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Chartered Accountancy

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.

Chartered Accountancy (CA) Eligibility Criteria

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 the 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 percent aggregate or equivalent score can apply. However, they must have studied Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), etc.
  • Graduates/postgraduates from non-commerce must have secured a minimum of 60 percent aggregate marks to qualify for the exam.
  • Direct Route entry is 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 the Intermediate course.

Chartered Accountancy Skill Set:

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

 

What is the ICAI CA Exam?

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:

  • 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 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.

 

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 a Chartered Accountancy course from ICAI:

  1. Register with the Board of Studies (BoS) after appearing in or clearing the Class 12 examination.
  2. Complete four months study period (bi-annual registration: till June 30/ December 31).
  3. Appear for the 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 the last six months of practical training.
  13. Complete practical training.
  14. Qualify both groups of the CA Final course.
  15. Become an 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 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.

Syllabus of CA Foundation Course

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
  • Section A: Business Laws
  • Section B: Business Correspondence and Reporting
Paper 3 Business Mathematics and Logical Reasoning & Statistics
  • Part 1: Business Mathematics and Logical Reasoning
  • Part 2: Statistics
Paper 4 Business Economics & Business and Commercial Knowledge
  • Part 1: Business Economics
  • Part 2: Business and Commercial Knowledge

 

CA Foundation Course – Marking Scheme

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% -

 

Syllabus of CA Intermediate Course

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

 

CA Intermediate Course – Marking Scheme

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%

 

Syllabus for CA Final Course

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

 

CA Final Course – Marking Scheme

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%

 

Chartered Accountancy (CA) Top Recruiters

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

 

List of Indian firms hiring Chartered Accountants:

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 - - -

 

FAQs Related to Chartered Accountancy (CA) Course

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:

  • CA Foundation: INR 9,800
  • CA Intermediate: INR 18,000
  • CA Final: INR 22,000 

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:

  • Level 1: CA Foundation course
  • Level 2: CA Intermediate/ IPC course
  • Level 3: CA Final course

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.

Are you aware which subjects and courses will bring you closer to your dream career?

Worry not, because the Brainwonders test and guidance will not only help you know it, but also follow it!


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