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24 December,2022 | By Brainwonders
Chartered Accountancy is a professional practice of auditing, accounting, financial evaluation, and taxation for an individual or an organisation. The title of a Chartered Accountant or a CA is given to an accounting expert who has been approved by a statutory body as qualified to handle issues relating to accounting and taxation of a business enterprise. A candidate may pursue a Chartered Accountancy course either via the Foundation Course Route or the Direct Entry Route under the Scheme of Education and Training.
Chartered Accountancy involves filing tax returns, auditing financial statements and business practices, registration of business organisations with the government, etc. To become a Chartered Accountant you need to clear three levels of training by the government of Chartered Accountants of India (ICAI). The candidates who are in class 12th can pursue Foundation course whereas the candidates in their graduation can pursue the Direct Entry Route.
For direct entry to CA Intermediate course, the candidate must fulfill the following eligibility criteria:
The job of a Chartered Accountant is one of the toughest ones in the world of business and finance. To be able to handle this the CA must possess the following skills:
Skill Set for Chartered Accountancy Aspirants | |
Business Awareness | Analytical Skills |
Communication Skills | Teamwork |
Ethics and Professionalism | Eye for Detail |
Objective and Rational | Critical Thinking Ability |
In India, the ICAI conducts CA exams and certifies 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:
Common Proficiency Test or Foundation exam is the entry-level test for the CA course, followed by the Intermediate and Final examinations. CA Foundation, Intermediate (IPC)E & Final examinations are conducted twice a year, in May and November.
Given below is the process of CA Foundation route entry for pursuing a Chartered Accountancy course from ICAI:
Given below are the two processes of Direct Entry route at Intermediate level to pursue Chartered Accountancy course from ICAI:
Eligible Graduates and Postgraduates
Given below is the table indicating subjects and topics included in the four papers of CA Foundation course:
CA Foundation Paper | CA Foundation Course Syllabus | |
Paper 1 | Principles and Practice of Accounting | |
Paper 2 | Business Laws & Business Correspondence and Reporting |
|
Paper 3 | Business Mathematics and Logical Reasoning & Statistics |
|
Paper 4 | Business Economics & Business and Commercial Knowledge |
|
In CA Foundation, candidates are assessed on their comprehension and application skills. Given below is the marking scheme of ICAI CA Foundation Exam:
CA Foundation Papers | Level I: Comprehension & Knowledge | Level II: Application | |
1 | Principles and Practice of Accounting | 5%-20% | 80%-95% |
2A | Business Laws | 50%-65% | 35%-50% |
2B | Business Correspondence and Reporting | 100% | - |
3 | Business Mathematics and Logical Reasoning & Statistics | - | 100% |
4I | Business Economics | 40%-50% | 50%-60% |
4II | Business and Commercial Knowledge | 100% | - |
CA Intermediate Groups | CA Intermediate Course Syllabus | |
Group I | 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 Law | |
Section B: Indirect Taxes | ||
Group II | Paper 5: Advanced Accounting | - |
Paper 6: Auditing and Assurance | - | |
Paper 7: Enterprise Information Systems & Strategic Management | Section A: Enterprise Information Systems | |
Section B: Strategic Management | ||
Paper 8: Financial Management and Economics for Finance | Section A: Financial Management | |
Section B: Economics for Finance |
In CA Intermediate course too, candidates are assessed on their comprehension and application skills. Given below is the marking scheme of ICAI CA Intermediate Exam:
CA Intermediate Papers |
Level I Comprehension & Knowledge |
Level II Analysis & Application |
|
1 | Accounting | 5%-15% | 85%-95% |
