How to become Chartered Accountant


                    How to become Chartered Accountant

 

Introduction

Firstly, we should know what is Chartered Accountant ? Chartered Accountant is popularly  called CA  in short form.  Chartered Accountant is a Profession who works or manages all sphere of Finance  like Accountancy, Auditing, Taxation And financial analysis of an Individual or Company. A CA is an expert in  auditing financial statements, taxation like filing tax returns, analyzing financial reports  and offer advisory services to the clients.  In India, CA course is managed through  the Legal Body ICAI who  take exams and will qualify the students (who have secured 50% aggregate) to become Chartered Accountant.

 

What is ICAI ?

The full form of ICAI is  Institute of Chartered Accountants of India. AICPA is the world’s largest professional accounting body whereas  ICAI is the second largest professional accounting body in the world. ICAI  was confirmed on July 01 1949, as a legal body under the Chartered Accountant Act 1949.The Headquarters of ICAI is in New Delhi. It has five major Regional Offices all over in India.

You can get more details through website  www.icai.org

 

Regional  Offices

 Main Office  Location

     Branches/ Region It covered

Eastern India Regional Office

Kolkata

Guwahati, Jharsuguda, Asansol, Bhubaneshwar, Cuttack, Dibrugarh, Siliguri, Tinsukia, Durgapur, Rourkela, Sambalpur, Berhampur, Raniganj

Western India Regional Office

Mumbai

Ratnagiri, Sangli, Satara, Baroda, Bharuch, Bhavnagar, Ahmedabad, Ahmednagar, Akola, Amravati, Anand, Aurangabad, , Bhuj, Dhule, Goa, Icchalkaranji, Jalgaon , Kolhapur, Latur, Nagpur, Nanded, Nashik, Navi Mumbai, Navsari, Pimpri-Chinchwad, Gandhi Dham, Jamnagar, Kalyan-Dombivli, Pune, Rajkot, , Solapur, Surat, Thane, Vapi, Vasai

Central India Regional Office

Kanpur

Haldwani, Haridwar, Indore, Agra, Ajmer, Aligarh, Allahabad, Alwar, Bareilly, Sriganganagar, Udaipur, Ujjain, Varanasi, Beawar, Gorakhpur, Gwalior, Bhopal, Meerut, Moradabad, Muzaffarnagar, Bikaner, Bilaspur, Bulandshahar, , Ghaziabad, Jabalpur, Jaipur, Jamshedpur, Jhansi, Jodhpur, Mathura, Bharatpur, Bhilai, Bhilwara , Gautam Budh Nagar, Pali, Patna, Raipur, Ranchi, Ratlam, Saharanpur, Sikar, Chittorgarh, Dehradun, Dhanbad, Kishangarh, Kota, Lucknow

Southern India Regional Office

Chennai

Kurnool, Madurai, Mangalore, Alleppey, Anantapur, Bangalore, Warangal, West Godavari, Belgaum, Mysore, Nellore, Ongole, Palghat, Trivandrum, Vijayawada, Visakhapatnam, Bellary, Thoothukudi, Udupi, Vellore,  Coimbatore, Ernakulam, Erode, Kalaburagi (Gulbarga), Kozhikode, Guntur, Hubballi, Kancheepuram, Kannur, Karimnagar, Kottayam, Kumbakonam,  Pondicherry, Quilon, Rajamahendravaram, Salem, Sivakasi, Tiruchirapalli, Tirunelveli, Tirupati, Tirupur, Trichur, Hyderabad, Kadapa, Kakinada

Northern India Regional Office

New Delhi

Rohtak, Sangrur, Sirsa, Kaithal, Karnal, Kurukshetra , Ambala, Amritsar, Bathinda, Bahadur Garh, Patiala, Rewari, Bhiwani, Chandigarh, Faridabad, Gurgaon, Himachal Pradesh, Hisar, Jalandhar, Sonepat, Yamunanagar, Jammu &  Kashmir, Ludhiana, Panipat

 

 

Chartered Accountant

Eligibility Criteria

The Eligibility criteria for registration to Chartered Accountancy is as follows:

Foundation Route

·        Students who have passed or appeared  his/her 12th/ Intermediate  from a recognized State or Central Curriculum or University can enroll for foundation course

·        Any Student with any stream like Science, Arts, Commerce can apply for CA foundation course

·        There is no minimum percentage  required, you just have to  pass your 12th or Intermediate in any stream to register in your Foundation course but the student have to complete 04 months of study period to give  Foundation course Examination


Direct Entry Route

For Direct Entry route to CA Intermediate course, you must fulfill the criteria given below:

·        For Commerce Background, A Student must secure at least 55% in his/her Graduation or Postgraduate from a recognized university

·        For Non-Commerce Background (Science, Arts) , A Student must secure at least 60% in his/her Graduation/Postgraduate from a recognized or Open  university

·        The student/Candidate  who has passed Intermediate level of exam conducted by the Institute of Cost Accountants of India or by the Institute of Company Secretaries of India can  directly register to Intermediate Course.

