Chartered Accountant is one of the most reputed professional courses in India. CA is generally opted as a career by students belonging to commerce stream. Though students from arts and science background can also go in for this course, it can be a little challenging for them.
Chartered Accountancy is a promising, rewarding but simultaneously a demanding career prospect. In order to become a CA, you need to put your heart and soul in the preparation. Chartered accountancy course is no doubt is a time-consuming course but once you get through it, you will have great future prospects either in terms of job or you may try and start your own practice.
In order to become a chartered accountant in India, ICAI (Institute of Chartered Accountants of India) is a premier accountancy body that regulates, Education and Examination of the Chartered Accountancy Course. ICAI is a member body of IFAC( International Federation of Accountants) and has to act in accordance with the International Education Standards [IES 1 to IES 8]. From July 1, 2017, there has been a shift from “input-based” to “outcome-based” approach and accordingly, the scheme of education has been designed and implemented.
There are 2 Ways to Become Chartered Accountant in India
1. Foundation course route
2. Direct entry route
Basically, the foundation course route is for 12th pass students and Direct Entry Scheme is for graduates, to know more about these two schemes in details keep reading this guide.
1) Foundation Course Route
This is an entry route into the CA Course for 12th passed student or for those who have appeared for class 12 examination. This route involves the division of CA Course into four steps or exams, qualifying each step or exam makes you eligible to appear in next and brings you closer to your dream of becoming a chartered accountant in India. If you manage to clear all the steps in the first step then you can become a chartered accountant in India in 4.5 Years.
The four steps to becoming a CA are as follows:
1. CA Foundation
2. CA Intermediate
3. Articleship Training of three year
4. CA Final
These were the four important levels in the process of becoming a CA. Now, we will discuss the detail process that needs to be done in order to start with the course.
● First of all, you need to Register with the Board of Studies (BoS) after appearing in Class XII examination.
● At least Complete four months study period before appearing in Foundation exam.
● Qualify Class XII examination (if not done earlier).
● ICAI conducts Foundation examination twice in a year in the month of November/May, you can appear for the foundation exam in any of the mentioned attempts after passing 10+2 Examination.
● Qualify the Foundation Course.
● Now, Register with the BoS for the Intermediate Course (second level).
● Complete at least 8 months of study course.
● Appear and Pass in either or both the Groups of Intermediate Course.
● Successfully complete Four Weeks of Integrated Course on Information Technology and Soft Skills (ICITSS) any time after registering for Intermediate Course but before the commencement of the Practical Training (Articleship).
● Register for Three Year Practical Training on passing either or both the Groups of the 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.
Above we have discussed the important steps you need to follow in order to pursue Chartered Accountancy Course through Foundation course route.
Tip- If you have just finished your schooling and want to pursue the dream of becoming a CA, you must join the best among various CA institutes of India.
Now, we will discuss the direct entry route of CA course.
2) Direct Entry Route
The ICAI has provision for direct entry to the CA Course i.e., without appearing in the CA foundation exam and direct entry to the intermediate course, for the following candidates.
A. Commerce Graduates/Post-Graduates (with minimum 55% marks) or Other Graduates/Post-Graduates belonging to streams other than commerce (with minimum 60% marks) and
B. Intermediate level passed candidates of Institute of Cost Accountants of India and Institute of Company Secretaries of India.
Candidates who are in the final year of graduation course can also register for the Intermediate course but on a provisional basis, such students registration will be regularized and they can start their articleship only after submission of satisfactory proof of having passed the graduation exam with the required percentage of marks. During the registration period, a candidate can undergo ICITSS (Orientation Course and Information Technology). If a candidate fails to produce proof within the previously described time, his provisional registration shall be canceled, and the fees paid by the candidate shall not be refunded.
Steps under Direct Entry Scheme for the candidates are as follows
a. Eligible Graduates and Post Graduates need to…
● First, register with the BOS for the Intermediate course (provisional registration is allowed for the students doing Final year of graduation).
● After that, successfully complete Four Weeks ICITSS before the commencement of the Articleship.
● Register for Three Year of Practical Training (Articleship)
● Appear in Intermediate Examination after Nine months of Articleship
● Qualify the Intermediate Exam
● Now, register for the Final Course after qualifying both Groups of Intermediate Course.
● Successfully complete Four Weeks AICITSS during the last two year of your Practical Training but before appearing for the Final Examination.
● You can appear in Final examination during the last six months of practical training.
Complete Practical Training.
● You need to qualify both groups of Final Course in order to become a Member
b. Students who have passed Intermediate level examination of the Institute of Company Secretaries of India or the Institute of Cost Accountants of India are required to…
● Register with the BoS for the Intermediate Examination.
● Complete at least 8 months of study course.
● Appear and Pass in either or both Groups of Intermediate Course.
● Successfully complete Four Weeks of ICITSS anytime after registering for Intermediate Course but before the commencement of the Practical Training (Articleship)
● Register for Three Years Practical Training on passing either or both the Groups of Intermediate Exam.
● You can register for the Final Course after qualifying both the Groups of Intermediate Course.
● Successfully complete Four Weeks AICITSS during the last two years of Practical Training but before appearing in the Final Examination.
● Can appear for the Final Examination during the last six months of Practical Training
● Complete the Practical Training, Qualify for both the groups of Final Course and become a member.
So, above we have discussed the complete detail of the route and process through which you can become a qualified Chartered accountant professional in India. So if you have just finished your school and have always dream of becoming a chartered accountant go for the foundation course route and if you have finished your undergraduate or post graduation and now you are thinking of becoming a CA go for the direct entry scheme.
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