Chartered Accountant - Courses, Subjects, Eligibility, Exams, Scope & Careers 2023

09 April,2023  |  By Brainwonders

Chartered Accountancy is a professional practice of accounting, taxation, auditing, book-keeping, and financial assessment for an individual or an organisation. The Chartered Accountancy designation is given to those individuals who have successfully cleared all the levels of a Chartered Accountancy course. The Chartered Accountant is duly responsible for carrying out the matters related to accounting, taxation, and business. Thus, a CA professional works across various financial aspects of the organisation. It includes filing tax returns, handling business practices, maintaining the transaction records, checking the financial reports, preparing financial statements, auditing financial statements, etc. Sometimes the experienced CA professionals also provide advisory services to the clients. 

In order to become a CA, the individual or working professional or student has to do the certification or registration. The Chartered Accountancy course in India is registered under the Institute of Chartered Accountants of India (ICAI). ICAI is a legal, statutory body that looks after the profession of chartered accountancy in India. ICAI has framed three levels under the chartered accountancy course. One has to clear all the three levels as well as the training, then only he/she is eligible to become a CA. As per the Scheme of Education and Training, an individual can pursue the Chartered Accountancy course either through or Direct Entry Route. Let's have a look at the eligibility criteria to get a more precise idea about the CA course.

Chartered Accountancy: Eligibility Criteria

In order to become a Chartered Accountant, the candidate has to go through various exam levels and training processes conducted by the Institute of Chartered Accountants of India (ICAI). As already mentioned, there are two paths through which one can start the CA course; let's have a look at each of the paths in detail:

1st Path: Through CA Foundation

• The candidate should have passed the 12th exam from the recognised board and completed a 4-months study period after CA registration in order to appear for the CA Foundation exam.
• The candidates can also do the CA registration during their 12th class and start preparing early for the CA Foundation course.

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2nd Path: Through Directly CA Entry

In order to get direct entry to the CA Intermediate course, the candidate must fit into the listed eligibility criteria:

• In this path, the graduates/ postgraduates from the commerce stream with a minimum of 55% total marks or equivalent scores can apply. There is a need that they must have studied accounting, auditing, mercantile law, corporate law, as well as the economics of financial management, accounting, taxation (direct and indirect), costing, business administration and management accounting.
• Non-commerce graduates and postgraduates must have at least a 60% aggregate or equivalent in any recognised university test (including Open University).
• Those who have successfully completed the Intermediate level examinations from the Institute of Cost Accountants of India or the Institute of Company Secretaries of India (ICSI) are also eligible for direct entry. They don't have to do the Foundation course and can directly apply for the Intermediate course.
• On a provisional basis, students in their final year of college may also apply to take the Intermediate course. It is only after six months from the date of appearing in the final year graduation examinations and after successful completion of both Orientation Course as well as Information Technology training. Orientation courses and IT training programmes mostly consist of 15 days. During the interim period, one can undergo and complete and take the test for Orientation courses and IT. 

Chartered Accountants' Skills and Abilities

CA aspirants must have professional management skills in order to become successful CA. The responsibilities of a CA are more compared to other professions. Therefore, the aspirants are provided with the compulsory 3-year training programme under a practising CA in order to get them familiar with the roles and responsibilities before becoming a CA. CA must have the following skills:

• Perseverance
• Communication skills
• Business awareness
• Problem-solving
• Critical thinking
• Professionalism and ethics
• Teamwork ability
• Sound knowledge about financial concepts
• Analytical abilities
• Evaluation and management auditing
• Understanding of financial aspects
• Budget management

About ICAI CA Exam

In India, the CA certification is given to those students only who have completed all three levels of the CA exam. Examinations conducted during the chartered accountancy course are:

1st Level: CA Foundation Exam

2nd Level: CA Intermediate/ IPC (Integrated Professional Competence) Exam

3rd Level: CA Final Exam

In May or November, all three exam levels are conducted twice a year.

Chartered Accountancy Course: How to Earn a CA Certificate?

The CA Foundation, which was earlier called CPT, is the first level of chartered accountancy course. A person who might be interested in pursuing the CA can start the preparation for CA Foundation by doing CA Foundation registration under ICAI. The CA Foundation exam is conducted twice a year, in June and December. 

Steps under CA Course after Class 12th through CA Foundation:

1. After clearing the class 12th examination, the candidate can do the CA registration, in which he/she can register for CA Foundation. 
2. CA Foundation generally involves 4 months of study, so a candidate starts preparing for CA Foundation after clearing his/her 12th.
3. Appear for the CA Foundation exam in May/June or November/December.
4. Pass the CA Foundation course.
5. Register under ICAI for the Intermediate course.
6. Complete 8 months of study course.
7. Appear and clear either or both groups of the CA Intermediate course.
8. The candidate has to successfully complete integrated training courses of 15 days training on Information Technology as well as 15 days training on Soft Skills any time after registering for the Intermediate course but before starting the Practical Training.
9. Register for 3 years of practical training under a practising CA on passing either or both the Groups of CA Intermediate course.
10. The candidate has to successfully complete an Advanced integrated training course of 15 days training on Information Technology as well as 15 days training on Soft Skills during the last 2 years of Articleship/ Practical Training but before CA Final examination.
11. Appear in the Final examination during the last six months of practical training.
12. Complete Articleship.
13. Qualify both groups of CA Final course.
14. Become an official ICAI member.

