Chartered Accountant

How To Become A Chartered Accountant in India

Hello Friends, looking for Chartered Accountancy procedure, then you are absolutely at the correct place. Chartered Accountant, such a huge name not only from the length of its characters but also from its reputation. This reputed course provides you everything beginning from name to wealth. Great honour and respect in the society.

topper-GIF-large-rectangle

Chartered Accountants are only persons who are authorised to audit the Financial Statements. They are enjoying a monopoly in this field since it’s incorporation. And why not, they should enjoy. There are so many colleges in all over India which provides you the Engineering degree, MBBS degree, MBA degree but only ICAI in all over India is authorised to conduct its examinations and issue you a Chartered Accountant degree.

This is also one of the toughest course. Clearing this exam is not easy. Still there are only 2,50,000(approx) Chartered Accountants in India even after the admission of more than 50K students at a time in CA Foundation.

But friends nothing is possible. If they can do it, you can also do it. The only thing this course demands from you is hard work.

There are four major stages in CA course. To become a Chartered Accountant, you have to follow these stages:-

  1. CA Foundation
  2. Intermediate
  3. Articleship Training
  4. CA Final

CA Foundation Course

The Entire CA student journey is divided into 4 stages. The entrance stage is CA Foundation.

As per the new curriculum introduced by the ICAI, CA Foundation is replacing the current entry level test i.e. CPC (Common Proficiency Course). The objective of replacing CPC with CA Foundation is to make entry level better than earlier. Now, the students will get admission in this course in a more efficient manner.

 

To become a part of this course, you have to get register in this course. The students who appeared in the 12th examination can register themself for this course and students who passed this examination can appear in CA Foundation Examinations.

To appear in MAY 2018 CA Foundation examination you have to get yourself register on or before 31st December 2018 and to appear in NOV 2018 examinations you will have to get yourself register on or before 30th June 2018.

To register in this course you will to fill the online registration form available on the ICAI official website. After successful registration and payment of the prescribed fees you will have to submit the following documents within 7 days from the online registration along with the hard copy of the online form duly signed by the candidate.

  1. Attested copy of the Admit Card/ Marksheet of 12th examination issued by the respective board.
  2. One latest colored photograph should be affix on the online registration form.
  3. Attested copy of the proof of Nationality, if the student is foreigner.
  4. Attested copy of the proof of special category certificate i.e. ST/SC/OBC , Differently abled.
  5. Attested copy of 10th Admit card or Marksheet.

After such registration procedure is completed, ICAI will send you the Study Material through the Centralised Dispatch System.

Fee Structure for CA Foundation is given below-

S.No. Details of Fees Rupees (For Indian Students in rupees) For Foreign Students (US $)
1. Prospectus 200 20
2. Registration Fees 9000 700
3. Student’s Journal (Optional) 200 20
4. Member’s Journal (Optional) 400 40

 

This course consists of 4 subjects. Papers of two will be subjective and the remaining two will be objective. Negative Marking will continue to be in the objective papers.

PAPERS OF THE FOUNDATION COURSE:-

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 I: Business Mathematics and Logical Reasoning
  • Part II: Statistics

Paper 4: Business Economics & Business and Commercial Knowledge

  • Part I: Business Economics
  • Part II: Business and Commercial Knowledge

Candidates will be declared passed this examination only if he/she has obtained 40% marks in each individual paper and 50% in aggregate of all the papers.

DIRECT ENTRY ROUTE –  

There is also a Direct Entry Route system in CA Course in which some students get benefited, they do not have to passed the entrance level exam i.e. CA Foundation. By this route they can get direct entry in CA Intermediate.

 

List of the students along with their requirements to get entry directly through this route:-

 

  1. Commerce Graduates/ Post Graduates :- Commerce Graduates students can get direct entry in the CA Intermediate only if they secured minimum percentage of 55% in graduation.
  2. Non-Commerce Graduates/ Post Graduates :-  They can also get direct entry into the CA Intermediate only by securing minimum 60% marks in graduation.
  3. ICSI students– These students who cleared their Intermediate level of Company Secretary become eligible to register in CA course directly with Intermediate level, without passing CA Foundation.
  4. CMA Students– Students who have cleared the Intermediate level of Cost Accountant will become eligible to register directly through the CA Intermediate.

 

Note –

  • A student during his/her final year of Graduation can get register himself/ herself with the ICAI for CA Intermediate on Provisional.
  • He/She can commence their practical training only on submission of proof of passing their graduation exams with the minimum percentage prescribed above.
  • And during this provisional period, a student is also required to complete ICITSS (Information Technology and Orientation Program).
  • If a candidate is failed to produce the proof of passing his/her graduation with the minimum percentage required above then his registration shall stand canceled and also neither his fees shall be refunded nor adjusted.

