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Guide to be a Chartered Accountant, ICAI

History of ICAI

The CA (Chartered Accountant) is one of the most respected careers. CA is an elite option for a professional career in India.
The Institute of Chartered Accountancy was first established in 1880 in England. It was set up to organise business activities in a well-behaved manner. In India, the CA course is conducted by the ICAI (Indian Chartered Accountants Institute). The body was set up in India in 1949 just before India became a republic country. Gopaldas P. Kapadia is a founder member and the first President of The Institute of Chartered Accountants of India. He was the first Indian to be issued a membership certificate by ICAI as C.A.

A chartered accountant is a member of ICAI. The membership is continued through the prescribed fees or yearly payments.

A CA works as a private advisor or in the accounts department of an organisation. A Chartered Accountant plays an important role in case of disputes, bankruptcy, etc. Also, A CA has to deal with financial management and carries out financial audits.

Courses & Duration

It takes 5 years to complete the CA course and get certification from ICAI. In 2006, the ICAI launched the three-level courses. Which later body kept modifying and always kept updating it according to market needs.

But the base for CA is:

  • CA-CPT (Common Proficiency Test) or (CA Foundation)
  • CA-IPCC (Integrated Professional Competence Course)
  • CA-FC (Final Course)
  • CA-CPT is the entry-level foundation course. It involves the quantitative aptitude test, general economics (Mostly Micro), mercantile laws, and accounting.

    The CA-IPCC has two groups (parts). It teaches you the working knowledge of the core subjects. Its core focus is to improve the knowledge of accounting standards.

    The CA final course includes the advanced knowledge of financial reporting, management accounting, strategic financial management, professional ethics, information systems control, and advanced auditing.

    There is no age limit to start your CA career. Chartered accountancy is one of the rarest professions where you don’t have an age limit. It welcomes you with a big heart. ICAI is the only body (including ICSI, ICMA) that has no reservation system. ICAI believes in equality. This makes this body highly respected.

    You have the opportunity to go for the foundation level test conducted by the ICAI at any age. After passing the group 1st, the students have to undergo the on-job training period of 3 years called “articleship” with an audit, tax, or accounts firm.

    After completion of the articleship, the student appears in the final course. The GMCS (General Management and Communication Skill Course) is the 15 days mandatory practical training for final year students introduced in 2003.

    CA subjects mostly deal with subjects like budget planning, market research, planning of policies, management of working capital of an organisation, etc.

    Skills You have to Develop to become a CA:
  • Numerical Skills
  • Logical & Methodical Skills
  • Develop an understanding of the socio-economic environment wherein organisations operate
  • Necessary skills of applying theoretical knowledge to practical situations.
  • Good Verbal & written communication
  • The skill of dealing with different types of people
  • Eligibility & Admission: Career after 12th Standard

    Another best thing about the CA course is that students with any background (commerce, science, or arts) have equal opportunity to enrol. After completion of the 12th standard, you can be admitted to the CA program through the CA-CPT (Common Proficiency Test).

    If you already graduated and want to directly enrol in CA-CPT, being a commerce student you must have a minimum of 50% aggregate marks in graduation to get admission to CA-CPT.

    Non-commerce must have cleared their 10+2 examination with at least 55% marks excluding mathematics & 60% marks including mathematics for the eligibility for CA-CPT.

    Once you clear CA-CPT, you would be enrolled as a member of ICAI.

    You can also register for the CA-CPT test after passing your 10th examination, though you are eligible to appear for the test after the 12th.

    A career as a Chartered Accountant plays an important role in the day to day economic life.

    It is one of the best job-oriented courses in India and abroad. After the completion of the course, the candidates need to get the membership and certification from the ICAI. The membership is the subject of annual renewal by submitting the RS 400 annual fees.

    As a CA professional you can’t work in any other field once you get certification from ICAI. You have to take permission from ICAI before doing it.

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