam will be conducted.
- The courses comprise 7 subjects, each worth 100 marks. In order to clear the course, you will have to score at least 40 marks in each subject and an aggregate of 50% or above.
- Scoring 60 marks and above in any subject will exempt you from reappearing for that particular subject in case you fail the course and plan to give the exams again.
3. Articleship in CA:
After clearing the IPCC, you will have to do an internship of 3 years under a certified CA. The articleship is an opportunity to learn how accountancy is handled under an experienced Chartered Accountant.
4. Final Course:
During the last six months of your 3-year article-ship, you can appear for the final course exams. Once you have cleared the final course, you will be awarded the designation of Chartered Accountant.
Chartered Accountant Course
The course of Chartered Accountancy is divided into three major parts. The three parts of CA are the Foundation Level, the Intermediate Level, and the Final Level. The course content of all the three parts of CA differs from each other. Find the CA curriculum for all the levels in the tables given below.
CA Foundation Course Papers
|Paper 1||Principles and Practice of Accounting||-|
Business Laws and Business Correspondence and Reporting
Section A: Business Laws
Section B: Business Correspondence and Reporting
Business Mathematics and Logical Reasoning and Statistics
Part 1: Business Mathematics and Logical Reasoning
Part 2: Statistics
Business Economics and Business and Commercial Knowledge
Part 1: Business Economics
Part 2: Business and Commercial Knowledge
CA Intermediate Paper Groups
Paper 1: Accounting
Paper 2: Corporate and other Laws (Part 1- Company Law, Part 2- Other Laws)
Paper 3: Cost and Management Accounting
Paper 4: Taxation (Section A- Income Tax Laws, Section B- Indirect Taxes)
Paper 5: Advanced Accounting
Paper 6: Auditing and Assurance
(Section A- Enterprise Information Systems, Section B- Strategic Management)
(Section A- Financial Management, Section B- Economics for Finance)
CA Final Course Papers
Paper 1: Financial Reporting
Paper 2: Strategic Financial Management
Paper 3: Advanced Auditing & Professional Ethics
Paper 4: Corporate & Economic Laws (Part 1- Corporate Laws, Part 2- Economic Laws)
Paper 5: Strategic Cost Management & Performance Evaluation
Paper 6: Elective Paper
List of all Elective Papers:
6A- Risk Management
6B- Financial Services & Capital Markets
6C- International Taxation
6D- Economic Laws
6F- Multi-disciplinary Case Study
Paper 7: Direct Tax Laws & International Taxation (Part 1- Direct Tax Laws, Part 2- International Taxation)
Paper 8: Indirect Tax Laws (Part 1- Goods & Services Tax, Part 2- Customs & FTP)
CA Salary and CA Job Prospects
CA.s are in great demand within auditing firms, banks, finance companies, stockbroking firms, legal firms, etc. Salary options are not bright during articleship but candidates can expect a good salary after completing the course.
The average starting salary of a CA varies from Rs. 4 to 6 lakh per annum after completing the final course. The salary of a CA depends on the city and company he/ she gets employed with.
CA exams are tough and the course is quite long, therefore, it is advisable to pursue graduation along with the programme. After class 12 you can apply for B.Com programmes along with CA courses. Pursuing B.Com will give you an alternative option in case you want to opt-out of the CA field. Another advantage is that you can apply for jobs on the basis of your B.Com degree.