CA Course is Tough
Becoming a Chartered Accountant (CA) in India is a prestigious and rewarding career path. The journey is rigorous but well-structured, offering students the knowledge and skills necessary to excel in the field of finance, accounting, and business. Since the pass ratio is abysmally low, it is considered one of the toughest courses in India, however with proper planning, concept understanding, time management and proper guidance it can be easily managed. This article simplifies the process, detailing entry routes, eligibility, stages, training, and more, ensuring it’s easy for everyone to understand.
How to become a Chartered Accountant in India – multiple entry routes
How to become CA after 12th?
1. Foundation Route
This is the traditional entry point for students after completing their Class 12 exams.
Steps to Follow:
- Register for the Foundation Course: Students who have completed Class 10 can register with the Board of Studies (BoS).
- Complete 4 Months of Study: Undertake theoretical education for four months before appearing for the Foundation Exam.
- Appear for Foundation Exam: The exam is conducted in May/November after Class 12.
- Qualify the Foundation Exam: Secure a minimum of 40% marks in each subject and 50% in aggregate to pass.
- Register for Intermediate Course: Post-qualification of the Foundation exam and Class 12.
How to become a CA after Graduation?
2. Direct Entry Route
This route allows graduates and postgraduates to enter the CA program directly.
Eligibility:
- Commerce Graduates/Postgraduates: Minimum 55% aggregate.
- Other Graduates/Postgraduates: Minimum 60% aggregate.
- Intermediate Level Pass: Students from the Institute of Company Secretaries of India (ICSI) or the Institute of Cost Accountants of India (ICAI).
Steps to Follow:
- Register for Intermediate Course: Eligible students can directly register.
- Complete 8 Months of Study: Fulfill the academic requirement before appearing for exams.
- Qualify the Intermediate Exams: Pass both Group I and Group II exams.
- Register for Practical Training: Begin two years of practical training after completing the Integrated Course on Information Technology and Soft Skills (ICITSS).
CA Passing Marks and Aggregate Requirements
To successfully clear each level of the CA examinations, candidates must meet the following criteria:
- Minimum Marks per Subject: 40%
- Aggregate Marks per Group: 50%
This means that in each subject, a candidate must score at least 40 out of 100 marks, and the total marks for all subjects in a group must be at least 50% of the maximum possible marks for that group.
CA Course Structure & Syllabus
1. CA Foundation Course
Subjects:
- Paper 1: Accounting
- Paper 2: Business Laws
- Paper 3: Quantitative Aptitude
- Business Mathematics
- Logical Reasoning
- Statistics
- Paper 4: Business Economics
Format:
- Papers 1 and 2: Subjective
- Papers 3 and 4: Objective (with negative marking)
2. CA Intermediate Course
Subjects:
- Group I:
- Advanced Accounting
- Corporate and Other Laws
- Taxation (Income Tax & GST)
- Cost and Management Accounting
- Group II:
- Auditing and Ethics
- Financial Management
- Strategic Management
Self-Paced Online Modules:
Students must complete four sets of online modules:
- Set A: Corporate and Economic Laws
- Set B: Advanced topics like Strategic Cost & Performance Management
- Set C: Risk Management and Valuation
- Set D: Multi-disciplinary subjects like Psychology and Digital Ecosystems
3. Practical Training
Students must complete two years of practical training, gaining hands-on experience in:
- Auditing and Assurance
- Taxation
- Financial Reporting
- Business Advisory Services
4. CA Final Course
Subjects:
- Group I:
- Financial Reporting
- Advanced Financial Management
- Advanced Auditing and Assurance
- Direct Tax Laws
- Group II:
- Indirect Tax Laws
- Integrated Business Solutions (Case Studies)
Training:
- Advanced ICITSS: Mandatory before appearing for the Final Exam.
- Pass both groups to qualify as a CA.
CA Exam Dates, Timelines, and Fees
1. Foundation Course
- Exam Dates: May and November each year.
- Registration Deadline: Four months before the exam month.
- Exam Fees: ₹1,500 (India); US$325 (Overseas).
2. Intermediate Course
- Single Group Exam Dates: May and November each year.
- Registration Deadline: Nine months before the exam month.
