Once a student enters class 12, apart from the stress of board exams, they also struggle with the decision about their future career path. Often enough, lack of information about possible career choices can lead a student to choose a course and career which everyone else around them is opting for. This 'herd-mentality' can lead to under-utilizing their own talent and potential, which is why it is important for students to explore multiple career options before they settle for one.
In this article we will discuss how a student can become a Chartered Accountant in India. But before we begin, let's summarize what exactly a Chartered Accountant (CA) does?
A CA focuses on the following areas - audit and assurance, financial accounting and reporting, management accounting and applied finance, or taxation. CAs can work directly with a company or take on clients as part of a Chartered Accountancy firms.
In India, the Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. the Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country.
ICAI is also responsible for maintaining highest standards in CA education.
A student who wishes to enter the profession of Chartered Accountancy, students have to enroll for Foundation Course offered by the Institute after appearing in class 12 examination held by a recognized education board in India. Students need to register till June 30/December 31 for being eligible to appear in November/May Foundation Course Examination.
Earlier, ICAI held Common Proficiency Test (CPT) for admission to the CA course but the exam was replaced under the new scheme with the Foundation Course.
Students need to complete four months study period in Foundation Course and then appear for the exam.
Students who pass in Foundation course exam move to Intermediate course. Students have to complete 8 months of study course as on first day of the month in which the intermediate exam will be held to be eligible for appearing in the Intermediate exam.
CA students have to complete Four Weeks Integrated Course on Information Technology and Soft skills (ICITSS) while they are in intermediate course and before the beginning of articled training.
Those who qualify in the Intermediate exam, then join the final course. Final course students have to undergo Four Weeks Advanced Integrated Course on Information Technology and Soft skills (AICITSS) during the last two years of practical training but before appearing in the final examination.
The articled training is of 3 years and a CA student can either appear for CA Final exam after completing the articled training or while serving the last 6 months of articled training. Students who clear the CA Final exams have to enroll as a member of the ICAI to be designated as a Chartered Accountant.
Another entry method is direct entry method which is available for commerce graduates/ post graduates with minimum 55% marks or other graduates/post graduates with 60% marks. Such students can enroll directly to the intermediate course. Rest of the conditions remain the same.
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