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[C.A.] Chartered Accountant Course Details : Complete Guide

Best Guide on Chartered Accountant Course with guidance related to Scope, Job Opportunities, Examination after 12th and Graduation, CPT, IPCC, Final Subjects and tips to study and Crack Chartered Accountant Course [CA Course]

 

Chartered Accountants are among the most renowned Professionals in India, while its course is regarded as the toughest Professional Courses in Commerce Stream. Here is the Complete Guide on Chartered Accountant Course in Detail with its Scope, Job Opportunities, how to study and prepare  for it and much more……

[C.A.] Chartered Accountant Course Details : Complete Guide

Chartered Accountant Course Details : Complete Guide

If you are reading this posts, that means you are really interested in pursuing the Chartered Accountant Course. So first of all let me tell you the exact process and minimum Education required to apply for C. A. course…..

Chartered Accountant Course after 12th & Graduation

There are generally 2 ways to get into Chartered Account Field, the 1st one after completing your 12th Examination in which You can appear for CPT- Common Proficiency Test, after 10+2. This is the entrance exam for the course. Another way to get into Chartered Accountant Course is after completing Bachelor of Commerce (B.Com). The student after completing B.Com, need to complete 9 months of articleship before appearing for Integrated Professional Competence Course (CA- IPCC). (If you have selected CA as a profession, after B.Com, click here for more information, if not then scroll down.) This were the basic academic requirements for selecting CA as a profession.

Before going to in detail requirements, and technical things in CA as a profession. Let’s discuss the scope of CA as a profession, in depth:

Scope of CA Course :

  1. A Chartered Accountant is the one, who has immense, and in depth knowledge of Accounting. In addition, CA is considered as top most possible profession in the field of commerce.
  2. Another important scope of CA as a profession, is taxation. Every CA is expected to know, and apply his knowledge of taxation, for the benefit of his client, in a legal manner.
  3. International taxation, and implementation of International Financial Reporting Standards (IFRS), with respect to Indian companies, is another important field, were only CA can excel.
  4. Being trusted for intellectual work, and immense financial knowledge, a Chartered can also practice in financial, and investment consultancy.
  5. Another most important field is Auditing and Assurance. Being a Chartered, you can always think of this field as a whole time profession.

Now You may be thinking about the job opportunities of a Chartered Accountant. Don’t worry, we have covered it too at the end of this article…

Chartered Accountant Course Details

1st of all let’s have a look at C.A. Course in Detail……

The Overall Chartered Accountant Course is Divided into 3 Parts as –

  1. CPT

  2. IPCC

  3. Final

Chartered Accountant Course Details

Chartered Accountant Course Details

As already discussed, to see yourself as a Qualified Chartered Account, you will have to successfully crack the above Examination, which are as CPT, IPCC, Final (if You are applying after 12th). Without wasting your much time, let’s begin with the Course Details…..

 

1 – CPT

 

Syllabus –

Now, let’s take overview of syllabus covered at CPT level. The basic point in CPT is, it is exam in the form of Multiple Choice Question. There are basically four subjects: Accounts, Mercantile Law, Economics and Mathematics & Statistics.

  1. Accounts: General and basic concepts of accounts. Very basic of company accounts. Some advanced issues in partnership accounts as compared to HSC. Some other topic, but not a major concern for accounts lovers. This paper has 60 marks weightage.
  2. Mercantile Law: This is a brand new subject, packed in all new book cover. It comes with three acts. In first week, you are expected not to understand anything. As the subject is brand new for you, you will of course enjoy the subject. Three acts are Sale of Goods Act, Contract Act and Partnership Act. The portion covers certain parts of all three acts. The subject has 40 marks.

So, Accounts and Law consists of one paper of 100 marks, out of the total 200 marks.

  1. Economics: Though you know this subject since 11th, at CPT level it is advanced to a certain extent as compared to HSC. The first section covers the theories, while other covers Indian Economy on an overview, basics of banking and money, and other things. This subject is for 50 marks.
  2. Mathematics & Statistics: Last but never the least. This subject is a headache for most of the CA student at CPT level. It comes for 50 marks. Contains some maths and some stats, formulas and logics. It can be tackled.

Economics and Mathematics & Statistics forms the second paper of 100 marks.

