Complete guide on how to become a CA in 2022
Choosing a career option after 12th is one of the most important question in the minds of Parents & students. Confusion, Parental and peer pressure often makes the students have a wrong choice. Career choice is one of the biggest decision and we recommend the students to understand about their skills and interests by taking the help of a professional career counsellor. Once the student has understood that they are suitable for finance oriented professional course and CA is one of the career recommendation for them, only then they should go ahead with understanding if CA is a good career option.
Yes, CA is one of the best professional courses available for commerce students and has immense scope.
Who is a Chartered Accountant?
Chartered Accountant is an accounting professional. After receiving certification from a statutory body called ICAI they prove that they are qualified to take care of the matters related to accounting and taxation of a business.
For example, file tax returns, audit financial statements, maintaining records of investments, reviewing and presenting financial statements. They also give advisory services. How to become a Chartered Accountant?
Students aspiring to make a career out of CS must clear 3 stages after their class 12. These three stages involved include – CA Foundation, CA Intermediate and CA Final.
Any student who aspires to become a certified Chartered Accountant must follow the steps given below:
Step 1: Firstly You Need To Register Yourself for CA Foundation Course
Eligibility – You need to clear your 12th standard in any stream (arts, science, commerce).
Foundation Registration – CA Foundation registration process includes filling up basic details online at ICAI official website and attaining a registration number, user id, and password.
Study Period and Exam Form – You have a study period for 4 months after your registration to appear for your exams. You have to fill the CA Foundation exam form to get the CA Foundation admit card to enter the examination center.
Foundation Exams – They are held twice a year in the month of May and November and for this exam, you have to register in the month of December and June respectively.
Fees – CA Foundation fees is Rs 9800 which include registration fees, examination fees, online form fee and journal for member and students.
Paper’s Pattern – There are four subjects related to basic accounting and auditing principles of 100 marks each. Where 2 paper is subjective types and the other 2 are objective type paper.
CA Foundation subjects which are as follows:
Paper 1: Principle and Practice of Accounting
Paper 2: Business Laws and Business Correspondence and Reporting
Paper 3: Business Mathematics and Logical Reasoning & Statistics
Paper 4: Business Economics and Business and Commercial Knowledge
Result – The CA Foundation result for December month will be declared in the month of February
Validity – This course is valid for 3 years and you can have 6 attempts under your registration once your registration expires you can revalidate it again with nominal fees.
Passing Marks – There are four subjects related to basic accounting and auditing principles of 100 marks each. You are eligible for intermediate level when you clear the CA foundation exams with 40 % mark in each subject or 50% aggregate.
Step 2: Register Yourself for the CA Intermediate Course 2022
- How to become a Chartered Accountant after 12th?
Foundation route where you clear your foundation exams.
- How to Become a Chartered Accountant after Graduation?
Direct entry route where you clear your graduation and post-graduation and directly enter to intermediate level, skipping the first level. Also, if you have cleared intermediate level of CS or CMA then you are eligible for direct entry.
Inter Registration and Exams – Registration for Intermediate is made in the month of March and September for which exams are held in the month of November and May.
Validity – The validity for registration is for 4 years and therefore 8 attempts can be exercised during this validation.
Study Period – There should be a gap of 9 months of study period between your registration and examination.
Exam Form and Admit Card – You register for the CA Intermediate exam by filling CA Intermediate exam form
Exam Pattern – Intermediate Course is broadly divided into two groups.
Where group 1 included 4 subjects of 100 marks each and group 2 also include 4 subjects of 100 each.
There are 4 subjects in each group
Paper-2: Corporate Laws & Other Laws (100 Marks)
Part I: Company Law (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 Taxes (40 Marks)
Paper-5: Advanced Accounting (100 Marks)
Paper-6: Auditing and Assurance (100 Marks)
Paper-7: Enterprise Information Systems & Strategic Management (100 Marks)
Part I: Enterprise Information System (50 Marks)
Part II: Strategic Management (50 Marks)
Paper-8: Financial Management and Economics for finance (100)
Part I: Financial Management ( 60 marks)
Part II: Economics of Finance (40 marks)
Total Fees – The total fees paid during the intermediate course is Rs 30,200 for both groups and Rs 36,400 for a single group (registration fees are Rs 13,000 for a single group, rest all remains the same) which include registration fees, student activities fees, registration for article assistant, ICITSS fees and examination fees respectively.
Students of intermediate have to undergo ICITSS training for 4 weeks. The training can only be done after clearing one group of both groups, after the completion of training and clearing both the group.
After the completion of training and clearing both groups, you are eligible for CA final level.
Step 3: Enrolling for Articleship and Finals
After completion of an intermediate level, we step down to the final level. The final stage is consist of both practical and theoretical exams.
Articleship – You can register for Articleship after completing any one single group of intermediate and can commence the practical training after completing both groups of intermediate. You undergo 3 years of mandatory training or Articleship and start receiving a stipend during Articleship training. In the last 6 month of practical training, you can register for Final level and appear for the exam by filling the CA Final exam form or application form online.
After completion of 3 years of Articleship students can register for Assessment tests and take the test in any subsequent quarter of registration.
You undergo 3 years of mandatory training (Article ship) during this time.
Final Registration – There is no last date for registering the CA final course but you need to register before you appear for your final exams.
Validity – Final exams are held in May and November. And the validity of the registration is for 5 years.
Total Fees – The total fees paid in CA final is Rs 32300 for both group (22000+3300+7000) which included registration fees, examination fees, and GMCS fees).
Passing Marks – The final course is divided into two groups with 4 subjects in each group. All subjects is for 100 marks and you need to acquire 40% marks in all subjects or 50% marks in aggregate to clear the exams.
Result – The CA Final result is declared within one month of the last date of examination.
The subjects for Final level are:
Paper-1: Financial Reporting
Paper-2: Strategic Financial Management
Paper-3: Advanced Auditing and Professional Ethics
Paper-4: Corporate and Economic Laws
Paper-5: Strategic Cost Management and Performance Evaluation
Paper-6A: Risk Management
Paper-6B: Financial Services and Capital Markets
Paper-6C: International Taxation
Paper-6D: Economic Laws
Paper-6E: Global Financial Reporting Standards
Paper-6F: Multidisciplinary Case Study
Paper-7: Direct Tax Laws and International Taxation
Paper-8: Indirect Tax Laws
Another successful way to score good marks is by continuous practice of CA Final Mock Test Papers, Practice manual, RTP, CA Final study material, previous year question paper and suggested answers, according to updated Syllabus and study material.
After clearing both the groups and undergoing 3 years of practical training which includes 4 weeks of AICITSS you will acquire membership of ICAI family.
Now – “CA (your name)”!