2 | Part I: Company Law | 40%-55% | 45%-60% |
Part II: Other Laws | 35%-55% | 45%-65% | |
3 | Cost and Management Accounting | 20%-30% | 70%-80% |
4A | Income-tax law | 5%-20% | 80%-95% |
4B | Indirect Taxes | 20%-45% | 55%-80% |
5 | Advanced Accounting | 5%-15% | 85%-95% |
6 | Auditing and Assurance | 30%-55% | 45%-70% |
7A | Enterprise Information Systems | 40%-65% | 35%-60% |
7B | Strategic Management | 50%-70% | 30%-50% |
8A | Financial Management | 20%-30% | 70%-80% |
8B | Economics for Finance | 60%-80% | 20%-40% |
CA Final Groups | CA Final Course Syllabus | |
Group I | Paper 1: Financial Reporting | - |
Paper 2: Strategic Financial Management | - | |
Paper 3: Advanced Auditing and Professional Ethics | - | |
Paper 4: Corporate and Economic Laws | Part I: Corporate Laws | |
Part II: Economic Laws | ||
Group II | Paper 5: Strategic Cost Management and Performance Evaluation | - |
Paper 6: Elective Paper | List of Elective Papers: | |
6A Risk Management | ||
6B Financial Services and Capital Markets | ||
6C International Taxation | ||
6D Economic Laws | ||
6E Global Financial Reporting Standards | ||
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 and Services Tax | |
Part 2: Customs and FTP |
In CA Final course, candidates are assessed on their comprehension, application and evaluation skills. Given below is the marking scheme of ICAI CA Final Exam:
CA Final Papers |
Level I Comprehension & Knowledge |
Level II Analysis & Application |
Level III Evaluation & Synthesis |
|
1 | Financial Reporting | 5%-15% | 55%-85% | 15%-25% |
2 | Strategic Financial Management | 10%-20% | 20%-40% | 50%-60% |
3 | Advanced Auditing and Professional Ethics | 15%-25% | 40%-70% | 20%-30% |
4 |
Corporate & Economic Laws Part I: Corporate Law |
15%-25% | 40%-55% | 30%-35% |
Part II: Economic Laws | 30%-50% | 50%-70% | ||
5 | Strategic Cost Management and Performance Evaluation | 10%-15% | 45%-55% | 35%-40% |
6 |
Direct Tax Laws & International Taxation Part I: Direct Tax Laws |
5%-10% | 55%-75% | 20%-35% |
7 | Part II: International Taxation | 40%-50% | 50%-60% | |
Indirect Tax Laws Part I: Goods and Services Tax |
10%-30% | 40%-70% | 20%-30% | |
8 | Part II: Customs & FTP | 20%-40% | 40%-70% | 10%-20% |
International Firms Recruiting CA | ||||
1. E&Y | 2. Grant Thorton | 3. Olam International | 4. KPMG | 5. BDO |
6. Alghanim Industries | 7. Deloitte | 8. RSM International | 9. ETA Ascon Group | 10. PwC |
11. Tolaram Group | 12. Landmark Group | 13. Kuwait Resources House | 14. Oman Cables Industry | 15. Qatar Insurance Co |
16. Rak Investment Authority | 17. Topaz Energy & Marine | 18. Morgan Stanley | 19. JP Morgan Chase | 20. Citi Bank |
21. Credit Suisse | 22. BNY Mellon | 23. Crisil | 24. Edelweiss |
Indian Firms Recruiting CA | |||
1.Khimji Kunverji & Co | 2. Lodha & Co | 3. Suresh Surana & Asso LLP | 4. SS Kothari Mehta & Co |
5. Diwan Chopra & Asso | 6. S. Aiyar & Co | 7. TR Chadha & Co | 8. Luthra & Luthra |
9. RM Rajapurkar & Co | 10. JS Sundaram & Co | 11. ICICI Bank | 12. Axis Bank |
13. Federal Bank | 14. Kotak Mahindra | 15. Standard Chartered | 16. State Bank of India |
17. HDFC Bank | 18. IDFC Bank | 19. RBL Bank | 20. Janalakshmi |
21. Bajaj Finserv & Group | - | - | - |
1: How many years does it take to complete CA training?
Ans: It takes about five years to complete CA training.
2: What is the registration fees of CA courses?
Ans: The fees to be paid for registration of CA courses are given below:
3: What are the different course levels of Chartered Accountancy?
Ans: The CA course has three levels. Given below are the CA levels in order of hierarchy:
4: Is there any age limit for pursuing Chartered Accountancy?
Ans: There is no maximum age-limit for the CA course.
5: Does ICAI provide Chartered Accountancy campus placement?
Ans: Yes, the ICAI provides Chartered Accountancy campus placements.
Worry not, because the Brainwonders test and guidance will not only help you know it, but also follow it!