Passing Criteria in CPT Exams-

Basic passing requirements are a minimum total of 50% marks and minimum 30% in each subject.

Guys, concentrate it is “and“. Hence, you have to fulfill both the criteria.

[Tips]  

Basic tip to clear the CPT exam is plan your studies. Generally, Mathematics is the freaky kind of subject in CPT. Students hate that subject, but because of passing criteria you need to score at least 30%, i.e; (50*30%)= 15.

But, you can score huge marks in Law, Accounts and Economics. So final calculation can be

Maths: 15/50; Economics: 35/50; Accounts: 45/60 and Law: 30/40.

That takes you to total marks of 125/200.

Another tip is keep at least 20% margin while planning for studies. That will save you from failing with small margin. Also, another point to be noted is, no exemption rules like IPCC and Final apply to CPT. You need to clear all the subjects with required criteria in single attempt itself.

 

 

2 – IPCC

So, after clearing the initial phase, that is the CPT exam. It’s time for one of the biggest turnaround in our life. It is the IPCC exam which you are going to appear next. It is not considered as the toughest in CA as a profession, but it is biggest turnover in the profession. The basic reason behind this is, till CPT, your expected class timing are maximum 4 hours. At IPCC level, they rise to minimum 7-8 hours a day. Expected study is at least 10-12 hours a day, for minimum 3-3.5 months. This is the basic difference between CPT and IPCC.

Another difference is, at IPCC level the syllabus covered. At CPT we had only 4 subjects. As compared to same, at IPCC level we have 8 subjects. Also at CPT, we have approximately 12 months for preparations. Whereas at IPCC, we have maximum 10 months (June to April) for preparation. This is very basic difference between IPCC and CPT.

So, enough of differentiation between IPCC and CPT. Now, we take overview of the basic routine of IPCC student.

  1. Out of the 10 months part, classes will be maximum of 6-7 months. Remaining three months will be preparation leave for students appearing for both group.
  2. Hence, in initial class period, you will be attending classes for 7-8 hours a day. On Sunday for minimum 4 hours. After that, you are anytime required to study for minimum 10 hours. In short, these 10-11 months will be the busiest or the hectic one in your life. We tend to feel the heat of CA as a profession during the period.
  3. At the same time, we are expected to update our self with news, economic conditions and even the stock markets. After these 10 months, you will find a whole new you in yourself. Once, you get the change in yourself after IPCC exam, you are on the correct track. You may or unfortunately not clear the exam, but you will definitely be successful in your life.

 

You must be thinking that, these 9-10 months will be full of studies and hard work, and no enjoyment. But mind you guys, that is not the case. You will have fun in the class, in the breaks, and also on weekends. Of course these will be very less in quantum as compared to your non- CA friends.

 

Syllabus at IPCC Level

Now, let’s look at the subject wise portion at IPCC level:

  • GROUP 1

  1. Accounts: The subjects covers some of the Accounting Standards. Advanced Issues in Partnership. Amalgamation and Internal Reconstruction. And other topics. It is generally the favorite topic of IPCC student.
  2. Law, Business Communication and Ethics: Do get frightened by the size of the name. The subject basically consists of three part. Out of which, Law comes for 60 marks, Communication for 20 marks, and Ethics for 20 marks.

Law consists of certain portion of following acts:

  1. Labour Laws
  1. Provident Fund and Miscellaneous Provisions Act.
  2. Payment of Bonus Act. iii. Payment of Gratuity Act.

Other Acts

  1. Indian Contract Act.
  2. Negotiable Instrument Act.

Companies Act, 2013.

Out of these, Companies Act alone comes for almost 20-30 marks. Whereas, other acts comes for 40 marks.

3. Costing and Financial Management: This is the brand new subject at IPCC level. We, till CPT level are not aware of anything related to costing, or financial management. These two subjects have equal weightage of 50 marks. Some basic concepts are discussed at IPCC level. The subject basically needs practice, and conceptual clarity to score good marks.

     4. Taxation: Another brand new subject. This deals with Income Tax, Service Tax, VAT, Excise Duty, Customs Duty, and Cenvat. Income Tax forms part of Direct Tax portion which consists of following topics:

  1. Income from Salary.
  2. Income from House Property.

iii. Profits and gains from business and profession.

  1. Income from Capital gains.
  2. Income from other sources. And certain other topics.

The direct tax portion has a weightage of 50 marks, in taxation paper at IPCC level.

