Important points to know about CA course

CA- A two-letter word containing struggle and failure, holding oceans of desires, reputation in society, and dreams of family and oneself. CHARTERED ACCOUNTANT a degree that needs numerous amounts of hard work, dedication, focus, leaving all those festivals and trips beside and studying for hours, getting early in the morning, and staying awake late nights, but remember this hard-work pays off. Imagine the PRIME MINISTER himself saying to the CA’s that their signature is more powerful than his.

Here’s a list of things for you to know about CA:-

Photo showing work of a CA

What is work of a CA?

A chartered accountant is professionals who work in various sectors of an economy, managing the finance, taxation, auditing, providing financial advice, and helping out with money management. Some are engaged in public practice work, others work in the private sector and some are employed by the government bodies.

Eligibility

Candidates must have passes 10th and 12th from a recognized board.

Candidates must have registered with ICAI for the CPC course to be eligible for the CPT exam.

There is no upper age limit for CA when you are academically qualified then you can be a CA at any age. Students from any stream can pursue the CA course.

Eligibility for direct entry system

Graduates and postgraduates can apply through the direct entry system if their score is 55% aggregate or equivalent. It applies to those who have studied Accounting, Auditing, Economics, Corporate laws, Taxation, or similar subjects. Graduates and post-graduates from non-commerce background should have scored 60% aggregate or equivalent for this criterion.

GIF on choosing CA as career option

Course details

The Chartered Accountant course consists of three levels of examination

  • Foundation course or CPT (Common Proficiency Test)
  • Intermediate or IPCC (Integrated Professional Competence Course)
  • Final Examination

A candidate can choose to pursue a Chartered Accountant (CA) course after completion of the 12th through the Foundation course option. If a person opts to pursue a Chartered Accountant course after graduation, they can directly register for the Intermediate course through the Direct Entry option.

Foundation/ CPT

The CA course allows one to enroll for the foundation after appearing in the Class 12th examination. Foundation students, after completing 4 months study period and passing class 12th exams, can appear in the Foundation Exams. Commerce Graduates & Post-Graduates with 55% or Other Graduates & Post-Graduates with 60% do not need to enroll for foundation and can directly enroll for Intermediate.

Subjects for Foundation

  • Paper 1:- Principles and practice of accounting
  • Paper 2:- Business laws and business correspondence and reporting
  • Paper 3:- Business mathematics and logical reasoning and statistics
  • Paper 4:- Business economics and business and commercial knowledge
Photo of a quote by Mr. Ratan Tata on CA.

Intermediate/ IPCC

After passing the Foundation level, students can enroll for Intermediate and can appear for the Intermediate Exam after completing eight months study period. Nine months period of articles/practical training for students through direct entry who did not appear for the foundation. The student is eligible to enroll and complete the Integrated Course on Information Technology and Soft Skills (ICITSS) once they register for the Intermediate course. It is a four-week course and is compulsory to initiate articles or practical training. The Direct Entry students can commence the practical training immediately after completing the Integrated Course on Information Technology and Soft Skills (ICITSS).

The student needs to register for the three-year practical training and join a Chartered Accountant firm or work under the supervision of a Chartered Accountant who is authorized to provide training.

Subjects for Intermediate/ IPCC

There are 2 groups of 4 paper each:-

GROUP 1:

  • Accounting
  • Corporate and other laws
  • Cost and management accounting
  • Taxation

GROUP 2:

  • Advanced Accounting
  • Auditing and Assurance
  • Enterprise Information systems and Strategic Management
  • Financial management and economics for finance
GIF on CA

Final year

On clearing both the groups of the Intermediate exam and completing 2.5 years of practical training, the student can appear for the final exams. The student also needs to complete the four months Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) course after completing one year of practical training and before appearing for the final exams. Once the student has completed three years of practical training and cleared both the groups of the final exams, they are granted the Chartered Accountant designation by the institute.

Subjects for final year

GROUP 1:

  • Financial reporting
  • Strategic financial management
  • Advanced auditing and professional ethics
  • Corporate and economic laws

GROUP 2:

  • Strategic cost management and performance evaluation
  • Risk management/ International laws/ Economic laws/ Financial services and capital markets/ Global financial reporting standards/ Multi-disciplinary case study [ANY ONE TO BE SELECTED]
  • Indirect tax laws
  • Direct tax laws and international taxation

The Chartered Accountant course form ICAI is considered one of the toughest courses in the world. CA exams are conducted twice a year (May & November) in an offline mode. Students planning to choose CA as a career goal must go through the exam patterns and marking criteria.

For all the students out there, STAY POSITIVE, WORK HARD, AND MAKE IT HAPPEN.

Here is a video on other career options after 12th commerce-

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