Hey Friends!! Are you wondering how to become a chartered accountant in India? First of all welcome to the most prestigious, rewarding and excellent career journey. Chartered Accountancy is a profession which can fulfill all your dreams and make you stand out from the crowd.
They are talented, expert of various domains, ready to accept the challenges, and always in demand. Candidates start dreaming to be a CA even before completing their secondary education. You can also start Chartered Accountancy Journey right after 12th. Here we will share with you the complete procedure to become a Chartered Accountant in India.
Before going through the detailed procedure on how to be a chartered accountant in India, students shall note that only one institute can issue the CA degree and i.e. ICAI (Institute of Chartered Accountants of India). ICAI has become the world’s leading accounting body of trusted and independent professionals in accounting, assurance, taxation, finance, and business advisory services.
Unlike MBA, Engineering, MBBS etc no colleges, universities, professional bodies other than ICAI are authorized to issue a CA degree. ICAI framed the entry route in Chartered Accountancy in the following manner –
There are two steps to become a Chartered Accountant in India one is Foundation Route and another one is Direct Entry Route. Let’s understand both the routes in depth –
Steps to Become a Chartered Account in India
Foundation Route –
This route is for all who are wondering how to become a chartered accountant in India after 12th. Here students have to crack the entrance exam i.e. CA Foundation registration first to register themselves into the CA course. Follow the below given steps –
- Once you appeared in XII Examination from a recognized university or a board, you have become eligible to register yourself with the BOS (Board of Studies).
- After getting register yourself, you need to undergo four months study period as prescribed by ICAI. In order to attempt the Nov CA Foundation Examination, need to get register till 30th June and for May attempt, register yourself before 31st December.
- You will be eligible to appear in CA Foundation examination after qualifying XII Exams if not done earlier.
- After completing your study period, you can appear in CA Foundation Exams in May or November.
- Students are required to obtain 50% marks in aggregate and 40% in each and every subject to passing this entrance test.
- Once you qualify the Foundation course, you can register yourself with the BOS for the CA Intermediate course. CA Intermediate is the first level after the entrance test.
- Here, you need to undergo 8 months of study period after registration into the course.
- After completion of your study period, appear in the examination and crack either one or both groups of CA Intermediate.
- Clearing one or both groups of CA Intermediate makes you eligible for 3 years practical training.
- Before commencement of practical training, candidates must complete four weeks of ICITSS (Integrated course on Information Technology and Soft Skills) any time after registering themselves into the Intermediate course.
- Now, register yourself for the 3 years practical training under a practicing Chartered Accountant in the manner prescribed by ICAI.
- You can get register for the CA Final after qualifying both the groups of CA Intermediate.
- During the last two years of practical training, students shall also complete AICITSS (Advanced Integrated Course on Information Technology, IoT technology and Soft Skills) but before appearing into the CA Final Examination.
- Candidates can appear in the Final Examination while serving the last six months of practical training.
- Complete your remaining practical training after Final Exams.
- Pass both the groups of CA Final and become a Chartered Accountant.
Direct Entry Route –
ICAI has facilitated certain category students to directly enroll in the Chartered Accountancy course without clearing its entry-level i.e. CA Foundation. Following candidates are as follows –
- Graduates or Post Graduates from the Commerce Stream who has attained a minimum 55% of marks.
- Other Graduates or Post Graduates with minimum 60% marks.
- Candidates who have passed the Intermediate Level of Institute of Company Secretaries of India or Institute of Cost and Works Accountants of India.
Steps under the Direct Entry Route to become a Chartered Accountant in India are as follows –
Category A – Eligible Graduates or Post Graduates (both Commerce and Without Commerce)
- Graduates or post graduates who are exempt from giving CA Foundation can register with the BOS directly for the CA Intermediate.
- Here, students are required to complete 9 months of practical training before appearing in the CA Intermediate examination.
- And before the commencement of practical training, one must complete four weeks of ICITSS (Integrated course on Information Technology and Soft Skills). Now, you can register for 3 years practical training.
- You will be eligible to appear in the Intermediate examination, after successfully completing nine months of practical training.
- Qualify both groups of CA Intermediate and continue practical training.
- Register for CA Final course after completing both groups of CA Intermediate.
- Similar to Foundation Route, candidates must undergo four weeks of AICITSS (Advanced Integrated Course on Information Technology and Soft Skills) while serving the last two years of practical training but before appearing in Final Examination.
- Appear in the Final Exams while serving the last six months of practical training.
- Complete your remaining training period.
- Clear both groups of CA Final and become a Chartered Accountant.
Category B – Candidates who passed the Intermediate Level of ICSI or ICWA –
- Students who passed the Intermediate level of ICSI or ICWA can register themselves directly for CA Intermediate without clearing entry level i.e. CA Foundation.
- After enrolling into CA Intermediate, one has to complete 8 months of the study period to appear in Intermediate examinations.
- Similar to Foundation route students, here candidates can commence their 3 years practical training after qualifying either single or both groups of CA Intermediate.
- Again, before the commencement of practical training, students shall complete four weeks of ICITSS (Integrated Course on Information Technology and Soft Skills).
- Now, register for the 3 years practical training and qualify the remaining group of CA Intermediate (if any).
- Students shall also complete four weeks of AICITSS (Advanced Integrated Course on Information Technology and Soft Skills) during the last two years of practical training and before appearing in Final Exam.
- Appear in the CA Final Exam while serving the last six months of practical training.
- Complete your remaining practical training and become a member of ICAI.
Note – One should note that candidates can get themselves provisionally registered for CA Intermediate course while pursuing their Final Year of Graduation. During such provisional registration, candidates are permitted to complete four weeks of ICITSS but restricted to commence 3 years practical training. Practical Training under a practicing Chartered Accountant can only be commenced after submission of satisfactory proof having passed the graduation with the specified percentage within 6 months from the date of appearance in the final year graduation examination.
If the candidate fails to produce the satisfactory evidence, his provisional registration shall stand canceled and no fees shall be refunded or adjusted to him.
Conclusion
In the above article, we have discussed how to become a Chartered Accountant in India. How many ways are there to enroll in the CA course, what is the eligibility criteria at each stage, how some students can get direct entry into the Chartered Accountancy without appearing in its entry-level examination etc. Hope you found this article useful so stay in tune with us for more such information and don’t forget to share it with your friends.