Chartered Accountancy Course - A complete Guide to Become a CA | CAClubIndia

CCI Team 
on 16 July 2019


CA >Chartered Accountancy is considered as one of the most reputed and well paid profession in India because of which millions of studens joins CA course every year. There are interesting career options one can consider after completing school or college and Chartered Accountancy is one of them. It's considered as one of the most reputed and well paid profession in India. Over the years, the Chartered Accountancy profession has achieved rapid growth by virtue of quality professional services being rendered. The Government and the society at large entrust a major responsibility on the Chartered Accountants and their specialized knowledge and skills are being utilized in various fields of activities. A legal recognition is given to the role of the Chartered Accountants and their audit / certification is insisted upon for various purposes in different statutes.

The major areas in which the Chartered Accountants professionals render their services are mostly in taxation, financial accounting and reporting, applied finance, management accounting, etc. It's possible that they may control the affairs of a corporation or business's entire accountancy needs. Chartered Accountants can work in all the sectors of the industries including public, private, and government. So for anyone who is interested in accountancy, finance or taxation chartered accountancy is the perfect career option.

A statutory body called The Institute of Chartered Accountants Of India(ICAI) regulates the profession. Anyone who qualifies Chartered Accountancy becomes the member of this body. The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of profession of Chartered Accountancy in the country. The Institute functions under the administrative control of the Ministry of Corporate Affairs, Government of India and is the second largest professional body of Chartered Accountants in the world

Here we are sharing with you a guide which will surely help you have a better understanding of the course:

Eligibility

Students from any stream Science, Commerce or Art can pursue this course. The course is bifurcated into three levels, Foundation, Intermediate, and Finals. Foundation is an entry level test to enter into this course, however the ICAI also allows a direct entry to Commerce Graduates/Post-Graduates, with a minimum of 55% marks, Other Graduates/Post-Graduates, with a minimum of 60% marks and Intermediate level passed students of Institute of Company Secretaries of India and Institute of Cost Accountants of India to enter directly to its Intermediate Course. Only after clearing all the three levels and completing 3 years of Articleship(training) you get the degree of Chartered Accountancy.

Levels

Level 1 - CA Foundation

CA Foundation which was earlier called Common Proficiency Test(CPT) is an entry-level test in order to pursue Chartered Accountancy. CA Foundation got applicable from 1st July 2017. Anyone who has passed class12th and has got himself registered with the ICAI within the prescribed time limit is eligible to write CA Foundation Exam, there is no maximum or minimum age limit. One can enrol for Foundation Course after passing class 12th. One can register till 30th June/31st December for being eligible to appear in November/ May Foundation Course Examination.

Steps to Register for CA Foundation Course

  • Visit ICAI Website (icai.org)
  • Fill the details like Name, Date of Birth, Email, Mobile Number, Aadhaar Number and Set a password.
  • After creation of the account, Login to the Registration Portal.
  • Fill required details
  • Upload / Submit Required documents
  • Make payment
  • Save and Print the Application
  • Sign & Attest the Application
  • Send the application to ICAI

CA Foundation Syllabus

CA Foundation syllabus is divided into four subjects

  • Paper 1: Principles and Practices of Accounting(100 marks)
  • Paper 2: Mercantile Law and General English(100 marks)
  • Part II: Mercantile Law(60 marks)
  • Part II: General English(40 marks)
  • Paper 3: Business Mathematics, Logical Reasoning, and Statistics(100 marks)
  • Part I: Business Mathematics and Logical Reasoning(40 marks)
  • Part II: Business Statistics(60 marks)
  • Paper 4: Business Economics & Business and Commercial Knowledge(100 marks)
  • Part I: Business Economics(60 marks)
  • Part II: Business and Commercial Knowledge(40 marks)

NOTE: Paper-3 and Paper-4 are objective type papers with negative marking. The Board of Studies issues comprehensive study materials covering all four subjects.

Criteria for passing CA Foundation

A Foundation Course candidate shall be declared to have passed the examination if he / she obtains a minimum of 40% marks in each paper and a minimum of 50% marks in aggregate of all the papers, subject to the principle of negative marking.

