CHARTERED ACCOUNTANCY COURSE IN INDIA
Few years back there was this news spread in the market that Chartered Accountancy Course was chosen to be the toughest course among all courses like BE, IAS, IPS entered in the Guinness Book of World Records on 13th May 2010. However, no evidence was available to confirm. If you really want to know the truth of the statement, only a member who has successfully achieved the degree of being a Chartered Accountant (CA) can confirm the fact of the statement.
Hard work, dedication and patience are the three keys to Chartered Accountancy. So if you have made up your mind to go ahead on this CA course, this page will answer all the questions.
The Institute of Chartered Accountants of India (ICAI) is the governing body established on 1st July 1949. 66 years of this body has given more than 2,20,000 qualified CAs with more than 8,00,000 students being enrolled.
The course was earlier bifurcated into 3 levels, viz., Professional Examination – I (PE-I), PE-II and Finals. The students were required to pass PE-II before registering for practical training (PT) under a practicing CA. However, with the new changes, the same has now been modified. There are 2 routes to begin with the CA course, viz., CPT route and Direct Entry Route. Let us now discuss the both the routes in detail.
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CPT (Common Proficiency Test) Route
- The first step is to get registered for Common Proficiency Course with the ICAI after passing class 10th
- Once who have completed the specified period (currently 60 days) from the date of registration and appeared for 10+2 examination, you can appear for the CPT examination which is held twice in a calendar year generally June and December.
- After clearing CPT examination, you can proceed with the next level i.e. Integrated Professional Competence (IPC) Course. You can either enroll for Group I or both groups.
- You also need to complete orientation course of 35 hours and 100 hours of Information Technology Training (ITT) before registering for PT.
Please note that from the following stages onwards, the process would remain the same for candidates who have passed Intermediate level examination of The Institute of Company Secretaries of India (ICSI) and The Institute of Cost Accountants of India.
- After completing 8 months of study course as on the first day of the month in which the examination is to be held, you can appear for IPC examination. IPC examinations are held twice in a calendar year generally in May and November.
- The main condition to be satisfied for joining PT under a practicing CA is to clear Group I or both groups. So once you clear Group I or both groups, you can proceed for PT which is of 3 years during which you can clear Group II (if not cleared in first attempt).
- During first year of your PT, you are required to complete 15 days of First General Management and Communication Skills (GMCS) course.
- Second GMCS course is required to be completed after completing 18 months of PT but before completion of full PT.
- The next level of examination after IPC is Finals. After clearing IPC examinations (both Groups), you proceed with registration for CA Final Course.
- Before appearing for CA Final examination, you need to complete Advance Information Technology Training during the last year of PT.
- CA Final examination is held twice in a calendar year generally in May and November. You can either appear for Finals after completion of three years or while serving last six months of PT on or before the last day of the month preceding month in which the examination is to be held.
Once you have cleared both Groups of CA Final examination and enrolled yourself as a member of ICAI, only then you are entitled to add ‘Chartered Accountant’ as a prefix before you name.
Direct Entry Route
- In this route, Graduates or post-graduates from Commerce stream with 55% marks or with 60% marks from streams other than commerce can enroll with ICAI for IPC course for both groups.
- Complete 35 hours of orientation course and 100 hours of IT Training and then register for 3 years of PT post which you can appear for General Management and Communication Skills- I (GMCS) course.
- The next level is appearing for IPC examination. However, you are eligible for IPC examination only after nine months of PT and eight months of Study Course simultaneously from the date of registration for IPC course.
- Once you have cleared both groups of IPC examination, you proceed with registration for CA Final examination.
- You need to undergo GMCS- II after completing 18 months of PT but before completion of 3 years period of PT.
- The last level of training that you are required to undergo before appearing CA Final examination is Advance IT training to be completed during the last year of PT.
- You can appear for CA Final examination either after three years of PT or during last six months of training period on or before last day of the month preceding the month in which examination is to be held.
- Lastly, clear CA final both groups, complete three years of PT and you are now eligible to become a member of ICAI.