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Full form of ICAI | Full Form of IPCC

Update on 13 Oct, 22

5 minutes read

Full form of ICAI | Full Form of IPCC

Full form of ICAI and IPCC:

Full form of ICAI: The full form of ICAI is the Institute of Chartered Accountants of India, it is a statutory body formed by Parliament's Act to govern the profession of Chartered Accountants in India. It works under the administrative control of the Government of India's Ministry of Corporate Affairs.

Institute of Chartered Accountants of India Is the second largest professional body of Chartered Accountants Worldwide and has always had a strong tradition of public service to the Indian economy. It has gained considerable respect as a leading accounting body for upholding the highest standards in professional and ethical fields, both domestically and internationally. ICAI also upholds strict standards for exams and education.

ICAI exams are also called CA tests. It is carried out widely by ICAI with the aim of promoting chartered accountancy in India. Candidates who wish to make their career in this field are expected to register for the ICAI program and must meet all test levels within a prescribed period of time in order to obtain the qualification as a Chartered Accountant.

The levels in Chartered Accountancy courses are as follows:

  • CA - CPT - Chartered/Accountants/Common/Proficiency/Test
  • CA - Foundation
  • Intermediate - Integrated Professional Competence Test
  • Final Examination

The Scope of Chartered Accountants:

Chartered Accountants' range only increased as the years went by. Lets us Understand why Chartered Accountancy is always a good career choice for aspirants.

  1. Chartered Accountants may set up their own practice and, if they do not intend to, will not have to work under another person.
  2. They can apply for employment in existing leading companies.
  3. Skilled Chartered Accountants are favored for government employment, too.
  4. Candidates with ICAI qualifications may also practice in countries such as England, Wales, and Australia.
  5. Chartered Accountants can also operate in the financial and manufacturing industries.

Eligibility Criteria for the ICAI Exam:

The eligibility criteria for the ICAI exam at all levels are given below.

CPT Eligibility:

Below are the CA CPT Exam qualifying requirements.

  • Candidates that have passed from a recognized school/board their 12th standard.
  • Candidates who have registered for CA CPT at least 60 days before the first day of the month in which it is to be held, i.e. on or before 1 April and 1 October, are entitled to undergo the June and December examination, respectively.
  • Graduates or Postgraduates in Commerce with a minimum mark of 55 percent or equivalent in examinations conducted by any recognized university (including Open University).
  • Graduates or postgraduates are exempted from having to pass CA CPT in any other stream with minimum marks of 60 percent or equivalent grade in exams administered by an approved university (including Open University);

The Eligibility for Intermediate (IPC)

  • The Intermediate Exam eligibility criteria are divided into three categories:

Category 1: Candidates who passed their CPT and PE I / Foundation / Entrance Examination /10 + 2 

Category 2: Candidates who have done for the intermediate examination beforehand

Category 3: Direct ENTRY

  1. Candidates who have already registered for an intermediate course / ATC and who have also completed / would complete nine months of practical training(including an eight-month study course).
  2. Candidates who have transitioned from Intermediate / PE-II / PCC / IPCC / CPT to Intermediate (IPC) Course / ATC in this group and who have completed 9 months of practical training as well.
  3. Candidates who have enrolled for an IPC course on the CPT route have not passed an intermediate test and have been transferred to an Intermediate (IPC) course under the Direct Entry Program, starting practical training on or before 31 October 2016.
  4. Eligibility criteria are the same as Graduates / Postgraduates, students passed by the Institute of Cost Accountants of India / Institute of Company Secretaries of India for Intermediate level examination.
  5. Candidates shall ensure that they are enrolled at or are valid for the relevant level(s) of the Intermediate (IPC) Course.
  6. The applicant shall have completed a course of study for a period not less than eight months, as may be defined by the Council for the relevant level(s), and shall be required to provide proof of the same if requested.

Note- The Intermediate course (IPC) registration is valid for a duration of 4 years.

The Eligibility for Final Examination:

Here is the CA Final Examination Eligibility.

  1. Candidates who have passed the Intermediate or Professional Education Exam shall be deemed eligible for application.
  2. Candidates must also have completed 3 years or 3 &1⁄2 years of articulated training as of the date on which they fill out the application form.
  3. In the case of PE-II stream students and PE-II stream students converted to IPCC, the candidate must have served the last twelve months of articulated training including, where appropriate, excess leave. The candidate is due on or before 31st October 2017 to complete 3 years.
  4. In the case of students on the PCC line, the applicant must have completed the last six months of articulated training including excess leave, if any. The candidate is due on or before 30th April 2017 to complete 3 &1⁄2 years.
  5. In the case of intermediate IPCC students, the candidate must have served the last six months of training including, if any, an excess leave. The candidate is due on or before 30th April 2017 to complete 3 years.
  6. For students who have transferred from PE-II to PCC, as well as for students who have transferred from PE-II to PCC and then to IPCC, the applicant must have completed the last twelve months of training including, where appropriate, excess leave. The applicant is due on or before 31st October 2017 to complete an article ship of 3 1⁄2 years.