Level 2 - Intermediate:

After passing Foundation Exam, one can join Intermediate Course. This level covers a working knowledge of core and allied subjects to accountancy profession . In order to develop a strong theoretical base, students of Intermediate Course, who have registered through Foundation Course route or entered into the level through direct route, are required to undergo eight months study course before appearing for the first time in the Intermediate Examination.The subjects of Intermediate Course are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. Group one consists of 4 papers and group 2 consists of 3 papers. After passing either or both the groups, the intermediate exam students have to do three years of training program to have a practical knowledge of all that they have learned in the Intermediate level. Since proper understanding of the modern world necessitates knowledge of present day technology and skills, students are imparted Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before joining for the practical training.

Steps to Register for CA Intermediate

Candidates have to register for Intermediate Course under both routes by filling Online Registration Form available on ICAI website (www.icai.org) in "Course Registration Forms" under "Students tab".

Things to Consider While Filling the Registration Form

  • After filling the Online Form, pay the required fee online using the payment gateway
  • On successful payment, system will automatically generate the Form, which is to be printed
  • Following documents are to be submitted to concerned Regional Office within 7 days of the date of online registration along with the print out of the online registration form, duly signed by the student
  • Foundation Route students have to submit attested copy of mark sheet of Class 12th or its equivalent Central Government recognized examination pass marks statement
  • Direct Entry Route students have to submit attested copy of Graduation/ Post Graduation mark statements/marksheet of Intermediate level examination of the Institute of Company Secretaries of India or the Institute of Cost Accountants of India
  • One recent color photograph (affixed on the printout of the online successful registration form)
  • Attested copy of proof of Nationality, if student is foreigner
  • Attested copy of proof of special category certificate, i.e, SC/ST, OBC, Differently abled

On completion of the registration process, the study material will be sent to the students through Centralized Dispatch System (CDS). Intermediate Course registration is valid for 4 years and can be revalidated any number of times for further 4 years period by paying revalidation fee of Rs. 400/- or as decided by the Council from time to time.

Syllabus for Intermediate

Group 1
  • Paper 1: Accounting(100 marks)
  • Paper 2: Corporate and Other Laws(100 marks)
  • Part I: Company Law(60 marks)
  • Part II: Other Laws(40 marks)
  • Paper 3: Cost and Management Accounting Accounting(100 marks)
  • Paper 4: Taxation (100 marks)
  • Part I: Direct Taxation (60 marks)
  • Part II: Indirect Taxation (40 marks)
Group 2
  • Paper 5: Advanced Accounting (100 marks)
  • Paper 6: Auditing and Assurance (100 marks)
  • Paper 7: EnterpIrise Information Systems and Strategic Management (100 marks)
  • Part 1: Enterprise Information System(50 marks)
  • Part 2: Strategic Management (50 marks)

Note: Paper 2,4,6, and 7 are partially objective (30%). Paper 1,3, and 5 are totally subjective.

Passing criteria for Intermediate Exams

A student may get through the groups in one or more attempts either together or separately. A student is said to have passed both the groups together if he secures a minimum of 40 marks in each paper and an aggregate of 50% in all the papers of both the groups put together.

About ICITISS

ICITSS consists of a course in information technology and an orientation course. It's a four week programme. The Orientation Course aims to develop effective communication and presentation skills. To groom and motivate the entrants to be knowledgeable and skilled professionals. To expand the significance of practical training in the life of a professional. The classes are scheduled for minimum 6 hours in 15 working days.

The Information Technology course has been introduced and developed by the ICAI to develop an understanding for use of Information Technology in the field of accounting and auditing. The course focus on use of Application Software relevant for Accounting, Auditing and allied areas related to the CA profession. The training would focus on knowledge of Electronic Spread Sheet, Data Base Management System, Computer Assisted Audit Technique (CAAT) and Accounting Package etc. The classes are scheduled for minimum 6 hours in 15 working days.

