Nowadays, the profession of Chartered Accountancy or CA. has become an eminent and reputed profession in the spreading corporate culture. This is a profession that acts with integrity and is committed to supporting financial responsibility, transparency and accountability at all levels of society-from individuals, to business, to Governments.
The entire course structure of Chartered Accountancy or CA. is divided into three levels-
Students who wish to take up the CA. course will now have to go through an entry level test named Common Proficiency Test. Any student may register himself with the Institute for CPT after passing Class 10th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.
An enrolled or registered student can appear in CPT after he / she has passed or already appeared in the Senior Secondary Examination (10+2) conducted by an examining body recognized by Central Government and after completion of specified period (i.e., 60 days) from the date of registration for CPT with the Board of Studies.
The prescribed subjects of study for the Common Proficiency Test are as under-
Session First - It contains hundred questions of Objective Type. And each question carries one mark. These hundred questions are further divided into two sections viz.
Section A: Fundamentals of Accounting (60 questions and 60 marks).
Section B: Mercantile Law (40 questions and 40 marks).
Session Second - It also contains hundred questions of Objective Type and each question carries one mark. These hundred questions are further divided into two sections viz.
Section C: General Economics (50 questions and 50 marks).
Section D: Quantitative Aptitude (50 questions and 50 marks).
It is notable that for each wrong answer, 0·25 marks will be deducted and time limit for attempting hundred questions is two hours in each session. The percentage required to pass CPT is 50%. In other words, an enrolled student has to obtain minimum 100 marks to pass the CPT. The level of knowledge required in CPT is basic. So the examinees are advised to prepare each subject on the basis of deep and intense study of the syllabus prescribed by the ICAL. They should go through the contents thoroughly and systematically.
Now the registered students can also appear in on-line Common Proficiency Test. The on-line CPT was successfully conducted for the first time on December 7, 2008 in 11 cities across the country. This on-line examination will be in addition to the Paper-Pencil mode test. With the successful completion of the first online test, it has been decided to hold more such examinations regularly starting from the month of March, 2009.
Integrated Professional Competence Course [IPCC]
According to the New Scheme which has come into effect from December 10, 2008, any CPT pass student can get registered for IPCC without articleship registration and can sit in the new IPCC examination after 9 months of registration. The new IPCC comprises two Groups. Group I has 4 papers and Group II has 3 papers.
Group I
Paper 1: Accounting,
Paper 2: Business Laws, Ethics and Communication,
Paper 3: Cost Accounting and Financial Management and
Paper 4: Taxation
Group II
Paper 1: Advanced Accounting,
Paper 2: Auditing and Assurance and
Paper 3: Information Technology and Strategic Management.
Under the new scheme, only on passing Group I of the IPCC will a student be eligible to get registered for articleship, which shall now be for a period of 3 years as against the existing requirement of 3 years. Further, a student will be eligible to sit in the final examination in last 6 months of his articleship as against the existing condition to sit in final exam only after the completion of articleship.
Final
It is the last stage of the Chartered Accountancy Course. After passing IPCC, a student can register for Final course with the Board of Studies. While undergoing Final course a student may join the course of General Management and Communication Skills (GMCS). A student will be eligible to sit in the final examination in last 6 months of his articleship as against the existing condition to sit in final examination only after the completion of articleship. The IPCC Final course consists of 8 subjects divided equally in two groups:
Group I
Paper 1: Financial Reporting
Paper 2: Strategic Financial Management
Paper 3: Advanced Auditing and Professional ethics
Paper 4: Corporate and Allied Laws
Group II
Paper 1: Advanced Management Accounting
Paper 2: Information System Control and Audit
Paper 3: Direct Tax Laws
Paper 4: Indirect Tax Laws
After passing Final examination and completing GMCS Course, a student can enroll for Membership of the Institute. Initially he / she is known as Associate of Chartered Accountant [ACA] and after completion of five years he / she may apply for Fellowship of Chartered Accountant [FCA].
