Becoming a Chartered Accountant (CA): Your Step-by-Step Guide

Becoming a Chartered Accountant (CA): Your Step-by-Step Guide

Becoming a Chartered Accountant (CA) is a highly sought-after career path in India, offering a prestigious title and promising career opportunities. This article provides an overview of the steps involved in pursuing the CA course.

Eligibility Criteria:
  • Students who have completed their 12th standard or graduation with a minimum of 55% are eligible to register for the CA course.
Examination Structure:
  • To become a CA in India, candidates must successfully clear three key examinations: Foundation, Intermediate (Inter), and Final levels. In addition, they need to complete a mandatory 3-year practical training program.

Enrollment Options: ICAI (Institute of Chartered Accountants of India) offers two enrollment routes for CA aspirants:

  1. Foundation Route: Under this route, candidates begin by registering for the Foundation level and proceed to clear all three CA exams (Foundation, Inter, and Final).
  2. Direct Entry Route: Graduates who meet the eligibility criteria can directly register for the Intermediate level, bypassing the Foundation exams.

Qualification Required for Becoming a CA

To become a Chartered Accountant (CA) in India, there are specific educational qualifications required depending on the route you choose to pursue. Here are the qualifications required for each route:

For CA Foundation Route:
  1. For Commerce Stream Students:
    • Pass Class 12th (10+2) with a minimum of 55% from a recognized board.
  2. For Non-Commerce Stream Students:
    • Pass Class 12th (10+2) with a minimum of 60% from a recognized board.
For CA Direct Entry Route:
  1. For Commerce Stream Students:
    • Complete graduation or post-graduation in the commerce stream with a minimum of 55%.
  2. For Non-Commerce Stream Students:
    • Complete graduation or post-graduation in any other stream with a minimum of 60%.

These educational qualifications are essential for eligibility to register for the CA course through either the Foundation Route or the Direct Entry Route. Meeting the specified criteria ensures that you can begin your journey toward becoming a Chartered Accountant. Additionally, candidates need to successfully clear the relevant entrance exams and levels as per the chosen route to attain the CA designation.

Step 1: Register for the CA Foundation Exams:

  • The CA Foundation exam serves as the entry-level examination for aspiring Chartered Accountants. Students who are either in the 12th standard or have already passed it can enroll for the CA Foundation course.
Registration Process:
  • Register for the CA Foundation course online through the official website of the Institute of Chartered Accountants of India (ICAI). This registration is valid for three years.
Study Period:
  • After registration, you will have a study period of 4 months to complete the CA Foundation syllabus. During this period, you must also complete the CA Foundation exam form to obtain the admit card and be eligible to sit for the exams.
CA Foundation Papers:
  • The CA Foundation exam consists of four papers that candidates must clear:
    1. Paper 1: Principles and Practices of Accounting
    2. Paper 2: Mercantile Law and General English
    3. Paper 3: Business Mathematics, Logical Reasoning, and Statistics
    4. Paper 4: Business Economics & Business and Commercial Knowledge
CA Foundation Exam Pattern:
  • The CA Foundation exam pattern includes both subjective and objective types. The first two papers are subjective, while the following two papers are objective. Each paper is worth 100 marks.
Passing Criteria:
  • To pass the CA Foundation exams, you must obtain a minimum of 40% in each subject and an aggregate of 50% or more across all the papers.
CA Foundation Result:
  • The CA Foundation results are typically declared by ICAI approximately 2 months after the exams.
CA Foundation Course Fee:
  • The fee for the CA Foundation course is Rs 11,300, which includes a registration fee of Rs 9,200 and an exam form fee of Rs 1,500.

Upon successfully clearing the CA Foundation course, you will become eligible to register for the CA Intermediate course, which is the next step in your journey to becoming a Chartered Accountant. Enrolling in a CA Foundation coaching program, such as ECP, can provide valuable guidance and support to help you excel in these exams.

Step 2: Register & Clear the CA Intermediate Exams:

  • Eligible students can register for the CA Intermediate exams. Registration for the May and November sessions typically opens in March and September, respectively. The CA Intermediate registration is valid for four years, allowing you up to 8 attempts to clear the exams.
Registration Process:
  • After registering for CA Intermediate, you will have 8 months to prepare for the exams. You must also complete the CA Intermediate exam form and download the admit card on the prescribed dates provided by the Institute of Chartered Accountants of India (ICAI).
CA Intermediate Subjects:
  • The CA Intermediate Syllabus consists of 8 subjects, categorized into 2 groups. The subjects for CA Inter are as follows:
Intermediate Group 1 Subjects:
  1. Paper-1: Accounting
  2. Paper-2: Corporate Laws & Other Laws
  3. Paper-3: Cost and Management Accounting
  4. Paper-4: Taxation
CA Intermediate Group 2 Subjects:
  1. Paper-5: Advanced Accounting
  2. Paper-6: Auditing and Assurance
  3. Paper-7: Enterprise Information Systems & Strategic Management
  4. Paper-8: Financial Management and Economics for Finance
Intermediate Exam Pattern:
  • The exam pattern for CA Intermediate includes both subjective and objective types. All four papers in both groups consist of 100 marks each. To pass a CA Intermediate group, you need to obtain a minimum of 40% in each subject and an aggregate of 50% or more across all the papers.
  • Students who score more than 60 marks in a subject are eligible for an exemption. This means they don’t need to reappear in that subject in the subsequent 2 attempts.
CA Intermediate Result:
  • The CA Intermediate results are typically announced around 2 months after the last paper is conducted.
  • To prepare effectively for these exams, it’s advisable to join a reputable CA Intermediate coaching program that ensures course completion within 5-6 months. This will provide you with ample time for self-study and revision.
  • Additionally, students must also complete a 4-week short integrated course on information technology and soft skills (ICITSS) before beginning the practical training.
Intermediate Course Fee:
  • The fee for the CA Intermediate course is Rs. 20,700 for both groups and Rs. 14,500 for a single group. Registration costs Rs. 15,000 for both groups and Rs. 11,000 for a single group. Examination fees are Rs. 2,700 for both groups and Rs. 1,500 for a single group.

