A Career as a Chartered accountant.

For all students wishing to take up Chartered accountancy as a profession, here is short guide about the course.

The Indian Chartered Accountancy Course is the membership qualification course offered by the Institute of Chartered Accountants of India (ICAI). Any person who wants become a member of ICAI and designate himself as a Chartered Accountant in India has to pass this course.

When asked on why to choose CA as a career option Mr. Ravindra Patel, Senior Manager Commercial, Future Supply Chain Solutions Ltd said, “In my early college days , I was good in Accounts and Math. I use to like these subjects which end up in me taking CA course after my graduation”

This course is an optimum blend of practical and theoretical education. It consists of three levels of examinations and three years of practical training under a practicing Chartered Accountant. The Chartered Accountancy course is considered to be one of the rigorous professional courses in India but not difficult if one puts his fullest efforts.

Shriya Somani a C.A in building replied, “When you enter the commerce field, there are many career options you can choose after your 12Th, it gets difficult to decide which profession you should choose as you are still unaware of your interests and capabilities. I chose CA as my career option as I was mainly interested in accountancy and taxation.’

It is said that Chartered Accountants display exceptional thinking and a superior grasp of business that truly marks them as unique in the marketplace. They work at some of the highest levels in business as chief financial officers, CEO’s, senior managers and partners of some of the world’s largest organizations.

“Perseverance, Proficiency and Dedication” are three most important traits for a student who aspires to become a CA says Uma Mayekar another CA in Making. She also advises students wishing to take up this profession to be positive and hard working throughout the course.

When asked about the scope of the profession Mr. Patel said, “In all Industries/ business, you need one person called accountant. So there is no restriction for a person perusing CA as far as job market is concern. This profession gives you better chances in getting jobs in the job market.”

The course comprises of three levels of examination: 1. CPT, 2. IPCC and 3. Final C.A and the Articleship period.

1. 1.    CPT

The CPT or Common Proficiency Test is the first level of Chartered Accountancy examinations. A person can register for CPT after completing Grade 10 and take the exam after completing High School (Grade 12). It is an objective type examination and consists of 200 multiple choice questions. CPT covers four basic subjects divided into two sections viz.

1. Fundamentals of Accounting (60 Marks) + Mercantile Laws (40 Marks) and
2. Economics (50 Marks) + Quantitative Aptitude (50 Marks). Every incorrect answer on the CPT exam carries a 0.25 negative mark.

A candidate is required to secure a minimum of 30 per cent marks in each Section and a minimum of 50 per cent marks in aggregate in all the four Sections to pass the Common Proficiency Test. CPT exams are held in June and December in paper pencil mode. On-line CPT exams are also conducted periodically. But with effect from 3rd Aug 2012 CPT is exempted for the Graduates, Post Graduates and the students having equivalent degrees. Commerce graduates with 55% and other graduates with 60% can take direct admission for IPCC.

1. 2.    IPCC:

In order to develop a strong theoretical base, students of Intermediate (IPC) Course, who have registered through CPT route or Intermediate level examination passed students of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India, are required to undergo eight months study course before appearing for the first time in the Intermediate (IPC) Examination. Since proper understanding of the modern world necessitates knowledge of present day technology and skills, students are imparted 100 hours Information Technology Training (ITT) and have to undergo 35 hours Orientation Programme before joining for the practical training. It is to be noted that such students can join practical training practical training only after passing Group I/ Both Groups of Intermediate (IPC) course. Simply passing Group II of Intermediate (IPC) course is not sufficient.

Six subjects and Seven Papers of study in Intermediate (IPC) Course are –

Group I

Paper 1: Accounting (100 marks)

Paper 2: Business Laws, Ethics and Communication (100 marks)

Part I: Business Laws (60 marks) comprising, Business Laws (30 marks) Company Law (30 marks)

Part II: Ethics (20 marks)

Part III: Communication (20 marks)

Paper 3: Cost Accounting and Financial Management (100 marks) Part I: Cost Accounting (50 marks)

Part II: Financial Management (50 marks) Paper 4: Taxation (100 marks)

Part I: Income-tax (50 marks)

Part II: Service Tax (25 marks) and

VAT (25 marks)

Group II

Paper 5: Advanced Accounting (100 marks) Paper 6: Auditing and Assurance (100 marks)

Paper 7: Information Technology and Strategic Management (100 marks) Section A: Information Technology (50 marks)

Section B: Strategic Management (50 marks)

The level of knowledge expected of students in the above subjects is ‘working knowledge’. Accounting

1. 3.    Articleship and industrial training

After passing Group – I of IPCC or candidate through direct entry after completing U.G or P.G, a candidate must undergo a rigorous 3 year on-the-job training as article or audit assistant, articleship. Only members in practice are entitled to engage

4. Final C.A

C.A Final Examination is the last and final level of Chartered Accountancy Examinations. Any person who has passed both the groups of IPCC, during the last six months of articleship can take the Final Examination.

This exam consists of two groups of four subjects each viz. Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate and Allied Laws, Advanced Management Accounting, Information Systems Control and Audit, Direct Tax Laws and Indirect Tax Laws. A passing grade is awarded if the candidate obtains 40% marks in each subject and 50% in the aggregate in each group.

ICAI conducts CPT exams in June and December, IPCC and Final examinations in May and November each year. Examinations are conducted in major cities in India and other countries such as Abu Dhabi(U.A.E.), Dubai (U.A.E.) and Kathmandu (Nepal). ICAI updates content and format of examinations periodically in keeping with technical progress and changes in practice of the profession. The ICAI last revised its training course for membership in 2008 for the final year.

“After you have completed the course you have to give a lot of thought to what you want to do” advises Mr. Patel. “You can either practice as a CA or enter Industry and work in Departments like Finance, Accounts, Commercial or Audit. In case, you have to start your own practice, then according to me, you should start your journey from small and medium firm to get knowledge of tax, accounts, audits etc” he says.

Shriya Somani advises students to make up his/her mind before entering this course or else it is a huge wastage of time and money. “CA journals issued by the ICAI should be read and student needs to be updated with the recent amendments which are very essential for personal growth and awareness.”

When asked about the sort of working life a student can expect after a completing the course, Mr. Patel answered, that “this course is very easy to enter but difficult to complete, once completed the life of any professional CA is difficult and hard working. You keep on growing in terms of salary and designation if you are good and similarly you get more and more responsibilities. Maintaining the balance between profession and personal life is very important.”