Career PathChartered Accountant

Chartered Accountant Course

If you want to understand exactly what a CA is, know that a CA is the James Bond of Accounting. They are highly qualified and extremely qualified professionals in the field of accounting. They carry out audits of organizations, companies, and entire companies to ensure that the accounting records have been kept in accordance with the regulations or not. Accounting discrepancies are not lost in the eyes of the certification authorities and can resolve any scam or irregularity by looking for a single error. As chartered accounting mainly deals with accounting and related business laws, students interested in this career should have a strong inclination towards accounting as a subject.

As a practice and profession, chartered accounting is controlled and regulated by the Institute of Chartered Accountants of India (ICAI).

Scope of CA course

A chartered accountant has immense and in-depth knowledge of accounting. The CA course is considered to be the highest possible profession in the field of commerce.

Another important aspect of the CA course as a profession is taxation. Each CA should know and apply its knowledge of taxation, for the benefit of its client, in a legal manner.

Being recognized for his intellectual work and his immense financial knowledge, a Chartered can also practice financial advice and investment. Another most important area is auditing and insurance. Being a Chartered, you can still view this field as a full-time profession.

Eligibility criteria to become CA

Students who have passed 10 + 2 in any branch (Science / Commerce / Arts) can apply to continue this course. Graduates of postgraduate students, who have completed a 3 or 4-year baccalaureate program at a reputable institute, are also eligible to pursue a career in CA. Students who opted for commerce in their high school are always advantaged in this course because it includes subjects such as accounting and finance. Now let’s go to the general course structure.

CA is completed in 3 steps

 1.CA Foundation (CPT)

 2.IPCC (integrated professional competence course)

 3.CA Final

Stage 1: CA foundation

(CPT), which is commonly known as the Common Proficiency Test, is designed in the entry-level test guide for engineering, medical, and other professional courses. The duration of this test is 4 hours or 2 sessions of 2 hours each.

The exam includes objective type questions with a negative mark for choosing incorrect answers. CPT’s program includes the following subjects:

Fundamentals of accounting

  • Accounts
  • Mercantile law
  • Economics
  • Qualitative ability

Note (CPT exemption rule):  graduate / post-graduate scholarship holders in commerce having acquired at least 55% of the total or its equivalent by studying three documents of 100 points each on accounting, auditing, commercial law, corporate law, economics, management (including financial management), taxation (including laws on direct taxation and laws on indirect taxation), costing, business administration or management accounting or other than those under the Trade component having obtained at least 60% of the total marks or its equivalent mark on the examination carried out by a recognized university (including an open university) and candidates who have passed the intermediate level examination conducted by the Institute of Cost Accountants of India are exempt from passing the Common Proficiency Test (CPT). These students can register directly for the Intermediate Course (IPCC), which is the first step in vocational training.

Syllabus

Subject 1: Accounts

General and fundamental concepts of accounts. Very basic corporate accounts. Some advanced issues in partnership accounts compared to HSC. Another topic, but not a major concern for account lovers. This paper has a weight of 60 points.

Subject 2: Mercantile law

This is a whole new topic, wrapped in a whole new book cover. It comes in three acts. During the first week, you should not understand anything. As the subject is new to you, you will, of course, appreciate it. Three laws are the law on the sale of goods, the law on contracts and the law on partnerships. The part covers certain parts of the three acts. The subject has 40 points. Thus, accounting and commercial law combined to carry the weight of 100 points, out of a total of 200 points.

Subject 3: Economics

You have been studying this subject since the 11th but believe me, this level is something else entirely. The first section covers theories, while others cover the Indian economy on an overview, the basics of banking and money, and other things. This topic covers 50 points.

Subject 4: Qualitative ability

Last but never least. This topic is a headache for most students in the CA course at the CPT level. He comes for 50 marks. It contains math and statistics, formulas and logic. It can be addressed.

Therefore, combined, they are a solid 100.

Stage 2: IPCC

After you finish your initial step, prepare for the biggest turnover. Why is this turnover, you ask? Well, the basic reason behind this is, up to CPT, your scheduled class schedule is 4 hours maximum. At the IPCC level, they amount to a minimum of 7 to 8 hours per day.