Successful completion of the CA Intermediate exams is a significant milestone on your path to becoming a Chartered Accountant.

Step 3: Complete the CA Articleship Training (3 Years)

Candidates pursuing the path to becoming a Chartered Accountant are required to complete a mandatory 3-year articleship training. Here are the key details regarding this crucial phase in your journey:

Commencement of Articleship:
  • After successfully passing any of the CA Intermediate groups and completing the ICITSS (Information Technology and Orientation Course) training, candidates are eligible to begin their CA articleship training.
Duration of Articleship:
  • The CA articleship training spans a duration of 3 years. During this period, you will gain substantial exposure to the practical work conducted by Chartered Accountants in the real world. This hands-on experience is essential for honing your skills and understanding the practical aspects of the profession.
Eligibility for CA Final Exams:
  • After completing 2.5 years of the articleship training, students become eligible to appear for the CA Final exams, which are the last set of exams in the Chartered Accountancy course.
CA Articleship Registration Fee:
  • To register for the CA Articleship, a fee of Rs 2,000 is applicable.
Avoid Dummy Articleship:
  • It is essential to note that some students may consider opting for “dummy articleship,” which essentially means not engaging in practical training. This is generally discouraged because it deprives candidates of valuable practical exposure and learning opportunities. It is advisable not to opt for dummy articleship, as hands-on experience is a crucial aspect of your CA training.

Step 4: Pass Both Groups of the CA Final Exams

Becoming a Chartered Accountant culminates with the successful completion of the CA Final exams. Here are the crucial details related to this stage of your journey:

Eligibility for CA Final Exams:
  • To be eligible for the CA Final exams, candidates must pass both groups of CA Intermediate. The registration for the CA Final is typically valid for 5 years, allowing up to 10 attempts.
Additional Requirements:
  • In addition to clearing the Intermediate exams, candidates must have completed 4 weeks of ICITSS (Information Technology and Orientation Course) and the Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) training. Furthermore, they should have completed at least 2.5 years of articleship.
CA Final Subjects:
  • The CA Final syllabus encompasses 8 subjects categorized into two groups.
Group I Subjects:
  1. Paper-1: Financial Reporting
  2. Paper-2: Strategic Financial Management
  3. Paper-3: Advanced Auditing and Professional Ethics
  4. Paper-4: Corporate and Economic Laws
CA Final Group II Subjects:
  1. Paper-5: Strategic Cost Management and Performance Evaluation
  2. Paper-6 (Choose from 6 optional subjects):
    • Paper-6A: Risk Management
    • Paper-6B: Financial Services and Capital Markets
    • Paper-6C: International Taxation
    • Paper-6D: Economic Laws
    • Paper-6E: Global Financial Reporting Standards
    • Paper-6F: Multidisciplinary Case Study
  3. Paper-7: Direct Tax Laws and International Taxation
  4. Paper-8: Indirect Tax Laws
Final Exam Pattern:
  • The CA Final exams, like the earlier stages, include both subjective and objective types. Each paper is worth 100 marks. Notably, Paper 6 is an open-book exam.
  • To pass the CA Final exams, candidates must obtain a minimum of 40% in each subject and an aggregate of 50% or more. Those who score over 60 marks in a paper receive exemptions in the subsequent 3 attempts.
CA Final Result:
  • The results of the CA Final exams are typically released by ICAI approximately 2 months after the last paper is conducted.
Final Course Fee:
  • The fees for the CA Final course are ₹39,800 for both groups and ₹38,300 for a single group. The examination fee is ₹3,300 for both groups and ₹1,800 for one group. Notably, the registration fee remains the same whether enrolling for one or two groups at the final level.

Successfully passing both groups of the CA Final exams marks the culmination of your Chartered Accountancy journey, leading you to the prestigious designation of a Chartered Accountant.

Step 5: Apply for the ICAI Membership

After successfully passing both groups of the CA Final course, candidates are eligible to apply for membership with the Institute of Chartered Accountants of India (ICAI). This membership signifies the completion of the Chartered Accountancy program and grants you the status of a Chartered Accountant (CA).

The completion of this step is the final and defining stage of becoming a Chartered Accountant in India.

To summarize the steps involved in becoming a Chartered Accountant in India:

  1. Register for the CA Foundation Course.
  2. Pass the CA Foundation exams.
  3. Register for the CA Intermediate Course.
  4. Pass any one group of CA Intermediate.
  5. Enroll for the CA Articleship training after clearing any one group of CA Intermediate.
  6. Pass both groups of CA Intermediate Course.
  7. Complete the CA Articleship Training (3 years).
  8. Register for the CA Final Course.
  9. Pass both groups of CA Final Exams.
  10. Apply for the ICAI Membership.

It’s important to note that the Institute of Chartered Accountants of India (ICAI) may introduce changes or updates to the CA course curriculum, as mentioned regarding the CA New Scheme Course 2023. It’s advisable to stay informed about these changes by referring to official sources and staying updated on the latest developments in the CA program.

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