How to pursue chartered accountancy in India after Class 12?
Some students are interested in subjects like taxation and accounting. They wish to learn what and how would it be like to audit financial statements, file tax returns, maintain records of investment and carry out an assessment of financial records for a small or large organisation or some individuals. If any of these sound interesting to you, a career in chartered accountancy might be the right fit for you. Let’s find out more about this career option below.
Eligibility criteria
For admission to the CA course after Class 12, students must have at least a 50% aggregate in their Intermediate exams whereas those applying after graduation need a 60% aggregate to apply for the course. Students interested in pursuing chartered accountancy after Class 12 need to register with the Institute of Chartered Accountants of India (ICAI) for appearing in the Common Proficiency Test (CPT), also known as CA Foundation. This 200-marks test assesses an individual's knowledge of accounting, general economics, mercantile laws, and quantitative aptitude, all of which are included in the CPT syllabus.
What are the three different levels of CA programme?
The CA course includes three levels, namely CA Foundation, CA Intermediate and CA Final. After passing the CA Foundation exam, students must complete both the groups of the CA Integrated Professional Competence Course (IPCC), also called CA Intermediate before taking the CA Final Exam. In addition, one must complete articleship, a nine-month practical training programme. The duration of CA course after Class 12 varies from four to four-and-a-half years while for those who pursue it after graduation can do so within three years.
Candidates can apply for articleships and IPCC exams if they have a particular graduation percentage. Students who pursue CA under the Direct Scheme are excluded from taking the CA Foundation Exam and can instead sit for the CA Intermediate Exam. Unlike other undergraduate and postgraduate courses such as a BA/ BSc/ BCom or MA/ MBA/MSc/ MCom available at various private and government universities and colleges, a Chartered Accountancy course through ICAI provides a standalone CA degree with a membership that is considered industry equivalent to any professional or non-professional course pursued by students elsewhere.
What is covered under the IPCC and CA FInal Exams?
Advanced accounting concepts such as business ethics and communication, taxation, costing, advanced accounting, auditing, information technology, insurance and strategic management are some of the subjects covered under the two groups of IPCC Exams. The CA Final or the last level of the chartered accountancy course is the toughest to qualify for most candidates. It comprises testing students’ knowledge on subjects like financial reporting, strategic finance, professional ethics, accountancy, advanced management, among others.
Institutes for chartered accountancy
As mentioned already, the Institute of Chartered Accountants of India (ICAI), New Delhi, is a globally recognised organisation established by the Government of India on July 1, 1949 under the Ministry of Corporate Affairs. It is the only authorised institution in India that awards the certificate of CA degree as well as ICAI membership to those who qualify the final level of chartered accountancy examination.
Career options
Chartered accountants are in huge demand across private and government sector organisations. After completion of the course, they make take up job roles such as internal auditors, tax specialists, asset managers, cost and financial accountants, finance managers, investment bankers and consultants at firms like Deloitte, PwC, KPMC, Grant Thornton, etc.