For indirect tax, only service tax and VAT are explained in detail. Other taxes are discussed at introductory level, at IPCC level. Indirect taxes portion has a weightage of 50 marks, in taxation paper at IPCC level.

  • GROUP 2

These were the subjects of Group- I. Now, lets see the subjects of Group- II.

  1. Advanced Accounting: This is the only subject in Group- II, were you can have figures. It covers some of the Accounting Standards, Financials of Insurance Companies, Financial Statements of Banking Companies, Accounting for Employee Stock Option Plan. Accounting for Underwriting, Bonus Issue, and Right issue. And certain other topics.
  2. Audit and Assurance: The subject covers basic concepts of Auditing. Not a nightmare, nor a favorite subject for most of the students. It also covers certain part of Standards on Auditing, and Company Audit, and other topics.
  3. Information Technology and Strategic Management: Last subject of Group- II, and also IPCC. Generally, a nightmare for most of the students. The basic issue on this subject is, it is different from our CA as a profession. Both the subjects have a weightage of 50 marks.

 

IPCC Passing Criteria –

So, guys, after looking into the academic details. Let’s look at the passing criteria in short.

Total 50% marks, and 40 marks in each paper of 100 marks.

If, any of the criteria is not fulfilled then one needs to appear for the whole group again. Subjects with more than 60 marks, are considered as exempt and you are not required to appear for that paper again.

In order to succeed in CA as a profession, one need to plan things well.

As IPCC is a major step in Chartered Accountant Course, you need to plan and crack this level, move on towards articles in CA as a profession. As we need to get 50% marks, we can just plan it in following manner at IPCC level in CA as a profession:

 

[ TIPS ] Try and score 60+ in Accounts, Advanced Accounts, and Costing & Financial Management. Then 45-50 in all other subject will do the job for you, at IPCC level in CA IPCC Course.

In short, score as much as you can in subjects with numbers. Just clear theory papers with sufficient margin, and you are through the level.

After completing IPCC, we are required to register articles with a practicing CA. This period of articles, is regarded as the most important learning part in CA as a profession. Total period of 3 years, is to be served as article in CA as a profession. You can give your final examination attempt, after 2.5 years of articles.

Note: Even if, both the groups of IPCC are not cleared, after clearing the first group, you can start your articles under any Practising Chartered Accountant. You can clear the second group, during the articles in CA as a profession.

Now, as we are discussing about articles. This reminds me about the Direct Entry Scheme announced by our respected ICAI. Let’s have a look after Direct Scheme in CA as a profession.

3 – FINAL :

Unlike IPCC, an expert knowledge is expected at Final level. 8 subjects are divided in two groups each. Same passing criteria as IPCC level: 50% in totality and 40% in each subject. The average result is 5-6%.

Syllabus

Group- l

Group- l consists of following subjects:

  1. Financial Reporting
  2. SFM (Financial Management)
  3. Audit
  4. Law

Group- ll

Group- ll has following subjects:

  1. Costing
  2. Direct Tax
  3. Indirect Tax
  4. ISCA (IT)

 

No tips and other suggestions are required for studying of Final examination, as till this level, You are almost a CA. Just the formality part of clearing the examination is remaining. Though the formality part is of utmost importance, the student at final level has the knowledge, grasping power and other required capabilities to crack the examination.

 

Nothing much to right about the final examination, as it is said: “Work hard in Silence, let your success make the noise.”

 

Job Opportunities in CA Course

  1. A CA has immense options regarding the selection of jobs. If he wants to join any industry he can.

The basic logic behind this is, every organization requires money. Once there is money, there is always a Chartered Accountant involved in it. Hence, he can step into any industry, and work with them.

  1. If you want to settle in foreign country, then for example, in UK there is CFA. This course is corresponding to CA. In the same way, there are corresponding degrees in each nation. But it is always said that, CA from India can crack all these exams quite easily. Hence, you can also settle in foreign after selecting CA as a profession.

After looking into much of the scope, and job opportunities of CA as a profession. Let’s estimate expected income of a person in CA as a profession.

If you choose to move into industry, then base minimum salary of new CA, in cities like Pune, Mumbai, Bangalore, etc. will be 40,000/- – 50,000/-. The expected rise is at least 10% – 20%, per year. Hence, at the age of 40, you will be having a package of at least 25-30 lakhs, per year.

