What is Chartered Accountancy?

Chartered Accountancy is a proficient course that helps people who are planning to become certified accountants. Chartered Accountants (CAs) are specialists in financial reporting, inspecting, tax collection, and business counseling services. They play a significant portion in ensuring the financial health of businesses and organizations.

Why Choose CA?

• Prestige and Recognition: CA is an exceedingly respected qualification in the business and finance world.

• Career Opportunities: CAs have diverse career options in auditing firms, multinational companies, government sectors, and as independent practitioners.

• High Earning Potential: CAs are well-compensated for their expertise and experience.

• Global Opportunities: The CA qualification is recognized internationally, allowing CAs to work abroad.

Structure of the CA Course

The CA course is partitioned into three levels:

1. CA Foundation

2. CA Intermediate

3. CA Final

1. CA Foundation

The CA Foundation is the entry-level test for the CA course. It tests the basic knowledge and understanding of accounting and related subjects.

Eligibility

• Students who have completed their 10+2 (or equivalent) from a recognized board can register for the CA Foundation course.

• Registration should be done at least four months before the examination.

Subjects

• Principles and Practice of Accounting

• Business Laws and Business Correspondence and Reporting

• Business Mathematics, Logical Reasoning, and Statistics

• Business Economics and Business and Commercial Knowledge

Exam Pattern

• The CA Foundation test includes four papers, each carrying 100 marks.

• Papers 1 and 2 are subjective, whereas Papers 3 and 4 are objective.

• The length of each paper is three hours.

CA Foundation Registration

• Visit the ICAI website and fill out the registration form.

• Pay the registration fee (approximately INR 9,000).

• Submit the required documents (10+2 mark sheet, photograph, and signature).

2. CA Intermediate

The CA Intermediate test is the second level of the CA course. It delves deeper into accounting, auditing, and taxation concepts.

Eligibility

• Students who have cleared the CA Foundation exam can register for the CA Intermediate course.

• Graduates and postgraduates with indicated marks can specifically enroll for CA Intermediate without showing up for the CA Foundation exam.

Subjects

The CA Intermediate course consists of eight subjects, divided into two groups: 

Exam Pattern

• Each paper carries 100 marks, and the duration is three hours per paper.

• Students can choose to appear for either Group I or Group II or both groups together.

CA Intermediate Registration

• After clearing the CA Foundation, fill out the registration form for CA Intermediate.

• Pay the enrollment expense (approximately INR 18,000 for both groups).

• Submit the necessary documents (CA Foundation mark sheet, graduation mark sheet if applicable, photograph, and signature).

Articleship training

As per the new Schema of Articleships, After clearing both Group-I and Group-II of CA Intermediate, that time only students must be eligible for a three-year practical training known as articleship. This hands-on training is significant for picking up practical experience and applying theoretical information in real-world scenarios.

Importance of Articleship

• Provides practical exposure to various aspects of accounting, auditing, and taxation.

• Helps in developing professional skills and ethics.

• Builds a strong foundation for the CA Final exams.

3. CA Final

The CA Final test is the last level of the CA course. It covers progressed subjects in accounting, reviewing, tax collection, and financial management.

Eligibility

Students who have completed their articleship training and passed both groups of the CA Intermediate exams can register for the CA Final course.

Subjects

The CA Final course consists of eight subjects, divided into two groups:

Exam Pattern 

• Each paper carries 100 marks, and the duration is three hours per paper.

• Students must score at least 40% in each paper and 50% in total to pass the CA Last test.

CA Final Registration

• Register for CA Final after clearing both groups of CA Intermediate and completing the articleship.

• Pay the registration fee (approximately INR 22,000 for both groups).

• Submit the required documents (CA Intermediate mark sheet, articleship completion certificate, photograph, and signature).

