How to Become A Chartered Accountant (Foundation to Final) a Complete Guide
CA or Chartered Accountant professionals are one of the most respected professional across the world like doctors , Engineers & Lawyers. Chartered Accountants are Experts in Finance & Accounting and Auditing practices, they work in both Government and Private Sectors. Once you become a Qualified Chartered accountant, you can practice independently, like a lawyer.
Chartered Accountants Play a very vital role in securing the financial health of any entity, they are the only authorized people, to do a financial audit & submit a report to tax authorities. Be it a Bank, insurance company or even non profit organization has to appoint a chartered accountant and get it audited.
Now you know the waste opportunity in this field …. CAs are always be in demand with multiple choice to choose like , taxation, corporate governance, risk management, Information Systems and many more
As we all are aware Chartered Accountancy is one among the toughest exams in India, the final passing percentage ranges from 3 to 8%. However, if you decide to take up CA course with strong will then nothing should stop You. This course only demands little extra discipline in study and perseverance
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What is CA what do they do ?
CA full form is Chartered Accountant. It is a Hard Core Finance and Business Management field. In this course you will have to master subjects like accounting practices, taxation, business laws and financial control and many more commerce and business related subjects.
To become a CA professional you will have to pass multiple exams at multiple levels. Lets understand the different exams you need to take up to be a CA
There are Three levels of exams depending on where you start.
First level is Foundation –Entry level for 12 pass, this has 6 subjects
Second is Intermediate – Eligible for Article Ships, this will have 2 groups A and B, each will have 4 subject each.
Article ship (practical training under practicing CA for Three years)
Third and Final is : CA Final Exams – CA final also has 2 groups A and B with 8 subjects totally around 6+ 8+ 8 Subjects need to be Mastered spread over 5 years
What CA Do ?
Once you successfully complete the all the exams and levels you will be called Chartered Accountant ,
Once you become a CA you have two choices
Start your own Practice( like a lawyer you can open your own office) .
In simple words CA are like doctors of Finance, they will help you to save tax, advice on money and finance. And do the independent watch dog of any financial activities in company and government offices.
This whole Activities are handle by ICAI.org ( institute of Chartered Accountants of India.) an In depended Body powered by Act of Parliament in India
The second Choice is : you can go for a job. Job prospect for CA are really good, IF you choose to go for corporate job you will be able to secure a high paid managerial job in a multinational companies or audit firms. The starting salary in India for CA would be around 70-90 k per month, that is huge money to start with.
Eligibility for CA
• The eligibility criteria for taking CA is just 12th pass for foundation student and For graduates 50% aggregate.
• Unlike MBA ,Entry is very easy and Exit is the most challenging
• It is very easy to get started in CA Course with a nominal fees and very difficult to exit, that is what makes this course popular among the middle class hardworking students
Step by Step process – (How to Go for CA)
- First step is to take up CA is – you need to clear your 12th exams
- The next step is register for ( foundation) exams in ICAI.ORG and appears for exams.
- Students from any stream, commerce, arts or Humanitarian, or Science student can take up CA Foundation earlier it was called (CPT common Proficiency Test) , there is no restriction as such.
- However, it will be easier for commerce student as most of the subjects in the Foundation exams are related to commerce field & accounting field If you are not from commerce background no worries, you still are eligible and can go for CA, you may have to take couple of months coaching for subjects like Accounting and Economics, Not a big deal.
- To register to Foundation Course there is no entry barriers except 12th pass; no % is required as such. If you are currently studying in 10th and your dream is to become CA ,then I would advise you to take up commerce stream in your 12th so that your foundations are strong. But never the less , others stream are equally good !
Foundation Exam & Passing %
CA Foundation Course Syllabus 2020
CA foundation have a following syllabus for the year 2020:
Paper 1: Principles and Practice of Accounting
Paper 2: Business Laws and Business Correspondence
a) Business Laws
b) Business Correspondence and Reporting
•Paper 3: Business Mathematics, Logical Reasoning and Statistics
a) Business Mathematics
b) Logical Reasoning
Paper 4: Business Economics and Business & Commercial Knowledge