CAs are now equivalent to Post Graduates: How to become a Chartered Accountant

Byhindustantimes.com, Hindustan Times, New Delhi

Mar 18, 2021 11:51 AM IST

Share Via

Copy Link

Chartered accountancy (CA) is one of the toughest, yet most sought-after career choices. Here are the steps to become a CA.

In a major development, the University Grants Commission (UGC) has recently announced that Chartered Accountancy (CA) degree holders will be considered equivalent to Post Graduate degree holders. So, from now on, CAs will be eligible for Ph.D. programmes in all Indian universities, UGC’s National Eligibility Test (NET) and the award of Junior Research Fellowship/ Assistant Professor.

A chartered accountant is a professional who manages financial accounts, budgeting, and taxation (Representational Image).

Broadly speaking, a chartered accountant is a professional who manages financial accounts, budgeting, auditing, business strategy and taxation. As a CA, you can be hired by a company as a tax accountant, auditor, financial or management accountant or a budget analyst. However, you can also work with a Chartered Accountancy firm or run your own consultancy providing financial advice to businesses or individuals.

Chartered accountancy is one of the toughest, yet most sought-after career choices. In order to become a certified in India, candidates are required to qualify in all the examinations conducted by the Institute of Chartered Accountants of India (ICAI), a statutory body for regulating the profession of Chartered Accountancy in the country.

ICAI conducts three levels of examinations for certifying CAs in the country.

• CA Foundation Course examination

• CA Intermediate Examination

• CA Final Examination

CA Foundation Course Examination

The first step towards becoming a CA is to register yourself with Board of Studies (BoS) for ICAI’s Foundation Course. The official website of ICAI provides online registration form for this 4-month course. On completion of the course you have to take the Foundation examination, held twice a year: May and November. However, this year it will be held in June. After qualifying this exam, you are eligible to register for the Intermediate course and exam. Foundation Course registration is valid for 3 years and can be revalidated any number of times for further 3 years. Each paper is of 100 marks and the exam duration is 3 hours.

Eligibility

One can register for CA Foundation after appearing in or clearing class 12 exam conducted by the central or any recognised state board.

Syllabus and Exam Pattern

Foundation Course comprises of four papers, 100 marks each. The duration of each exam is 3 hours. While Paper I & II are subjective, Paper III & IV are objective type. Negative marking for choosing wrong options is there in objective papers.

Paper I: Principles and Practice of Accounting

Paper II: Business Law & Business Correspondence and Reporting

Section A: Business Law (60 Marks)

Section B: Business Correspondence and Reporting (40 Marks)

Paper III: Business Mathematics and Logical Reasoning & Statistics

Part I: Business Mathematics and Logical Reasoning (60 Marks)

Part II: Statistics (40 Marks)

Paper IV: Business Economics & Business and Commercial Knowledge

Part I: Business Economics (60 Marks)

Part II: Business and Commercial Knowledge (40 Marks)

Qualifying Marks

You need to score a minimum of 40 per cent in each paper and a minimum of 50 per cent in aggregate of all papers to qualify the CA Foundation exam.

CA Intermediate Examination

You can register with BoS for the Intermediate Course after successful completion of the Foundation course. However, you can apply directly to this course if you:

• Are a Graduate/ Post Graduate in Commerce and secured a minimum of 55%

• Are a non-commerce Graduate/ Post Graduate who has secured 60% marks.

• Have cleared the Intermediate Level of the Institute of Company Secretaries of India (ICSI) or The Institute of Cost & Works Accountants of India (ICWA)

If you have joined the Intermediate Course via the Foundation route, you need to complete an 8-month study period before appearing for the exam. For direct route entrants, a 9-month practical training or Articleship is mandatory in order to be eligible for the exam. They do not need the 8-month study period. Students under both the categories are required to undergo four weeks of Integrated Course on Information Technology and Soft skills (ICITSS) before the exam.

Syllabus and Exam Pattern

The Intermediate Exam comprises two groups, each consisting of 4 papers. There are a total of 8 papers, 100 marks each. The duration of each exam is 3 hours.

GROUP I

Paper I: Accounting

Paper II: Corporate and Other Law

Part I: CorporateLaws-60 marks

Part II: Other Laws-40 marks

Paper III: Cost and Management Accounting

Paper IV: Taxation

Part A: Income Tax Law-60 marks

Part B: Indirect Tax Laws-40 marks

GROUP II

Paper V: Advanced Accounting

Paper VI: Auditing and Assurance

Paper VII: Enterprise Information System and Strategic Management

Part A: Enterprise Information System-50 marks

Part B: Strategic Management-50 marks

Paper VII: Financial Management and Economics for Finance

Part A: Financial Management-60 marks

Part B: Economics for Finance-40 marks

Qualifying Marks

The minimum qualifying marks for each paper is 40 while the required aggregate is a minimum of 50 marks.

CA Final Examination

After clearing one or both the groups of papers in the Intermediate exam, candidates need to register for 3 years of practical training or Articleship under a CA. They are required to clear all the 8 papers of the Intermediate exam during these 3 years in order to be eligible for the Final CA exam. You can appear for it during the last six months of practical training and after successful completion of the four-week Advanced ICITSS. The registration for this course is valid for 5 years.

Syllabus and Exam Pattern

CA Final exam consists of 8 papers, 100 marks each. These are split into two groups of four papers each. The duration of each exam is 3 hours.

GROUP I

Paper I: Financial Reporting

Paper II: Strategic Financial Management

Paper III: Advanced Auditing and Professional Ethics

Paper IV: Corporate and Economic Laws

Part I: Corporate Laws-70 marks

Part II: Economics Laws-30 marks

GROUP II

Paper V: Strategic Cost Management and Performance Evaluation

Paper VI: Elective Paper (Open Book Exam)