How to Prepare for the CA Exams

1. Understand the Syllabus: Familiarize yourself with the syllabus and exam pattern for each level.

2. Create a Study Plan: Allocate sufficient time for each subject and stick to a consistent study schedule.

3. Use Study Materials: Refer to ICAI study materials, practice manuals, and recommended textbooks.

4. Practice Mock Tests: Attempt mock tests and previous year's question papers to assess your preparation and improve your time management.

5. Join Coaching Classes: Consider joining coaching classes for master direction and organized learning.

6. Stay Updated: Keep yourself updated with amendments in laws, accounting standards, and tax regulations.

Registration and Fees of CA

To pursue the CA course, students need to register with the Institute of Chartered Accountants of India (ICAI). The registration process and fees vary for each level.

Scholarships and Financial Assistance for CA

ICAI offers various scholarships and financial assistance programs to support meritorious and financially needy students. Students can apply for scholarships based on their academic performance and money-related background.

Career Opportunities for CAs

Chartered Accountants have a wide range of career opportunities in various sectors:

• Auditing and Assurance: Working with auditing firms to conduct financial audits and ensure compliance with regulations.

• Taxation: Providing tax advisory services, tax planning, and compliance for individuals and businesses.

• Financial Management: Managing financial operations, budgeting, and financial planning for companies.

• Corporate Governance: Ensuring that companies adhere to corporate laws and regulations.

• Consulting: Offering business advisory services to improve operational efficiency and profitability.

• Entrepreneurship: Starting their own practice or business venture.

CA Salary in India

The salary of a Chartered Accountant (CA) in India varies based on experience, skill set, and the organization they work for. On average, a fresh CA can earn between INR 6 to 8 lakhs per annum. With 4-5 years of experience, the salary can rise to around INR 12 to 20 lakhs per annum. Senior CAs with over 10 years of experience can earn upwards of INR 25 lakhs per annum. Salaries also depend on the industry, with CAs in sectors like finance, banking, and consulting often earning higher packages.

Some of the top MNC companies hiring CA’s are:

1. E&Y

2. BDO

3. KPMG

4. PwC

5. Deloitte

6. JP Morgan Chase

7. Credit Suisse

8. Edelweiss

9. Grant Thorton

10. Kuwait Resources House

11. State Bank of India

12. Khumji Khiverji & Co

13. Luthra & Luthra

14. ICICI bank

15. Kotak Mahindra

16. Axis Bank and many more

CA Salary Based on Post

Tips for Aspiring CAs

• Stay Focused: Maintain a clear focus on your goal of becoming a CA.

• Manage Time Effectively: Balance your study time, articleship, and personal life efficiently.

• Seek Guidance: Reach out to mentors, teachers, and senior CAs for guidance and advice.

• Stay Positive: Stay motivated and positive, especially during challenging times.

• Keep Learning: Continuously update your knowledge and skills to stay relevant in the profession.

References

• The Insitute of Chartered Accountants of India (ICAI) official site: https://www.icai.org

• ICAI Study Materials and Practice Manuals

• Books on Accounting, Auditing, and Taxation

Top 5 Coaching Centers for CA in Bangalore

1. J K Shah

2. CAPS Education to Profess

3. Yeshas Academy

4. National CA Academy

5. Bangalore Education Guide Line Pvt Ltd

FAQs for CA Courses 

1. What are the stages of the CA course?

The CA course is divided into three stages: CA Foundation, CA Intermediate, and CA Final.

2. Who can apply for the CA Foundation?

Scholars who have completed their 10+2 (or comparable) can apply for the CA Foundation.

3. What subjects are covered by the CA Foundation?

CA Foundation includes subjects like Accounting, Commerce Law, Commerce Mathematics, Economics, and Business Correspondence

4. What is required to move from CA Foundation to CA Intermediate?

To transfer to CA Intermediate, scholars must pass the CA Foundation exam.

5. What is articleship in the CA course?

Articleship is a practical training period where students gain hands-on experience in accounting, auditing, and taxation under a practicing CA.

6. How long is the articleship period?

The articleship period is typically three years.