A person needs to study at least 10-12 hours a day, for a minimum of 3-3.5 months.

In addition, at the CPT, you only had 4 subjects but at the IPCC level, you will have 8. And at the CPT, you have about 12 months to prepare, while at the IPCC, you get a maximum of 10 months (June to April).

Let’s go to the routine of an average IPCC student:

On the 10 month part, the courses will last a maximum of 6-7 months. The remaining three months will be preparation leave for students appearing for both groups. Therefore, during the initial class period, you will be taking classes of 7 to 8 hours per day. Sunday for 4 hours minimum. After that, you should at all times study for at least 10 hours. In short, these 10-11 months will be the busiest or most hectic of your life. We tend to feel the warmth of the CA course as a profession during the period.

At the same time, we need to update ourselves with news, economic conditions, and even the stock markets. After these 10 months, you will find a whole new person inside you. Once you get the change in yourself after the IPCC review, you’re on the right track. You may or may not pass the exam, but you will certainly succeed in your life.

Syllabus

Group A

Accounts:

The topics cover some of the accounting standards. Advanced partnership issues. Internal fusion and reconstruction. And other subjects. This is generally the favorite subject of IPCC students.

Law, corporate communication and ethics:

Be frightened by the size of the name. The subject essentially consists of three parts. Of which, the law comes for 60 points, communication for 20 points and ethics for 20 points.

The law includes parts of the following acts:

  1. Labor law
  2. Provident Fund Act and miscellaneous provisions.
  3. Payment of the Bonus Act. iii. Tipping Payment Act
  4. Indian Contracts Act.
  5. Marketable Instruments Act

Companies Act 2013** According to the aforementioned laws, the company law alone represents almost 20 to 30 points. While other acts are worth 40 marks.

Costing and financial management:

This is the brand new topic at the IPCC level. Until the CPT level knows nothing about costs or financial management. These two subjects have an equal weighting of 50 points. Some basic concepts are discussed at the IPCC level. The subject essentially needs practice and conceptual clarity to get good marks.

Taxation:

Another brand new subject. This concerns income tax, service tax, VAT, excise duties, customs duties, and the Cenvat.

Income tax is part of the direct tax that includes the following topics:

  1. Salary income.
  2. Home income profits and earnings of companies and the profession
  3. Capital gains income
  4. Income from other sources. And some other subjects

** The share of direct taxes has a weight of 50 marks, in the tax paper at the IPCC level. For indirect tax, only the service tax and VAT are explained in detail. Other taxes are discussed at the introduction level, at the IPCC level. The share of indirect taxes has a weight of 50 marks, in the tax paper at the IPCC level.

Group B
Advanced accounting:

The only topic in group B, where you’ll have to deal with numbers. This subject covers accounting standards, financial statements of insurance companies, financial statements of banking companies, accounting for employee stock option plans. Taking into account the subscription, the bonus issue and the right issue.

Information technology and strategic management:

Some may view this as a nightmare! It’s something different from the real CA profession, but still, it carries a weighting of 50 points.

Audit and assurance:

This subject covers the basic concepts of audits and certain subjects of auditing and corporate auditing standards.

Stage 3: CA final

This consists of having expert knowledge and nothing less. It is divided into two groups of 4 subjects each. It retains the same criteria as the IPCC level: 0% in total and 40% in each subject. The average result is 5-6%.

Syllabus

Group A

  1. Financial report
  2. SFM (Financial Management)
  3. Audit
  4. Law

Group B

  1. Cost
  2. Direct tax
  3. Indirect tax
  4. ISCA (IT)

Do not be discouraged, but when you reach this level, you will not seek any advice or study materials. At this point, you are supposed to know what you have prepared from the start. You are almost a CA; it’s just a formality now. Although the formal part is of the utmost importance, the student at the final level has the knowledge, grasping power and other skills necessary to pass the exam.

Course Fee

Unlike other professional courses, the costs to become a CA are much lower, which often includes the cost of study materials. The CPT tax is around Rs.6700 / – while that of the IPCC is Rs.9000 /.

 

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