Is Deloitte good for a CA article ship
ICAI exam (CA exam)
ICAI exam (CA exam)
The ICAI (Examination for the Institute of Chartered Accountants India) is an exam conducted by the Institute of Chartered Accountants of India. This is the national accounting firm of India to issue a certificate of who is licensed as an auditor in India.
No matter where you are, you must have heard of Chartered Accountancy or CA. CA is the holy grail of accounting in India. Please note that the CA exam described here differs from the CPA exam. To get you to believe what the CA exam is all about, let's look at some evidence of its reputation:
- Of all students who try the ICAI exam, only have 3-8% the Intermediate and final stage reached.
- This prestigious ICAI institute currently has quite a number of students, ie - 1.175.000.
- The CA exam offered by the ICAI has been designated as a Ranked # 1. 2 , worldwide.
- According to Statistics from April 2015 amounts the total number of Certification Authorities 239,974 . Thereof 124,434 certification bodies employed by organizations and 115.540 practice certification bodies.
- ICAI is an institute that has been giving birth to CAs since 1949, which means that the ICAI exam is a 67 year old Has history in making one of the most employable professionals in the world.
These numbers were no coincidence. You were created. And if you are one of the CA aspirants, you must put your heart and soul into this CA exam to be among them. Interested? This article will tell you all about the ICAI exam. We will talk in detail about screws and nuts of the CA exam.
tip - It will take you some time to read this article and there is some great information out there. With a pen and paper, sit down when you want to write something down.
About CA Exam
CA is the holy grail of accounting in India. Students with a commerce background are perfect for certification bodies. Rather, most students sign up for the CA exam when they pass out by 10 + 2. But there is also a direct way to do CA. You must be a graduate and can take the CA exam. Before signing up, just remember that it is not for the faint of heart. You have to put a lot of hard work into this ICAI exam course.
- Roll: Accountants, auditors, internal auditors, financial reporters, SAP FICO consultants and tax consultants.
- Exam: To pass the ICAI exam, you have to go through 3 levels. If you show up after graduation (provided you meet the admission criteria), you only need to complete two levels.
- ICAI Exam dates : CA final exam and IPCC are held in May and November, while CPT is held in June and December each year.
- The essentials: There is a lot of essentials in the CA exam. In addition to passing three levels of exams, you must complete 100 hours of Information Technology Training (ITT) and a 3 year article. In order to participate in an article, students must delete at least one group from IPCC.
- Eligibility to participate: You can take the CA exam according to the 10th standard and register for the CPT. But if you want to go after graduation you need to get 55%, if you are a business graduate or if you are a bachelor of other streams you need to get at least 60% in your degree. After graduation (provided you meet all admission criteria) you can take the IPCC exam directly.
Why take the ICAI exam?
The CA exam is not a course that everyone should take. It is for students who are ready to take it all on the CA exam. Forget about social life, forget about fun and other areas of your life. Your only focus should be CA if you want to delete it. If you are really ready to crack CA's code, be sure to follow up on it. But there is also good news. Your hard work will not be in vain.
- Once you complete CA, you gain instant credibility. You don't have to go to companies and stand in line. You can start your own business or participate in a credible position in an organization.
- Someone says so well when they say that it's not about achieving something, but about getting your money's worth. So if you invest in tracking CA day and night, not only will you pass the ICAI exam, but you'll be resilient, tenacious, hardworking, and extremely knowledgeable. On a scale of 10 in terms of employability, where all of these skills are required, you would score more than 8 if you followed CA with the utmost care.
- CA exam as a course is a comprehensive course. You will learn a lot about many topics that would be your ally for the rest of your career. You will not only learn about accounting, but also auditing, taxes, financial reporting and much more. Any sweat that you let fall from your forehead would be beneficial for the rest of your career.
Let's take a look at the top 5 companies that employ CA -
- Deloitte (based in over 150 countries and over 200,000 employees; the world's largest network for professional services in terms of sales)
- PricewaterhouseCoopers (PWC) (one of the 4 largest audit firms in the world; second largest professional services network in 2014)
- Ernst & Young (EY) (One of the 4 largest accounting firms and the service company with the highest turnover in 2012)
- KPMG (Over 162,000 employees and one of the four largest accounting firms in the world)
- BDO International (fifth largest accounting network in the world)
ICAI exam format
There are 3 levels of testing if you need the Standard 10 route. Let's take a look at the exam format for each level individually.
CPT (Common Proficiency Test)
- CPT is an entry test for the CA exam. To pass the ICAI exam, you will need to clear 4 topics in the first fight, which are divided into two sessions.
- In the first session, you need to study the fundamentals of accounting and trade laws.
- In the second session, you will be seated for general economics and quantitative aptitude.
- The level of knowledge you need is fundamental.
- There are a total of 200 multiple choice questions that you must answer in order to pass the CPT exam.
- To pass CPT you need to reach at least 50%. That means you have to score 100 out of 200 if you want to pass the exam.
- There is no negative mark if no question is asked. However, if you answer a question incorrectly, you will have to pay the fine of 0.25 marks.
IPCC (Integrated Expertise Course)
- There are some eligibility criteria before you can register for the IPCC. To participate in IPCC, you must complete CPT plus 10 + 2 or complete your degree with 55% in Commerce stream and 60% in other streams or candidates who have passed the intermediate exam in ICSI or ICWAI. You must also complete 100 hours of Information Technology Training (ITT) before you are eligible to take the exam. In addition, you should register for your IPCC exam at least 9 months before the exam.
- There are two groups in IPCC. The first group has 4 subjects and the second group has 3 subjects. In the first group you try accounting, legal ethics and communication, cost accounting and financial management, and taxes (two parts - 1st part: income tax and 2nd part: service tax and VAT). In the second group you have to choose Advanced Accounting, Auditing & Assurance and Information Technology & Strategic Management.
