The first professional body was formed by the chartered accountants in the year 1854. In a Chartered Accountant designation it has been defined as the holder who has the qualifications to audit financial statements of the client. Their field of work comprises of finance, taxation, audit and matters of general management. They are required in various organizations be it government regulated, public or private or any auditing and taxation firm. In order to attain a chartered accountant degree one has to register themselves with ICA i.e., Institute of Chartered Accountants, which is a professional body registered under law.
Step by Step: How to become a Chartered Accountant
1) Enroll with ICAI for CPT after 10th
2) Appear CPT after appearing in 10+2
3) Join PCC, article training & register for 100 hours ITT after clearing CPT and 10+2
4) Appear in Professional Competence Examination (PCE)
5) Join CA Final Course
6) Pass Final Examination and Complete GMCS
7) Enrol for CA Membership
Chartered Accountants’ institutes need its members to accept a nominal level of continuing professional development in order to remain professionally competitive. To get a degree of qualified CA, the candidates have to go through a per-scheduled pattern of exams. These exams start with CPT, followed by intermediary and finishing with the Finals. The CPT is the elementary examination, which can be termed as the clearing exam for the students. The intermediary is the second level of exam, which is divided into two groups viz., group – I and group – II. According to the norm of the institute the intermediate exam is followed by a 3 year of article – ship in any auditing firm. This article – ship is mandatory for every qualified inter students so as to enter into the final stage. The purpose the article – ship is to train the candidates with the practical experience of auditing. After completing the article – ship, the students becomes qualified to seat for the final exams. The final stage is again divided into 2 stages viz., group – III and group – IV, each consisting of 4 subjects.
In order to enroll with the chartered institute, the students should possess the following criteria’s:
The candidates should have passed 10th class. This is the minimum eligibility criteria. After registration the candidates may appear in Common Proficiency Test if appeared in 10+2 examination. He/ she should clear the foundation i.e., CPT in order to enroll directly in the intermediate.
The candidates who really want to register themselves for Chartered Accountancy course should register 60 days prior to CPT Exam. The CPT exams are held in June & December every year. In order to register for the course the candidates have to fill the registration form and have to submit the same in the registered office by paying the stipulated course fees. The payment of fees for each level is done individually, as one can register for the subsequent levels only after finishing the one before. The payment of the fees has to be made in a demand draft in favor of the institute. The candidates have to attach the required documents like the mark sheet for 12th standard with the form. The chartered accountants’ examination is conducted once in a year. The disqualifying students get chance to clear the same in the following years.
Subjects to be Studies
The students have to does a thorough study of the subjects in order to qualify the exams of chartered accountants. In the foundation level the students should go through foundation English, economics and finance, quantitative methods, financial accounting basics and merchant law. In the intermediate level they have to study subjects like accounting, taxation, Business Communication and Behavioral Studies, cost accounting, company law, information technology and auditing. Finally in the finals they have to study IT management, audit and control, corporate law, advanced accounting and financial reporting, business management, management accounting, advanced taxation, advanced auditing and business finance decision.
Demands for Chartered Accountants
The demand for a chartered accountant has always been there in the market. Every organization is required to get its accounts audited by a qualified chartered accountant of the institute. Hence, need for them is expected to always be there in the market. The major profiles for which people employs a chartered accountant are Project Finance/ Financial Advisory/ Mergers & Acquisitions, Investment Banking, Banking and Financial Services, Outsourcing, academics, and corporate sector.