FCA

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26 February 2011 What is FCA & what is the eligibility?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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27 February 2011 FCA means fellow member of The Institute of Chartered Accountants of India.
An associate member is eligible for admission as a fellow member if he satisfies the eligibility conditions laid down under Section 5(3)of the Chartered Accountants Act 1949 and Regulation 5(3)
of the Chartered Accountants Regulations 1988.

An associate member will be admitted as a fellow member if he satisfies the following conditions:
(a) Continuous practice within India for a period of not less than 5 years
Or
(b) He has been an associate member for a continuous period of not less than 5 years and has been in government service or is ordinarily holding or has held for a continuous period of not less than 5 years any one or more posts carrying duties relating to accounts, cost accounts,audit, finance, taxation, company law and /or secretarial work in :
(i) an educational institution approved by the Council; or
(ii) a private or government, industrial, commercial or trading undertaking having a minimum paid-up capital of25 lakhs or a minimum turnover of 50 lakhs or a minimum paid-up capital of10 lakhs and a minimum turnover of 30 lakhs or a minimum total assets of 50 lakhs;
(iii) employed under a statutory authority; or
(iv) employed under a local authority having within its jurisdiction a population of not less than 5 lakhs during each of the five years of his service.
(c) Continuous service for a period of not less than 5 years as a full-time paid assistant under a practising Chartered Accountant or in a firm of such Chartered Accountants.
Note:
A member either partly in practice and partly in service, holding one or more posts mentioned above is also eligible for admission as fellow provided the total period of practice and/or service shall be
continuous and be not less than 5 years.
However, Institute provides for condonation of break in continuity of service or practice for a period not exceeding one year provided the actual period of service and practice together is not less than 5 years.
In case of break in employment and practice the break in continuity in service or practice for a period not exceeding 1 year can be condoned by the competent authority

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