What is CA ?

Charter accountancy is a professional degree course which offers a lot of career options and opportunities with the best salary in hand. Below describes career options. 

Course Structure

To become a Chartered Accountant, the candidate has to go through a process of training and clear exams at various levels, conducted by the Institute of Chartered Accountants of India (ICAI). 

Eligibility Criteria for CA Foundation Route:

  • The candidate must have passed Class 12 and completed four months of study period after CA registration to be able to appear for Foundation examination.
  • The candidate needs to register with Board of Studies and complete four months of study period.

Eligibility Criteria for CA Direct Entry Route:

For direct entry to CA Intermediate course, the candidate must fulfill the following eligibility criteria:

  • In this entry route, graduates/postgraduates from Commerce stream with at least 55 per cent aggregateor equivalent score can apply. However, they must have studied Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting or similar to the title of these papers with different nomenclatures.
  • Graduates/postgraduates from non-commercemust have secured a minimum of 60 per cent aggregate or its equivalent grade in the examination conducted by any recognised University (including Open University).
  • Direct Route entryis also open to candidates who have passed Intermediate level examination conducted by The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India. Such candidates are exempted from qualifying Foundation and can register directly to Intermediate course.
  • Candidates in their final year of graduation can also register for the Intermediate course on a provisional basis. Registration of such candidates would be regularised only on submission of final year mark-sheet or passing certificate within six months from the date of appearance in the final year graduation examination and on successful completion of ICITSS (Orientation Course and Information Technology). During the provisional registration period, a candidate can undergo and complete ICITSS (Orientation Course and Information Technology).

About ICAI CA Exam

In India, the ICAI conducts CA exams and certify a candidate as a qualified Chartered Accountant on successful completion of the three-level course. Examinations that are conducted during the Chartered Accountancy course are:

  • CA Foundation Examination (earlier known as Common Proficiency Test or CPT)
  • CA Intermediate (Integrated Professional Competence or IPC) Examination
  • CA Final Examination

Common Proficiency Test or Foundation exam is the entry level test for CA course, followed by Intermediate and Final examination. CA Foundation, Intermediate (IPC)E & Final examinations are conducted twice a year, in May and November. 

Chartered Accountancy Course: Process to Earn CA Certification

Steps under CA Foundation Route entry

Given below is the process of CA Foundation route entry for pursuing Chartered Accountancy course from ICAI:

  1. Register with Board of Studies (BoS) after appearing in or clearing Class 12 examination.
  2. Complete four months study period (bi-annual registration: till June 30/ December 31).
  3. Appear for Foundation examination in May/November.
  4. Qualify CA Foundation course.
  5. Register with the BoS for the Intermediate course.
  6. Complete eight months of study course.
  7. Appear and pass in either or both groups of Intermediate course.
  8. Successfully complete four-week integrated course on Information Technology and Soft Skills (ICITSS) any time after registering for Intermediate course but before commencement of the Practical Training.
  9. Register for three-year practical training on passing either or both the Groups of the CA Intermediate course.
  10. Register for the CA Final Course after qualifying both the Groups of Intermediate Course.
  11. Successfully complete Four Weeks Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) during the last two years of Practical Training but before appearing for Final Examination.
  12. Appear in Final examination during last six months of practical training.
  13. Complete practical training.
  14. Qualify both groups of CA Final course.
  15. Become a ICAI member.

 

Steps under Direct Entry Scheme CA Intermediate

Given below are the two processes of Direct Entry route at Intermediate level to pursue Chartered Accountancy course from ICAI:

Eligible Graduates and Postgraduates

  • Register with the BOS for the Intermediate course.
  • Successfully complete the four-week ICITSS before the commencement of the Practical Training.
  • Register for the three-year Practical Training.
  • Appear in CA Intermediate examination after nine months of Practical Training.
  • Qualify CA Intermediate level.
  • Register for the CA Final Course after qualifying both groups of the Intermediate course.
  • Successfully complete four-week AICITSS during the last two years of practical training but before appearing for CA Final examination.
  • Appear in CA Final examination during last six months of Practical Training.
  • Complete Practical Training.
  • Qualify both groups of CA Final.
  • Become a member of the ICAI.

Steps under Direct Entry Scheme for students who have passed Intermediate level examinations of the ICSI or the ICAI

  • Register with the BoS for the Intermediate course.
  • Complete eight months of study course.
  • Appear and pass in either or both groups of CA Intermediate.
  • Successfully complete four-week ICITSS any time after registering for CA Intermediate course but before the commencement of the Practical Training.
  • Register for three-year Practical Training on passing either or both the groups of the Intermediate course.
  • Register for CA Final course after qualifying both the groups of CA Intermediate level.
  • Successfully complete four-week AICITSS during the last two years of Practical Training but before appearing for CA Final examination.
  • Appear in CA Final examination during the last six months of Practical Training.
  • Complete Practical Training.
  • Qualify both groups of CA Final level.
  • Become a member of the ICAI to be eligible to start practice as a certified Chartered Accountant.

Opportunities

Basically there are three types of opportunities you can explore a) Practice CA, b) Entrepreneurship or c) Join any CA firm.
If you wish to do practice as a CA you can do the followings

Doing practice as an individual or as sole proprietor is an outdated concept these days, because of intense competition, pressure from clients. Hence it is advisable to start a partnership firm with a minimum four chartered accountants. You can also start a LLP firm in accordance with LLP act 2008.

Chartered Accountants can enter into practice with

  • Company Secretary in Practice
  • Chartered Accountant in Practice
  • Cost Accountant in Practice
  • Architect professional
  • Advocate as defined by Bar Council of India
  • Engineer (Chartered)
  • Actuary Professional

Starting consultancy firm/becoming partner of big audit

Owning or partnering in a big audit firm is a challenging task. In order to become a partner in an audit firm you need to start as an employee in that firm. Gradually you will attain various positions in the firm like from manager to senior manager to associate director and thereafter become partner.

Job in a CA firm

A Chartered Accountant can pursue career in following firms:

1) Internal Auditing

2) Tax Auditing

3) Forensic Auditing

4) Career in Accounting and Finance

5) Taxation Advisory (Both Direct and Indirect)

6) Statutory Audit under applicable statutes
7) Managing Treasury function

8) Others like Bookkeeping, Finance Controller, Preparation of financials of companies, etc.

Work as a teacher
One can also do a part-time teaching if he/she is working in an institute and the firm allows him/her to work as a teacher.

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