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 that 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 final level. Only after a candidate has qualified all the three levels can they work as a professional chartered accountant.
The three levels of 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: the 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 a 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 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 are required to qualify for the exams. The work done by the chartered accountants requires the utmost attention to detail and concentration while working so that they do not end up working with the wrong figures.
The professionals who qualify for 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 of 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.
Popular Online Finance Courses and Certifications
Course Fees Chartered Accountancy
| Minimum Fees | Maximum Fees | |||
|---|---|---|---|---|
| Private | Government | Private | Government | |
| UG |
20.90 K
B.A. in Chartered Accountancy at Indian School of Business Management and Administration, Kochi
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Data not available
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2.10 Lakhs
B.Com(Hons) in Chartered Accountancy at ITM University, Gwalior
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Data not available
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| PG |
41.80 K
Other Masters in Chartered Accountancy at Indian School of Business Management and Administration, Kochi
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Data not available
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41.80 K
Other Masters in Chartered Accountancy at Indian School of Business Management and Administration, Kochi
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Data not available
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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 for the chartered accountancy exams possess the required knowledge that would help them in the field in the 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 | Their job is to manage the accounting, taxations and the financial statements of a business or a firm. | |
2 | 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 | 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 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
Average Salary
The average salary earned by a qualified chartered accountant depends on the skills and the position that the candidate applies to. The salary will also vary for the different Institute even for the same position. However, the approximate salaries earned by different positions in the CA field are listed below.
S.No | Job Profile | Average Approximate Salary (in Rupees) |
1 | Chartered Accountant | Rs. 10 lakhs per annum |
2 | Auditor | Rs. 7 lakhs per annum |
3 | Rs. 6 lakhs per annum | |
4 | Accounts Clerk | Rs. 3 lakhs per annum |
5 | Financial Controller | Rs. 18 lakhs per annum |
6 | Business Services Accountant | Rs. 3 lakhs per annum |
7 | Tax Accountant | Rs. 6 lakhs per annum |
8 | Cost Accountants | Rs. 4 lakhs per annum |
The salary figures mentioned anywhere in these articles are just for reference purposes. Please treat them as such. Actual salaries may vary depending on respective candidates, employer, job location and numerous other factors.
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
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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.
Frequently Asked Questions (FAQs)
Question: Is there any age limit to pursue chartered accountancy?
Answer :
No, there is no age limit to pursue chartered accountancy. However, the minimum age limit to appear for the CPT is 17 years with completion of class 12.
Question: What is the eligibility criteria for the chartered accountancy course after graduation?
Answer :
Candidates who wish to pursue chartered accountancy after graduation need to have an undergraduate degree in any stream to register with the ICAI for the intermediate level exam. Candidates with commerce stream degree are required to have at least 55 percent aggregate in graduation whereas this minimum criterion is slightly higher for the other graduation streams at 60 percent.
Question: Can Science and Arts Stream pursue chartered accountancy after completion of class 12?
Answer :
Yes, candidates from all the streams who have completed their class 12 are eligible to pursue chartered accountancy. They will have to clear the Common Proficiency Test to be eligible to register with the ICAI for the intermediate level exam.
Question: What are the different levels of exams that are included in the CA course?
Answer :
There are three different levels of exams that need to be cleared in order to achieve the CA degree.
- CA Foundation level exam
- CA Intermediate Level exam
- CA Final course
Question: Does chartered accountancy account for a degree?
Answer :
Yes, Chartered accountancy is a professional degree that can be attained only after the qualification of all the levels of the exams that are a part of this course.
Questions related to Chartered Accountancy
I have scored 55% in my Graduation,am I eligible to join the intermediate course in CA chartered accountancy?
Dear student,
Time Duration and Registration - candidates who have to register on or before November 1, 2021 for the exam to be held in May/ July session. While for November/ December 2022 exams, the last date of registration is March 1, 2022.
Age limit - Candidates of any age can register for the CA Intermediate course. There is no maximum age limit.
Educational Qualification - Following students can register for the CA Intermediate exam-
-
Candidates who have passed the CA Foundation exam can register for any of the CA Intermediate exam group(s).
-
Any candidate who has passed erstwhile the Foundation exam or Professional education (examination-I) or Common Proficiency Test (CPT) is also eligible to enrol for the CA Intermediate exam.
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Candidates who are graduates/ postgraduates in commerce and have minimum of 55% marks in aggregate are also eligible to apply for the CA Intermediate course.
-
Candidates who are graduates/ postgraduates in any other stream (except commerce) and have minimum of 60% marks in aggregate are also eligible to register.
-
Candidates who are in their final year of graduation course are also eligible to register for the CA Intermediate course on provisional basis. Such candidates have to submit the proof of passing within six months from the date of appearance in final year exams.
So, for you query YES you join the intermediate CA course in accountancy.
Answer laterwhat is ACCA and what is its eligibility? Full form of ACCA?
- Full form of ACCA is Association of Chartered Certified Accountants.
- It is an institute, formed in 1904 that offers the “Chartered Certified Accountant” qualification.
- It is an international accountancy organization with 2,00,000 members and 4,86,000 students in 180 countries.
- Eligibility - You should have completed 18 years of age and qualified the 10+2 exams with an aggregate of 65% in Mathematics/Accounts and English and a minimum of 50%in other subjects.
- Job Opportunities -
-
Education & Health departments
-
Local government organizations
- Non-Profit Organizations
- Financial Services
- Industry/Commerce
- Public Sector
Hope this helps!
Is there any disadvantages of doing while youre from pcm stream?
Hello aspirant,
Hope you are Doing well!!
PCM stream students also eligible for Chartered Accountancy(CA). There is no such disadvantage to doing CA while you're from PCM. You need to learn accountant, law such subjects. Those who take commerce steam they can learn Accounts , law and such subject in 12th so, they can easily understand the CA Subjects while those who take PCM in 12th they are very new for these subject But if they tried to learn and practice they are also familier with these subjects. You may start your journey of becoming CA by appearing for CPT conducted by ICAI.
I hope this information will help you.
Feel free to ask any query.
All the best for your bright future ahead.
after bachelor degree what is the duration of CA and CS?
Hi Aspirant!
You will be given designation of CA after completing all the three levels of CA which are foundation level exam, Intermediate level and articleship, and final level. This course of Chartered accountacy is completed in 5 years roughly. Company Secretary (CS) course is a 3 years professional level undergraduate course. And you can pursue CA and CS simultaneously.
Thankyou!
chartered accountancy course full details
Hello aspirant
CA course focuses on accounting and taxation procedures. These are the people who can take care of the accounting and the taxation for a business or a firm. This course is minimu of 4 years duration if you choose foundation path. But if you choose direct path then it can be completed in 6 months only. The three levels of this course are designed by ICAI( Institute of chartered accountancy of India ). And kindly note that direct entry path is for the candidates who have completed their post graduation degree. There is a wide scope of this course not only in India as well as foreign countries. And the professionals of this course mainly works in business, cooperatives or in firms.
For more details, visit here:
careers360.com/courses/chartered-accountancy-course
Hope this helps. All the best.
