Guide for CA Course
If you’ve always loved mathematics and data but didn’t really have an inclination towards programming, Chartered Accountancy might be the right field for you. Many students decide to take up this course but only a handful manage to clear it. It is no surprise that the designation of a CA is one of the most respected ones in India. However, the fact that it is difficult to crack shouldn’t stop you from taking the course. If you’re considering Chartered Accountancy as a career option, here’s everything you need to know before you start your journey.
What is Chartered Accountancy?
The Chartered Accountancy program features subjects like accounting, auditing, and taxation to help you get a much deeper understanding of the financial world and enable you to manage corporate finances. It is a globally recognized accounting certification program. In India, CA exams are conducted by the Institute of Chartered Accountants of India (ICAI). There are three levels of the exam that one needs to clear to get the designation of a Chartered Accountant, and it takes almost 5 years to complete the course.
Course Details
The Chartered Accountancy course has three levels: Foundation, Intermediate, and Final, as well as a three-year practical training component. The course curriculum for Chartered Accountancy primarily deals with concepts such as budget planning, market research, and management of an organization’s working capital among other topics.
Each level of the course has a well-planned curriculum to ensure the students get a proper understanding of the course they are pursuing. Let us explore more about each of the three levels.
1. Common Proficiency Test (CPT)
The CPT is the entry-level or the foundation test of the Chartered Accountancy course. You can apply for CPT, after completing your Class 10 board examination. High school graduates who wish to enroll in CPT can complete the mandatory registration form and pay the required money. The CPT exam is held twice a year on a Sunday in June and December.
CPT is an objective type test with four subjects, namely, Fundamentals of Accounting (60 marks), General Economics (50 marks), Mercantile Laws (40 marks), and Quantitative Aptitude (50 marks).
2. Integrated Professional Competence Course (IPCC)
For the IPCC or the intermediate level test of the CA exam, there are a total of 7 subjects which are divided into two groups: Group 1 (4 subjects) and Group 2 (3 subjects). Applicants have a choice to either appear for both groups together or give them one after the other.
You need to score at least 40 marks in each subject to clear the examination. The minimum scores required to clear Group 1 and Group 2, are 200 and 150 respectively. However, if you fail to meet the sectional cutoff for any group but still manage to score 60 marks in any subject, you will be exempted from taking this subject in your subsequent attempts.
3. Final Course (FC)
The final level of the CA exam consists of 2 groups with 8 papers to be cleared. Candidates who clear both groups of the CA Intermediate course (IPCC) are given 2.5 years (minimum) of practical training and are required to complete AICITSS (Advanced Integrated Course on Information Technology and Soft Skills). Before registering for the CA Final exam, candidates need to clear both groups of the intermediate level. CA Final is conducted each year in May and November.
What does a CA do?
A CA can work in different sectors, whether Government or private. In whatever sector it is, a CA will perform some of the standard roles like that of:
- Advising on financial areas
- Auditing financial documents
- Ensuring regulations and compliance
- Implementing accounting systems
- Managing financial information
- Preparing tax details
- Analyzing budgets
- Structuring debts for liabilities
Also, the roles of a CA can vary depending upon the company profile and requirements.
Routes To Becoming a CA
According to the Scheme of Education and Training, an applicant can pursue the Chartered Accountancy course either through the Foundation Course Route or the Direct Entry Route. The Foundation Course is the first level of the CA test and can be taken immediately after graduating from high school. In contrast, the Direct Entry option is for candidates who have finished their graduation degree.
The Foundation Route:
For the entry-level CA foundation course, the candidate must have qualified both the class 10 and class 12 board exams with a 50% aggregate score in class 12.
To take the second level test (CA Intermediate), you must have completed the CA foundation course and received a 50% to 60% aggregate score in your bachelor’s or master’s degree.
You must have cleared Groups 1 and 2 of the CA Intermediate exam to appear for the CA final exam. In addition, you must take a 4-week AICITSS and 2.5 years of articleship training.
The Direct Entry Route:
Non-commerce graduates/postgraduates need to have a minimum of 60% aggregate or equivalent grade from any recognized university examination to be eligible for the direct entry route.
The applicants who have completed the Intermediate level examination administered by The Institute of Cost Accountants of India are also eligible for the direct entry route.
How to Become a CA?