If you move into practice, your income has virtually no limits. At the same time, the minimum income also does not have any limits.

Disclaimer: The above-mentioned income limits are subject to knowledge, and other things of the students. Still, the above limits are regarded, as average income, in CA as a profession.

Now, let us discuss about other general things that are required in the person before selecting CA as a profession. Some of them are:

  1. Basic mentality of sacrifice. One need to sacrifice virtually everything, and just be dedicated towards the profession.
  2. Another point is the courage and will to face trouble and handle pressure. Out of the 12 months, a CA student will be in pressure for almost 8-9 months.
  3. Next point is love and the most important are the will and dedication towards the profession. It is rightly said in the movie, 3 Idiots that, “do what you love”.

Last but of course, not the least. The student has to be ready to provide whatever the profession demands from him. For example- excess study, extra work, additional reading and many more things.

 

Chartered Accountant Course Details

C.A. Students vs Others

C.A. Students vs Others

After getting enough of “Gyan” in the dark, or the hard side of the profession. We will discuss the basic difference between a CA student and other students.

  1. CA students are always expected to be busy with the classes. And the studies they have. At the same time, all other students will be either enjoying their college lives, or will be working in their field in order to secure their future.
  2. After selecting CA Course, the student comes in connection with newspaper like Economic Times, Times of India, and some mobile applications like Money Control and others. All these sounds boring? Don’t they guys?

 

So, let’s look at the basic advantages that all CA students would get in their initial phase.

  1. One and the basic advantage is of family and non- CA friends. For most of them, you will be always like idol or studious one or let’s say the best guy in the world. In short, you will perform the role of encyclopedia for them. Your knowledge will be far more than there, in most of the fields.
  2. Another advantage is the respect or the prestige you get the moment you select CA as a profession. But, mind it friends, this prestige or respect is to be maintained by you. You need to update yourself, behave in the same way, then and only the respect is maintained.
  3. One of the most important advantages is the income source. You tend to earn the highest in most of the field available. Though the earning comes after huge work, but still after all its money.

 

How to Study for Chartered Accountant Course

So, after B.Com, one is academically eligible to start CA as a profession. Till we complete B.Com, the exams are very easy. University hardly fails anyone. And everything is going on with ease and grace. But after selecting CA as a profession, we need to incorporate certain change in our self. Some of them are mentioned below:

  1. You need to get serious about life, and about C.A. Course. One just has only nine months to grasp, and learn things about CA as a profession.
  2. Another thing to be noted is the deepness of study. Till B.Com,  can study one day before the exam and get the distinction. But in CA as a profession, one need to plan and study well during the full year.
  3. One additional challenge, a direct entry student faces in CA IPCC level, is you need to study, do your classes and also complete your articles at the same time. None of the students except you, are expected to do this. This pressure needs to be handled with due care, by one after selecting CA as a profession.

These were some of the basic, and mental changes to be made by a B.Com degree holder after selecting CA as a profession.

Feel free to ask any questions that you have regarding Chartered Accountant Course, in comment box mentioned below. I am always ready to solve Your Queries….. Thank you…. 

All the Best for your Future…..

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About Pravin Vijay

Co-founder & Developer at CommerceVilla. I am a 21-year-old guy from Pune (Maharashtra). I love helping people and providing free education especially if it is related to Commerce Field.....

5 comments

  1. I m in 11th class and i m totally confused btw CA and CS course… my maths is not very well but i want 2 choose my career in CA ….so plez help me how can i pass my CPT

    • Hello Megha,
      There is a lot of difference between CA and CS course….. A Chartered Accountant maily specializes in Audit and Tax Field, while a Company Secretary deals with the secretrial work of a company… So it is upto you, which course attracts you… If it is CA then go for it… You can join some Private as well as Institute coaching classes for improving your Maths….. I hope it will help You….

    • Dear Reader,

      If you don’t like maths and you don’t wish to study mainly in digits, its going to create a problem in future. Even if you clear CPT and Inter, but final can be a tough task and 3 major chapters of high scoring requires you a command on maths. And as specified above, there is conceptual difference between CS & CA. You can also think about ICWA.

  2. Keep up the remarkable work !! Lovin’ it!

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