Chartered Accountancy (CA) was established in 1854 by the Institute of Chartered Accountants of England, and in 1949 it was established in India.
It is a distinguished individual specializing in the management of accounts, financial programs, taxes, etc., in banking, corporation, and organization.
Chartered accountancy is one of the most professional and highest-paid jobs in India. If you are pursuing a career in this field, then you will get more respect and power.
What is the Work of CA?
A Chartered Accountant works in the different fields of business, finance, auditing, taxation, budget analyst and helping with the money management of companies and organizations.
The Whole countries run on transactions and every business, industry, bankers and organization needs to manage their accounts with the help of CA and in such a situation the demands of chartered accountants increases day by day.
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What is the Salary of Chartered Accountant?
The average salary of a chartered accountant in India offers 60 thousand to 28 lakh per annum. According to India, more than compensation is preferred in other countries like the USA, Canada, UK. The average salary in other countries is 5 to 1 crore per annum as a fresher.
It all depends on your skills, experience, abilities, placements, types of companies, and regions.
How to Become a CA?
While knowing the full form of CA and how much salary can be expected. Now it is essential to understand how to become a successful chartered accountant.
First of all, pass 12th or equivalent class from any streams like Science /Commerce /Arts from any recognized institute.
Next, it is necessary to pass these three most difficult examinations of India – follow the steps;
Step 1. Common Proficiency Test (CPT)
As soon as the 12th, the CA’s first exam will have to be given the Common Proficiency Test (CPT). It is an objective type of examination and consists of 200 multiple-choice questions.
Every correct answer is prescribed one mark, and 0.25 marks are deducted for incorrect answers.
The Common Proficiency Test is conducted twice every year, and the duration of exams is 2 hours.
it covers four basic subjects divided into two groups;
- Fundamentals of Accounting
- Mercantile Laws
- General Economics
- Quantitative Altitude
Candidates must secure at least 30% marks in each group and above 50% marks aggregate in whole groups.
After qualifying for CPT, the second level exam is Integrated Professional Competence Course (IPCC).
Step 2. Integrated Professional Competence Course (IPCC)
It is a subjective type of examination and consists of 700 marks. It is also conducted twice every year.
There is no negative marking, and it covers a total of seven subjects divided into two groups.
- Business Laws, Ethics and Communication
- Cost Accounting and Financial Management
- Advanced Accounting
- Auditing and Assurance
- Information Technology and Strategic Management
A qualifying grade in IPCC is awarded; the candidates secured 40% in every subject and got an above total of 50% marks in whole subjects.
After completing the IPCC, you have to do a 3-year article-ship. Next, CA final examination.
Step 3. CA Final Examination
It is a subjective type of examination consisting of 800 marks and no negative marking.
CA Final Examination is also conducted twice every year. The candidates have to secure more than 50% marks in the entire subject.
CA final examination covers a total of six subjects divided into two groups.
- Financial Reporting
- Strategic Financial Management
- Advanced Auditing and Professional Ethics
- Corporate and Economic Laws
- Strategic Cost Management and Performance Evaluation
- Direct Tax Laws & International Taxation
- Indirect Tax Laws
- Elective Paper (One to be chosen from the list of Elective Papers)
List of Elective Papers:
- Risk Management
- Financial Services & Capital Markets
- International Taxation
- Economic Laws
- Global Financial Reporting Standards
- Multi-disciplinary Case Study
After completing these three steps, you will become a chartered accountant.
Recruiters Sectors for Chartered Accountant
5 top recruiters sectors in chartered accountants are as the following:
- Finance Companies
- Mutual Funds
- Accounting Firms
- Multinational Companies
To become a CA in India is not as easy as it sounds. You have to qualify for these three steps, and it is the most challenging exam. For that, you have to study carefully, continuity and determination then nothing can stop you from becoming a chartered accountant.
FAQ: Full Form of CA Course
Q1. What is the full form of CA course?
The full form of CA course is a chartered accountant.
Q2. What is the full form of CA CPT?
The full form of CA is chartered accountant, and the full form of CPT is a common proficiency test.
Q3. What is the full form of CA IPCC?
The full form of CA course is a chartered accountant.
Q4. What is the first step to becoming a CA?
There are a total of 3 steps to becoming a CA;
1st – Common proficiency test (CPT)
2nd – Integrated Professional Competence Course (IPCC)
3rd – CA Final Exam
Q5. Which college is best for CA in India?
The top 5 best-ranked colleges for CA in India are:
Aldine CA, Rajasthan
AMT Educare, Chennai
J. K. Shah Classes, Mumbai
Nahata Professional Academy, Indore
Vidya Sagar Career Institute Ltd. Jaipur
Q6. What is the salary of a Chartered Accountant per month in India?
The average salary of a chartered accountant is 60 thousand to 3 lakh per month. It depends on which fields they are getting a job in.
Q7. What is the qualification of CA?
No qualification is required to become a CA, but it is necessary to pass the class 12th examination from any recognized institution from any subjects like science, commerce, and arts. Next, crack the three most difficult exams, such as CA CPT, IPCC, and CA final exam.
Q8. Do 12th marks matter in CA?
No, 12th marks matter in the CA course.
This is the complete and in-depth knowledge about “full form of CA” and best ways to pursue a career in the field of chartered accountant”.
After that, You will get lots of respect everywhere. Even your family will help in fulfilling your dream of becoming a chartered accountant.
If there is any doubt about the full form of CA course and becoming a Chartered Accountant, ask through comment.