Chartered Accountant (CA)
Updated: Sep 29, 2020
Chartered accountants is an professional accounting body, initially established in Scotland in 1854. Chartered accountant is an designation given to an accounting professional who has received certification from a statutory body ang given to a person who is qualified to deal with company accounts like income tax return filing, maintaining records, preparing and reviewing financial reports and documents. In india ICAI is an organisation who gives certification of being a CA. ICAI ( Institute Of Chartered Accountants of India) is set up by an act of parliament in india . It is established under the Chartered Accountants Act, 1949 .
Levels and Eligibility :-
CPT – Common Proficiency Test is the first level of Chartered Accountancy Examinations in India which has been changed to CA Foundation according to ICAI’S revised scheme.
INTERMEDIATE – (Integrated Professional Competence Examination )
Cpt is an entry level exam for CA , followed by Intermediate and Final Examination. CPT, Intermediate and Final examinaions are conducted twice a year .
Eligibility for taking the Integrated Professional Competence Course Examination
● Before taking the Integrated Professional Competence Examination, the candidate must have qualified cpt.
● A minimum of 55% score is required for graduates/post graduates in commerce whereas other graduates or post graduates require a minimum of 60% to apply for CA.
● Candidates need to register 9 months prior to the exam and then complete a 100 hours of Information Technology Training.
Requirements for the CA Course
The following points need to be checked for becoming a CA
1. Common Proficiency Test needs to be qualified with overall 50% and should get 30% in each subject.
2. Integrated Professional Competence Course needs to be qualified with 50% overall and 40% in each subject.
3. Three years Article ship ( internship is known as articleship in CA ) or training has to be undergone under a Practicing Chartered accountant
4. CA Final exams need to appeared.
When to register for CPT Online:
You have to register 60 days prior the first day of the month in which the exam happens.
Appearing for CPT (Common Proficiency Test )Exam
A Student can appear for the chartered accountant course after 12th class and immediately register and appear for CPT.
Students need to wait for at least a minimum of 60 days post registering for the cpt.
Students can only appear for the exam in the month of June/December exams if they register before 1st April or 1st October.
Chartered Accountancy (CA) Syllabus:
CPT (Common Proficiency Test):
ITT and Orientation:
100 hours of ITT needs to be completed.
Orientation (15 days) and Information Technology training also need to be completed before undertaking the article ship. General Management and Communication Skills (GMCS) – I Course has been merged with the syllabus of Orientation Programme since 2016.
The ITT and Orientation can be completed any time before undertaking the article ship.
IPCC (Integrated Professional Competence Course):
Both groups of IPCC can be appeared for together or Group 1 and Group 2 can be appeared for one after the other separately. To qualify in this exam, you need to secure 40% in each of the subjects and an aggregate of 55% overall.
Registering for Chartered Accountant Article-ship:
Post qualifying IPCC Group 1 exam or both groups` exams, the candidate is eligible for registering for the article-ship under the supervision of a practicing chartered accountant. The period of article-ship is for 3 years.
When to appear for CA Final Course:
Students need to appear for the Chartered Accountancy Final examination during the last six months of their ongoing article-ship and pass the CA final exams of both the groups. To qualify in the CA exams, you need to get 40% in each of the subjects and an aggregate of 50%.
FC (Final Course):
Enrolling as a Member:
Post all the examinations, when you successfully enroll yourself as a professional chartered accountant, you are all set and will be bestowed with the title of a “Chartered Accountant”.
Latest CA Course Duration:
The council has taken the decision of reducing the chartered accountant course duration from 5 years 3 months to 3.5 years.
Advantages and Disadvantages of CA Job
● Returns Start Coming Early: MNC’s offers good salary packages to qualified CA’s, therefore, making a good option at the starting stage of the profession.
● Zero investment: You don’t require any of the working capital for settling an office so investment is not applicable
● Career Growth: If you have chosen good field/ area or well-renowned company for the employment definitely you would get good potential growth
● No Networking Required: You don’t require to make network or great communication skills but you would get the fees/ stipend
Read Also: Payable Salary of CA (Chartered Accountants) in India
CA Job Disadvantages
● No Authority: If you chose employment under CA, you don’t get authority of signing power/attesting
● Under-Utilization: You are limited to a particular field or subject area, which dissolves your hard work over complete studies done in your professional course.
● Slow Growth: Your Career Growth is restricted to a particular field or area and the fluctuation seems to be only seasonal.
● Less Freedom: Until unless a person works in his own business, there is no freedom for him
List of Advantages and Disadvantages of CA Practice
Advantages of CA Practice
● Potential Growth: Definitely there is a potential growth for the long-term as a practicing CA will be building a network of clients
● Satisfaction: A higher level of satisfaction attainment under the CA practice and the most important part is that you can establish your own institution
● Social Status: You gained great reputation and respect from the society Professional Reputation & respect from the society
● Versatile: Here You get in touch with every subject of Chartered not constrained to a particular field
● Full Freedom: Under CA’s practice, individuals have no need to take permission from HR for leaves. They can easily spend quality time with friends and family members
Disadvantages of CA Practice
● Start From the Zero: Initially you have to start from the zero level, it takes some time to create good contract/ deals clients so here you require a higher level of patience
● Higher Level of Risk: To start any business/ institution there is a higher level of risk as every CA must hold the risk-taking ability
● Managing Skills: Enthusiasts Chartered Accountants must have the capability to manage various tasks/ activities but not constrained to a one field