Steps under CA Course after graduation or post-graduation through CA Intermediate:

1. Register with the ICAI for the Intermediate course.
2. Complete integrated training courses of 15 days of training on Information Technology as well as 15 days of training on Soft Skills, any time after registering for the intermediate course but before starting the Practical Training.
3. Register for 3 years of practical training under a practising CA on passing either or both the Groups of CA Intermediate course.
4. Complete an Advanced integrated training course of 15 days of training on Information Technology as well as 15 days of training on Soft Skills during the last 2 years of Articleship/ Practical Training but before the CA Final examination.
5. Appear in the Final examination during the last six months of practical training.
6. Complete Articleship.
7. Qualify both groups of CA Final course.
8. Become an official ICAI member.

Steps under Direct Entry for students who have passed Intermediate level examinations of the ICSI or the ICAI:

1. Register under ICAI for the Intermediate course.
2. Complete 8 months of Intermediate study course.
3. Appear and clear either or both groups of CA Intermediate.
4. Complete integrated training courses of 15 days of training on Information Technology as well as 15 days of training on Soft Skills, any time after registering for the intermediate course but before starting the Practical Training.
5. Register for three-year Practical Training on passing either or both the groups of the Intermediate course.
6. Register for CA Final Course after qualifying both the groups of CA Intermediate level.
7. Complete an Advanced integrated training course of 15 days of training on Information Technology as well as 15 days of training on Soft Skills during the last 2 years of Articleship/ Practical Training but before the CA Final examination.
8. Apply for CA Final examination during the last six months of Practical Training.
9. Complete Practical Training.
10. Qualify both groups of CA Final level.
11. Become an official ICAI member.

Chartered Accountancy: CA Course Syllabus

To become a CA, the candidate needs to have complete information about what all subjects are there in each CA level exam.

CA Foundation Syllabus:

Paper	CA Foundation Subjects/ Syllabus		Marks
Paper 1	Principles and Practices of Accounting		100 marks
Paper 2	Business Law & Business Correspondence and Reporting	Part 1: Business Law (60 marks)	100 marks
		Part 1: Business Mathematics and Logical Reasoning (60 marks)
Paper 3	Business Mathematics and Logical Reasoning & Statistics	Part 1: Business Mathematics and Logical Reasoning (60 marks)	100 marks
		Part 2: Statistics (40 marks)
Paper 4	Business Economics & Business and Commercial Knowledge	Part 1: Business Economics (60 marks)	100 marks
		Part 2: Business and Commercial Knowledge (40 marks)

 

CA Intermediate Syllabus:

Group	Paper	CA Intermediate Subjects/ Syllabus		Marks
Group 1	Paper 1	Accounting		100 marks
	Paper 2	Corporate and other Laws	Part 1: Company Law (60 marks)	100 marks
			Part 2: Other Laws (40 marks)
	Paper 3	Cost and Management Accounting		100 marks
	Paper 4	Taxation	Part 1: Income Tax Law (50 marks)	100 marks
			Part 2: Indirect Taxes (50 marks)
Group 2	Paper 5	Advanced Accounting		100 marks
	Paper 6	Corporate and other Laws		100 marks
	Paper 7	Enterprise Information Systems & Strategic Management	Part 1: Enterprise Information Systems	100 marks
			Part 2: Strategic Management
	Paper 8	Financial Management and Economics for Finance	Part 1: Financial Management (50 marks)	100 marks
			Part 2: Economics for Finance (50 marks)

 

CA Final Syllabus:

Group	Paper	CA Final Subjects/ Syllabus		Marks
Group 1	Paper 1	Financial Reporting		100 marks
	Paper 2	Strategic Financial Management		100 marks
	Paper 3	Advanced Auditing and Professional Ethics		100 marks
	Paper 4	Corporate and Economic Laws	Part 1: Corporate Laws (70 marks)	100 marks
			Part 2: Economic Laws (30 marks)
Group 2	Paper 5	Strategic Cost Management and Performance Evaluation		100 marks
	Paper 6	Elective paper  (CA aspirant can select any one subject from the elective subjects)	6A: Risk Management	100 marks
			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 (70 marks)	100 marks
			Part 2: International Taxation (30 marks)
	Paper 8	Indirect Tax Laws	Part 1: Goods and Services Tax (75 marks)	100 marks
			Part 2: Customs and FTP (25 marks)

 

Chartered Accountancy: Career Scope & Opportunities

Chartered Accountancy ranks among the top professions in India. As we all know, CA is one of the emerging careers in commerce. A variety of job opportunities are made available for CA in both the public as well as the private sector. Career opportunities in the field of the CA profession range from working in large private and public organisations to starting your own business practice by becoming an entrepreneur. Moreover, chartered accountants have a sense of job security and various futuristic opportunities in India.

