What is Chartered Accountancy?
Chartered Accountant is a designation given to an accounting professional who has received certification from a statutory body that he/she is qualified to take care of the matters related accounting and taxation of a business, like file tax returns, audit financial statements and business practices, maintaining records of investments, preparing and reviewing financial reports and documents. A Chartered Accountant is also qualified to offer advisory services to clients which include companies and individuals.
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Becoming a certified Chartered Accountant requires completing three levels of training designed by the Institute of Chartered Accountants of India (ICAI). The ICAI, is a statutory body which regulates and maintains the profession of chartered accountancy in India
Under the Scheme of Education and Training, a candidate can pursue Chartered Accountancy Course either through Foundation Course Route or Direct Entry Route.
Foundation course is the entry point into the course after Class XII, while Direct Entry is for those who have completed Graduation.
About ICAI Exam
In India, the Institute of Chartered Accountants of India (ICAI), conducts CA exams and certifies a candidate as a qualified Chartered Accountant on successful completion of the three-level course.
Examinations conducted are:
- Foundation
- Intermediate Examination
- Final Examination
Foundation is the entry level exam for CA course, followed by Foundation ,Intermediate and Final examination. are conducted twice a year, in May and November.
Process to become a certified Chartered Accountant
Steps under Foundation Route entry
- Register with ICAI after appearing in or clearing Class XII examination.
- Complete SIX months study period .
- Appear for Foundation examination in November/May.
- Qualify Foundation Course
- Register with the ICAI for the Intermediate Course
- Complete 8 months of study course
- Appear and pass in either or both groups of Intermediate Course
- Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) any time after registering for Intermediate Course but before commencement of the Practical Training
- Register for Three Years Practical Training on passing either or both the Groups of Intermediate Course
- Register for the Final Course after qualifying both the Groups of Intermediate Course
- Successfully complete Four Weeks Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) during the last two years of Practical Training but before appearing for Final Examination
- Appear in Final examination during last six months of practical training
- Complete Practical Training
- Qualify both groups of Final Course
- Become a member
CA Eligibility Criteria
To become a Chartered Accountant, the candidate has to go through a process of training and exams as various levels, conducted by the Institute of Chartered Accountants of India (ICAI).
Eligibility criteria for Foundation Route:
- The candidate must have passed Class XII and completed four months of study period to be able to appear for Foundation examination.
- The candidate needs to register with ICAI for SIX months of study period
Eligibility criteria for Direct Entry Route:
For direct entry to Intermediate course, the candidate must be:
- Commerce Graduates/Post-Graduates (with minimum 55% marks) or Other Graduates/Post-Graduates (with minimum 60% marks) from a recognized university (including Open University)
- Intermediate level passed candidates of Institute of Company Secretaries of India (ICSI) and Institute of Cost Accountants of India (ICAI)
The CA course is divided into three levels: Foundation Level, Intermediate Level and Final Level. Below are the papers covered at each level and marking schemes (officially known as skill assessment) of education and training at all levels of CA courses:
The CA course is divided into three levels: Foundation Level, Intermediate Level and Final Level. Below are the papers covered at each level and marking schemes (officially known as skill assessment) of education and training at all levels of CA courses:
Papers of Foundation course
Paper per
|
Name Name
|
Paper 1
|
Principles and Practice of Accounting
|
Paper 2
|
Business Laws & Business Correspondence and Reporting
|
Section A: Business Laws
Section B: Business Correspondence and Reporting
|
Paper 3
|
Business Mathematics and Logical Reasoning & Statistics
|
Part 1: Business Mathematics and Logical Reasoning
Part 2: Statistics
|
Paper 4
|
Business Economics & Business and Commercial Knowledge
|
Part 1: Business Economics
Part 2: Business and Commercial Knowledge
|
Skill Assessment Foundation Course – marking scheme
Paper
|
Lev Level I: Comprehension & Knowledge
|
Level II: Application Level
|
1
|
Principles and Practice of Accounting
|
5%-20%
|
80%-95%
|
2A
|
Business Laws
|
50%-65%
|
35%-50%
|
2B
|
Business Correspondence and Reporting
|
100%
|
-
|
3
|
Business Mathematics and Logical Reasoning & Statistics
|
-
|
100%
|
4I
|
Business Economics
|
40%-50%
|
50%-60%
|
4II
|
Business and Commercial Knowledge
|
100%
|
|