Chartered Accountant

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Rachit Agrawal
Modified on 2020-02-24 in General
Read time: 3 mins

Chartered Accountant is a designation that is given to those people who are professional in the field of professional certification of taxes like file tax, returns, audits, financial statements, business practices, maintaining records of the investments of the company, preparing and reviewing the financial documents and reports. A Chartered Accountant is also qualified to give advisory services to clients which may include any individual, a group of individuals or it may refer to a company itself.

Now becoming a Chartered Accountant requires completing 3 levels of training as it is prescribed and designed by the Institute of Chartered Accountants of India (ICAI). The Institute of Chartered Accountants of India (ICAI) is basically a statutory body that maintains and regulates the profession of Chartered Accountants of India. Under the scheme of training as it is designed in our country, a candidate can pursue the course of Chartered Accountant either by course route or by Direct entry route.

  1. Foundation Course entry route is basically the entry point into the Chartered Accountant course after completing class 12.
  2. The direct entry route is basically the entry point into the Chartered Accountant course after an individual has completed his/her graduation.

The exam that an individual needs to clear in order to become a professional and certified Chartered Accountant is by clearing the ICAI exam. This examination again consists of 3 levels. They are:-

  1. Common Proficiency Test (CPT):- This is basically the entry-level exam to become a full-fledged Chartered Accountant.
  2. Intermediate (Integrated Professional Competence) Examination:- The CPT exam is followed by the Intermediate examination.
  3. The Final Examination:- This Examination is mainly conducted twice in a year and provides the opportunity to the deserving candidates to clear the exam and to pursue their dream of becoming a professional Chartered Accountant.

Process of becoming a certified Chartered Accountant:-

Under Foundation Route Entry:-

  1. Register with the board of studies after clearing the class 12 examination successfully.
  2. Appear for the foundation examinations which are conducted annually.
  3. Qualify the foundation course.
  4. Complete 8 months of the study course.
  5. Appear in the pass exam of the course.
  6. Successfully complete Four weeks of Integrated Course on Information Technology and Soft Skills during the last two years of Practical training just before appearing for the Final Examination.
  7. Register for the Final Course after qualifying both the exams. 
  8. Appear in the Final Examination during the last few months of Practical Training.
  9. Qualify both the groups of the Final Course.
  10. Finally, become a Chartered Accountant.

Under Direct Route Entry:-

  1. Graduates can pursue Chartered Accountancy through direct route entry.
  2. Candidates must have studied accounting, Economics, Management, Taxation, Business Administration or Management with different nomenclatures.
  3. Graduates from the non-commerce stream must have graduated with at least 60% in the final examination as conducted by the University concerned.
  4. Candidates in the final year of graduation for the course as well.

Required skillset for Chartered Accountancy:-

  1. Commercial Awareness.
  2. Communication skills.
  3. Analytical skills.
  4. Teamwork skills.

Top Recruiters for Chartered Accountancy graduates:-

  1. Deloitte.
  2. PwC.
  3. Citi Bank.
  4. JP Morgan Chase.
  5. Olam International.

Some of the Indian firms are:-

  1. Federal Bank.
  2. RBL Bank.
  3. Axis Bank.
  4. IDFC Bank.

Popular Colleges for pursuing Chartered Accountancy are:-

  1. GITAM Institue of Management.
  2. Jain College.
  3. ISBM.

About the Author

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Rachit AgrawalRachit believes in the power of education and has studied from the top institutes of IIIT Allahabad, IIM Calcutta, and Francois Rabelias in France. He has worked as Software Developer with Microsoft and Adobe. Post his MBA, he worked with the world's # 1 consulting firm, The Boston Consulting Group across multiple geographies US, South-East Asia and Europe.

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