Advantages of Choosing Chartered Accountancy As a Career
- Very Prestigious Profession
- One of the Highest rewarding profession
- Everyone needs a Chartered Accountant, be it an individual or a company.
- Chartered Accountant gets positions like top Executives, Trustees, Directors, Consultants, and Auditors.
- On an average, the starting pay of a CA is not less than Rs 5,00,000/-, which is definitely better than what an MBA gets in the beginning on an average
- A Chartered Accountant has two options on finishing his course. Either he can do a job for a company or he can have his own practice
Any person who wants become a member of ICAI and designate himself as a Chartered Accountant in India has to pass this course. This course is a optimum blend of practical and theoretical education. It consists of three levels of examinations and three years of practical training under a practising Chartered Accountant.
The CPT or Common Proficiency Test is the first level of Chartered Accountancy examinations. Itis an objective typeexamination and consists of 200 multiple choice questions. CPT covers fourbasic subjects viz. Fundamentals of Accounting, Mercantile Laws, Economics and QuantitativeAptitude. A person can register for CPT after completing Grade 10 and take the exam aftercompleting High School (Grade 12). Every incorrect answer on the CPT exam carries a 0.25 negative mark. The passing grade for CPT is 120 marks out of 200. CPT exams are held in June and December in paper pencil mode. On-line CPT exams are also conducted periodically.
IPCC or Integrated Professional Competence Course is the second level of Chartered Accountancy examinations. A person can take the IPCC Examination after passing CPT and nine months of study. IPCC has two groups of seven subjects. Group – I consists of four subjects and Group – II of three subjects. A passing grade is awarded if the candidate obtains 40% marks ineach subject and 50% in the aggregate in each group.
CA Final Examination is the last and final level of Chartered Accountancy Examinations. Any person who has passed both the groups of IPCC, during the last six months of articleship can take the Final Examination. This exam consists of two groups of four subjects each viz. Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate and Allied Laws, Advanced Management Accounting, Information Systems Control and Audit, Direct Tax Laws and Indirect Tax Laws. A passing grade is awarded if the candidate obtains 40% marks in each subject and 50% in the aggregate in each group.ICAI conducts CPT exams in June and December, IPCC and Final examinations in May and November each year. Examinations are conducted in major cities in India and other countries such as Abu Dhabi (U.A.E.), Dubai (U.A.E.) and Kathmandu(Nepal). ICAI updates content and format of examinations periodically in keeping with technical progress and changes in practice of the profession.
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