In India Chartered Accountancy course is provided by The Institute of Chartered Accountants of India. It is one of the biggest accounting bodies in the world in terms of members.
Video Indian Chartered Accountancy Course
Qualification
Watch this video to get full details of CA course : How to be a CA New syllabus
A person can apply for membership either by passing all three levelons prescribed by Institute of Chartered Accountants of India and completing three years of practical training or by availing themselves of exemptions under mutual recognition agreements (MRAs).
Examination
The ICAI has recently revised its Scheme of Education and Training. The Scheme has become applicable from 1 July 2017. The first examination under the New Scheme will be held in May 2018. The Revised Scheme is as under:
I. Revised Scheme of Education and Training
Revised Scheme: Route I - Foundation Course#
Under the Foundation Course Route, the following steps are required:
o Register with Board of Studies (BoS) after appearing in Class XII examination.
o Appear for Foundation examination after four months of study period. The first Foundation examination can be taken in November/May, as applicable, following passing of Class XII examination.
o Qualify Foundation Course.
o Register with the BoS for the Intermediate Course.
o Complete 8 months of study course.
o Appear and Pass in either or both Groups of Intermediate Course.
· Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training.
o Register for Three years Practical Training on passing either or both the Groups of Intermediate.
o Register for the Final Course after qualifying both the Groups of Intermediate Course.
o Successfully complete Four Weeks Advanced ICITSS during the last two years of Practical Training.
o Appear in Final examination during last six months of practical training.
· Complete Practical Training
o Become Member.
Revised Scheme: Route II - Direct Entry Route
The ICAI allows Commerce Graduates/Post-Graduates (with minimum 55% marks) or Other Graduates/Post-Graduates (with minimum 60% marks) and Intermediate level passed students of Institute of Company Secretaries of India and Institute of Cost Accountants of India to enter directly to its Intermediate Course. The following steps are required to be undertaken by the eligible Graduates and Post Graduates under this route:
o Register with the BOS for the Intermediate course (provisional registration allowed to the students doing Final year of graduation).
o Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training.
o Register for Three Years Practical Training.
o Appear in Intermediate Examination after Nine months of Practical Training.
o Qualify Intermediate Course.
o Register for the Final Course after qualifying both Groups of Intermediate Course.
o Successfully complete Four Weeks Advanced ICITSS during the last two years of Practical Training.
o Appear in Final examination during last six months of practical training.
o Complete Practical Training.
o Become Member
Note: Candidates who have passed Intermediate level examination of Institute of Company Secretaries of India or Institute of Cost Accountants of India and enter the CA Intermediate course directly shall be treated at par with Foundation passed students and shall have to undergo the CA course in the manner akin to the Foundation passed students.
Foundation Course
Number of Papers - 4
· Paper 1: Principles and Practices of Accounting (100 Marks)
· Paper 2: Business Law & Business Correspondence and Reporting (100 Marks)
Section A: Business Law (60 Marks)
Section B: Business Correspondence and Reporting (40 Marks)
· Paper 3*: Business Mathematics and Logical Reasoning &Statistics (100 Marks)
Part I: Business Mathematics and Logical Reasoning (60 Marks)
Part II: Statistics (40 Marks)
· Paper 4*: Business Economics & Business and Commercial Knowledge (100 Marks)
Part I: Business Economics (60 Marks)
Part II: Business and Commercial Knowledge (40 Marks)
Notes
o *Paper 3 and Paper 4 will be Objective type papers.
o Passing percentage: Aggregate- 50% and Subject-wise- 40% at one sitting.
o Objective type question of 1 or more marks.
o Examination: In the month of November and May after passing Class XII.
Intermediate Course
Number of Papers - 8
Group I
· Paper 1: Accounting (100 Marks)
· Paper 2: Corporate Laws & Other Laws (100 Marks)
Part I: Corporate Laws (60 Marks)
Part II: Other Laws (40 Marks)
· Paper 3: Cost and Management Accounting (100 Marks)
· Paper 4: Taxation (100 Marks)
Section A: Income Tax Law (60 Marks)
Section B: Indirect Tax Laws (40 Marks)
Group II
· Paper 5: Advanced Accounting (100 Marks)
· Paper 6: Auditing and Assurance (100 Marks)
· Paper 7: Enterprise Information System & Strategic Management (100 Marks)
Section A: Enterprise Information System (50 Marks)
Section B: Strategic Management (50 Marks)
· Paper 8: Financial Management & Economics for Finance (100 Marks)
Section A: Financial Management (60 Marks)
Section B: Economics for Finance (40 Marks)
Final Course
Number of Papers - 8
Group I
· Paper 1: Financial Reporting (100 Marks)
· Paper 2: Strategic Financial Management (100 Marks)
· Paper 3: Advanced Auditing and Professional Ethics (100 Marks)
· Paper 4: Corporate Laws and other Economic Laws (100 Marks)
Group II
· Paper5: Strategic Cost Management and Performance Evaluation (100 Marks)
· Paper 6: Elective Paper (100 Marks) (One to be chosen from the list of Elective Papers)
Elective Papers
o Risk Management
o International Taxation
o Economic Laws
o Financial Services & Capital Markets
o Global Financial Reporting Standards
o Multidisciplinary Case Study
· Paper 7: Direct Tax Laws (70 Marks) & International Taxation(30 Marks)
· Paper 8: Advanced Indirect Tax Laws (100 Marks)
Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS)
oDuration: 4 weeks (2 weeks for soft skills and 2 weeks for IT)
oWhen to complete: Students registering for the Intermediate course shall be required to successfully complete ICITSS before commencement of practical training.