 

Candidates who wish to appear in Nov / May Exams shall be registered on or before 1st February/ 1st August respectively.

 

Steps to appear in the CA Intermediate Examinations for the graduates / Postgraduates –

 

  1. At first you have to get register yourself with the Board of studies for the Intermediate course. Provisional registration is also available to the students pursuing the final year of Graduation.  
  2. Register for the 4 weeks Training of ICITSS. Complete this before commencing practical training.
  3. Start 3 years of practical training under a practising Chartered Accountant register as a member in practice by the ICAI.
  4. Successfully complete 9 months in practical training.
  5. You are eligible to sit in the CA Intermediate Examinations.
  6. After clearing the CA Intermediate, same rules will be applicable to these students as applicable to the students who are pursuing this course through the normal route.

 

Note – Students who are registering through the direct entry route after clearing Intermediate level examination of Institute of Company Secretaries of India or The Cost Accountants of India will have to follow the same steps as applicable to a student entering through normal route

They have to undergo the 8 months study period after registering in this course to appear in the examinations.

Beside this, they have to register themselves on or before 1st March/ 1st September to appear in Nov/ May exams respectively.

CA INTERMEDIATE

This is the second step of CA course. The students will become eligible to register for this course either from clearing CA Foundation or through the direct entry route (detail given above).

 

You can register for this course from the ICAI official website under the students tab in course Registration forms. You need to fill the registration form and make the payment of the prescribed fees. After filing such form and making payment of the prescribed fees, submit a hard copy of such form along with the following documents to the concerned regional office within 7 days –  

 

  1. Foundation Route students have to submit 12th or its equivalent recognised marksheet.
  2. Direct Entry Route students will have to submit-
    1. In case of Graduates / Post Graduates students, attested copy of Marksheet or Mark statement.
    2. Intermediate Level passed students of Institute of Company Secretaries and Cost Accountants of India, their attested copy of Marksheet of Intermediate Level.
  3. Your latest colored photograph should be affixed on the hard copy of the online registration form.
  4. Attested copy of the proof of Nationality, if the student is Foreigner.
  5. Attested copy of the proof of the Special Category Certificate i.e. SC/ST/OBC or differently abled.

The above documents shall be submitted along the print of the online registration form duly signed by the candidate.

topper-GIF-large-rectangle

Fee structure of the Intermediate course

Particulars Both Groups ® (In rupees) Both Groups (NR) ($) Single Group ® (IN Rupees) Single Group (NR) ($)
Registration Fees 15000 11000
Student’s Activities Fees 2000 2000*
Registration Fees as a article assistant 1000
Total Fees 18000 1000 13000 600

 

The candidates who are entering through the direct entry route will have to pay Rs 200/- (US $20) as a cost of prospectus along with the above fees.

PAPERS OF THE INTERMEDIATE COURSE-

Group I

  • Paper 1: Accounting
  • Paper 2: Corporate & Other Laws
    • Part I: Company Law
    • Part II: 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 & Economics for Finance
    • Section A: Financial Management
    • Section B: Economics for Finance

Note – To appear in the examination, one has to undergo a study period of not less than the eight months.

In order to clear this exam or a student is declared to have passed this exam only if he secured a minimum of 40% in each paper and 50% in aggregate of all the papers.

A student at one time can appear either in both the groups or in a single group. And he will be declared to clear this exam only after passing both the groups. If a student secures 60% or more marks in any paper then that paper will be exempt for the next three following attempts. He will not require to give that paper in the following three attempts.

ICITSS (Information Technology and Orientation Program)

A student before the commencement of the practical training and after clearing either single or both the groups of Intermediate has to mandatorily complete 4 weeks of ICITSS. It consists of two trainings one is Information Technology and other one is Orientation Program each of 15 weeks.

 

The fee for the Information Technology program is Rs 6500/- including the study material and tea/refreshments.

The fee for the orientation program is Rs 7000/-  including the study material and the Tea/Refreshments.

PRACTICAL TRAINING

The practical training is a very important part of the entire CA Course. This training helps you a lot in applying the theoretical knowledge into the practical work, shaping into a professional, follow your ethical values, and making you learn how to survive in a business world.

The duration of Articleship training is three years.

