Chartered Accountancy

Chartered Accountancy

Degrees offered: B.Com, B.Com(Hons), Diploma, M.Com

What is Chartered Accountancy

Chartered accountancy revolves around the study of accounting and taxation procedures to be qualified as a professional who can take care of the accounting and the taxation for a business or a firm. Chartered Accountancy is unlike the regular professionals wherein one needs to attend college to get a degree and then go for Master’s and PhD. The Chartered Accountancy is a professional degree itself, but it cannot be disintegrated into undergraduate or postgraduate degrees or levels. Rather it is a degree which can be achieved after qualifying the three levels of exams that comes in between the completion of the degree. The three levels include the foundation level, intermediate level and the final level. Only after a candidate has qualified all the three levels can they work as a professional chartered accountant.

The three levels of the chartered accountancy training have been designed by the Institute of chartered accountancy of India (ICAI). The chartered accountancy course can be pursued through two paths: foundation path and the direct entry path. Candidates who wish to pursue chartered accountancy after the completion of class 12 can do so following the foundation route whereas candidates who want to pursue chartered accountancy after graduation can do so by following the direct entry route. Once one becomes a chartered accountant, they will have plenty of employment options to choose from as the job of a chartered accountant is highly required in the businesses, and the firm pays well.  

Chartered Accountancy Course Highlights

Parameters

Undergraduate

Postgraduate

Course path with exams

Foundation path

Foundation Exam

Intermediate Exam

Final CA Exam

Direct Path

Undergraduate degree

Intermediate exam

Final CA Exam

Minimum duration

4 years

6 years

Maximum duration

There is no limit for maximum duration

There is no limit for maximum duration

Admission criteria

Completion of class 12 from a recognized institute in India.

Completion of an undergraduate degree in either commerce stream with 55 percent aggregate or other subject with at least 60 percent aggregate.

Minimum fees

There is no minimum fee as there is no course that is offered for the preparation of the exam by the colleges.

Rs. 12000

Maximum fees

There is no maximum fee limit for chartered accountancy.

There is no maximum fee limit for chartered accountancy.

Minimum salary

Rs. 1.5 lakhs per annum

Rs. 1.5 lakhs per annum

Maximum salary

Rs. 24 lakhs per annum

Rs. 24 lakhs per annum

Chartered accountancy jobs

Accounts clerk, chartered accountant, cost accountants, and business services accountants.

Auditor, chief financial officer, cost accountants, tax accountant, accountants clerk.

 

Eligibility Criteria (UG & PG) of Chartered Accountancy

The criterion for the chartered accountancy course depends on the path that the candidates choose to follow. The foundation path can be pursued after the completion of class 12, whereas the direct route is for candidates that have completed an undergraduate degree in any discipline.

For the foundation path

  • Candidates who wish to pursue chartered accountancy through the foundation path have to complete their class 12 from a recognized institution to be eligible to apply for the common proficiency test.


For the direct entry path

  • Candidates who wish to pursue chartered accountancy through the direct entry path have to have an undergraduate degree to apply to the ICAI for the registration of intermediate exams.
  • Candidates who have a commerce undergraduate degree should have at least 55 percent aggregate while the other discipline degree holders need at least 60 percent aggregate in their undergraduate degree.


Chartered Accountancy Entrance Exams

The entrance exam for the course of chartered accountancy is conducted for the candidates who choose to pursue chartered accountancy after class 12. For the candidates that choose to pursue chartered accountancy after graduation are exempted from the entrance exam because they can directly register for the intermediate exam with the ICAI after the completion of graduation.

Common Proficiency Test (CPT): This entrance exam is conducted for the prospective candidates of chartered accountancy courses for the students from all the streams after the completion of their class 12. They need to qualify this exam to be eligible to register with the ICAI for the intermediate level exam of the CA Course.

The chartered accountancy admission procedure can be followed for the admission through the two different paths that are there to pursue the CA as per the level of education. The following steps summarize the admission into the CA course following both the admission paths that are possible for the admission to the course.

  • If the candidate wishes to pursue chartered accountancy course after the completion of their class 12, then they will have to appear for the Common Proficiency Test (CPT).
  • If they clear the CPT, then they can register themselves for the intermediate level exam with ICAI.
  • If a candidate wishes to pursue chartered accountancy after their graduation, then they will need to have a great aggregate in their graduate degree after.
  • These graduates can skip the foundation level of the chartered accountancy course to directly register themselves with the ICAI for the intermediate exam level.
  • Once they have been registered with the ICAI, they will be given time and the guidelines to prepare for the next set of exams.

Scope of Chartered Accountancy in India and Abroad

The course of chartered accountancy is designed for the candidates who have the accounting and taxation knowledge in depth and know how to apply that knowledge to solve the real-world problems. Candidates need to be focused and dedicated to the pursuit of this degree and will have to study long hours in order to reach the level of skills that is required to qualify the exams. The work done by the chartered accountants requires the utmost attention to details and concentration while working so that they do not end up working with the wrong figures.

