Chartered Accountancy as a Profession | Eligibility Criteria, Advantages and Guidelines
Envision a dignified career that gives you national as well as international opportunities, gives extraordinary incentives, makes you an achiever, a motivated leader; in the nutshell: a career that fulfils all your dreams.
Well, that career is Chartered Accountancy (CA). ICAI (Institute of Chartered Accountants of India) is the leading accounting body globally. It consists of highly trusted and qualified independent professionals operating in the field of Accounting, assurance, taxation, finance, and business advisory services, etc.
Why choose CA as a Profession?
Amongst the abundant advantages of choosing CA as a profession and becoming a CA student, some of them are listed below:
The PREFIX says it all: When any name has a prefix CA, they are considered to be highly qualified as CA course is the ultimate course in the Commerce Stream. There is flexibility to choose the role of an advisor or to become an entrepreneur yourself. No boundaries at all.
Worldwide recognition: It is only the CA course that holds the same value in India as well as abroad. The education programme along with the practical training makes it valuable enough. Any other degree depends upon the university, but CA can be done from any location and it still holds the same value!
If you prefer to consider becoming an accountant, CA paves the way towards an exciting career in the industry of your choice, anywhere in the world. Chartered Accountants are in constant demand both in India and abroad, renowned for their technical competence, professional standards, and authenticity.
After reading the above paragraphs, if you plan to make CA your career and add this prefix before you name, simply read on and know how to go about for the most prestigious course.
CA as a Career : Where do you start?
- The first step is to register for CA Foundation which is the base of CA Course
- CA Foundation is a part of new curriculum implemented by ICAI w.e.f. 1/07/2017, it has replaced CPT.
- CPT was an objective based entrance test. Students registered under old scheme do not require to convert to new scheme. Conversion is optional. They can continue with CPT till the exams are being held.
- CPT V/S CA Foundation
Partly objective and partly subjective
No specific study period
Minimum 4 months study period
No time limit for validity
Registration valid only for 3 years
No revalidation required
Revalidation fees INR 300/-
Negative marking only in objective questions
Minimum 30% marks in each subject
Minimum 40% marks in each subject
- CPT and CA Foundation Similarities:
– Aggregate 50% marks in all subjects.
– Appear for 12th examination conducted by body constituted by law or State or Central Government recognized School
- CA Foundation exams are conducted bi-annually generally in the month of May and November.
- CA Foundation has 4 subjects which are elaborated below.
- CA Course comprises of: CA Foundation, CA Intermediate and CA Final along with 3 years practical training.
- CA Intermediate consists of 8 subjects divided into 2 groups. 1st group has 4 subjects and the 2nd group has other 4 subjects.
- Student can appear for any number of group based on the preparation.
- Once any 1 group is cleared, you can register for practical training.
- The articleship for 3 years is to done under a practicing Chartered Accountant.
- Along with Articleship, ICITSS is to be completed during Intermediate and Advanced ICITSS to be done during CA Final.
- Once completed all above, you can be eligible to appear for CA Final.
- CA Final has 8 subjects in total divided into 2 groups of 4 subjects each.
