EXAMINATION PATTERN OF CA

The Chartered Accountancy course is designed to combine theoretical study with practical training. The Chartered Accountancy course is considered to be one of the rigorous professional courses in India but not difficult if one puts his fullest efforts. As of April 2010[update], the institute has 874,694 students, studying various levels of the Chartered Accountancy Course. The Chartered Accountancy examinations are divided into three levels.

The CPT or Common Proficiency Test is the first level of Chartered Accountancy examinations. It is an objective type examination and consists of 200 multiple choice questions. CPT covers four basic subjects viz. Fundamentals of Accounting, Mercantile Laws, Economics and Quantitative Aptitude. A person can register for CPT after completing Grade 10 and take the exam after completing High School (Grade 12). Every incorrect answer on the CPT exam carries a 0.25 negative mark. The passing grade for CPT is 100 marks out of 200. CPT exams are held in June and December in paper pencil mode. On-line CPT exams are also conducted periodically.

IPCC or Integrated Professional Competence Course is the second level of Chartered Accountancy examinations. A person can take the IPCC Examination after passing CPT and nine months of study. IPCC has two groups of seven subjects. Group - I consists of four subjects and Group - II of three subjects. A passing grade is awarded if the candidate obtains 40% marks in each subject and 50% in the aggregate in each group.

CA Final Examination is the last and final level of Chartered Accountancy Examinations. Any person who has passed both the groups of IPCC, during the last six months of articleship can take the Final Examination. This exam consists of two groups of four subjects each viz. Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate and Allied Laws, Advanced Management Accounting, Information Systems Control and Audit, Direct Tax Laws and Indirect Tax Laws. A passing grade is awarded if the candidate obtains 40% marks in each subject and 50% in the aggregate in each group.

ICAI conducts CPT exams in June and December, IPCC and Final examinations in May and November each year. Examinations are conducted in major cities in India and other countries such as Abu Dhabi (U.A.E.), Dubai (U.A.E.) and Kathmandu (Nepal). ICAI updates content and format of examinations periodically in keeping with technical progress and changes in practice of the profession. The ICAI last revised its training course for membership in 2008.

MEMBERSHIP

          Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, three years of practical training (known as articleship) and meeting other requirements under the Act and Regulations. A member of ICAI can use the title CA before their names.  A member of ICAI may either be an Associate Chartered Accountant (A.C.A.) or a Fellow Chartered Accountant (F.C.A.) based on his experience. Further based on holding Certificate of Practice, they may also be classified as practising and non-practising Chartered Accountants. As of April 2010[update], the Institute has 161,516 members out of which 94,991 are Associate Chartered Accountants and 66,525 are Fellow Chartered Accountants. Associates and fellows

                 Any person who is granted membership of the Institute becomes an Associate Chartered Accountant and is entitled to use the letters A.C.A. after his name. Generally associates are usually members of the Institute with less than 5 years of experience after which they become entitled to apply for being a fellow member. Some associate members, particularly those not in practice, often voluntarily chose not to apply to be a fellow due to a variety of reasons.

             An associate member who has been in continuous practice in India or has worked for a commercial or government organization for at least five years and meets other conditions as prescribed can apply to the Institute to get designated as a "Fellow". A fellow Chartered Accountant is entitled to use the letters FCA. after his name. Responsibilities and voting rights of both types of members remain the same but only fellows can be elected to the Council and Regional Councils of ICAI. Fellows are perceived as enjoying a higher status due to their longer professional experience.
 Practising Chartered Accountants

          Any member wanting to engage in public practice has to first apply for and obtain a Certificate of Practice from the Council of ICAI.Only members holding a Certificate of Practice may act as auditors or certify documents required by various tax and financial regulatory authorities in India. Once a member obtains a Certificate of Practice, his responsibility to the society increases manifold. The ethical principles applicable to a practising CA provided in first and second schedule of the Chartered Accountants Act, 1949 are more rigorous than the ones applicable to non-practising CAs or both.

       In India an individual Chartered Accountant or a firm of Chartered Accountants can practice the profession of Chartered Accountancy. After the enactment of the Limited Liability Partnership Act, 2009 it is expected that in the near future a Limited Liability Partnership (LLP) will be legally allowed to practise. A Bill has already been introduced in the Indian Parliament to give effect to the same. Corporation, companies and other bodies corporate are prohibited from practising as Chartered Accountants in India.

MOTTO OF ICAI

The motto of the ICAI is Ya Aeshu Suptaeshu Jagruti . The motto literally means "a person who is awake in those that sleep". It is a quotation from the Upanishads (Kathopanishad). It was given to the ICAI at the time of its formation in 1949 by Sri Aurobindo as a part of its emblem. CA. C. S. Shastri, a Chartered Accountant from Chennai went to Sri Aurobindo and requested him through a letter to give an emblem to the newly formed Institute of which he was an elected member from the Southern India. In reply to this request, Sri Aurobindo gave him the emblem with a Garuda, the mythical eagle in the centre and a quotation from the Upanishad:Ya Aeshu Suptaeshu Jagruti. The emblem along with the motto was placed at the first meeting of the Council of the Institute and was accepted amongst many other emblems placed by other members of the Council.

Apart from its emblem, ICAI also has a separate logo for its members. As a part of a brand building exercise, ICAI introduced this separate new CA logo for the use of its members in 2007. The logo is free for use by all members of ICAI subject to certain conditions. The logo was launched by the then Minister of Corporate Affairs, Prem Chand Gupta at the occasion of the Chartered Accountant Day (1 July). Members of ICAI cannot use the ICAI emblem, but they are encouraged to use the CA logo instead on their official stationery.

The Mission of the ICAI as stated by it is: “The Indian Chartered Accountancy profession will be the Valued Trustees of World Class Financial Competencies, Good Governance and Competitiveness.”