The professionals who qualify these exams work in the businesses and firms to cater to their accounting and taxation matters along with the financial statements and the businesses practices that are followed including the maintenance of records, preparation of financial reports, and the review about the financial report. They are also capable of giving financial advice to the businesses and the firms that they work for.

The scope of chartered accountancy is not limited to any particular sector as they are required by all the institutions and businesses wherever there is an exchange of money. They can work in several institutions at different positions once they have been qualified as a professional chartered accountant.

Course Fees Chartered Accountancy

Minimum Fees Maximum Fees
Private Government Private Government
UG
65.25 K
B.Com in Chartered Accountancy at COER School of Management, Roorkee
---
Data not available
2.10 Lakhs
B.Com(Hons) in Chartered Accountancy at ITM University, Gwalior
---
Data not available
PG
1.89 Lakhs
M.Com in Chartered Accountancy at UKA Tarsadia University, Bardoli
---
Data not available
1.89 Lakhs
M.Com in Chartered Accountancy at UKA Tarsadia University, Bardoli
---
Data not available

Course Subjects

The curriculum for the chartered accountancy course has been designed differently for the three different qualification levels. The syllabus for the exams is set by the ICAI itself to ensure that the candidates who qualify the chartered accountancy exams possess the required knowledge that would help them in the field in future. The following are the subjects that are asked at various levels of exams in the course of chartered accountancy.

Foundation Course

  • Principles of Accounting
  • Business Laws
  • Business Correspondence and Reporting
  • Statistics
  • Business Mathematics and logical reasoning
  • Business Economics
  • Business and Commercial Knowledge


Intermediate Course

  • Accounting
  • Corporate and other laws
    Company laws
    Other laws
  • Cost and management accounting
  • Taxation
    Income tax laws
    Indirect taxes
  • Advanced Accounting
  • Auditing and Assurance
  • Financial Management and Economics for Finance
    Financial management
    Economics for finance
  • Enterprise Information Systems and Strategic Management
    Enterprise information systems
    Strategic management


Final CA Course

  • Financial Reporting
  • Strategic Financial Management
  • Corporate and Economic laws
    Corporate laws
    Economic laws
  • Advanced auditing and professional ethics
  • Elective paper
    Risk management
    International taxation
    Economic laws
    Financial services and capital markets
    Multi-disciplinary case study
    Global finance reporting standards
  • Strategic Cost Management and Performance Evaluation
  • Direct Tax Laws and International Taxation
    Direct tax laws
    International tax laws
  • Indirect Tax Laws
    Goods and services tax
    Customs and FTP

Careers in Chartered Accountancy

Ever since the introduction of the new Company Act in 2013 and GST in 2017, the demand for Chartered Accountants has skyrocketed in private as well as public sector. After completing the CA education, one can easily find employment in any of the corporate financial areas such as direct taxes, indirect taxes, income tax, corporate tax, cost and works accountancy, auditing etc. Though, experience holds the key to succeed as a CA and it is recommended to work in an experienced CA firm to acquire all the necessary skills. With dedication, perseverance, and attention to detail, one can ensure success as a CA with relative ease.  

Job Profiles and Top Recruiters

There are a variety of jobs that the qualified chartered accountant can choose from. They are generally hired to take care of the accounting, taxation and the financial statements of the businesses and the firms, but they can offer much more than that. They instill in them the knowledge and the skills to analyze the financial report to suggest different measures to improve it and to make effective financial strategies. They can open up their own offices to provide advice to the individuals and the businesses about how to make improvements.

The most popular career options that are chosen by the chartered accountancy candidates are listed below.

S.No

Job Profile

Job Description

1

Chartered Accountant

Their job is to manage the accounting, taxations and the financial statements of a business or a firm.

2

Auditor

They are the professionals that are hired by the businesses and the firms to examine their finances and the accounts for their accuracy and precision.

3

Chief Financial Officer

They are the superior level executives that are responsible for the business’s well-being and success.

4

Accounts Clerk

Their job is to maintain the transactions and the financial statements of an enterprise.

5

Financial Controller

Their job is to work with the management team to run and manage the business efficiently.

6

Business Services Accountant

Their job is to give business and tax service insights to the firm.

7

Tax Accountant

Their job is to cater to the various taxation procedures that are to be followed in a firm.

8

Cost Accountants

Their job is to monitor and analyze the accounts of the business to manage the costs and the set budget.

 

Chartered Accountancy Top Recruiters

 The chartered accountants can choose from a variety of different jobs to work for. They can work in different institutions and choose their job position according to their own forte. Though they possess the knowledge about how to take care of the whole accounting and the taxation procedure in a firm, they can still choose to work only in accounting, or taxes or other things. The following are the top recruiters for the qualified chartered accountants.

