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Career Watch

A major segment of today’s youth is inclined towards being a Chartered Accountant by profession. Owing to rapid growth in economy, careers in finance and accounts have gained tremendous popularity in the recent years and Chartered Accountancy has been the most sought after vocation.

Although it calls for a lot of dedication and hard work on the student’s part, there is no declining the fact that this career choice is very rewarding. The courses offered in Chartered Accountancy are a blend of theoretical education and practical training.

In this article, we shall be discussing the theoretical aspect of the same, wherein the supportive and complimentary practical training acts as a feature of the curriculum.

Procedure to become a Chartered Accountant:

* Pass Common Proficiency Test (CPT) examination
* Register for the Integrated Professional Competence Course (IPCC)
* Complete nine months of Study Course
* Complete 100 hours of Information Technology Training (ITT)
* Complete Orientation Course (35 hours spread over one week)
* Pass Group I or both Groups of Integrated Professional Competence Examination (IPCE)
* Register as Articled Assistant for a period of three years
* Pass Group II of IPCC if not already passed
* Appear for the final examination during the last six months of three years of articled training
* Pass both the groups of final examination
* Get final examination certificate
* Complete the remaining period of articled training
* Complete course on General Management and Communication Skills
* Enroll as a member of The Institute of Chartered Accountants of India(ICAI).

What is Integrated Professional Competence Course (IPCC)?

In the IPCC curriculum, only working knowledge of core and allied subjects to accountancy profession is inculcated, while in the final course, the student is instilled with the advanced application knowledge of core and allied subjects to accountancy profession.

Objectives of IPCC

* Instituting a uniform and compulsory entry level test - CPT for all the students joining IPCC/ATC.
* Encouraging students having aptitude for accounting education to make an early entry into the profession.
* Complementing theoretical education by appropriate modules of practical training.
* Imparting an upgraded Information Technology Training.
* Facilitating additional courses of study during articleship training.
* Helping students in acquiring professional, ethical values and attitudes.
* Inculcating analytical ability among students through case studies.

Eligibility

A student who has passed CPT and SSC (10+2 examination) is eligible to join this course or he may opt for the Accounting Technician Course (ATC).

Depending on his selection, the student shall also be registered for practical training. Simultaneously, it is necessary for the student to register and undergo orientation program and 100 hours Information Technology Training (ITT) before appearing for IPCC/ATC examination.

A candidate who has already passed the Entrance Examination or Foundation Examination or Professional Examination (PE-1) shall be eligible, subject to complying with relevant conditions.

A candidate who was already registered for erstwhile Intermediate Examination or PE-II or Professional Competence Examination-cum-articleship shall be eligible for enrolment/conversion to IPCC, subject to complying with relevant conditions.

Registration

A student must submit filled in registration forms for IPCC or ATC supplied along with prospectus available at the sales counter of decentralised offices (the cost of the prospectus is Rs 100). These forms can also be downloaded from the institute's website - www.icai.org.

On receipt of the filled in form and the requisite fee, the appropriate decentralised office will issue study materials for Group I and/or Group II or IPCC/ATC along with the registration letter. While taking admission to 100 hours ITT with regional/branch office, a student is required to produce a copy of the registration letter.

Course structure

Group I - Paper 1: Accounting (100 marks); Paper 2: Law, Ethics and Communication - Part I: Law (60 marks), Business Laws (30 marks), Company Law (30 marks), Part II: Business Ethics (20 marks), Part III: Business Comm-unication (20 marks); Paper 3: Cost Accounting and Financial Management - Part I: Cost Accounting (50 marks), Part II: Financial Management (50 marks); Paper 4: Taxation - Part I: Income Tax (50 marks), Part II: Service Tax (25 marks), VAT (25 marks) Group II  - Paper 5: Advanced Accounting (100 marks); Paper 6: Auditing and Assurance (100 marks); Paper 7: Information Technology and Strategic Management - Section A: Information Technology (50 marks), Section B: Strategic Management (50 marks)

The level of knowledge expected of students in the above subjects is ‘working knowledge’.

Helpful hints

Firstly, all the topics of the syllabus have to be covered. At the time of first revision, all the important topics should be marked. And in subsequent revisions, the concentration should be more on important topics.For all practical subjects, practice is the key. The more the practice, the more the level of confidence to face the exams.

At least 2-3 mock exams have to be attempted in the final month leading up to the exams and these question papers have to be solved in examination conditions for maximum benefit.

Mock tests help students know their level of preparation and their strengths and weaknesses so that they can rectify them well before their exam. Mock tests also help students manage examination anxiety better.