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Chartered Accountancy
Careers
in finance and accounts have gained tremendous popularity in the last
decade. In accountancy the most prestigious career option is that of a
Chartered Accountant. Chartered Accountants hold key position in firms.
Moreover under the Company's Act, only CA’s are entitled to be appointed
as auditors in companies.
The
Institute of Chartered Accountants of India (ICAI) is a statutory body
that was set up to regulate the profession of chartered accountants. The
responsibilities of conducting the Chartered Accountancy Course as well
granting licence to candidates after successful completion of the course,
by way of granting membership to the institute, are both vested with ICAI.
Education
Qualification:
Seeking
admission in CA is relatively simpler in the sense that no competitive
exam like in case of engineering, medicine etc is required to be cleared.
The Institute of Chartered Accountants of India (ICAI), which conducts the
course, has its headquarters at New Delhi and regional offices at Kanpur,
Mumbai, Kolkatta and Chennai in addition to 81 branches spread all over
the country. The institute has also established 9 chapters overseas. Those
seeking to register with ICAI for pursuing the course need to fulfil the
following criteria:
v
Must
be 18 years of age
v
Must
have completed the 10 month duration ‘Foundation Course’ conducted by
ICAI or (after 10+2 one can enrol for ‘Foundation Course’)
v
Must
be a graduate or post graduate in subject that qualifies for exemption
from the foundation course viz.
1.
Graduates
in commerce with 50% marks
2.
Graduates,
without mathematics, with 55% marks
3.
Non-commerce
graduates with mathematics, having 60% marks
A
student can enrol for the Foundation Course straight away after
10+2 and after successfully completing it seek registration for the CA
course. However graduation has also to be pursued side by side as it is an
essential requirement for becoming a full-fledged CA.
The
Registration and Tuition Fee for the Foundation Course is Rs. 1500/-.
Candidates who fulfill the eligibility requirements have to send their
applications in the prescribed form, together with a Demand Draft for Rs.
1500/- drawn in favor of 'The Secretary, The Institute of Chartered
Accountants of India' Payable at New Delhi/Mumbai/ Kolkatta/Chennai/
Kanpur, as the case may be depending upon the State in which they reside.
Candidates who have appeared in the final Senior Secondary Examination or
equivalent examination may also be registered provisionally for Foundation
Course.
The
Foundation Examination is held in May and November every year. A candidate
can take the Examination after ten months of registration and obtaining
eligibility certificate from the Board of Studies. The Foundation
Examination consists of the following four papers:
Paper 1 - Fundamentals of Accounting
Paper 2 - Mercantile Law
Paper 3 - Section 'A'-Mathematics; Section
'B'-Statistics
Paper 4 - Economics
The
main course is a mixture of theory and practical training. Those eligible
for the course first require registering themselves as ‘Article
Clerks’ with a practicing CA and thereafter with ICAI for the course.
The prescribed duration for practical training is 3-4 years.
The
Board of Studies of the Institute through postal coaching imparts the
Theoretical Training. They provide study material to students and also
conduct the qualifying examinations viz. the Intermediate Examination
and the Final Examination.
The
study material for the intermediate course is supplied by ICAI to the
students soon after they register and pay the tuition fee. The study
material for the final course is supplied only to those students who clear
the intermediate examination and register themselves for the final course.
Eligibility
tests in various subjects form a part of the postal coaching scheme and a
student has to clear these tests as well as 9 months training as an
‘Article Clerk’ for being
eligible to sit for the Intermediate Examinations.
After
clearing the Intermediate Exam, a student is permitted to serve a part of
the practical training in a financial, commercial or industrial
undertaking approved by the institute. The industrial training enables an
articled clerk to gain practical experience in internal audit and auditing
procedures and operating systems of financial control etc.
The
Final Course does not comprise of eligibility tests for the Examination as
at the Intermediate Level, nonetheless a student can avail of the optional
tests for better preparation. The Final Examination can be taken while
doing the articleship provided not more than 6 months of articleship
period is left or alternatively after completion of the articleship.
Both
these examinations are conducted in May and November every year and
results are declared in July and January respectively. The course fee is
very reasonable at Rs 3150 if paid in lump sum and Rs 3400 if paid in
instalments. Apart from the low fees a student also earns a modest stipend
during the articleship.
Though
theoretically CA is a three-year course, less than 25% students are able
to complete it during this duration. The examination syllabus is extensive
and in depth studies is required. Therefore becoming a CA is a tough
proposition though the prospects that the career holds is worth the grill.
On
successful completion of the Final Exam, the aspiring CA can apply for
membership of the ICAI. At first he becomes an Associate Member of the
institute (ACA) and after five years of regular practice and other
requisite experience becomes eligible to apply for membership as a Fellow
of the Institute (FCA). Further details about the course as well as the
profession may be gathered from the institutes’ website-www.icai.org