- When you sit for IPCC the expectation is that you have at least a knowledge of every subject.
- To clear IPCC you must get at least 40% in each subject and your total score in all subjects is 50%.
- This is the added benefit or requirement of passing the CA exam. Once you have completed the IPCC, you have to send items for 3 years. The minimum requirement to be able to send items is to delete at least one group from IPCC and complete 100 hours of ITT.
- Artikel-Schiff is a practical training course and the students receive an amount as a scholarship every month.
CA exam completion
- There are two prerequisites for taking the CA final exam.
- First you have to pass both IPCC groups.
- The second thing is that you must have completed at least 2.5 years of item shipping before taking the exam.
- There are two groups that you need to clear in order to pass the CA Finals. There are 4 subjects in each group. In the first group, you will need to do financial reporting, strategic financial management, advanced auditing and professional ethics, and corporate law and secretarial practice. In the second group, try advanced management accounting, information systems control, direct taxation, and indirect taxation.
- You must have advanced knowledge to complete the CA Finals.
- You must achieve at least 40% and a total of 50% in each subject to pass the exam.
- As soon as you have passed the exam, you can register as a member of the ICAI. You will receive membership from both ACA (Associate Member of the Institute of Chartered Accountants of India) and FCA (Fellow Member of the Institute of Chartered Accountants of India).
- You will also receive two certificates once you have finally passed CA - the first certificate is the membership certificate and the second certificate is the Certificate of Practice.
CA exam weights / breakdown
The breakdown of the ICAI exam at each level is different. Let's see how the weight was distributed on each level.
CPT (200 marks)
It has two sessions as mentioned above. Each session consists of two sections. In the first session, the first section is Fundamentals of Accounting with a weight of 60% and the second section is Commercial Laws with a weight of 40%. In the second session, the first section is General Economics and the second section is Quantitative Aptitude. Both were weighted equally (ie 50%).
Let's look at the weighting of each group (as you know, IPCC has two groups) -
Group 1 (400 marks)
- Accounting (25%)
- Legal ethics and communication (25%)
- Cost accounting (12.5%) + financial management (12.5%)
- Taxation [Part I: Income tax (18.75%) + Part II: Service tax and VAT (6.25%)]
Group 2 (300 marks)
- Advanced accounting (33.33%)
- Auditing & Assurance (33.33%)
- Information technology (16.67%) and strategic management (16.67%)
ICAI exam finals
Let's take a look at each topic and what weight is given to them -
Group 1 (400 marks)
Each topic has the same weight (i.e. 25% each)
Group 2 (400 marks)
Again, each subject is given a similar weight (ie 25% each).
CA exam fees
It takes 5 years to complete the CA exam if you complete the exams all at once. Let's take a look at the ICAI exam fee structure, assuming you are also enrolling for CPT.
- First you need to sign up for CPT and INR 1500 pay .
- Once you have qualified for CPT, you will have to pay the tuition fee of 7500 INR including exam clerk registration (500), student association fee (`500), BoS Knowledge Portal registration fee (500), and IPCC tuition fee (4000) and 100 hour ITT registration fee (2000).
- After deleting the IPCC you have to INR 8500 Pay for the final phase of the CA exam studies. Overall, you need to be around for the entire CA exam 17,500 INR output .
ICAI exam scores and pass rates
To get an idea of what to expect from your CA exam, it is important that you understand past trends in scores and pass rates. Here we present the results and success rates for the last 5 years so that you can make a concrete decision based on these statistics.
The success rates for the past 5 years are given below
The success rates for the past 5 years are below (both groups) -
CA Exam Final Results
The success rates for the past 5 years are below (both groups) -
- Source - The Institute of Auditors of India
CA Exam Study Materials
All study materials are provided by the ICAI. But learning materials alone are not enough. You will also need to flip through last year's questionnaires. So, while studying, get them first. If you can enroll with an experienced teacher who can teach CA, your chances of success increase.
Strategies to break the CA exam code
Here are some tips to help you pass one of the toughest tests in India. Have a look -
- No matter what level you are preparing for, the first thing you need to know is that you will have to allow yourself at least 6 months of intensive study before the exam. There shouldn't be any excuse that you don't have 6 months. If you want to crack the ICAI exam (any level), you need to commit yourself from your core and strive for it.
- Once you have 6 months to study all of the subjects, it is time to plan how you would study. Remember, you need to do at least one all-topic walkthrough and two revisions. To do this, you have to be diligent. Within the first 4 months you will need to complete the entire tour of all subjects (if you are preparing for the CPT you must give each subject a month; if you choose the IPCC you only have 17 days per subject; and if you choose to Prepare CA Final, you have 15 days for each topic).
- On your first tour, make sure you have at least 3 days. That is, if you are preparing for CA Final, you will need to prepare a topic within 12 days. Another 2 days to summarize and on the last day you should take a 3 hour exam so you can get an idea of your area of improvement.
- Once you're done with the first walkthrough, it's time for the first revision. Suppose you are preparing for the CA finals. You must complete the revision within 45-48 days. This means that each topic gets 5-6 days to revise. This time, you have to work on the areas that you need to improve.
- You now have 10-12 days for the exam. During this time, you will need to do the final revision and take the mock test every day.
- Make sure you opt for 6 months by considering the exam date in advance. You should take 7 more days for the eventuality. If you choose to prepare for the exam for 6 months, you will need 187 days for preparation, 7 days for emergency care. We recommend that you respect this time in case an emergency arises or you get sick during your preparation time.
This is a comprehensive guide to everything you need to know about the ICAI exam. Hope you didn't skip any part and made good notes. Now go and crack CA Exam. Good luck!
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