How to become chartered accountant in India

Looking for How to become chartered accountant in India? Here we are with article describing about the Steps to become chartered accountant in details.

Chartered Accountant is becoming the most attractive and highly preferred career option in the field of finance especially its very economical as compared to other professional programs moreover it opens door of excellent job opportunities in the field of accounting, corporate finance, auditing, taxation, corporate governance, business laws and investment banking or you can setup your own CA firm after successfully completion of the all part of the courses from Institute of Chartered Accountants of India (ICAI) along with certificate of practice and approval from ICAI, New Delhi.

To become a chartered accountant you have to register yourself with the Institute of Chartered Accountants of India (ICAI), New Delhi for the Common Proficiency Test (CPT) after passing the Standard X examination simultaneously  study and appear in 10+2 examination. Many of us want to know that Is maths compulsory in 12th for chartered accountancy course? The answer is ‘No’ it is NOT compulsory to take Mathematics in 11th or 12th for doing Chartered Accountancy.  You need to successfully complete the following levels to become the chartered accountant in India.

Steps to become chartered accountant

Common Proficiency Test (CPT) examination– It is an entry level test for Chartered Accountancy Course. A student who has passed the 10th standard examination can register for Common Proficiency Course (CPC). The CPT examination is held twice in a year – in June, and in December. It is an objective test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.

Commerce Graduates with more than 55% marks and Non-Commerce Graduates with more than 60% Marks and who has passed the Intermediate Exam conducted by the Institute of Cost Accountants of India or by the Institute of Company Secretaries of India are exempt from passing the Common Proficiency Test (CPT).

IPCC or Integrated Professional Competence Course– It is the second level of Chartered Accountancy examinations. To register for the Integrated Professional Competence Course (IPCC), the candidate should pass both CPT and 10+2 and it is first level for students registering under Direct Entry Scheme. IPCC comprises of a total of 7 papers. Group – I consists of four subjects and Group – II of three subjects to test the working knowledge of core and allied subjects to accountancy profession.

Graduates/ Post Graduates in Commerce with 55% marks or its equivalent grade in the examination conducted by any recognized University (including Open University) by studying any three full papers of 100 marks each out of Accounting, Auditing, Law including Business Laws, Mercantile Laws, Corporate Laws etc., Economics, Management including Financial Management, Personnel Management etc., Taxation including Direct Tax Laws, Indirect Tax Laws etc., Costing, Business Studies, Business Administration and Management Accounting or other than those falling under Commerce stream with 60% of the total marks or its equivalent grade in the examination conducted by any recognized University (including Open University) and Candidates who have passed the Intermediate level examination conducted by The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India can register directly in the Intermediate (IPC) Course.

Group I:

Paper 1: Accounting

Paper 2: Business Laws, Ethics and Communication

Paper 3: Cost Accounting and Financial Management

Paper 4: Taxation

Group II:

Paper 5: Advanced Accounting

Paper 6: Auditing and Assurance

Paper 7: Information Technology and Strategic Management

CA Final Examination- It is considered as one of the toughest exam in the world. Any person who has passed Intermediate/ Professional Education (Examination-II)/ Professional Competence Examination/ Integrated Professional Competence Examination (IPCE)/ Intermediate (IPC) Examination can appear for the Final Examination consists of two groups of four subjects each.

Group I:

Paper 1: Financial Reporting,

Paper 2: Strategic Financial Management,

Paper 3: Advanced Auditing and Professional Ethics,

Paper 4: Corporate and Allied Laws,

Group II:

Paper 5: Advanced Management Accounting,

Paper 6: Information Systems Control and Audit,

Paper 7: Direct Tax Laws

Paper 8: Indirect Tax Laws.

Articled and Information Technology Training (ITT) – Students who pass IPCC Group – I must undergo a rigorous 3-year on-the-job training as article or audit assistant, articleship. Articles provide CA firms a steady supply of motivated assistants while providing the students with invaluable on-the-job training. Audits are normally conducted by partnering senior and junior assistants with a supervising partner of the firm. This provides steady increase in the depth and variety of experience to the Articled Assistants. During the last year of articleship, a student may opt for industrial training instead. Industrial training can be for a period of 9 to 12 months and has to be completed under the supervision of an existing CA member employee of a financial, commercial or industrial organization.

General Management and Communication Skills Course (GMCS) is a 15-day which was introduced in 2002 to improve business communication, presentation and interpersonal skills of the upcoming Chartered Accountants. Completion of the course is a pre-essential for getting enrolment and can be taken during the last 12 months of Articleship, after completing the IPCC examinations. Candidates have to opt for 2 GMCS courses of 15 days (compulsory). The 1st 15-day GMCS Course is should be completed in the 1st year of articleship and the 2nd 15-day GMCS Course should be completed after completion of 18 months of articleship before completing the Articleship Training.

Advanced Information Technology Training (Advanced ITT) should be done during third year of articleship before appearing in Final Examination for students registered on or after February 1, 2013 only. Students who commenced their articleship on or after February 1, 2013 and are eligible to appear in November, 2015 Examination has to undergo this training.

Enrol as a member of the ICAI and be designate as “Chartered Accountant”.

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