All you need to know about CA is here:
What is CA?
Chartered Accountant is a designation that is given to a professional of accounting who has received certification from a statutory body after clearing exam.
To become a certified Chartered Accountant, a candidate is required to complete three levels of training that are designed by the Institute of Chartered Accountants of India (ICAI). It is only after qualifying all the three levels that the candidate will be given the designation of a CA. The ICAI is a statutory body which is responsible for regulating and maintaining the profession of chartered accountancy in India. The course of Chartered Accountancy is completed in roughly five years.
Course Details and CA Exams
CA exams that a student has to give in order to receive the designation of a CA are given below. Only when the candidate has qualified all these exams is he/ she considered a Chartered Accountant and gets authenticated as the same. The exams of CA are:
- CPT (Common Proficiency Test)
- IPCC (Integrated Professional Competence Course)
- FC (Final course)
The CA eligibility criteria are decided by the ICAI and are helpful in determining if the candidate has the qualifications that will assist him/ her in the profession in future. The eligibility of Chartered Accountancy is given below.
- Candidates are eligible for Chartered Accountant CPT registration after class 10 but they will be able to appear for it only after passing class 12.
- Students of commerce, science as well as arts stream can apply for CPT.
- Students of Commerce stream need to secure 50% aggregate marks in Class 12 exams in order to be eligible for CPT.
- Students of all other streams need to score an aggregate of 55% excluding Mathematics and 60% including Mathematics in Class 12 board exams.
- On clearing the CPT exam successfully, candidates become the member of Indian Chartered Accountants Institute (ICAI) – the exam and course conducting body for all CAs in India.
How to become a CA?
Candidates who wish to know how to become a CA can find the steps in detail here. It must be noted that each of these steps is extremely important.
1. Requirements for Accounting Technician Course (ATC):
- After clearing the Chartered Accountant CPT, candidates have to enrol for the ATC. The same can be done after clearing 10+2
- Candidates who have already cleared Entrance Examination or Professional Education (Examination-I) or Foundation Examination will be eligible to register for ATC.
- Candidates who had formerly registered for Intermediate/ Intermediate (Professional Competence) programme/ Professional Education (Course-II) can enrol for ATC.
2. Apply for IPCC:
- Candidates must have scored at least 100 out of 200 marks in CPT after class 12 in order to apply for IPCC programme.
- Registration for IPCC must be dome nine months before the first day of the month in which the exam will be conducted.
- The courses comprise 7 subjects, each worth 100 marks. In order to clear the course, you will have to score at least 40 marks in each subject and an aggregate of 50% or above.
- Scoring 60 marks and above in any subject will exempt you from reappearing for that particular subject in case you fail the course and plan to give the exams again.
3. Articleship in CA:
After clearing the IPCC, you will have to do an internship of 3 years under a certified CA. The articleship is an opportunity to learn how accountancy is handled under an experienced Chartered Accountant.
4. Final Course:
During the last six months of your 3-year article-ship, you can appear for the final course exams. Once you have cleared the final course, you will be awarded the designation of Chartered Accountant.
CA Salary and CA Job Prospects
CA.s are in great demand within auditing firms, banks, finance companies, stockbroking firms, legal firms, etc. Salary options are not bright during articles but candidates can expect a good salary after completing the course.
The average starting salary of a CA varies from Rs. 4 to 6 lakh per annum after completing the final course. The salary of a CA depends on the city and company he/ she gets employed with.