Practical Training
oDuration of Practical Training: Three Years
oCommences after completing Integrated Course on Information Technology and Soft Skills (ICITSS) and passing either or both groups of Intermediate.
oFor direct entrants coming through Graduation and Post Graduation route, the practical training commences immediately after they complete four weeks ICITSS.
Advance Four Weeks Integrated Course on Information Technology and Soft Skills (AICITSS)
Duration: 4 weeks (2 weeks for soft skills and 2 weeks for Advance IT)
When to complete: Students undergoing Practical training shall be required to do AICITSS during the last 2 years of Practical training but to complete the same before being eligible to appear in the Final Examination.
ICAI also introduced the Accounting Technician Course.[42] Any person who passed Group-I of IPCC and completed one year of practical training under a member could apply for an Accounting Technician Certification. After obtaining the certificate the person could designate himself as an Accounting Technician. This Certification was introduced to help a large number of students who were unable to complete the CA Final Examinations and obtain membership.(This course is also undergoing changes)
ICAI has entered into agreement with Indira Gandhi National Open University, to help CA students acquire a Bachelor degree by writing a few papers. For example, a bachelor's degree in Commerce can be obtained from IGNOU with a major in Accounting and Finance provided the student is able to provide the grades received in CPT and IPCC and pass the term end examination conducted by IGNOU. This initiative has helped a lot of students attain both the degrees without any duplication of subjects and credits.
(For details regarding the new scheme and course curriculum, please refer to the Prospectus at the link https://resource.cdn.icai.org/45785bos35964.pdf)
Mutual recognition agreements
The second method of obtaining membership is through mutual recognition agreements or MRAs. ICAI has entered into MRAs with several institutes globally, of equivalent standing, to enable members of those institutes to acquire membership of ICAI and to enable the members of ICAI to gain membership of its counterpart in other country.This is done by granting some exemptions in the regular scheme of examination and training.
ICAI currently has MRAs with following professional accounting bodies:
- Institute of Chartered Accountants in England and Wales (since 20 November 2008)
- Institute of Chartered Accountants in Australia (since 2009)
- The New Zealand Institute of Chartered Accountants
- CPA Australia(originally signed in February 2009 and re-signed in September 2014)
- Institute of Chartered Accountants of Nepal
- Institute of Certified Public Accountants in Ireland (since October 2010)
- Canadian Institute of Chartered Accountants (since 2011)
ICAI is also in process of negotiating MRAs with Hong Kong Institute of Certified Public Accountants and Certified General Accountants Association of Canada.
Memorandum of Understanding
The Institute of Chartered Accountants of India (ICAI) has signed Memorandum of Understanding (MOU) with professional accounting bodies of various countries. These MOUs aim at establishing mutual co-operation between the two institutions for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession.
Currently ICAI has MOUs with following professional accounting bodies:
- Accounting and Auditing Standards Board of Bhutan, Bhutan (signed on 22 November 2013)
- The Vietnam Association of Certified Public Accountants, Vietnam
- Saudi Organization for Certified Public Accountants (SOCPA), Saudi Arabia (since 2014 for a period of 3 years)
- Higher Colleges of Technology, UAE (signed on 4 January 2011)
- College of Banking and Financial Studies, Oman
Maps Indian Chartered Accountancy Course
Courses for members
ICAI provides various professional certifications for its members. Some of them are as follows:
Certificate Courses on Enterprise risk management, Corporate governance, International taxation, Forensic accounting & Fraud detection using Information Technology & CAATs, International Financial Reporting Standards, Forex and Treasury Management, Derivatives, Valuation and Arbitration.
Post Qualification Courses such as Diploma Information Systems Audit (ISA), CPE Course on Computer Accounting and Auditing Techniques (CAAT), Trade Laws & World Trade Organisation (ITL & WTO), ERP Courses on SAP FA & MA Module, Microsoft Dynamics NAV.
Placement
The Institute maintains a placement portal on its web site for qualified members and partially qualified students. This is supplemented with campus placement events and advertising through its professional journals and website.
See also
- Education in India
- Institute of Chartered Accountants of India
- Chartered accountant
- Logic School of Management
- ICAI Road to Becoming Chartered Accountant in India
References
Source of the article : Wikipedia
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