How to become a CA (Chartered Accountant) in India? – 2020

CA, adding this golden prefix before one’s name is a dream of various commerce stream students.  Most of the Commerce Students plan to become a Chartered Accountant (CA) after their Class 12 or graduation.

Not, even only commerce students, various students from the science background had opted for the CA Course after Class 12 and successfully became a Chartered Accountant in the present time.

In this article, we will share with you everything you need to know about this leading accounting course i.e. CA Course. You will get the answer of every question regarding how to become a CA (Chartered Accountant). We have simplified all of the general questions relating to CA Course with the help of videos, pictures and flow charts for you. Here is the list of content for your ease:

1. Who is a Chartered Accountant (CA)?

A Chartered Accountant is a designation which is conferred to an accounting professional who has been certified by a statutory body (in India “The Institute of Chartered Accountants of India” also known as the ICAI) that she/he is qualified to take care of the matters relating to accounting, taxation, the audit of financial statements and various other business practices. Not limited to this, a Chartered Accountant is also qualified to offer various forms of advisory services to her/his clients which encompass individuals, small and big corporate houses, non-profit organizations, etc.

In layman’s terms, you can connect a Chartered Accountant with the Doctor’s profession. A Doctor is exclusively permitted to practice in the sphere of medical science similar is the case with a Chartered Accountant who’s empowered with various auditing and assurance works which can be exclusively undertaken by her/him.

2. From where you can pursue Chartered Accountancy (CA) in India?

Chartered Accountancy is not like an undergraduate course or program, which can be pursued from any of the Universities present in a country. Every country has a dedicated statutory body to regulate the profession of Chartered Accountancy. In India, Chartered Accountancy can be pursued from The Institute of Chartered Accountants of India (ICAI) only.

No other university/institution can offer a Chartered Accountancy program to its students. So the question from where to pursue CA in India is irrelevant.

However, a student may opt for Chartered Accountancy course from the parallel statutory bodies of other countries for example CPA is the Chartered Accountancy Program of the US which is offered by the AICPA.

3. Eligibility Criteria for CA Course

There are following two routes to join the CA Course:

  1. Foundation Route i.e. After appearing in Class XII Exams: There is no minimum passing percentage required. You just need to clear your class 12th.
  2. Direct Entry Route for the students who have cleared:
    1. Intermediate level of the Institute of Cost Accountants of India or the Institute of Company Secretaries of India
    2. Commerce Graduate/Post Graduate with at least 55% or Other Graduate/ Post Graduate with at least 60%.

4. Number of levels in CA Course

A. For the Students enrolled through foundation route:

There are three levels for you along with a three years’ Articleship Training.

The three levels are:

  1. Foundation
  2. Intermediate
  3. Final

B. For the Students enrolled through Direct Entry Route:

There are two levels for you along with a three years’ Articleship Training.

The two levels are:

  1. Intermediate
  2. Final

5. All about CA Foundation

At this level, you will have to crack 4 papers within the same attempt means there is no paper-wise reappear system at this level. The four papers are as follow:

Paper 1: Principles and Practice of Accounting

Paper 2: Business Laws & Business Correspondence and Reporting Section

A: Business Laws Section

B: Business Correspondence and Reporting

 

Paper 3: Business Mathematics and Logical Reasoning &Statistics

Part I: Business Mathematics and Logical Reasoning

Part II: Statistics

Paper 4: Business Economics & Business and Commercial Knowledge

Part I: Business Economics

Part II: Business and Commercial Knowledge

Passing Criteria

A student is declared to have passed the Foundation examination if she/he obtains a minimum of 40% marks in each paper and a minimum of 50% marks in the aggregate of all the papers in the same attempt.

Paper Nos. 1 (i.e. Principles and Practice of Accounting) & 2 (i.e. Business Laws & Business Correspondence and Reporting) will be subjective type while Paper Nos. 3 (i.e. Business Mathematics, Logical Reasoning, and Statistics) & 4 (i.e. Business Economics & Business and Commercial Knowledge) will be of Objective Type with Negative Marking.

6. All about CA Intermediate

At this level, you will have to crack 8 papers which are divided into 2 groups having 4 papers in each group.

Group - I

Paper 1: Accounting

Paper 2: Corporate & Other Laws

Part I: Company Law

Part II: Other Laws

Paper 3: Cost and Management Accounting

Paper 4: Taxation

Section A: Income-tax Law

Section B: Indirect Taxes

Group - II

Paper 5: Advanced Accounting

Paper 6: Auditing and Assurance

Paper 7: Enterprise Information Systems & Strategic Management

Section A: Enterprise Information Systems

Section B: Strategic Management

Paper 8: Financial Management & Economics for Finance

Section A: Financial Management

Section B: Economics for Finance

Before you appear in Intermediate Examination

  1. A student should be enrolled for the relevant level(s) of the Intermediate Course;
  2. She/he will have to complete a period not less than eight months as on the first day of the month in which the examination will be scheduled, if through Foundation Route; and have to complete nine months of Articleship Training on or before the last day of the month preceding the month in which the examination is to be held, in the case of students from the Direct Entry Route;
  3. Students will have to pay Examination fees, as shared earlier;
  4. The subjects of the Intermediate Course are categorized into two groups. The students can decide to appear in the group-wise examination or take both the groups together.

Note:

Students of Foundation Route and those who are enrolled from Intermediate level examination of or the Institute of Company Secretaries of India or the Institute of Cost Accountants of India registered for Intermediate Course on or before 1st March/1st September of the year would be eligible to appear in the Intermediate Examination to be held in the following November/May accordingly.

 

Graduate/Post Graduate route students who are registered under Direct Entry Scheme in the respective decentralized office for the Course and Commence Practical Training on or before 1st February/1st August shall be eligible for November/May examinations on completion of their 9 months practical training.

Passing Criteria of CA Intermediate

A student can give both of the groups simultaneously or may appear in one group in one examination and the remaining group at any subsequent examination. She/he is declared to have passed the Intermediate examination once she/he passes both the groups.

  1. A student shall be declared to have passed in both the groups simultaneously if she/he
    1. Gets at one sitting at least 40% marks in each paper of each of the groups and minimum of 50% marks in the aggregate of all the papers of each of the groups; or
    2. Gets at one sitting at least 40% marks in each paper of both the groups and minimum of 50% marks in the aggregate of all the papers of both the groups taken together by her/him. Means her/his marks in one group can be set-off against the papers of the other group.
  2. A student shall be declared to have passed in a group if she/he secures at least 40% marks in each paper of group and minimum of 50% marks in the aggregate of all the papers of that particular group.

Exemptions in CA Intermediate

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

A student who gives all of the papers of a Group and fails in one or more papers of that Group but gets at least 60% marks in any paper(s) of that Group, she/he shall be eligible for exemption in that paper(s) in the immediate next three following examinations.

A student shall be declared pass in that Group if she/he secures at least 40% marks in each of the papers of that Group and a minimum of 50% of the total marks of all the papers of that Group/Unit including the paper(s) in which she/he had secured 60% or more marks in the previous examination. Such student shall not be eligible for any further exemptions in the remaining paper(s) of that Group until she/he has exhausted the exemptions which are already granted to her/him in that Group.

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