Chartered Accountancy (CA) Course After 12th

If you have completed your 12th standard with your base as commerce, then you can commence your career as a chartered accountant. Chartered Accountancy is one of the most reputed and toughest courses in the commerce stream. However, some students are afraid of attempting such a course witnessing its long duration. For deserving and intellectual students, it is a saga that Chartered Accountancy has a very long duration relating to other professional courses. The time duration to pursue a  Chartered Accountancy course increases with the number of attempts a candidate takes. The courses of CA is completed in three levels

➣CPT (Common Proficiency Test)

➣IPCC (Integrated Professional Competence Course)

➣CA Final Course

There is no doubt on the fact that the profession of chartered accountancy is financially rewarding and challenging at the same time. In our content, we will discuss with the readers the eligibility criteria, further studies & courses, career prospects, and job opportunities. In India, CA is conducted and students are trained by ICAI ( Institute of Chartered Accountants of India).

If anyone wants to attain a qualification in CA, he/she has to complete the training and get registered by ICAI. It is mandatory to renew membership every year. Let’s now talk about the functionality of CA and the work he/ she does ;

The primary work of CA is to deal with auditing, accounting, and finance management.  However, depending upon specialization, they may experiment in other areas too, like- Law, risk assessment, Investment banking etc.

Eligibility criteria
  • Students who have passed their higher secondary exams (10+2) from any stream ( science, commerce, arts) are eligible for CA course.
  • Graduates or postgraduates who have successfully completed their course are also eligible for chartered accountant course.
  • Bachelor’s degree holder can also pursue CA course.
  • Students with a commerce background will find it easy to pursue a CA course because of the fact that has a background of economics and finance. As discussed earlier CA is divided into three levels. let’s discuss them in details ;
CA is completed in three levels
    • CPT (Common Proficiency Test) -
    • IPCC (Integrated Professional Competence Course) -
    • CA Final Course -

IPT is the entry level test. IPCC is the primary stage of general education and Final course is the final stage of intellectual education. A candidate can only become a chartered accountant after completing the three courses. There are no conventional colleges (like in case of other professional courses) that offer the CA course.

Mode of Admission

If you want to enroll for the CA course, you must apply online, pay the fees and prepare yourself via the ‘correspondence’ mode. You can also take coaching and training which is being provided by various institutes or individual tutors. The total duration of the complete whole course depends on one’s aptitude. Usually, this course could be shrouded in 5 years.

Details of Course

Duration

CA Foundation

4 Months study period

Waiting Period of CA Foundation Result

2 Months

CA Intermediate

8 Months study period

Waiting Period of CA Intermediate Result (Complete ITT and OT during such period)

2 ½ Months

Articleship Training (appear in CA Final while completing the last six months of Articleship)

3 Years


1. CPT:

(CPT) which is generally known as the Common Proficiency Test is designed in the guide of entry-level test for engineering, medical and other professional courses. The time duration of this test is of 4 hours which comprises of two sessions of 2 hours each.  

The examination includes objective type questions with negative marking for choosing incorrect answers. CPT syllabus include the following subjects-

  • Fundamentals of Accounting
  • Mercantile Laws
  • General Economics
  • Quantitative Aptitude

Note (CPT Exemption Rule): Scholars who are Graduates/ Post Graduates in Commerce having acquired in aggregate at least 55% of the total or its equivalent by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting or other than those coming under Commerce stream having secured in aggregate at least  60% of the total marks or its equivalent grade in the examination conducted by any recognized University (including Open University) and Candidates who have passed the Intermediate level examination conducted by The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India are released from passing Common Proficiency Test (CPT). These students can directly register to the Intermediate (IPCC) Course, which is the first stage of professional education.

2. IPCC:

It is the initial stage of theoretical education in CA course. This level converges on academic knowledge about subjects related to accounting. This course is accompanied by a preparation session consisting of (articles) and final course.

The subjects in IPCC syllabus are as follows -
  • Accounting
  • Business Laws, Ethics and Communication
  • Cost Accounting and Financial Management
  • Taxation
  • Advanced Accounting
  • Auditing and Assurance
  • Information Technology and Strategic Management

Students who are trailing the Final year Graduation Course can also register for the Intermediate (Integrated Professional Competence) Course on provisional basis and such students, enrollment would be regularised and they can initiate articled training only on docility of competent proof of having passed the Graduation examination with the particularized percentile of marks within six months from the date of appearance in the final year of graduation.

  • The candidate also has to fulfil 35 hours of familiarization program.
  • The candidate has to complete 100 hours of ITT (Information Technology Training) which consists of computer knowledge, MS Office programs, ICAI CA software, E Filing, Web Technology, Accounting package, project work etc.

After completing these terms, the candidate will have a join 3 year long practical training at an accountancy firm which is also considered as “articles”. During this while, a candidate is given allowance through this training program. The candidate also has to focus on two more courses; general management and communication skills.

After going through above-mentioned stages and completing them, a candidate then has to join 3 years long practical training at an auditing firm or accountancy firm. This practical training is known as ‘articleship’. A candidate is entitled to a stipend while he/she is going through this training program. During practical training, a candidate also has to complete two courses on General Management and Communication Skills.

When the candidates qualify these two groups of IPCC and finish the training program, he can join the final CA course.

3. FINAL COURSE:

The final course is also counted as the last leg of chartered accountancy. This course is designed to impart expert knowledge in financial reporting, auditing, and professional ethics, taxation, corporate laws, system control, strategic finance, and advanced management accountancy. Interested applicants should know that practical knowledge is given much importance in this field.

Syllabus-
  • Financial Reporting
  • Strategic Financial Management
  • Advanced Auditing and Professional Ethics
  • Corporate and Allied Laws
  • Advanced Management Accounting
  • Information Systems Control and Audit
  • Direct Tax Laws
  • Indirect Tax Laws

After the candidates qualify the final examination, he/she can earn a degree of ICAI. If you have successfully acquired the membership of ICAI, you can use the prefix of ca with your name.

Career prospects

There are numerous job opportunities for a CA in government as well as private firms. The prime formats that a CA  gets are Tax related matters, finance management, and auditing. You can also go into fields of Risk assessment and management, budgeting, financial planning with further experience.

Recruiters-
  • Banking and Insurance Sector (Government and Private)
  • Income Tax Department
  • Tax Advisory Firms
  • Auditing Firms
  • Stock Broking Firms
  • Investment Banking Firms
  • Asset Management Firms
  • Law Firms (LL.B. Degree will be useful)
  • Finance Companies
  • CA Firms
  • Corporate Houses (Planning and Budgeting team)
Job profiles:
  • Auditor (statutory, internal, tax etc)
  • Cost Accountant
  • Tax specialist (Direct and Indirect taxes)
  • Investment Banker
  • Asset Manager
  • Manager/Assistant Manager (Accounts, Finance, Credit etc)
  • Consultant

Salary - If you are a fresher you can earn up to 3-5 lakh/annum, but with years of experience you can even earn in crores.

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