How to Become a Chartered Accountant – Know What it Takes
A career in Finance is perhaps the most coveted one in India. And, Chartered Accountancy is one of the most popular career options, which requires a lot of hard work and determination. If you too harbour dreams of becoming a CA, it will do well to know what it takes to be one. Here, we take you through the steps that are required for that. The first step is to register and prepare for your CA Foundation exam. Read on to know more.
What exactly is Chartered Accountancy?
Let us first look at what is the meaning of Chartered Accountancy and what does a Chartered Accountant do? To be brief, Chartered Accountancy includes managing all the finances of any organisation. This simply means, handling all matters related to budgeting, taxation, audit, accounts, and business strategy. And, a CA looks into all of this while also giving financial advice. CAs also prepare financial statements of a company, conduct financial analysis, do cost accounting and also assist in wealth management. They can work for a private firm, the government and also an individual, guiding them in all their financial matters.
Therefore, a CA’s job is a high-profile one, which undoubtedly, makes it a very popular profession among those who seek a career in finance.
What does it take to be a CA?
To put it briefly, a CA is a certified professional who handles all the accounting, and this certification is granted by the Institute of Chartered Accountants (ICAI). To be a CA, you have to undergo intense training, which consists of three levels. It is only then that you are qualified to be a CA and earn the title or designation. The ICAI holds all the responsibility to conduct the necessary exams, regulate and maintain the CA profession in the country.
Thus, you can be a CA only after the successful completion of these three levels. Then you get your certification, and overall, this will take you about five years.
Qualifications needed to be a CA
Now, let us see when you can take the first step toward being a CA. There are two stages here:
- The Foundation course entry
- Direct entry
Now, where the foundation entry is concerned, you have to register for your CA Foundation course after Class 12. After completion of four months of intense training of this course, you must opt for CA IPCC. After completing this level, you move to the Intermediate level, wherein the study period lasts for 8 months.
After clearing this level, you can go for the 3-year Articleship training. Next is the final step, i.e., the CA final exam. Thus, you have to register for the CA Foundation, study for four months and then give your CA Foundation exam. The registration for this is valid for three years. You have to register before January 1 or July 1 respectively, if you wish to take this exam, which is held in May and November each year. The ICAI does not have any age restrictions for this programme as well.
It is important to note that currently, there is no limit to the number of tries you take for the CA Foundation course. The validity of registration of this course will be renewed several times.
You can seek direct entry in the Intermediate level after your graduation or post-graduation. You must have garnered at least 55% in your graduation in Commerce or 60% if you have pursued your bachelor’s in any other stream. After successful completion of the Intermediate level, you can do the 3-year Articleship training. Besides, you also have to complete 9 months of practical training before moving on to the final step of giving the CA final exam.
The exemptions
Now there are some exemptions here as well. Let us look at those:
- Candidates who have acquired 55% in their graduation or post-graduation in the Commerce stream are eligible for direct entry to the Intermediate level.
- Graduates from other streams who have acquired 60% in their graduation or post-graduation are also eligible for direct entry to the Intermediate level.
- Candidates who have qualified for the Intermediate level that is conducted by the Institute of Cost Accountants of India can go for direct entry.
- Candidates who are in the final year of graduation can apply for the Intermediate level on a provisional basis.
- When it comes to such candidates, they can register after producing their final year marksheet or passing certificate within six months of appearing for their final year exam and completion of the ICITSS course.
- The candidate can complete the ICITSS (Orientation Course and Information Technology) while being registered provisionally.
To put it in a crux, there are four steps to becoming a CA as mentioned below:
- CA Foundation Course
- CA Intermediate Course
- CA Articleship
- CA Final Course
Finally, to sum it up, there are four steps to becoming a CA, and the first step is the Foundation course. We suggest you join an institute to prepare for this level. TG Campus has excellent CA Foundation coaching classes online to aid prep and help you with your revision as well. Most of all, these courses ensure that the entire CA Foundation syllabus is covered and the expert guidance you get also builds your confidence. So, join up and stay ahead of the curve.
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