Final Course

This is the last stage of the Chartered Accountancy curriculum. Students after qualifying both the groups of Intermediate Examination are eligible to register for Final Course and would be allowed to appear in Final Examination during last six months of practical training after successful completion of Four Weeks Advanced Integrated Course on Information Technology and Soft Skills (AICITSS). In order to develop a strong base for Information Technology and soft skills to prepare the students for corporate world, students of Final Course are imparted AICITSS during the last two years ofthe practical training but before appearing for Final Examination. The are tested on Advanced Information Technology (AICITSS) through online test paper/ OMR Test Paper conducted by the Examination Department which they would be required to qualify with the requisite grades to be eligible to appear for Final Examination. For enabling students to acquire specialization in a particular field, one elective paper has been introduced in the curriculum of Final Course. The students can choose a paper out of Risk Management, Financial Services & Capital Markets, International Taxation, Economic Laws, Global Financial Reporting Standards and Multidisciplinary Case Study. Final Course registration is valid for 5 years and can be revalidated any number of times for further 5 years period by paying revalidation fee of Rs. 500/- or as decided by the Council from time to time. Once practical training is done one can appear in the Final Examination on completion of the practical training or while serving last 6 months of articled training on or before the last day of the month preceding the month in which the examination is to be held after successful completion of AICITISS. Finals consists of two groups, Group -1 and Group-2 which have 4 papers each.

Syllabus for Finals

  • Paper 1: Financial Reporting (100 marks)
  • Paper 2: Strategic Financial Management (100 marks)
  • Paper 3: Advance Accounting and Professional Ethics (100 marks)
  • Paper 4: Corporate and Economic Laws(100 marks)
    • Part I: Corporate Laws (70 marks)
    • Part II: Economic Laws (30 marks)
  • Paper 5: Strategic Cost Management and Performance Evaluation (100 marks)
    • Part A: Strategic Cost Management and Decision Making
    • Part B: Performance Evaluation and Control
  • Paper 6: Elective Paper (100 Marks) (One to be chosen from the list of Elective Papers) Elective Papers
    • 6A Risk Management
    • 6B Financial Services & Capital Markets
    • 6C International Taxation
    • 6D Economic Laws
    • 6E Global Financial Reporting Standards
    • 6F Multi-disciplinary Case Study
  • PAPER 7: Direct Tax Laws and International Tax Laws (100 marks)
    • Part A: Direct Tax Law (70 marks)
    • Part B: International Tax Law (30 marks)
  • Paper 8: Indirect Tax Laws (100 marks)

About ACITISS

ACITISS comprises of a course in information technology and a course in Management and communication skills. The duration of the course is 15 hours. The Course in information technology aims to develops practical skills to understand the intricacies of auditing in ERP environments, understand the concept of Controls-Based Audit and importance of IT General Controls (ITGCs) and its impact on assessment of ERP controls, assessment of application controls and access rights. The Course provides training focused on application software relevant for the work of a professional accountant including using Auditing in ERP Environment, Enterprise Resource Planning (ERP), MS Excel as Audit Tool and advanced features of Electronic Spreadsheet, DBMS etc. The course is conducted for a duration of 6 hours for 15 working days.

The Management & Communication Skills Course aims to equip the students to the profession with some essential skills, such as

  • Sharpens communication and presentation skills
  • Develops Inter-personal and leadership skills
  • Provides understanding of contemporary business environment and opportunities
  • Prepares the student for a career either in employment or in practice, by educating them to be adaptable and accountable

Passing criteria for Final Exams

A student may get through the groups in one or more attempts either together or separately. A student is said to have passed both the groups together if he secures a minimum of 40 marks in each paper and an aggregate of 50% in all the papers of both the groups put together.

Tips to prepare for CA Exams

To prepare for CA exams it is very important to seek guidance from professionals and be thorough with the study modules prescribed by ICAI. Student can opt for online or offline classes depending upon their convenience. Students should complete their coachings well in time so that they have sufficient time left for self-study. It is very important to read study material and practice manuals of the institute multiple times to be thorough with your concepts. Preparing for CA Exam requires a lot of hard work and dedication. Perseverance and Consistency are the key factors to clear the exams.

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