How to Become Chartered Accountant? | Passing criteria for the CA examinations | Salary of a beginner Chartered Accountant | Specialization of a CA
The Chartered Accountancy (CA) course is one of the most prestigious and challenging professional courses in the field of finance and accounting. It is regulated and conducted by the Institute of Chartered Accountants of India (ICAI).
How to Become Chartered Accountant?
1. Register for the Foundation Course: You have to complete your 12th standard (higher secondary education) from a recognized board, you can directly register for the CA Foundation Course without having to complete any other degree. |
2. CA Foundation Examination: Once you are registered, you will have to appear for the CA Foundation Examination, which is held twice a year (in May and November). This examination tests your knowledge in four subjects: Principles and Practice of Accounting, Business Laws and Business Correspondence, Business Mathematics and Logical Reasoning & Statistics, and Business Economics and Business and Commercial Knowledge. |
3. Enroll for the Intermediate Course: After passing the CA Foundation Examination, you need to enroll for the CA Intermediate Course. |
4. CA Intermediate Examination: The CA Intermediate Course consists of two groups with four subjects in each group. You can appear for both groups together or one group at a time. The subjects include Accounting, Corporate and Other Laws, Cost and Management Accounting, Taxation, Advanced Accounting, Auditing and Assurance, Enterprise Information Systems & Strategic Management, and Financial Management & Economics for Finance. |
5. Articleship/Practical Training: After clearing at least one group of the CA Intermediate Examination, you need to undergo a three-year articleship (practical training) under a practicing Chartered Accountant. During the articleship, you will gain practical experience in various aspects of accounting, auditing, taxation, and financial management. |
6. CA Final Course: After completing a minimum of 2.5 years of articleship and clearing both groups of the CA Intermediate Examination, you can register for the CA Final Course. |
7. CA Final Examination: The CA Final Course consists of two groups with four subjects in each group. The subjects include Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate and Economic Laws, Strategic Cost Management and Performance Evaluation, Risk Management, Financial Services and Capital Markets, International Taxation, and Economic Laws. |
8. ICITSS and AICITSS: Along with the CA Final Course, you need to complete two courses - ICITSS (Information Technology (IT) Training and Orientation Programme) and AICITSS (Advanced Integrated Course on Information Technology and Soft Skills). |
9. Membership Application and Final Registration: After passing the CA Final Examination and fulfilling the required practical training and course completion, you can apply for membership with ICAI and become a Chartered Accountant. |
Passing criteria for the CA examinations in India are as follows: CA Foundation Examination: - You must secure a minimum of 40% marks in each subject. - You need to score an aggregate of 50% in all subjects combined to pass the examination. CA Intermediate Examination: - In each subject of both groups, you must obtain a minimum of 40% marks. - To pass a particular group, you need to score an aggregate of 50% in all subjects of that group combined. CA Final Examination: - Similar to the CA Intermediate Examination, you must secure a minimum of 40% marks in each subject of both groups. - To pass a particular group, you need to score an aggregate of 50% in all subjects of that group combined. It is essential to note that the passing criteria apply to each attempt at the respective examination. If you do not achieve the minimum required marks in any subject or group, you will have to reappear for those specific subjects or groups in subsequent examinations. |
Salary of a beginner Chartered Accountant (CA)
1. In India: The starting salary for a newly qualified CA in India can range from ₹6 lakh to ₹10 lakh per annum in top accounting firms. In medium-sized firms or companies, it may be around ₹4 lakh to ₹6 lakh per annum. However, salaries can be lower in smaller firms or companies.
2. In the United States: The starting salary for a newly qualified CA in the United States can range from $50,000 to $70,000 per year in public accounting firms. In the private sector, the starting salary may vary, but it generally offers competitive pay.
3. In the United Kingdom: Freshly qualified CAs in the UK can expect a starting salary of around £28,000 to £40,000 per annum, depending on the location and the employer.
4. In Canada: The starting salary for a newly qualified CA in Canada may range from CAD 50,000 to CAD 70,000 per year in public accounting firms. In the private sector, salaries may vary based on the industry and the company.
It's essential to remember that salaries can significantly differ based on factors like the reputation of the employer, the specific city or region, the candidate's academic performance, and negotiation skills. With experience and continued professional development, CAs can earn higher salaries and progress in their careers.
Additionally, some CAs choose to start their own practice, and their earnings may vary based on the success of their firm and the number of clients they serve.
Overall, becoming a Chartered Accountant can offer lucrative career prospects, and with time and dedication, CAs can earn competitive salaries in the financial and accounting industry.
Specialization of a CA:
Becoming a "CA" means you are like a money superhero who can do different things with your money superpower.
1. Tax Expert: You can help people and businesses understand how to pay the right amount of money to the government as taxes, making sure they don't pay too much or too little.
2. Money Detective: You can investigate and find out if someone is being dishonest with their money or trying to do something wrong with it, like stealing or cheating.
3. Business Advisor: You can give smart advice to companies on how to use their money wisely, make good financial decisions, and be successful.
4. Money Doctor: You can check the health of a company's finances, finding out if they are doing well or if they need some help to get better.
5. Money Traveler: You can understand how money works in different countries and help businesses deal with money matters when they work with people from other places.
6. Banking Buddy: You can work with banks and financial institutions to make sure they follow the rules and do things the right way.
7. Financial Planner: You can help families and individuals plan their money for the future, so they can achieve their dreams and be financially secure.
8. Money Magician: You can help with big financial deals like buying or selling companies, making sure everything goes smoothly and no money disappears.
Remember, a "CA" is like a money superhero with different powers to help people and businesses with their money and make sure everything is fair and correct.
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