Planning to start your journey to become a CA right away? Here is a step-by-step guide to help you apply for the CA exams:
Step 1:
After completing BCom with accountancy as the major subject with at least 60%, candidates can apply for the Foundation Level of the CA program
Step 2:
After completing the Foundation Level, candidates must enroll in the next level, that is the CA Intermediate Level.
Step 3:
Finally, the candidates will have to enroll and pass the CA Final Level.
Step 4:
During the course, the candidates will have to complete practical work experience of article ship of 3 years.
Step 5:
Also, the candidates have to pursue the Professional Skill module.
Step 6:
Finally, after completing all the stages successfully, the candidates will have to apply for CA membership.
Step 7:
ICAI will check through all the details and will offer a CA certification to the candidates.
Is it Difficult to Become a CA?
Becoming a CA may seem difficult because the path is challenging and exhausting at times. However, with continuous dedication and hard work, all the challenges become rewarding as you cross each level successfully. The CA course is divided into several levels of exams that the candidates have to cross to proceed. Hence, there are a lot of exams to appear in and pass. Regular studying, polishing your skills, and practicing mock test papers will help in cracking the exams and completing the course with ease. Thus, many candidates start CA preparation after 10th itself.
Salary
CA is a much-coveted job due to its respectable reputation and excellent salary. Your salary largely depends on your skills and work experience. To have a high work profile and appealing compensation, a CA must be skilled in financial accounting, budget management, audit, risk management, and strategic management as well as have good communication skills. The average salary of a CA in India is approximately INR 8,06,154.
The ACCA qualification is recognized in over 180 countries including Canada, Singapore, and Australia. If you’ve made the decision to become a global CA and are contemplating your next move, we can help you take a step forward. Check out our Association of Chartered Certified Accountants (ACCA) course to learn more. To advance your portfolio and build professional skills, try Zell Education’s interactive courses that offer flexible training timings. Get in touch at +91 7208885600 or email us at [email protected].
Conclusion
Chartered Accountant is a difficult yet a prestigious course for candidates who wish to pursue higher level accounting jobs like CA. But understanding the CA course details can help in studying better. Also, getting enrolled in a good coaching center can help in offering a good preparation guide for Chartered Accountant students that will enable them to crack through the CA exams conveniently.
FAQ
Can I become a CA without enrolling in any coaching center?
Since Chartered Accountancy is a correspondence course, the exam conducting authority offers essential study materials to the students. Acing this course requires a good strategy, determination, and consistent efforts. If you find it difficult to understand the concepts, it is preferable to attend coaching classes or enroll in online courses. Moreover, if you are looking to enroll in programs like ACCA or CFA to build a stronger finance base, we at Zell Education offer a variety of courses for you to choose from.
How is Chartered Accountancy different from Cost Accountancy?
The primary difference between the two courses is that a CA course focuses on accounting, taxation, auditing, and finance. On the other hand, a Certified Management Accountant (CMA) course focuses on budgeting, costing/pricing, assets, liabilities, and analysis, among other things.
Does ICAI provide scholarships to CA students?
Yes, the ICAI provides scholarships under 4 categories to CA students. The four scholarship programs available are Merit, Merit-cum-Need based, Need-based, and Weaker Sections Scholarships. These scholarships are given out twice a year (April and October). Students can apply for scholarships using the ICAI website’s recommended application form.
How do I prepare for the CA course?
To prepare for the CA exam, the first thing is to understand the Chartered Accountant course details like the syllabus and make a proper study table accordingly. It is crucial to study everyday by understanding new topics and revising the previous ones. Practicing mock tests and going through the solved questions is also essential for better preparations. Following a proper preparation guide for CA students can help in passing the exams well.
How should I start studying for the CA?
One of the best ways to start studying for the CA is by understanding the syllabus carefully. Make a schedule by designating proper hours in a day to different subjects. Also, understanding the exam pattern is important as it helps in better preparation.
What are the steps to become CA?
CA aspiring candidates should have a bachelor’s degree in commerce with accounting as a major subject. After graduation, the candidates must enroll into the CA program from Institutes of Chartered Accountants. After crossing all the milestones of passing all the exam levels, the candidates need to complete practical work experience and a professional skill module to apply for CA membership.
What are the 7 subjects in CA?
Since the start, aspiring CA candidates have to prepare for diverse subjects and topics. It is in the CA final year that the students have seven papers to appear in and pass. The seven subjects are divided into two parts and the subjects under them are financial management, auditing, law, direct tax, indirect tax, advanced management accounting, and information system & control data.
