Update on 12 Jan, 23
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:
Chartered Accountants' range only increased as the years went by. Lets us Understand why Chartered Accountancy is always a good career choice for aspirants.
Eligibility Criteria for the ICAI Exam:
The eligibility criteria for the ICAI exam at all levels are given below.
Below are the CA CPT Exam qualifying requirements.
The Eligibility for Intermediate (IPC)
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
Note- The Intermediate course (IPC) registration is valid for a duration of 4 years.
Here is the CA Final Examination Eligibility.
Note- It is best to re-register for the balance period of training for candidates who have taken termination.
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:
Two modes of entry operate as discussed above. The following steps must be followed in order to eventually appear for the exam:
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 2023 as the best ones aimed at making coaching for many chartered accounting program subjects.
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.
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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