- Exam Fees:
- Single Group: ₹1,500 (India); US$325 (Overseas).
- Both Groups: ₹2,700 (India); US$500 (Overseas).
3. Final Course
- Single Group Exam Dates: May and November each year.
- Registration Deadline: Six months before the exam month.
- Exam Fees:
- Single Group: ₹1,800 (India); US$325 (Overseas).
- Both Groups: ₹3,300 (India); US$550 (Overseas).
Additional Fees
- ICITSS (Information Technology and Soft Skills): ₹6,500.
- Advanced ICITSS: ₹7,500.
CA Reference Books
While ICAI provides comprehensive study materials, referring to additional books can offer varied perspectives and in-depth understanding. Here are some popular reference books for each level curated from the web and inputs from CA coaching faculty.:
CA Foundation
| Subject | Recommended Books |
|---|---|
| Principles and Practice of Accounting | – “Fundamentals of Accounting for CA – CPT” by P.C. Tulsian and Bharat Tulsian |
| Business Laws and Business Correspondence and Reporting | – “Mercantile Laws for CA CPT” by P C Tulsian |
| Business Mathematics, Logical Reasoning, and Statistics | – “Quantitative Aptitude” by Dr. T.S. Grewal and R.K. Gupta |
| Business Economics and Business and Commercial Knowledge | – “General Economics” by S.K. Agarwal |
CA Intermediate
| Subject | Recommended Books |
| Advanced Accounting | – “Advanced Accounts” by M.C. Shukla and T.S. Grewal |
| Corporate and Other Laws | – “Corporate and Other Laws” by Munish Bhandari |
| Taxation | – “Taxation” by T.N. Manoharan |
| Cost and Management Accounting | – “Cost and Management Accounting” by Ravi M. Kishore |
| Auditing and Assurance | – “Auditing and Assurance” by Pankaj Garg |
| Financial Management and Economics for Finance | – “Financial Management” by Prasanna Chandra |
CA Final
| Subject | Recommended Books |
| Financial Reporting | – “Financial Reporting” by D.S. Rawat |
| Strategic Financial Management | – “Strategic Financial Management” by V. Pattabhi Ram |
| Advanced Auditing and Professional Ethics | – “Advanced Auditing and Professional Ethics” by Surbhi Bansal |
| Corporate and Economic Laws | – “Corporate and Economic Laws” by Munish Bhandari |
| Strategic Cost Management and Performance Evaluation | – “Strategic Cost Management” by Sanjay Aggarwal |
| Direct Tax Laws and International Taxation | – “Direct Taxes” by Vinod Gupta |
| Indirect Tax Laws | – “Indirect Taxes” by Yogendra Bangar |
ICAI Study Materials
ICAI provides official study materials that are crucial for exam preparation.
Accessing CA Study Materials
- Official Website:
- Visit the ICAI Official Website.
- Navigate to the “Students” section.
- Select the relevant course level (Foundation, Intermediate, or Final).
- Access and download the study materials for each subject.
- Physical Copies:
- Upon registration for a course, ICAI dispatches physical copies of study materials to the registered address.
Features of ICAI Study Materials
- Comprehensive Coverage: Detailed explanations of all topics in the syllabus.
- Practice Questions: Includes a variety of questions for self-assessment.
- Revision Test Papers (RTPs): Updated periodically to reflect the latest exam patterns.
- Mock Test Papers (MTPs): Available for practice to simulate exam conditions.
Regularly reviewing these materials and staying updated with any amendments or announcements from ICAI is essential for effective preparation.
Duration of the CA Course / Time period
It is entirely upto the student how quickly one can grasp the subjects and clear them but normally who clear the exams in 1st attempt take minimum 3.5 to 5 years. (For most students it is more than this)
- Foundation Route: 4.5 to 5 years.
- Direct Entry Route: 3 to 3.5 years.
Tips for Aspiring CAs
- Plan Your Studies: Dedicate time to each subject, focusing on understanding concepts.
- Stay Consistent: Regular revisions and solving past papers are key.
- Utilize ICAI Resources: Take advantage of mock tests, study materials, and live classes.
- Seek Guidance: Join coaching or mentoring programs if needed.
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