Commencement of the practical training:-  

  1. The students from the normal route or we can say who have passed the CA Foundation can commence their practical training after clearing either single or both the groups of Intermediate and also completed 4 weeks of ICITSS (Information Technology and Orientation Program).
  2. The students from the direct entry route –
    • Graduates / Post Graduates – They have to register for the practical training immediately after the registration in Intermediate course and completion of 4 weeks ICITSS( Information Technology and Orientation program ). However, they can appear in the Intermediate examinations only after completion of 9 months of practical training.
    • Intermediate passed students of ICSI/ CMA- Students through the direct entry route who have cleared their intermediate levels of the respective exams can register for the practical training after passing either single or both the groups of Intermediate and completion of ICITSS.

The student can register for the practical training by submitting Form 103 and an agreement for such training is to be entered with Principal on Form 102.

During the last year of practical training, a student has to complete 4 weeks of Advance ICITSS. It consists of Information Technology and Management and Communication Skills each for 15 days.  

Industrial Training

Along with the above practical training an article can also serve as an industrial trainee in his last year of practical training. But industrial training is at the option of the student, whether he/she wants to build his career in some industry or not. However, Practical training is a mandatory requirement of this course. One has to complete 3 years of practical training to be Chartered Accountant.

Commencement of Industrial Training

  1. An article who is CA Final student can serve himself as an industrial trainee in financial, commercial or industrial undertaking as may be specified or approved by the council from time to time. 
  2. An article needs to inform at least 3 months before to his Principal from the commencement of his training.
  3. During the last year of practical training only, a student serve as an Industrial trainee.
  4. The duration of Industrial training lies between minimum nine months and maximum twelve months.
  5. Only a member of the Institute is authorised to train you for the Industrial training. An associate member (i.e. member less than 5 years ) who is a member with the Institute not less than 3 years can train in his under one article at a time. However, a fellow member(i.e. Member for more than 5 years) of the ICAI can train two articles at a time.
  6. The agreement for the Industrial training has to be entered on Form No. 104 and after successful completion of such training the Principal has to issue a Service Certificate on Form no. 105.

AICITSS  (Advance Integrated course on Information Technology and Soft Skills)

A student while serving his last  2 years of practical training has to complete Advance ICITSS. It consists of Information Technology Program and Management and Communication Skills each for  15 days. This training must be completed before appearing in CA Final Examinations.

A student can register himself for the Advance Information Technology Training by making the payment of Rs 7500/- inclusive of course material and tea/refreshments.

A student can register himself for the Management and Communication Skills Program by making the payment of Rs 7000/- inclusive of course material and tea/refreshments.

CA FINAL

The last step in the CA Student journey is CA Final. Last and also the toughest level. A student can get register for the Final course only after passing the second level i.e. Intermediate level then only he will become eligible to register for the Final Course.

 

One can get register in the Final Course from the ICAI portal under the student’s tab in the course registration forms by making the payment prescribed by the ICAI.

After successful submission of the online registration form to the portal, one has to submit its print out to the concerned regional office within 7 days of the online registration along with the following documents:-

 

  1. Attested copy of the proof of Nationality if the student is foreigner
  2. Attested copy of the proof of special category certificate i.e. ST/SC/OBC , Differently abled.
  3. After completion of the above registration procedure, ICAI will send the Study Material through the Centralised Dispatch System to the students.
  4. A Resident student can get register in this course with the payment of Rs 22000/- and a Foreigner student can register with the payment of 1100 US($).

The Final Level comprises of eight subjects divided in two groups:-

Group 1

  • 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 2

  • Paper 5: Strategic Cost Management and Performance Evaluation
  • Paper 6: Elective Paper (One to be chosen from the list of Elective Papers)
    List of 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 & International Taxation
    • Part I: Direct Tax Laws
    • Part II: International Taxation
  • Paper 8: Indirect Tax Laws
    • Part I: Goods and Services Tax
    • Part II: Customs & FTP

A student can appear for the Final Examination only when

  1. he get register with the ICAI for CA Final course and
  2. either completed his/her practical training or serving the last six months of practical training, including excess leaves if any, on the first of the month in which exam is to be held.
  3. Also successfully completed Advance Integrated course on Information Technology and Soft Skills (Adv. IT & MCS).

 

To clear the CA Final examination one has to obtained 40% marks in each paper and also 50% marks in aggregate of all the papers.

However, if a student obtains 60% marks in any subject then that subject will be exempt for the further three examinations. But if the student would not be able to clear the Final Examination within three attempts, then he/she will have to again attempt that previous exempt paper.

 

Student can attempt either single or both the groups at a time. And after passing both the groups and successful completion of practical training you will be a Chartered Accountant. You can apply for the membership number with the ICAI.

You will be a member with ICAI.

 

You Might Also Like

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>