ICAI CA Exam and Course
ICAI Chartered accountancy is the frame of all business fields. It is a challenging job which requires analytical ability and intuitive power. It is the only field in which curricular theoretical knowledge and practical experience goes hand in hand. ICAI Chartered accountant needs to be well informed with latest development in all fields of business. S/he should have top class communication skills and superior grasp of business that gives him or her unique stand in the marketplace.
The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India (ICAI), which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centers.
Fields in which an ICAI Chartered Accountant works
An ICAI Chartered accountant may start the journey from auditing, taxation, consultancy services/ finance advisory, fund managing, outsourcing and then with experience may get absorbed at highest levels in business as chief financial officers, CEO’s, senior managers, top decision maker, project manager and partners of some of the world’s largest organizations.
In other words, an ICAI Chartered Accountant has wild field of opportunities in following domains:
- Banks (Both private and public)
- Public Limited Companies (mandatory for the purpose of law)
- Auditing Firms (such as KPMG, Price Waterhouse, etc.)
- Finance Companies, Mutual Funds, Portfolio Management Companies, Investment Houses, Stock Broking Firms
- Legal firms, Legal houses, Patent Firms, attorneys, Trade Mark and Copyright Registers
Pay packages for an ICAI Chartered Accountant
An ICAI Chartered Accountant (CA) has excellent starting salaries/pay scale. The Committee for Members in Industry (CMII) of ICAI organizes Campus Placement Programmes for all levels of Chartered Accountants at frequent intervals throughout the year and provides world class placement services to the Members and best accounting and finance talents to the industry.
The Committee for Members in Industry (CMII) of ICAI organizes Campus Placement Programmes for Newly Qualified Chartered Accountants twice in a year. The committee organised Orientation Programme for candidates so as to sharpen their soft skills and to provide them technical updates.
Highest salary offered for Domestic posting in the Campus Placement Programme is Rs. 21 lacs Per Annum offered by Bharti Airtel at New Delhi center, which is highest till date. Highest salary offered for International posting in the Campus Placement Programme is Rs. 20.25 Lacs per annum offered by Sharaf Shipping Agency LLC at Chennai and Hyderabad center. The minimum salary paid is Rs. 3.00 Lacs per annum. Average CTC offered is Rs 7.37 Lacs Per Annum.
Levels to clear ICAI Chartered Accountant
The student who would like to join ICAI Chartered Accountancy course, will have to undergo three stages according to the eligibility/entry criteria given below.
Common Proficiency Test (CPT)
It is an entry level test for ICAI Chartered Accountancy Course, which is held twice a year in June and December for registered students of Common Proficiency Course (CPC). A student who registers to CPT course on or before 1st April will be eligible to appear in June CPT examination and student who registers on or before 1st October will be eligible to appear in December.
Integrated Professional Competence Course (IPCC)
Intermediate (Integrated Professional Competence) Course (IPC) is next level after clearing CPT for pursuing CA Course and it is first level for students registering under Direct Entry. IPC is held twice a year i.e.in the month of May & November.
CA Final Course
After passing Intermediate (Integrated Professional Competence) Examination (i.e. both groups), a student is required to register for ICAI CA Final Course with the Board of Studies in the prescribed form and collect Study Materials and prepare for the Final Examination.
Time duration for ICAI Chartered Accountant course
A student through CPT route can become ICAI Chartered Accountant approximately in 4 years, if he/she passes all eligible examinations in first attempt.
Scholarships for ICAI Chartered Accountant course
Students who are pursing ICAI CA Course can avail the following scholarships:
1. Merit Scholarship:
The students who capture merit lists of Common Proficiency Test (CPT) and Intermediate (IPC) Examination held every year are selected for award of Merit Scholarship @ Rs.1500/- and Rs. 2000/- per month respectively.
Rank holders of Common Proficiency Test (CPT) who have registered for Intermediate (IPC) Course will get Scholarship for a period of 18 months while the Rank holders of Intermediate (IPC) Course (Final Students) will get for a maximum period of 30 months/remaining period of their articleship.
2. Merit-cum-Need based Scholarship:
All students (other than covered under Merit Scholarship) whose names appear in the Merit list of Rank holders of the Common Proficiency Test (CPT)/Intermediate (IPC) Examination and whose parents’ total income is not more than Rs. 1,50,000/- per annum are eligible to apply for award of Merit-cum-Need scholarship.
3. Need-based and weaker sections Scholarship:
Students of Intermediate (IPC) Course and Final Course are eligible to apply for award of Need- based Scholarships provided their parents’ annual income is not more than Rs. 1,00,000/- per annum.
4. Scholarships under Endowment Schemes:
In addition to the above, scholarships are also awarded under different Endowment Schemes created by individual donors/Joint Corpus formed by donors. The criteria applied are the same as in case of Need-based scholarship.
The first three rank holders of CPT need not pay the Final fee if they pass the Intermediate (IPC) Examination in the first attempt.
Reasons to choose CA profession
Now when you know all about the CA profession, you can have a look at an article ‘Journey of a CA student’ which talks about a CA topper in article section of MyCareerLift.com.