Furthermore, the scope of CA in abroad countries is also very high. They are in high demand and can find lucrative job opportunities abroad as well. As a result, due to diversified industries spread worldwide, the CA professions are getting more attention. 

After becoming a CA, one can accumulate all the in-depth knowledge in a particular finance-related field and find work across that field. Some of the areas include:

• Internal Audit
• Statutory Audit
• Goods & Service Tax
• Taxation
• Wealth Management
• Mergers and Acquisitions
• Start their own firm

All around the world, there is a significant need for Indian CAs. West Asian countries, Singapore, and Australia have a high demand for Indian Chartered Accountants. Numerous Indian CAs flock to these countries each year. CAS in these countries can join the ICAI thanks to Memorandums of Understanding (MOU) agreed between the ICAI and specific countries. Many countries, including Australia, Canada, the United Kingdom, the United Arab Emirates, and others, have signed MOUs with ICAI.

Chartered Accountancy: Responsibilities of a CA

When it comes to pursuing a CA course, the CA aspirants during their Articleship gain and accumulate the necessary knowledge and practical training as well as gain all the relevant skills required on the part of CA. After becoming CA, the individuals are responsible for handling various roles and responsibilities. A few of the CA responsibilities are mentioned below:

• Prepare and maintain the financial statements and budgets
• Conduct financial audits of the organisation
• Advise clients on relevant areas of business improvements
• Advise clients on tax planning, business mergers and acquisitions, financial risks, etc.
• Provide necessary guidance and consulting to clients who are engaged in economic areas.
• Detect and prevent fraud 
• Maintain records of all transactions or journal entries
• Conduct tax and auditing services
• Surveillance and assessment of financial statements
• Prepare monthly financial reports for the company
• Confirm the financial statements
• Deal with the financial irregularities in the business

Chartered Accountancy: Future Prospects

The following chart provides a list of top Job roles with their average salaries after becoming a CA:

Job Profile	Average Annual Salary (INR)
Chartered Accountant	7-25 LPA
Management Trainee	8-15 LPA
Financial Controller	18-19 LPA
Finance Officer	30-35 LPA
Finance Manager	9-10 LPA
Account Executive	20-25 LPA
Auditor	7-25 LPA

 

NOTE: The salaries which we have mentioned may fluctuate as per the inflation, market demand or any other factor.

CA Jobs: Employment Areas

In various large multi-national organisations, Chartered Accountants act as the main pillars of the organisation. They handle the financial aspects of the organisation. They also take the business decision which will be helpful for their organisations that will lead to essential productivity and growth in the organisation. Aside from working in the organisations, many CAs start their own business and become successful entrepreneurs. 

Here we have listed the top employments areas of Chartered Accountants:

• Chartered Accountancy Firms
• Audit and Taxation
• Insurance Sector
• Outsourcing
• Banking
• Finance Firms
• Academics
• Law Firms
• Cost Accountancy Firms
• Investment Banking Firms
• Advisory Firms
• Corporate Houses

CA Jobs: Top Recruiters

A Chartered Accountant is necessary in various organisations, including private, government, commercial, non-profit, big, small or even self-employed professionals. Every business which generates a lot of revenue needs a chartered accountant who can look after the financial and monetary aspects of the firm as well as manage the business finances and taxes. So here, we mentioned the list of both Indian as well as international organisations that require a proficient CA professional.

Indian Firms	International Firms
Khimji Kunverji & Co Lodha & Co Suresh Surana & Asso LLP SS Kothari Mehta & Co Diwan Chopra & Asso S. Aiyar & Co TR Chadha & Co Luthra & Luthra RM Rajapurkar & Co JS Sundaram & Co ICICI Bank Axis Bank Federal Bank Kotak Mahindra Standard Chartered State Bank of India HDFC Bank IDFC Bank RBL Bank Janalakshmi Bajaj Finserv & Group	E&Y Grant Thorton Olam International KPMG BDO Alghanim Industries Deloitte RSM International ETA Ascon Group PwC Tolaram Group Landmark Group Kuwait Resources House Oman Cables Industry Qatar Insurance Co Rak Investment Authority Topaz Energy & Marine Morgan Stanley JP Morgan Chase Citi Bank Henkel Credit Suisse BNY Mellon Crisil Edelweiss

 

Advanced Studies after CA course

When an individual combines the knowledge gained through the CA course with other advanced courses, the individuals have extensible job opportunities and help the organisation in the long run as well as add more value to the organisation.

Some of the Advanced Higher Studies Courses include:

• Chartered Financial Analyst (CFA) Course 
• MBA in Finance
• Actuarial Science
• Cost and Work Accountant (CWA) Course
• Certified Management Accountant (CMA) Course
• Company Secretary (CS) Course
• Certified Financial Planner (CFP) Course
• LLB

Conclusion

Now, you must have a clear picturesque idea about the Chartered Accountancy course. The demand for CA professionals is increasing day by day. Thus, you can also start your career in one of the emerging fields of today's world and become a successful chartered accountant. If you plan to pursue the CA course, you need to be efficient and consistent in your studies. Future opportunities for CAs are highly scalable. After all, CA is among the prestigious and reputed professions in the field of commerce.

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