Are you a CA Aspirant? Here we are with all the Fundamentals

Did you pass in 12th Standard Board examination? Did you want to become successful in your career? Did you see the CA course as an effective career choice but are unsure about the process? Then, here you can see full details about entering into the CA profession for the ICAI distinct levels in CA, the eligibility criteria, etc. Many students aspire to become CA professionals as big or small, every organisation needs a CA so this course covers a large prospectus of job opportunities. But for a beginner, it is important to have a piece of fundamental knowledge about this course.

CA profession is governed by The Institute of Chartered Accountants of India (ICAI) which is the world’s 2nd largest professional body of Chartered Accountants that governs and develops professionals with superb areas in accounting, assurance, taxation, finance, and business advisory services.

For people who wish to make a career in the field of finance, audit, and taxation, Chartered Accountancy (CA) must be their choice. CA helps businesses to use their resources precisely, increase their efficiency, and achieve their goals. A Chartered Accountant also serves as a management and corporate caretaker. 

What do I need to Learn Before I start CA Preparation?

Chartered Accountancy (CA) is one of the most rewarding careers that opens up avenues to acquire top positions in eminent organisations of the nation as well as overseas. CAS is considered as Complete Solution Provider for Businesses and this is the reason most of the students in India who opt to enter the commerce stream intend to take this professional course.

Eligibility Criteria for CA Course

Two routes are there to enter in the CA course. One is the CA Foundation route, and the second one is the direct entry route. It is crucial for the candidate to have passed or appeared in class 12th or any equivalent examination performed via an acknowledged board. For graduates and post-graduates direct entry scheme route is effective and mandates 55% graduation for students of a commerce background and 60% for students from a non-commerce background. They need to take the experience of a 9-month articleship to get qualified for appearing in CA Intermediate.

You have one route of CA which is the CA foundation route if you are in class 12th or passed however if you have completed your graduation you would then have two options. CA foundation route is the first way and the other is through the direct entry route.

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Now talking about CA Courses, it has three levels

• CA Foundation
• CA intermediate
• CA Final

You need to pass all the levels if you wish to become a CA. However, there is a privilege for the students of the direct entry route which they do not need to take the CA foundation examination, and they directly appear for CA intermediate.

Steps to Become a Chartered Accountant 

Step 1: Registered for CA foundation

Or. Registered for CA intermediate ( for direct entry route)

Step 2: clear CA foundation

Or need to complete ICITSS training, then finish nine months of practical training, and then clear the CA intermediate examination.

Step 3: After passing the CA foundation you would need to register for the CA intermediate course

Step 4: Post taking the CA intermediate examination you would need to register yourself for ICITSS which is for 1 month. 

Step 5: You have to register for the CA final course as well as for article or practical training if you clear the CA intermediate. 

Note: Students from the direct entry route need to do practical training of at least 9 months before taking the CA intermediate examination though this does not apply to CA foundation route students.

Learning About the Challenges of the CA Exam

Why do people say that CA is not so easy, and why there are too many attempts to pass the CA exam?

CA course is not easy but it can be said that it is one of the most challenging courses in the country and there is no confusion that the degree has too much value. The people must clear all three levels of the CA exams to become a CA, many people wonder if it is easier though it is very tough, particularly clearing intermediate and final.

It is simpler to clear Level 1 as compared with the others as entering in Inter level all of a sudden you need to study 8 subjects in 9 months and sit in class for 12 hours from Morning 7 AM to evening 5 PM it becomes challenging and even after classes revising all those things becomes a great project. In the start the students will revise however when the syllabus is in progress it becomes hard to revise subjects like Taxation and that too when PGBP or CG is going on and even in costing afterward.

After completion of classes of 1st Group when classes of 2nd Group started, it became difficult to attend classes for 2nd Group and then to revise 1st Group because both groups are challenging in their aspect and both are extensive. After completing all their classes, students spend the next four months revising, making everything feel new, especially in subjects like Costing, Audit, and Taxation.

Now, moving on to the last level, which is the CA Final level, it is one of the most difficult stages of the CA exam. At this level, there are 8 subjects, all of which are extensive and difficult. After completing the Intermediate level, during the articleship phase, managing classes becomes very challenging due to early morning classes from 6:30 AM to 9:30 AM and then going to the office or client site. It becomes very challenging to study after office hours, and sometimes it’s not possible to attend classes due to client commitments, resulting in a significant loss for the Article Assistant.

Intermediate subjects:

1. Accounting
2. Costing
3. Taxation
4. Law
5. Audit
6. FM and ECO
7. EIS and SM

Final subjects:

1. Financial Reporting
2. Strategic Financial Management
3. Corporate Laws
4. Costing
5. Direct Tax laws
6. GST
7. Elective Paper
8. Audit

CA course is for those who have a stronger mindset and who can overcome it and do not give up.

What is the work of a CA?

CA can do much more. Fixing the managing accounts is not the mere option of your job.

Accountancy: Chartered Accountants (CAs) prepare and maintain the books of accounts for various business organizations, including recording transactions and preparing financial statements.

Audit: A CAs most significant role is to handle the auditing to assist the companies to attain their goals. Many audits are there that the CA can perform such as internal audit, statutory audit, tax audit, management audit, and bank audit that can be performed by you if you are choosing the CA as a career. 

Taxation: Taxation is crucial for business effectiveness and the economy. A Chartered Accountant (CA) can prepare tax returns to help clients assess their taxes. The Income-tax law mandates that individuals file returns, a task that a CA can handle.

Directorship: Chartered Accountants (CAs) can also serve as directors of companies, holding a senior position with significant authority and responsibility. It is now widely recognized and gaining popularity in India for CAs to take on the role of a director.

Executors and Trustees: To perform the administration of the estate or settlements a Chartered Accountant can be appointed as an executor or a trustee. The Chartered Accountants must work in cooperation with Solicitors or Lawyers and they help them in accounting work.

Share Valuation Work: The share valuation would also be performed by the Chartered Accountant whether it is of public or private companies. Therefore at the time of amalgamations or mergers, a CA can perform the valuation of shares for the objective of taking over bids. 

Management Consultants: In navigating the businesses a CA plays a very major role and therefore it designates its position of the company as a management consultant. They offer various consultancy services such as developing MIS, assisting management, designing a budgetary control system, and providing advice on international affairs.