In India, being a Chartered Accountant (CA) is among the most desirable professional paths for commerce students. This profession provides several prospects and professional advancement. A CA is a specialist who operates in all aspects of business and finance, such as auditing, financial management, taxation, and assurance and provides advisory services to clients. They are essential to the financial management of companies and organizations.
To become a Chartered Accountant in India, you must be aware of the necessary prerequisites and procedures laid by ICAI. So in this post, we will have an overview of how to Become a CA in India.
How to Become CA in India After the 12th?
To work as a Chartered Accountant (CA) in India, you should complete the Institute of Chartered Accountants of India’s Chartered Accounting course (ICAI). Below is the detailed process to become a Chartered Accountant in India after the 12th:
1. CA Foundation Course Registration
After completing the 12th grade, the first step towards becoming Chartered Accountant is registering for the CA Foundation examination. The Foundation course is open to students who have passed the 12th board examination. Moreover, the registration procedure is available online via the ICAI website.
To know the complete CA Course details, check out this detailed guide by the VSI Jaipur institute.
2. Clear the Foundation Exams
After registration with the ICAI Board of Studies (BoS), applicants who wish to become a Chartered Accountant (CA) after completing the 12th grade must complete a four-month study term to apply for the subsequent session of CA Foundation examinations. Before each session, the CA Foundation exam registration form must be completed.
CA Foundation exams take place twice a year, during May & November, and you must complete the application form before appearing for the exam. To clear the Foundation examination, you must score a minimum of 40% in each section and 50% overall.
3. Register for the Intermediate Exams
After clearing the CA Foundation exam, the next step is registering for the CA Inter exams. Moreover, the CA Inter is divided into groups. Hence, you may register for either or both groups depending on your preparation. However, you are only eligible to appear for the inter exams once you clear the CA Foundation or after graduation.
4. Clear the Intermediate Exam
There are eight subjects in the CA Inter exams divided into two groups. Hence to pass the Intermediate examination, you must obtain a minimum of 40% in each subject and 50% overall.
5. Complete Articleship Training
After you pass the CA Intermediate, the next step on how to become CA is to undergo Articleship, a three-year practical training program. During this time, you will receive practical experience and knowledge in accounting, taxation, auditing, and other relevant areas while working under the supervision of a professional Chartered Accountant.
6. Register for the CA Final Exam
Upon completing 2.5 years of Articleship, you are eligible to register for the Final course. Further, you may enrol for both groups or just one at a time based on your preparation level. VSI Jaipur advised all the students to go for both groups.
7. Clear the CA Final Exams:
The Final exam comprises eight exams that are divided into two groups. For clearing the CA Finals, you must get a minimum of 40% in each section and 50% overall. To clear the Final exams on the first attempt, VSI Jaipur guide students to revise the complete course at least 3 times and give sufficient mock tests.
8. Register as a Chartered Accountant:
After completing both groups of the CA Final, students are eligible to apply for ICAI membership.
How To Become CA After Graduation?
If you are an undergraduate, you can skip the CA Foundation and choose the direct entry route. In addition, these students must enrol for both CA Intermediate exam groups. Other than that, the procedures on how to become CA are the same and consist of the following:
- Pass one or both of the CA Intermediate Exam Groups
- Register for Articleship Training
- Clear both CA Intermediate groups
- Enrol in the CA Final course
- Complete three years of articleship
- Pass both CA Final groups
- Application for membership in ICAI
How Many Years Does It Take To Become a CA?
Becoming a Chartered Accountant requires years of study, which is generally recognized within the student community. But, one should not be discouraged because this is not the scenario for all applicants. The minimal term of Chartered Accountancy is:
- It takes about five years for candidates who enrol through the Foundation program following 12th grade
- Moreover, it takes four years for students to enrol via the direct entry route and appears in the CA Intermediate exams.
The more time you take, it adds six months to your total duration.
In addition to all of these requirements, having the appropriate set of skills is the most vital part of being a CA. Essential competencies necessary to work as a CA in India:
- Decision-Making and Critical Thinking
- Effective Communication skills
- Organizational skills.
- Discipline and the capacity to tolerate failure
- IT competence
So this is all about the steps and process of how to become a CA in India. For proper guidance for the Chartered Accountancy course, join VSI Jaipur.