CA Foundation Curriculum:-
Paper 1: Principles and Practices of Accounting
- Theoretical Framework
- Accounting Process
- Bank Reconciliation Statement
- Concept and Accounting of Depreciation
- Accounting for Special Transactions
- Final Accounts of Sole Proprietors
- Partnership Accounts
- Financial Statements of Not-for-Profit Organisations
- Introduction to Company Accounts
- Basic Accounting Ratios (profitability, solvency, liquidity and turnover)
Paper 2: Business Law and Business Correspondence and Reporting
Section A: Business Law
- The Indian Contract Act, 1872
- The Sale of Goods Act, 1930
- The Indian Partnership Act, 1932
- The Limited Liability Partnership Act, 2008
- The Companies Act, 2013
Section B: Business Correspondence and Reporting
- Sentence Types
- Vocabulary Root Words, Synonyms, Antonyms, Prefixes, Suffixes, Phrasal Verbs, Collocations and Idioms
- Comprehension Passages
- Note Making
- Introduction to Basic Writing
- Precise Writing
- Article Writing
- Report Writing
- Writing Formal Letters
- Writing Formal Emails
- Resume Writing
Paper 3: Business Mathematics and Logical Reasoning and Statistics
Part I: Business Mathematics and Logical Reasoning
- Ratio and Proportion, Indices, Logarithms
- Equations and Matrices
- Linear Inequalities with Objective Functions and Optimizations
- Time Value of Money
- Permutations and Combinations
- Sequence and Series
- Sets, Functions and Relations
- Basic Concepts of Differential and Integral Calculus
- Number Series
- Direction Tests
- Setting Arrangements
- Blood Relations
Part II: Statistics
- Statistical Description of Data
- Measures of Central Tendency and Dispersion
- Theoretical Distributions
- Correlation and Regression
- Index Numbers and Time Series
Paper 4: Business Economics and Business and Commercial Knowledge
Part I: Business Economics
- Introduction to Business Economics
- Theory of Demand and Supply
- Theory of Production and Cost
- Price Determination in Different Markets
- Business Cycles
Part II: Business and Commercial Knowledge
- Business and Commercial Knowledge: An Introduction
- Business Environment
- Business Organizations
- Government Policies for Business Growth
- Organizations Facilitating Business
- Common Business Terminologies
CA Foundation Exam Outline:
- CA Foundation exam includes both objective and subjective-type questions comprising a total of 400 marks.
- It has 4 subjects/papers. Papers 1 and 2 primarily include subjective/descriptive type questions, and papers 3 and 4 have objective questions.
- For objective type papers, i.e. papers 3 and 4, there is a negative marking of one-fourth marks per wrong answer
- The exam is not conducted online but always offline (pen/pencil paper)
- The medium of the test is either English or Hindi.
Eligibility Criteria for CA Foundation
ICAI has certain predetermined eligibility criteria for the CA Foundation course. It is as follows:
Route 1: Foundation Course Route
- To register for the Foundation Course, you should have completed 10+2 examination.
- You should register on or before 31st December to be eligible for the examination conducted in the month of May.
- You should register on or before 30th June to be eligible for examination conducted in the month of November.
Route 2: Direct Entry Route
- You can opt for Direct Entry Route if:
- You are a graduate or post graduate and have the required marks or grade in exams conducted by any recognized university (including open university)
- You have passed an Intermediate level examination of the ICAI or the ICSI
Registration for CA Foundation
Follow these steps to register:
- Log on to the ICAI's
- Fill in the required details like name, date of birth, Aadhar number, email, mobile number, and create a password.
- As soon the account is created, log in to the registration portal
- Fill details in the mandatory fields
- Upload the required documents
- Make online payment
- Save the document and print it
- Sign and attest the application form
- Send the application to ICAI
Application Fee for CA Foundation
Details of Fee
Cost of foundation prospectus
Registration fee for Foundation Course
Subscription for students journal (for one year) - optional
Subscription for Member’s Journal (for one year) - optional
Admit Card for CA Foundation
- If you had registered and applied for the CA Foundation May 2019 exam, you would receive the admit card online 21 days before the exam date.
- You can download it by logging into your account through your registered ID and password.
- The CA Foundation admit card includes your details such as name, roll number, photograph and signature, exam centre, etc.
- You must carry a printout of the admit card to your allotted exam centre.
- If there is any inconsistency in your admit card, contact the ICAI helpline desk immediately.
Visit http://icaiexam.icai.org to download the admit card.
Results for CA Foundation
- ICAI will be declaring the result of the CA Foundation November 2018 exam in the third week of January 2019.
- CA Foundation November 2018 result will be released only in the online mode.
- You must visit icaiexam.icai.org and log in through your registered account to check your result.
- You will be able to download your CA Foundation rank card and certificate through the ICAI registered account.
- The result of this course will specify if you are qualified to move to the next level or still need to pass the entry test.
CA foundation exam will now be held in the month of May. Numerous students will prepare and appear for foundation but a handful of them will clear the exam.
There is no shortcut to success. But a balance of hard work and smart work can play the role of a game changer and make it a possibility to prepare well, perform well and score well in the CA Foundation.
Remember one thing, NOT ONLY POSITIVE RESULT MEANS SUCCESS, GREAT EFFORTS ALSO MEAN THE SAME. DOING THE BEST IS MORE IMPORTANT THAN BEING THE BEST.