Note- It is best to re-register for the balance period of training for candidates who have taken termination.

Full form of IPCC:

The full form of IPCC is Integrated Professional Competence Course. It is known to be the CA (Chartered Accountancy) program's second level studies, or second step. The ICAI (Institute of Chartered Accountants of India) administers this program. A candidate is qualified for the final course of chartered accountancy after successfully completing this program

This intermediate curriculum assists the want tobes with the practical understanding of all the core and allied disciplines in the CA curriculum and allows the candidate to take the exam with nine months of training. The CA intermediate exams have restored the IPC exam with an impact from July 2017.

The ICAI Exam made major changes to the synopsis, and the subject outline was also improved. It is away from the collection to go into depth about these improvements. But essentially articulating, the major changes in the syllabus are due almost to rearrangement of certain subjects, as well as some additions and deletions.

Nonetheless, the candidate must heed that they may prefer to try one or both groups of papers when appearing for an exam. That will be part of their decision about whether or not to switch.

Admission and Eligibility Criteria for IPCC

As per the Institute's customs set out, the following are the different routes open to taking up the IPCC Exam. Candidates can enter through the Direct route or through the Common Proficiency Test (CPT) qualification. If you enter directly through the entrance route, you will have to meet the basic criteria that say:

  • Graduates / Postgraduates with aggregate marks (commerce-55%; other 60%)
  • Cleared Intermediate of Cost Accountant Institute or Secretary of Company
  • For Common Proficiency Test (CPT), which will be carried out by ICAI boards themselves & non-graduates who have completed their 12th position in the irrespective stream will appear.

Two modes of entry operate as discussed above. The following steps must be followed in order to eventually appear for the exam:

  1. First and foremost, if someone wishes to participate in either of the above categories, Compulsorily must enroll in Group I or Group II or in all Intermediate Groups (IPC) programs.
  2. Visit the Guidelines presentation (duration: 1 week) coordinated by the Institute itself.
  3. Complete their IT Training (ITT)-100 hours of ICAI training
  4. Completion of 8 months of learning from the date of registration until the first day of the month in which the teaching is performed.
  5. Above all, the Candidate also requires a three-year registration for practical training. While these three years, the former is asked to complete nine months of training to appear in the exam. This argument is only applicable to students who also opt for a direct entry route for graduates/postgraduates.

Career Prospects for IPCC:

After clearing Intermediate Professional Competence Course (IPCC) Group 1, a CA apprentice qualifies as an articulated assistant to earn at least INR 3,000 to INR 4,000 per month on aggregate. What we need to learn is that it is mandatory for any student attempting CA Course to attend these articles days, and hence this is committed to being a training time where this student receives the practical aspects of the career. Hence having a respectable sum is not an aim (unless any of the Big 4's employ them).

Despite that, in case the candidate has passed IPCC Group 1, they can be hired in any field related to the same and surely earn between INR 8,000 to INR 15,000 per month is highly suggested that they complete their CA studies as it will unlock a lot of earning opportunities that is absolutely better than leaving and living on a spare expense. A few years of exertion, hard work, and dedication on their end are the only call.

Including ICAI Bhavans in different cities, tCareer Prospects for IPCChere are some private institutes/coaching centers that are expertise in providing CA-IPCC Excellence training.

Here is a list of India's top 10 CA coaching centers recommended for 2022 as the best ones aimed at making coaching for many chartered accounting program subjects.

  • Academy of Commerce, New Delhi
  • Aldine CA, New Delhi
  • Nahata Professional Academy, Indore
  • Vidya Sagar Career Institute Ltd, Jaipur
  • Mittal Commerce Classes Pvt Ltd, Jaipur
  • Yeshas Academy, Banglore
  • J. K. Shah Classes, Mumbai
  • A. T. Academy, Mumbai
  • Chanakya/Academy for Management & Profession-Studies, Hyderabad
  • Agarwal Classes, Pune

IPCC may be a longer and more challenging journey, but the seeds sown as efforts will reap after a few years and bear fruit in the form of the expertise, knowledge & apt skills needed for a CA Graduate to pay a handful of salaries that are more than worthy of any other degree equivalent to CA. When in case, candidates are about to seek IPCC, make sure they last it with pursuing CA finals so that they can keep the CA career to their fullest.

CONCLUSION:

Dear Students, in this article, we have provided the outer picture of the institutes, Full form of ICAI and IPCC. We hope that this would clear up your concepts regarding the functionality and the working of the Institutes. For more information on such topics, stay tuned with College Disha.

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