·        Student who is in the 3rd year of its Graduation can also get direct entry into Intermediate course on a  temporary basis, but they must submit the passing certificate within 06 months of the Graduation exam they appear and successful completion of Oriental Course and Information Technology (ICITSS) to regularize.

 

Examination conducted by ICAI

The students must pass all levels of Examination to become a Chartered Accountant.

Below are the details

·        Foundation Exam (Earlier known as CPT or Common Proficiency Test)

·        Intermediate (Integrated Professional Competence or IPC) Examination

·        Final Examination

After the Intermediate, the candidate has to go for Articleship for 3 years to give Final Examination

 

Syllabus for Each Level of CA

The students must study subjects in each level to become a Chartered Accountant.

 

Syllabus for CA foundation

There are 4 papers in CA Foundation Course. Below is the Syllabus

 

Foundation Paper

Syllabus

Paper I

Principles and Practice of Accounting (100 Marks)

Paper II

Business Laws & Business Correspondence and Reporting (100 Marks) --- Section A:  Business Laws (60 Marks) ; Section B:- Business Correspondence and Reporting (40 Marks)

Paper III

Business Mathematics and Logical Reasoning & Statistics (100 Marks)---  Part I : Business Mathematics and Logical Reasoning (60 Marks) ; Part II:- Statistics (40 Marks)

Paper IV

Business Economics & Business and Commercial Knowledge (100 Marks)

 Part I: Business Economics (60 Marks) ; Part II:- Business and Commercial Knowledge (40 Marks)

Notes

·        Out of 4 papers, 2 (Paper I & II) Papers are descriptive, and 2 (Paper III & IV)  papers are Objectives

·        The candidate must secure at least 40% marks in each paper, and 50% marks in aggregate to pass in the exam. For e.g. :  Out of 400 in total, the candidate must fetch at least 40 marks in each paper and 200 marks at least in aggregate to pass in this exam.

·        There is a negative marking in  an objective paper,  that is  0.25 marks deducted for every wrong answer.

·        The ICAI conduct Foundation exam twice in an year, the first is in May and second in November. You can appear in both the exam.

 

Syllabus for CA Intermediate course

The CA Intermediate Course is divided into two Group and both the group have 4 papers.

Syllabus of both the Groups are given below:

 

Paper Group

 Syllabus

Group I

Paper I : Accounting

Paper II: Corporate and Other Laws --- Part I:- Corporate Law & Part II: Other Laws

Paper III: Cost and Management Accounting

Paper IV: Taxation ---- Section A:  Income Tax Law  & Section B: Indirect Taxes

Group II

Paper V: Advanced Accounting

Paper VI: Auditing and Assurance

Paper VII: Enterprise Information Systems & Strategic Management ------ Section A: Enterprise Information Systems & Section B: Strategic Management

Paper VIII: Financial Management and Economics for Finance--------- Section A: Financial Management  & Section B: Economics for Finance

 

 

Note:

·        After Registering to the CA Intermediate, you must complete 08 months of study period to appear in the exam

·        The candidate must secure at least 40% marks in each paper, and 50% marks in aggregate to pass in the exam. For e.g. :  Out of 400 in total, the candidate must fetch at least 40 marks in each paper and 200 marks at least in aggregate to pass in this exam..

·        When you pass either Group I or both Group I &II as well as attended 4 weeks of Integrated IT and Soft Skills Program , you are eligible for 3 years of Articleship.

·        Articleship is the most Important phase for becoming a CA. It is a kind of practical training where you are encountered with real time situation to face . The Articleship can be done from any CA firm.

·        When you complete 2.5 years of Articleship, then you are eligible for CA final .

 

 Syllabus for CA Final

There are 08 papers in CA Final which is divided into two groups . Each groups have 04 papers.

