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Wednesday, September 28, 2022

How to Become a CA after Class 12th? – Complete Overview

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Every second commerce student in India is browsing how to become CA in India. This search has now become trending because of the increasing craze of Chartered Accountancy as the career option in India. The demand for CAs is now being increased in India.

If you become CA, you will have ample opportunities to work for different firms, companies, and businesses. Also, the post of Chartered Accountant will always have the chance to grow.

Apart from all these, the average CA salary in India is also better than many career options and is constantly growing due to the high demands of CAs. The average salary of a Chartered Accountant in India ranges from 7 LPA to 30 LPA. All these facilities make Chartered Accountancy, a viable career option for students after 12th.

In this article, we’ll give you a complete overview of how to become a Chartered Accountant in India after class 12th.

How to Become CA in India after the 12th?

Now, in order to become a CA in India, students first need to register for the CA Foundation course. They can do so while studying in class 12th. However, to appear in the exams, they need to clear your class 12th with a required percentage i.e. 55%. Now, let us understand this in a more detailed way.

Step 1: Eligibility Criteria for the 12th students

So, the first step to becoming a CA after class 12th is to check the eligibility criteria and then register for the exams. After appearing in the Class 12th exams, the students must fulfil the requirements. Only then are they allowed to fill out the Foundation Examination Form.

The primary criteria are that the student must have passed the class 12th from a recognized board by the government. However, the students can fill out the registration form for the CA Foundation course while appearing in the class 12th exam. Still, if, after the exam, they do not fulfil the eligibility criteria, then they are not allowed to give the Foundation exam.

Step 2: CA Foundation Course Details

Once you have verified that you are eligible to appear in the CA Foundation Exam, the next step is registering for the CA Foundation Course.

Registration: For registration, students must have some essential documents such as a 12th mark sheet, nationality proof, pp size photo, and 10th mark sheet with them.

After that, open the ICAI website and tap on the student’s tab, from where you will get the link to register. Tap on New user and enter your details to generate an OTP, I’d, and password. With the new I’d and password, log in to the portal and tap on Apply For Foundation. Now enter all your details, save them, and proceed to the payment gateway. In the end, make the payment, and your registration for Foundation Course is done.

Syllabus: After the registration process, the students must start their preparation for the exams. The CA Foundation syllabus consists of 4 subjects, namely:

  1. Principles and Practices of Accounting
  2. Law Business and Business Correspondence and Reporting
  3. Business Mathematics and Logical Reasoning and Statistics
  4. Business Economics and Business and Commercial Knowledge

Exam Form & Admit Card: After registration, the Chartered Accountancy aspirants also have to fill out the CA Foundation application form from the official site. The dates for the examination form are released by ICAI. Accordingly, students need to fill out the exam form. As the dates are out, they need to login into the portal and then fill up the examination form. Also, before the exam, students need to download the CA Foundation admit card from the ICAI site.

Passing Criteria: The passing criteria for the CA Foundation exam is to score an aggregate of 40% in individual papers and 50% aggregate in all four papers.

Step 3: Registering for the CA Intermediate Course

After clearing the CA Foundation exams, students can register for CA intermediate Course.

Registration: The registration for the CA Intermediate course is almost similar to that of the CA Foundation. Candidates need to login into the ICAI portal with their login credentials. Now, tap on Apply for Intermediate Course, fill out the form, and submit it to the portal with the requisite registration fee. The registration fee also varies as per the examination centre, so students need to look into the same.

Syllabus: Now, let us move into the syllabus of the CA Intermediate course, which is divided into two groups.

Group – 1

  • Paper 1: Accounting (100 Marks)
  • Paper 2: Corporate & Other Laws (100 Marks)
    • Part I: Company Law (60 Marks)
    • Part II: Other Laws (40 Marks)
  • Paper 3: Cost and Management Accounting (100 Marks)
  • Paper 4: Taxation (100 Marks)
    • Section A: Income-tax Law (60 Marks)
    • Section B: Indirect Taxes (40 Marks)

Group II

  • Paper 5: Advanced Accounting (100 Marks)
  • Paper 6: Auditing and Assurance (100 Marks)
  • 7: Enterprise Information Systems & Strategic Management (100 Marks)
    • Section A: Enterprise Information Systems (60 Marks)
    • Section B: Strategic Management (40 Marks)
  • Paper 8: Financial Management & Economics for Finance (100 Marks)
    • Section A: Financial Management (60 Marks)
    • Section B: Economics for Finance (40 Marks)

Passing Marks: The result for the CA Intermediate Exam is released after two months of the examination. To pass a group in the CA Intermediate exams, students need to get 40% for each paper and 50% in the total of all papers.

Step 4: ICAI Articleship Training

CA Articleship Training

After clearing any one group of the CA Intermediate Course, the candidate needs to do the compulsory Articleship training of 3 years. This is one of the most important parts of the entire Chartered Accountancy course in which the candidates need to work under the firms and other Chartered Accountants. In this training, the CA Final aspirants are trained with the basic duties they will be responsible for after becoming a CA. Articleship is also one of the eligibility criteria to appear in the CA Final Exam.

Step 5: Crack the CA Final Exams and Become a CA

After clearing the ICAI Intermediate exam and the practical training for 2.5 years, the candidate becomes eligible for CA Final Exams. So, the first thing a candidate needs to do after articleship is register for the ICAI Final Course.

Registration: The process of the CA Final registration is the same as in the other courses. The only difference is that in this registration, students need to submit copies of the Intermediate result and the 2.5 years of Articleship training certificate.

Syllabus: Now, as CA Final syllabus is huge, so it is recommended to complete it during the articleship period only. Now, let us go through the syllabus and subjects of the ICAI Final Examination.

CA Final Group I Subjects

  • 1- Financial Reporting
  • 2- Strategic Financial Management
  • 3- Advanced Auditing and Professional Ethics
  • 4- Corporate and Economic Laws

CA Final Group-II Subjects

  1. 5- Strategic Cost Management and Performance Evaluation
  2. 6A- Risk Management
  3. 6B- Financial Services and Capital Markets
  4. 6C- International Taxation
  5. 6D- Economic Laws
  6. 6E- Global Financial Reporting Standards
  7. 6F- Multidisciplinary Case Study
  8. 7- Direct Tax Laws and International Taxation
  9. 8- Indirect Tax Laws

Result: The result for CA Final Exam will be out within two months, and the students need to follow the same process to check the result. The passing criteria is to get 40% in individual papers and a total 50% in four papers.

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Conclusion

Chartered Accountancy is one of the most demanding career options in India. The demand and the pay scale are both reaching a great height for a CA. Hence, this field provides you with a high salary, growth, opportunities, and scopes. But students also make sure to opt for this field as it is challenging as well.

If you are serious, then this is how you can become a CA after Class 12th.

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