How to become a Chartered Accountant (CA): Choosing a Chartered Accountant program is the most noble and rewarding step in the career of people who are passionate about finance, accounting, and taxation. If you just finished your 12th grade and want to start a career as a Chartered Accountant (CA), then this article is what you need for a journey from completing senior school to achieving your CA designation, step by step with invaluable information.
1: Choose the Right Stream in Class 11th:
While students can choose any stream to pursue how to become a Chartered Accountant, opting for the Commerce stream in 11th and 12th grades offers a significant advantage. Commerce students typically cover foundational subjects in the CA syllabus, such as accounting, business studies, and economics. This prior knowledge equips them with a better understanding of key concepts, making it easier to grasp the topics in the Chartered Accountancy curriculum.
2: Register for the CA Foundation Course
The journey of how to become a Chartered Accountant begins with the CA Foundation Course, the first level of the Chartered Accountancy program.
Eligibility – You must have completed your 12th year (or equivalent) from a recognized board of education.
Registration – After your 12th exam, you must register for the CA Foundation course with the Institute of Chartered Accountants of India (ICAI). It is wise to register early in order to have sufficient time to study.
Registration link – https://eservices.icai.org/EForms/configuredHtml/1666/57499/Registration.html?action=newuser
The CA Foundation course will include 4 types of papers. The papers you must complete and pass in order to enrol in the next level are:
1. Principles and Practice of Accounting.
2. Business Laws and Business Correspondence and reporting.
3. Business Mathematics and Logical Reasoning & Statistics.
4. Business Economics and Business and Commercial knowledge.
Once you have registered for the Foundation course, you will need to write and pass these papers. In new course, the CA foundation exams are held thrice a year in January, May and September every year.
3: Achieve Success in the Foundation Exam
The CA Foundation exam consists of both objective and subjective questions. To successfully qualify as a CA, you need to score at least 40% in each subject and an overall aggregate of 50%. Once you pass the Foundation exams and complete the course, you will move on to the next stage in your journey of how to become a Chartered Accountant: CA Intermediate.
4: Registering for CA Intermediate
Following the successful completion of the CA Foundation course, the subsequent step is to register for the CA Intermediate course. The Intermediate level is more advanced than the Foundation level, as it requires the study of multiple different subjects in further depth, such as accounting, taxation, law. The Intermediate course is split into two groups:
1: Advanced Accounting, Corporate and Other Laws, and Taxation
2: Cost & Management Accounting, Auditing and Ethics, and Financial Management & Strategic Management
Additionally, you can sit for both groups together, or one group separately, but it is imperative to pass both groups of CA Intermediate in order to proceed to the final stages of your CA journey.
5: Complete Article ship
After successfully passing both groups, you become eligible to start your Articleship. This is a two-year practical training program under the guidance of a practicing Chartered Accountant. During this period, you will engage in real-life scenarios, gaining valuable experience in accounting, auditing, and taxation. This hands-on exposure is essential, as it helps you develop practical skills and real-world thinking necessary for your journey to becoming a Chartered Accountant.
6: Enroll in CA Final
How to become a chartered accountant? During your Articleship, you should also register for the CA Final course. The CA Final represents the last and most challenging stage of your journey. The syllabus for this final level includes advanced subjects such as accounting, auditing, corporate laws, and taxation, all crucial for your path on how to become a Chartered Accountant.
The CA final is split into two groups:
1: Financial Reporting, Advanced Financial Management, and Advanced Auditing, Assurance & Professional Ethics.
2: Direct Tax Laws & International Taxation, Indirect Tax laws and Integrated Business Solutions.
7: Clear the CA Final Exam and Complete GMCS: Your Path to How to Become a Chartered Accountant
On Successful completion of 2 Years Article ship, you will also need to pass both groups of the CA final exam. You also have to finish GMCS (General Management and Communication Skills) as well as go through the Advanced ITT (Information Technology Training) course to help you with crucial professional skills.
8: Applying for ICAI Membership
After successfully clearing the CA Final exams and completing all required training, you can apply for membership with ICAI. Once your application is approved, you will officially be recognized as a Chartered Accountant, allowing you to embark on your career in accounting, auditing, taxation, or consulting. This marks a significant milestone in your journey of how to become a Chartered Accountant.
Conclusion
The path of how to become a Chartered Accountant after 12th is structured and demanding, yet attainable with unwavering dedication, discipline, and persistence. Chartered Accountants are esteemed members of society, offering a wealth of opportunities. If you’re passionate about finance and accounting, start your journey today to unlock the doors to a fulfilling and successful future.