Syllabus for both the groups are given below:

 

Paper Group

Syllabus

Group I

Paper I : Financial Reporting

Paper II: Strategic Financial Management

Paper III: Advanced Auditing and Professional Ethics

Paper IV: Corporate and Economic Laws -------- Part I: Corporate Laws & Part II: Economic Laws

Group II

Paper V: Strategic Cost Management and Performance Evaluation

Paper VI: Elective Paper ----- List of Elective Papers:

VI A: Risk Management

VI B: Financial Services and Capital Markets

VI C: International Taxation

VI D: Economic Laws

VI E: Global Financial Reporting Standards

VI F: Multi-disciplinary  Case Study

Paper VII: Direct Tax Laws and International Taxation ----------- Part I: Direct Tax Laws and Part II: International Taxation

Paper VIII: Indirect Tax Laws ----------- Part I: Goods and Service Tax  & Part II: Customs and FTP.

 Note:

·        When you complete your 2.5 years of Articleship and Both Group of Intermediate and 04 weeks of Advance IT and Soft Skills Program then You are eligible for CA Final Exam.

·        The candidate must secure at least 40% marks in each paper, and 50% marks in aggregate to pass in the exam. For e.g. :  Out of 400 in total, the candidate must fetch at least 40 marks in each paper and 200 marks at least in aggregate to pass in this exam

 

Duration to complete Chartered Accountant

It took at least 5 years to complete all phases of CA Exam including Articleship to become a Chartered Accountant

 

 Course Fees for All Phases

Let me give you a break-up for Course Fees in all phases of CA .

 

Course Fees for Foundation

 

CA Foundation Course

 Fees taken by ICAI

 Coaching Fees

Prospectus

Rs. 200

 

Registration Fees

Rs. 9000

    Rs. 35000- 40,000 (Approximate)

Students Journal  (Optional)

 Rs. 200

 

Members Journal (Optional)

Rs. 400

 

Examination Fees

Rs. 1500

 

Total Course Fees

Rs. 10,700 (excluding optional)

 Rs. 40,000  (taking Maximum)

 

Gross Fees

 Rs.  50,700  ( Rs. 51,000)

 

Course Fees for Intermediate


CA Intermediate Course

 Fees taken by ICAI

 Coaching Fees

 

 Single Group                   Both Group

 

Registration Fees

Rs. 11,000                Rs. 15,000

   

Student Activity Fees

Rs. 2,000                 Rs. 2,000

Rs. 65000 -70,000 (Approx.)

Registration Fees for Articleship

Rs. 1,000

For Both Groups

Information Technology Program

Rs. 6,500

 

Management & Communication Skills

Rs. 7,000

 

Examination Fees

Rs 1,500                      Rs. 2,700

 

Total Course Fees

15,000+ 2000+1000+ 13,500+ 2700= Rs. 34, 200

  Rs. 70,000 (taking Maximum)

 

Gross Fees

Rs. 1,04,200

 

 

 

 

Course Fees for Final

 

CA Final Course

 Fees taken by ICAI

 Coaching Fees

 

 

 

Registration Fees

 Rs. 22,000

    Rs. 80,000-Rs90,000

Advanced Technology Program

 Rs. 7,500

  (for Both Group)

Management & Communication Skills Program

 Rs 7,000

 

Examination Fees

 Rs. 3300 (for Both Group)

 

Total Course Fees

Rs.  39,800

 Rs. 90,000 (Taking Max)

 

Gross Fees

 Rs 1,19,800/

 

So, Total Fees for All Levels  is  Rs (51,000+ 1,04,200+ 1,19,800) = Rs. 2,75,000/ (It can be few thousand more or less depending on the coaching expenses you take and favorable condition that you pass all exams in one attempt).

 

Placement after becoming Chartered Accountant

After Becoming a Chartered Accountant, Sky is the Limit. Every type of Organization, whether it is a Private, Commercial, Government, Semi-Government requires Chartered Accountant .

 

Some of the Top-Notch companies of India is waiting for you are as below


Deloitte

KPMG

Ernst & Young

Price Waterhouse Coopers

BDO International

RSM International

SS Kothari Mehta & Co.

Grant Thornton International

BDO International

Lodha & Co.

Sahni Natarajan & Bahl (SNB)

Luthra & Luthra

TR Chadha & Co.

Diwan Chopra & Assoc.

Morgan Stanley

 

Conclusion

This is the profession whose demand can never be decreased. Where there is Company or Individual , there is Money flows,  where there is Money Involved, there is Taxation and Auditing, Financial Statement occur and when these things occur, there is only one profession who can settle these things is Chartered Accountant.

 

 








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