Are you the one who wants to become a Chartered Accountant and are looking for something that will help you anticipate a whole CA journey? Then you have landed on the right page because here we present you the path to CA so that you conclude that this is the right profession for you.
It is observed that students often blindly opt for a course and career that everyone around them is opting for without properly researching the possible career options.
This herd mentality and blind choice can lead to not fully utilizing one’s talents and potential. That’s why it’s important for students to first learn about all available career options before choosing one.
Being a CA in India is considered one of the best career options among all the available options. But before we start, here we would like to share every single detail about how to be a CA.
What Qualifications Do I Need To Be CA?
When a student reaches the end of two years of higher education after passing the 10th class he or she either has been accepted to the first year of graduation or passed the graduation course conducted by the university.
The CA course is divided into three levels. To become a certified CA, you must finish all three levels. The following are the eligibility criteria for the various levels:
Foundation
The CA foundation course, commonly known as the common proficiency test, is the first level. The course lasts four months, and the minimum eligibility requirement is 10+2 in any stream. You must pass the CA foundation exam after completing the course.
Intermediate
The second level is the intermediate course, which lasts for three years. This program requires graduation with 55% aggregate marks in commerce or 60% aggregate marks in non-commerce courses or qualifications at the first level.
Final
In the third level, students are required to complete a two-year CA final course. To be eligible for this course, you must have passed level 2 and completed two and a half years of articleship. To become a CA, you must pass the CA final test after completing the course and articleship.
In India, chartered accountants are regulated by the Institute of Chartered Accountants of India (ICAI). After finishing the three-level course, the ICAI administers CA examinations and recognizes the candidate as a qualified CA.
Chartered Accountant Work
Chartered accountants work in public accounting firms, industry, and commerce, as well as the non-profit and public sectors. You can maximize profit for your customer or business by working strategically.
CAs will need to
- Handle financial systems and budgets as a chartered accountant.
- Carry out financial audits.
- Provide financial guidance.
- Provide financial information and advice to clients (individuals or corporations).
- Analyze risk by reviewing the company’s systems.
- Carry out testing to ensure that financial information and systems are accurate.
- Clients are advised on tax planning and tax difficulties linked with actions such as business purchases and mergers.
- Maintain accounting records for small enterprises and create accounts and management information.
- Clients are advised on business transactions such as mergers and acquisitions.
- Advise clients on areas for business growth or dealing with insolvency.
What Is The Profit Of Becoming A Ca?
Employers reward CAs for their skill set and ability to provide value to organizations. CAs also have a high level of work stability and competitive remuneration. Being a CA also gives status and prestige, as well as prospects for progression in one’s work.
The profits of becoming a CA are:
- CAs have better technical abilities.
- A massive employment market.
- The odds of finding work are fairly good.
- Better career opportunities with higher pay.
- May serve as a stepping stone to more senior management positions.
- Working in another country.
- CAs enjoy a high level of job stability.
- Possibility of working as an external auditor
How To Become A Chartered Accountant After Graduation
An aspiring CA must first try CPT and then IPCC. However, once a person has graduated, they do not have to take the CPT exams. They can go directly to the IPCC exams.
This program is called the direct entry program and is open to graduate students. The program requires that you become familiar with accounting concepts, theories, and standards.
As business students are increasingly choosing CA as a career option, they are free to apply after their 12th if they wish. They can either start directly after high school, after graduation, or after post-graduate. Several people prefer to do it after they graduate.
CA course upon graduation:
- The candidate can get direct entry and does not have to appear for CPT.
- The duration of the course, which can be completed in one attempt, is approximately 3 to 3.5 years.
- In addition, the student already has a fully completed bachelor’s degree that they do not have to worry about.
- They can directly appear for the IPCC exams.
- Potential candidates can even register for Articleship in their final year of study, saving time.
Eligibility for CA after graduation:
- Applicants who have completed a commerce degree must score at least 55%.
- Other graduates/post-graduates must achieve at least 60%.
- Applicants must register 9 months before the exam.
- They must complete 100 hours of information technology training before taking the Articleship.
- 35 hours of the orientation program are also mandatory.
- A total of 3 years of Articleship is required for final graduation.
To complete CA directly after 12th grade, a minimum of 4.5 years is required. However, with the direct entry program, it only takes 3 years after graduation, provided one passes all exams in one attempt.
After graduation, the aspirant does not have to attend CPT. They must complete an Articleship. After a minimum period of 9 months, the candidate is eligible to appear for IPCC.
- Candidates need to fill out the admission form and submit it to ICAI. They can also do this online.
- Filing fees must be paid. For online submission, Rs 100 will be deducted from the total fees.
- The IPCC is usually held twice a year, around November and April. One has to register 9 months before the IPCC.
- ITT and orientation program must be completed before Articleship.
- A minimum of 9 months of Articleship is a must before IPCC.
FAQs – How To Be A CA?
Can I do CA after 12th?
After passing the 12th board exams, students who wish to become a CA can apply for the CA Foundation exam, which is the entry-level examination for the program. Upon passing the 12th examination, they are eligible to take the CA Foundation examination.
How many CA in India?
According to the ICAI, there were about 3.51 lakh CAs in India as of April 1, 2022. As of now, ICAI offers CA courses to around 750,000 students.
Is CA Tough?
CA exams require 5 years of recurring exams and regular study, which makes them quite tough.
Is it better to do CA after graduation?
It is best to take up CA after completing grade 12th. It is, however, a better option to pursue a CA after graduation if you realize this is a career after graduation or in the middle of the course.
How many years does it take to become CA?
It takes about 4.5 years to complete the full courses to become CA.
To Wrap Up
The CA qualification is globally recognized and highly valued by employers. ACCA Members demonstrate a high level of competence and technical expertise. They can also be able to work in a team and communicate effectively. It’s this combination of skills that makes CAs a valuable asset to any organization. Hope this article gives you clarity about how to be a CA and much more.
