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Home >> Chartered Accountant (CA)
Chartered Accountant (CA)
Chartered Accountancy is one of much sought out careers among accounts students. A Chartered Accountant deals with taxation, business law, corporate law, auditing, accounting, corporate finance, etc.
The Institute of Chartered Accountants of India [ICAI] is authorised to regulate and conduct CA course. The Institute was established in 1949 under the Chartered Accountants Act, 1949 and is governed by a Council in accordance with the Chartered Accountants Regulations, 1988.
A Chartered Accountant is a member of the Institute of Chartered Accountant of India [ICAI] who passes CA exams and fulfill other conditions.
Eligibility:
Any student appearing or passed 10+2 or Senior Secondary Examination can register for CA exam.
CA programme is divided into three sections apart from IT training and practical training:
* Competency Professional Test (CPT),
* Professional Competency Course (PCC) and
* Final Examination
Common Proficiency Test (CPT):
CPT is entry level test for Chartered Accountancy Course and includes four subjects:
- Accounting,
- Mercantile Laws,
- General Economics
- Quantitative Aptitude.
It is an objective type test with negative marking. Candidate has to fill and submit application form available in the Prospectus alongwith fees in Regional Office of the Institute.
At present, CPT examination is being held twice in a year i.e., in June & December. The qualifying mark is 50%. After passing CPT and 10+2 examination or equivalent, a student can join the Chartered Accountancy Course which is divided into two levels:
* Professional Competence Course
* Final Course
There is a concurrent articled training of 3 years or equivalent audit training. Eight months of service as an audit assistant shall be reckoned as six months of articled training. Also, a student is allowed to undergo partly articled training and partly audit training. Any fraction of a period less than eight months as audit assistant will be ignored.
After passing CPT and 10+2 standard examination as stated above, a student has to take admission to Professional Competence Course and concurrently register for articled/audit training.
Professional Competence Course (PCC):
* A student who has passed Common Proficiency Test (CPT) and Senior Secondary Examination (10+2 examination) or equivalent may join the Professional Competence Course
* Simultaneously, the student will also register for practical training of 3 ½ years
* In addition, a student has to register and undergo 100 Hours Information Technology Training
A student is required to apply in the prescribed forms for registration of PCC, ITT and Form No. 103
available along with the prospectus Regional Office of the Institute.
Subjects in PCC:
Professional Competence Course
Group I
Advanced Accounting (100 marks)
Auditing and Assurance (100 marks)
Law, Ethics and Communication
Part I: Law (60 marks)
Business Laws (30 marks)
Company Law (30 marks)
Part II: Business Ethics (20 marks)
Part III: Business Communication (20 marks)
Group II
Cost Accounting and Financial Management
Part I: Cost Accounting (50 marks)
Part II: Financial Management (50 marks)
Taxation
Part I: Income – tax (75 marks)
Part II: Service Tax and VAT (25 marks)
Information Technology and Strategic Management
Section A: Information Technology (50 marks)
While studying PCC a student has to pursue a course on 100 Hours Information Technology TRAINING (ITT). The ITT training would be provided in the ICAI computer labs located in different parts of the
country.
Final Examination:
A PCC (earlier known as Professional Education (Examination – II)) passed student can appear in the Final examination during the last 12 months of his articled training. Such a student should be in service and serving the last 12 months as on 1st May or 1st November, as the case may be, for appearing in the Final Examination to be held in May and November respectively.
Subjects for Final Course:
Group I
Advanced Accounting
Management Accounting & Financial Analysis
Advanced Auditing
Corporate Laws & Secretarial Practice
Group II
Cost Management
Management Information and Control Systems
Direct Taxes
Indirect Taxes
Practical Training:
Practical training provides an opportunity to students to acquire on the job work experience of a professional nature. He learns the skill of profession while working with a practicing Chartered Accountant and also works as a Industrial trainee for about one year in an approved industrial establishment during the last year of practical training. Students of Final Chartered Accountancy course are eligible for industrial training.
Membership:
After qualifying the Final Examination of Chartered Accountants, student becomes eligible for admission as a member of the Institute. Such a person is, thereafter, recognized as “Associate Member” of the Institute.
A person who is an Associate Member and is in continuous practice for minimum five years and possesses the experience prescribed is entitled for “Fellow Membership”.
A member keen of practicing as a Chartered Accountant is required to obtain a Certificate of Practice from the Institute.
Website for more detail: www.icai.org