What Are the Exams and Stages One Has to Go Through to Become a Chartered Accountant?

Becoming a Chartered Accountant (CA) is a rigorous yet rewarding journey that involves several stages and a series of examinations. This article will guide you through the key steps required to qualify as a Chartered Accountant in India.

Overview of the Chartered Accountant (CA) Course

The Chartered Accountancy (CA) course is divided into three levels, each with its own set of examinations and requirements. These levels are designed to progressively develop your skills and knowledge in accounting, finance, law, and other related fields.

Examinations and Stages

According to the Institute of Chartered Accountants of India (ICAI), there are three levels of exams that you must clear to become a Chartered Accountant:

CA Foundation

The CA Foundation is the first and foundational stage of the CA course. It consists of four subjects that cover basic concepts in accounting, mathematics, business laws, and economics. This level is crucial as it provides a solid foundation for the subsequent stages of the exam.

Eligibility: You can register for the CA Foundation after completing your 10th standard and sit for it twice a year in May and November. Alternatively, you can only register after completing your 12th standard. Clearing the 12th standard is essential for direct entry into the CA Intermediate.

CA Intermediate (IPCC)

The Intermediate phase (previously known as IPCC) is the second and intermediate stage of the CA course. This stage is further divided into two groups - Group 1 and Group 2.

Group 1: Consists of four subjects, focusing on advanced financial accounting, cost accounting, financial management, and strategic financial management.

Group 2: Also consists of four subjects, covering subjects like audit, law, taxation, and forensic accounting.

Eligibility: If you plan to prepare for the CA after your 12th standard, you need to clear the CA Foundation first. However, if you are pursuing a direct entry route after obtaining a bachelor's degree, you need to complete 9 months of compulsory CA articleship for eligibility.

CA Final

The final and conclusive stage of the CA course is the CA Final. This level is divided into two groups, both consisting of four subjects to cover modern-day accounting and financial practices.

Eligibility: You must have cleared either Group 1 or Group 2 of the CA Intermediate exams before appearing for the CA Final.

Simplified Timeline

There are two primary pathways to becoming a Chartered Accountant in India:

Pathway 1: After 12th Standard

CA Foundation - April/May and November CA Intermediate - May and November (requires clearing the Foundation or a direct entry route through graduation) CA Final - May and November (requires clearing Intermediate)

Pathway 2: After Graduation

Completion of 9 months’ CA article-ship - To become eligible for the CA Intermediate exam. CA Intermediate - May and November (requires clearing the article-ship) CA Final - May and November (requires clearing the Intermediate)

Passing Criteria and Other Requirements

Passing Criteria: To pass each of the CA exams, you must score at least 40 marks in each subject and an aggregate score of 50%. If you fail to meet these criteria, you will need to retake the subject in the next examination session.

Exemption: In some cases, if you score 60 marks or more in a particular subject, you may be exempted from reappearing in that subject in the subsequent year.

Article-ship: To be eligible for the CA Final, you must have completed at least 2.5 years of articleship in an accounting firm. This practical experience is a mandatory requirement before you can take the final exams.

Practical Experiences and Articleship

In addition to the rigorous exams, the CA course requires a substantial amount of practical experience. The articleship, which typically lasts for 2.5 years, is a crucial part of this process. Through this, you gain hands-on experience in the field of accounting and learn to apply theoretical knowledge in real-world scenarios.

Benefits of Articleship:

Gains in practical skills and experience Opportunities to learn from seasoned professionals Network building for future career prospects

Conclusion

Becoming a Chartered Accountant is a demanding yet highly valuable qualification that can open up numerous career opportunities. By carefully planning your path and ensuring you meet all the requirements, you can successfully complete the CA course and embark on a lucrative career in finance and accounting.

If you have any further questions, contact us for professional guidance and advice.