  • Legal Firms
  • Public and Private Sector Banks
  • Portfolio Management Companies
  • Patent Firms
  • Stock Broking Firms
  • Public Limited Companies
  • Finance Companies
  • Auditing Firms
  • Investment Houses

Required Skillset for Chartered Accountancy

Chartered accountancy is not an easy professional degree to pursue as it requires long hours of focused studies, understanding of concepts and dedication to achieve the goals in a set time. Since there is no age limit for the perusal of this degree, it certainly depends on the time management and the efficiency of the candidates to know how fast they can complete their degree to work as a professional. The work-related to chartered accountancy requires the utmost attention to details and concentration while working because even if a single entry goes wrong, it will affect the entry work. There are a certain set of skills that should be inculcated into the candidates so that they can work efficiently as a professional chartered accountant.

  • Analytical Skills
  • Attention to details
  • Concentration and focus
  • Teamwork skills
  • Awareness about the accounting techniques and new taxation laws
  • Ethics and professionalism
  • Communication skills

Course Curriculum for Chartered Accountancy

The course curriculum for chartered accountancy has been designed by ICAI to acquaint the students with necessary knowledge and equip them with important skills to perform the varied roles associated with the profession. Students get to study all the subjects that will help them hone their skills in the areas of accounting and finance. Important law related subjects are also a part of the curriculum. The study methodology involves classroom sessions, workshops, project works, and articleship. In-depth knowledge of the Income Tax Act, Company Act, Direct and Indirect Taxes, GST and other financial laws is also provided.

Questions related to Chartered Accountancy

Showing 7 out of 7 Questions
13 Views

Degree chesthu CA(Chartered Accountancy) cheya vacha ...? PLZ ANSWER...

Papeya Dubey Student Expert 7th Nov, 2020

Hello,

if you  have completed your 10+2 from a recognized board then you're eligible for foundation course in CA, the registration for foundation course in CA is valid upto three years, hence it makes the number of attempts to six, for more details regarding this you may visit the official website at https://www.icai.org/post/faqs-provisional-admission-to-foundation-course

10 Views

Hello sir, Iam pursuing chartered accountancy (CA-IPCC). Iam interested to join in PGDFM course. I have a doubt regarding classes. Whether the University conduct online courses or not? Whether it is a distance course or online course?

priyaankasarkar Student Expert 3rd Jul, 2020

Supraja, you haven't mentioned the University you are interested in taking up this course from. There are Colleges that offer Distance mode. For example, IGNOU is one of them. IGNOU offers PGDFM as 1 year PG Diploma course and you can check the complete information at the official website: http://www.ignou.ac.in/ignou/aboutignou/school/soms/programmes/detail/192/2 . Nevertheless, to give you an idea about this course, the course is taught through Distance mode and not online classes. There might be weekend classes that might be conducted and you have to attend them based on the schedule of your study center. There also might be other Institutions which offer this course through online classes. It depends on the teaching method of that particular Institution/University that you are enquiring about. If you have any Institution or University in mind, please do let us know and we shall help you with relevant information.

26 Views

is maths in class 12 necessary for chartered accountancy?

chandra keerthi pothina 8th Jan, 2020

Hey Rito

It is not  necessary to take Mathematics in class 12th for doing chartered accountancy course. But it woul be better if you are  good in mathematics level of up to 10th class .

Chartered Accountancy course can be easily done very well by a student who has good understanding of 9/10th class mathematics concept .
First step is to register your self in CPT level of the Chartered Accountancy.
Examinations of the course are conduct twice a year in may and june.
Admission is open through out the year.

hope this helped

78 Views

I have the following scores : CAT - 93.19% 10th - 92.67% 12th - 92.80% Chartered Accountancy - 52.13% What calls may I expect?

Harshita Gupta 5th Jan, 2020
Hey,

You can expect a call from most of IIMs. IIM Ahmedabad, IIM Calcutta, IIM Bangalore, IIM Vishakhapatnam, IIM Lucknow, all have cut-off near 90 percentile.

After getting shortlisted, you will have to go through writing ability test, group discussion, personal interview which will decide your admission. Other factors like past work experience also matter. You have good score in 10th and 12th as well, so you might get admission easily If you give your best in other rounds coming up next.

The fees of IIM ranges from 9 lacs to 21 lacs. IIM Ahmedabad has the highest fee structure. But, IIMs also provide various scholarships and the placement is great with very high packages.

For the cut-off of various IIMs, check the link below:

https://bschool.careers360.com/articles/iim-cutoff/amp


Hope this helps!
114 Views

i have completed bcom n passed 2 levels of Chartered Accountancy ..am i eligible for masters?

priyaankasarkar Student Expert 1st Jan, 2020

Shachi, you are eligible for pursuing Master's based on your B.Com (//B.Com) qualification. You are a Chartered Accountant only after you successfully complete your CA Finals. Until then you will be a Candidate who is pursuing your CA. But based on your B.Com (//B.Com) qualification, you can study your PG.

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