Accountancy tends to be a very stable profession, as financial reports must be generated whether the business situation is good or bad. As demand for financial information increases with the emergence of the global economy, the field grows larger. Accounts analysis and verification, interpret financial transactions, taxation etc: is major work performed by a chartered accountant (CA). They are also responsible for ensuring that the records of these transactions are kept so that the information can at any time be extracted from them. In India chartered accountants are regulated by Institute of Chartered Accountants of India (ICAI).
Chartered accountant information related to business is relevant for a proprietor. After passing final exam of CA there are two options either go for practice or go for job. A chartered accountant (CA) profession is one of the best professions among all professions present in India.
Importance of Chartered Accountant(CA):
A chartered accountant is one of the most reputed professional courses in the finance industry.
It would always have extreme opportunity to work overseas.
There are less no. of CA present in India so become a CA is prestigious for himself.
Knowledge of finance and business make the CA a business leader.
Biggest countries demand for CA employees for their professionalised work.
Depth experience as the rigorous training makes a CA applicable for higher package.
Stages of Examination under chartered accountant (CA):
1. CPT (Common Proficiency Test):
After clearing class 10th exam with good percentage students can enrol in Common Proficiency Test (CPT).After this you will have complete two years i.e. 11th and 12th to prepare for the CPT entrance exam simultaneously. Then one can give the entrance exam after 12th std. CPT exam will be held twice in a year June & December. CPT paper will be held in two sessions- session-1 & Session-2. 50% or above marks required to clear CPT paper.
Section -A. Fundamentals of Accounting
Section -B. Mercantile Laws
Section -A. General Economics
Section -B. Quantitative Aptitude
Student who has cleared his/her graduation cannot require pursuing CPT level. He/she can directly enrol for IPCC level under direct entry scheme.
2. IPCC (Integrated Professional Competence Course) :
Once CPT Entrance exam is given then next step is IPCC. You should register for Integrated Professional Competence Course (IPCC) there must be a gap of ten months between CPT and IPCC exam. This exam will be held in two groups - Group-1 & Group-2. It must be required at least 50% marks for both group and 40% marks in individual subjects for clearing IPCC exam. After clearing 1st group individual can start his articleship training under any CA. Chartered Accountant Syllabus for IPCC is divided among following group wise subjects.
- Law, Ethics & Communication.
- Cost Accounting & Financial Management.
- Advanced Accounting
- Auditing and Assurance
- Information Technology & Strategic Management (IT SM)
3. Articleship Training:
After clearing of 1st group or both groups in IPCC student- Before starting Articleship Training it must be required to complete ITT & OTT training under CA institute. After completion of training student can go for articleship training for 3 years. Before ending last six months of articleship training student can pursue for CA final exam. There is minimum 2.5 years required from the date of articleship started for pursuing CA final Exam.
4. CA Final Exam :
After 2.5 years of articleship training student can attempt final papers. Final papers of CA will also be held in two groups- Group-1 & Group-2. It must be required at least 50% marks for both group and 40% marks in individual subjects for clearing final exam also.
- Advanced Accounting
- Management Accounting & Financial Analysis
- Advanced Auditing
- Corporate Laws & Secretarial Practice
- Cost Management
- Management Information & Control System
- Direct Taxes
- Indirect Taxes
GMCS (General Management and Communication Skills) - Another short training called General Management and Communication Skills (GMCS) course is required before you apply for a CA membership.