In our country Chartered Accountancy (CA) has been one of the most respected, admired as also paying professions since long. With the advent of liberalisation and subsequent globalisation of the Indian economy, it was being fellt that CA was losing its glamour, because many of the jobs related to it were going to others such as a company secretary. There was constant need for specialised services. There was constant need for specialised services. Keeping in mind the new changes in the business environment and subsequent challenges faced by the profession, the Institute of Chartered Accountants of India (ICAI), brought about a new scheme of education and training. This became effective from October 1, 2001.
Courses: The whole course is completed in four stages-orientation course (PE-1), main course (PE-11) and articleship and final course. The minimum eligibility criteria for joining the CA course is 10+ though you can join it even after graduation. And very importantly, there is no restriction inn regard to the age of the candidates. All of you who are awaiting your 10+2 results can also apply. PE-1 course is compulsory for all who join after 10+2 and for graduates with less than specified marks.
There is exemption from its course for graduates with more than specified marks or who have passed the final exam of the Institute of Cost and Works Accountants of India (ICWAI) or Institute of Company Secretary of India (ICSI). The registration and tuition fees for PE-I course is Rs.2,000 and minimum duration of the course is 10 months.
After passing the PE-i examination or CA foundation exam under CA Regulations 1988, or final exam of ICWAI or the ICSI, you can enroll for the PE-II course. The candidates are required to qualify the PE-II in the five consecutive attempts. The minimum duration of the course is 10 months. The tuition and registration fee for the course is Rs.2,650.
Both PE-I as well as PE-II exam are held in May and November every year. Computer training has become mandatory for all the CA students which is of 250 hours duration.
After you have cleared your PE-II exam, you have to get attached to a practising CA as a 'article clerk' or a trainee under a 'Deed of Articles'. This training is for three years. This training is necessary because it exposes a student to all the aspects of the function which a CA has to perform. During this training/ articleship you will be paid a stipend fixed by ICAI.
Once you have completed your articlesip, you have to pass the final exam of the institute (ICAI) and later on undergo a programme on 'General Management and Communication Skills'. Now, you are eligible to register as an Associate-Member' of the ICAI. On completion of the five years, you can become a Fellow Members.
Though traditionally Chartered Accountancy has been associated with accounting and auditing, liberalisation has opened up areas such as technology risk consulting, management information system and management consultancy. Further, with the coming of multinationals the demand for CA has increased. This profession allows a lot of flexibility in employment. You can work in government, industry, with management consultants, accountants and can even go abroad. What's more, you can practise on your own as well.
Prospects: Opportunities for employment are available in the government departments, in the public sector, in the co-operative sector, in universities/ research bodies and in the private sector. Apart from these, there is always the option of professional practice. The areas of professional practice are -assurance and certification services, tax consultancy and allied services, financial and management services, accounting and secretarial work, and information technology and computer software related services.
For more information you can contact:
The Institute of Chartered Accountants of India
PO Box 7100,
New Delhi-110 002
Visit : www.icai.org
Accountancy - Chartered Accountancy
The pattern of training for the Chartered Accountancy course has been revised with
effect from October 2001. Instead of the Foundation and Intermediate examinations,
we now have the Professional Education-I and Professional Education-II examinations.
The papers and syllabi also stand revised and updated in tune with the emerging trends.
The new pattern is as follows:
- Fundamentals of Accounting
- Mathematics and Statistics
- Business Communication and Organisation and Management
PE - II Group I
- Business and Corporate Laws
- Fundamentals of Financial Management and Costing
- Income Tax and Central Sales Tax
- Information Technology
Final Examination : Group I
- Advanced Accounting
- Advanced Financial Management
- AdvancedAdvanced Auditing
- Corporate Laws and Secretarial Practice
- Cost Management
- Management Information and Control System
- Direct Taxes
- Indirect Taxes
After the Plus Two stage, students can launch their PE programme comprising two parts that can be covered in nearly two years. Those who have a university degree with the prescribed minimum marks can however skip the PEI hurdle and directly join the PE II level training.
During the last six months of the practical training or thereafter, students can appear for the final examination. After passing the final examination, candidates have to undergo a short programme on General Management and Communication Skills. A brilliant and hard-working student can complete the programme in a total period of five years, become an Associate Member, obtain a Certificate of Practice and enjoy all the privileges and prerogatives of a chartered accountant.