Many students have applied for numerous professional courses over the past few years. One of these courses that have seen a lot of interest from students is Chartered Accountancy. There are many reasons for this, including the respect the Chartered Accountant degree commands and the Salary a CA gets.
The duties of chartered accountants are extensive. They submit taxes, sign off on the book of accounts, and audit personal and corporate financial statements. Apart from this, CA is a very flexible profession as well. You can work in any industry, from Pharma to automobiles, or you can even go for self-practice.
Here, you’ll know the steps on how to become a CA in India?
How to become a CA after the 10th?
Here is the solution if you’re wondering how to become a Chartered Accountant after completing grade 10. The ICAI has introduced the provisional registration option for students who completed the 10th grade.
How to become a Chartered Accountant after the 12th?
After finishing high school, one can sign up for the CA exam, as passing the 12th board exam is the minimal requirement to sit for the Foundation exam. To become a qualified CA, you must pass all three levels of the Chartered Accountancy course which are the Foundation, Intermediate, and the Final exam.
How to Become CA after Graduation?
Graduates or postgraduate students in the Commerce stream must have a minimum of 55 per cent to be eligible for admission into CA after graduation. In contrast, graduates or postgraduate students in other streams must have a minimum of 60 per cent to be eligible to apply directly for CA Intermediate.
Since you now know when to begin your CA journey, let’s go over the various exam phases in detail.
How to Become a Chartered Accountant?
Level 1 – Foundation
The CA Foundation Course is the first one you must pass to become a chartered accountant. The Foundation Course’s specifics are as follows:
To qualify for the Foundation exam, your class 12th percentage must be at least 50% for commerce majors and 55% for all other students (for non-commerce students).
Candidates must sign up for the CA Foundation course on the ICAI’s official website. The ICAI Foundation registration is applicable for 3 yrs or 6 tries. After registering, you’ll have four months to study for the exams.
Students must also fill out the ICAI Foundation Exam form to take the exams. Students can complete the exam application on the ICAI website. The deadlines for submitting exam forms are made public by the ICAI.
The course is similar to what you did in 11th and 12th grade (Commerce stream). The CA Foundation curriculum consists of these four subjects:
- Paper 1: Principles and Practices of Accounting
- Paper 2: Mercantile Law and General English
- Paper 3: Business Mathematics, Logical Reasoning, and Statistics
- Paper 4: Business Economics & Business and Commercial
The format of the CA Foundation exam comprises subjective and objective components. While the next two papers are objective, the first two are of the subjective sort. 100 marks total are assigned to each paper.
Passing Criteria for the Foundation Exams
To pass the exams, students must get a 40 per cent passing grade or a 50 per cent total average. Two months following the exam, the ICAI releases the CA Foundation results.
Level 2 – CA Intermediate
You will advance in your Chartered Accountancy career to the CA Intermediate Course after clearing the Foundation exam. Because this level is regarded as challenging, students should make adequate preparations.
In essence, there are two ways to join Intermediate Course. The Direct Entry Route or passing the foundation course. To take the foundation route, you must pass the CA Foundation.
And for the Direct-entry route: For postgraduates or graduates in commerce, a minimum of 55%. 60 per cent or more of postgraduate students or graduates in the arts and science stream.
Eligible students must enrol for the CA Intermediate by March or September for the November and May courses, respectively.
For the Intermediate exams, students have eight months to get ready for the exams. The CA Inter registration is valid for four years and allows for a maximum of eight attempts.
The applicant must undergo four weeks of IT training in addition to the prerequisites.
To pass the CA Intermediate group, you must receive 40% in each topic or a 50% aggregate. You must clear both groups to move on to the final stage. The results of the CA Intermediate exam are made available two months after the exam.
To give yourself enough time for independent study and review, you should enrol in a credible CA Intermediate Coaching that guarantees you’ll finish the courses in 5–6 months.
Candidate can start their practical training as soon as they pass one of the CA Intermediate group exams. They must first complete the ITT and OT Program, though. Then engage in the Articleship training.
The three years of articleship training will provide you with a lot of exposure to the practical work that a chartered accountant performs. After 2.5 years of practical instruction, students can take the CA Final exams.
CA Final – The Final Phase
The CA Final Course is the most challenging part of the Chartered Accountant educational process. The ICAI wants you to be educated on all of the course material.
The student must pass both groups of the Intermediate course, and 2.5 years of articleship are necessary.
Eligible students can sign up for the CA Final on the ICAI website. Since the registration is valid for five years, there will be ten attempts.
The CA Final exam’s format blends subjectivity and objectivity. Every paper carries 100 points. The sixth exam is open-book.
Adhering to Standards
To pass the final exams, you must score 40% in each subject or a 50% average overall. Two months following the last paper, ICAI will release the result for the Final exams.
Students who pass both CA final groups are required to apply for the ICAI membership. Thus, this is the process of becoming a Chartered Accountant in India.
How long does it take to become a CA?
It takes a minimum of five years after 12th and a maximum of 4.5 years to become a CA after graduation. However, if you need more tries to pass the tests, the Chartered Accountancy Course will take longer.
You will undoubtedly receive the advantages of being a Chartered Accountant after passing the exam so many times.
What is the Salary of A CA in India?
Chartered accountants are given a generous benefits package in comparison to other employees. Chartered accounting is one of the top-paying professions in India. Earnings for newly qualified CAs range from Rs. 7 to 8 lakhs annually, however with expertise under your belt, you can quickly surpass this amount.
The best pay for a CA is offered by an international posting. Public sector salaries may range from INR 10 to 20 lakhs per year, whereas chartered accountant salaries for international postings might range from INR 9 to 18 lakhs per year. In exchange for their services, small firms in India pay chartered accountants a package of INR 3 lakhs annually.
To sum up, becoming a Chartered Accountant is a very good career choice. You not only get status by having the CA prefix to your name, but you also receive a very comfortable salary package. Ratan Tata once said, “I need an MBA to run my business, but a CA to teach them how to run the business.” This shows how powerful a Chartered Accountant can be.