Step By Step Procedure of becoming a Chartered Accountant
Many of us have the desire to become a Chartered Accountant and we work towards that not knowing exactly what the course is all about. Have heard students say, why college? Let’s join the CA course and then do college through correspondence, while a few say, we shouldn’t miss college life. So there is always a fight between desire and reality.
Here is the step by step procedure that we need to follow to progress towards becoming a Chartered Accountant:
- A. The course comprises of 4 Important Levels – Common Proficiency Test (CPT )for this you have to register with the ICAI after passing class 10th. Then complete 10+2 examination and after this only after the completion of 60 days from the date of registration with the CPT one becomes eligible for the examination to be held eg: a student who registers on or before 1st April will be eligible for the exam to be held in June OR the person who registers in October will become eligible for exam to be held in December.
Integrated Professional Competence Course (IPCC)/IPCE
Three years Article ship/ Training under a Practicing C.A
C. A. Final
The CA course is a combination of theory and practical training. It is one of the toughest professional courses all over the world. ICFAI‘s Chartered Accountancy course is ranked 2nd in the world. The Charted Accountancy exam is divided into 3 steps:
- The CPT
- The IPCC and
- Thirdly The Final Examination
CPT or The Common Proficiency Test: Consists of Fundamentals of Accounting( 60 marks), Mercantile Law( 40marks), Economics and Quantitative Aptitudes( 50marks each). According to the revised new syllabus dated 2016 the CPT course will be called Foundation course and will have six subjects ie two more subjects Business communication and General English added to the previous four.
IPCC or Integrated Professional Competence Course: Once a person passes CPT+9months of study he can take the IPCC, which is the second level exam. This exam consists of two groups each having 7 subjects.
(a) Group one has Accounting, Business Laws, Cost Accounting and Financial Management and Taxation.
(b) Group two deals with Advanced Accounting, Auditing and Assurance and paper 7 Information Technology and Strategic Management
A person is declared a pass if he obtains 40% marks in each group and an aggregate of 5o% marks in each group.
CA Final Examination is the third or last hurdle: It is considered very tough any person who has passed both the last exams in the previous 6 months can take this exam. It consists of two groups of 4 subjects each
(a) Group 1: Has Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate, and Allied Laws.
(b) Group II: Advanced Management Accounting, Information systems Control and Audit, Direct Tax Laws, Indirect tax laws Before registering for Articleship 100 hours of ITT has to be completed as well as one week (35 hours) this orientation course should cover topics such as personality development, communication skills, office procedure, business environment, general commercial knowledge etc .
Tips to step ahead:
- Registration for C.A Final Course is possible only after passing both the groups.
- Appear in CA Final Examination during last 6 months of 3 years of article training.
- Pass Group I as well as Group II of CA Final Examination
- Complete Articleship and you are a Chartered Accountant
The Chartered Accountancy Course and Profession in India are regulated by The Institute of Chartered Accountants of India (ICAI), New Delhi.