- Common Proficiency Test - CPT
- Integrated Professional Competence Course - IPCC
- Final
Students who wish to take up the CA. course will now have to go through an entry level test named Common Proficiency Test. Any student may register himself with the Institute for CPT after passing Class 10th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.
An enrolled or registered student can appear in CPT after he / she has passed or already appeared in the Senior Secondary Examination (10+2) conducted by an examining body recognized by Central Government and after completion of specified period (i.e., 60 days) from the date of registration for CPT with the Board of Studies.
The prescribed subjects of study for the Common Proficiency Test are as under-
- Fundamentals of Accounting
- Mercantile Law
- General Economics and
- Quantitative Aptitude
Session First - It contains hundred questions of Objective Type. And each question carries one mark. These hundred questions are further divided into two sections viz.
Section A: Fundamentals of Accounting (60 questions and 60 marks).
Section B: Mercantile Law (40 questions and 40 marks).
Session Second - It also contains hundred questions of Objective Type and each question carries one mark. These hundred questions are further divided into two sections viz.
Section C: General Economics (50 questions and 50 marks).
Section D: Quantitative Aptitude (50 questions and 50 marks).
It is notable that for each wrong answer, 0·25 marks will be deducted and time limit for attempting hundred questions is two hours in each session. The percentage required to pass CPT is 50%. In other words, an enrolled student has to obtain minimum 100 marks to pass the CPT. The level of knowledge required in CPT is basic. So the examinees are advised to prepare each subject on the basis of deep and intense study of the syllabus prescribed by the ICAL. They should go through the contents thoroughly and systematically.
Now the registered students can also appear in on-line Common Proficiency Test. The on-line CPT was successfully conducted for the first time on December 7, 2008 in 11 cities across the country. This on-line examination will be in addition to the Paper-Pencil mode test. With the successful completion of the first online test, it has been decided to hold more such examinations regularly starting from the month of March, 2009.
Integrated Professional Competence Course [IPCC]
According to the New Scheme which has come into effect from December 10, 2008, any CPT pass student can get registered for IPCC without articleship registration and can sit in the new IPCC examination after 9 months of registration. The new IPCC comprises two Groups. Group I has 4 papers and Group II has 3 papers.
Group I
Paper 1: Accounting,
Paper 2: Business Laws, Ethics and Communication,
Paper 3: Cost Accounting and Financial Management and
Paper 4: Taxation
Group II
Paper 1: Advanced Accounting,
Paper 2: Auditing and Assurance and
Paper 3: Information Technology and Strategic Management.
Under the new scheme, only on passing Group I of the IPCC will a student be eligible to get registered for articleship, which shall now be for a period of 3 years as against the existing requirement of 3 years. Further, a student will be eligible to sit in the final examination in last 6 months of his articleship as against the existing condition to sit in final exam only after the completion of articleship.
Final
It is the last stage of the Chartered Accountancy Course. After passing IPCC, a student can register for Final course with the Board of Studies. While undergoing Final course a student may join the course of General Management and Communication Skills (GMCS). A student will be eligible to sit in the final examination in last 6 months of his articleship as against the existing condition to sit in final examination only after the completion of articleship. The IPCC Final course consists of 8 subjects divided equally in two groups:
Group I
Paper 1: Financial Reporting
Paper 2: Strategic Financial Management
Paper 3: Advanced Auditing and Professional ethics
Paper 4: Corporate and Allied Laws
Group II
Paper 1: Advanced Management Accounting
Paper 2: Information System Control and Audit
Paper 3: Direct Tax Laws
Paper 4: Indirect Tax Laws
After passing Final examination and completing GMCS Course, a student can enroll for Membership of the Institute. Initially he / she is known as Associate of Chartered Accountant [ACA] and after completion of five years he / she may apply for Fellowship of Chartered Accountant [FCA].
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