Chartered Accountant as a profession is quite a reputable job in India. It not just provides a good source of income but also is a great way to serve society. So, if you are planning to register yourself and you are good with numbers, then do not think twice. Go where your interest is and get the answer to how to become ca after 12th by reading this article further. We have ensured to include all the necessary information herein including, what a chartered accountant is, the position that this profile can occupy, through what ways one can get registered at the institution, etc.
Chartered Account- What is this Profession, and what work a CA does?
The Chartered Accountant is the professional who can apply for their membership, either after clearing all 3 levels of the ICAI-prescribed examination and then completing 3 years of practical training or through availing the exemptions within the MRAs or the Mutual Recognition Agreements. The profession of CA, it is quite popular, and the job does provide them with the stability, sophistication and growth that they have been looking for and receive herein.
The CA can work at many business sectors and companies that are within the broad roles spectrum that ranges from being the chief executive to the financial controllers. Considering it all, the below-mentioned are certain examples of the positions which can be occupied by a CA.
1. Tax Accountants
The tax accountant plays a major role in the running of the business. They also help in the preparation of the personal and corporate income tax statements, the formulation of the tax and ensuring to take care of the daily VAT for sharing schemes. There are large corporations who always look for the CA who has the accounting skills and has the tax background (the tax varies from one sector to another).
So, if you wish to know how to become ca after 12th, get the answer and if it interests you, begin the journey.
2. Financial Accountants
They are responsible for the preparation of the financial statements that are based upon the general ledgers. The financial accountants are also responsible for participating in some of the important financial decisions that involve the merger and the acquisitions, the benefits plans and also the long-term financial projections. Herein, the job can vary based upon the requirements. Like, one day, you consider running the spreadsheets, and on the other, you visit the supplier and the customers for setting the new account and then discuss business. All of this work requires a good understanding of finance and accounting.
3. Management Accountants
The management accountants, they play a major role in the cost analysis and the new contract analysis. They also participate in putting some effort into controlling the expenses in an effective manner. Furthermore, they also participate in the decisions regarding capital budgeting and the business analysis line within the companies. Their major role is the analysis of the entire organizational structure and to assure that the money spent at the company has been done right.
4. Budget Analysts
They are responsible for the development and management of the financial plans of the organization. There exist plenty of jobs for such analysts within the private and the government-industry. Apart from the quantitative skills, various budget analyst positions, they require the superior skills of the people as there are a lot of negotiations involved within the work.
As the auditor, the professionals are required for checking the accounting ledger along with the financial statements of the corporations as well as that of the government. It is all based upon the accountancy practice. The work of auditing, however, today is becoming highly computerized, and therefore it relies on sophisticated random sampling methods. This line of work also requires some considerable amount of travel which allows one to work within the wide sectors array for getting a better understanding over how the money is to be managed and made.
How To Become a Chartered Accountant After 12th?
There are certain eligibility criteria that one needs to fulfill. So, if you have the question- how to become CA after 12, give a read below.
- The candidates will be eligible for the enrolment to ATC or Accounting Technician course if they have passed the CPT or the Common Proficiency Test and also completed their 10+2 senior secondary examination that has been conducted by the examining body which is constituted by the Indian law or the examination which is central government-recognized, as an equivalent.
- Any candidate who has already cleared their entrance or the foundation exam or the professional education, i.e., examination- 1, they will be eligible for enrolment to the ATC subject for complying with the relevant conditions.
- The candidates who registered themselves already for the erstwhile Professional/Foundation Education (Course-II)/ Intermediate (Professional Competence) course, they will be eligible for the enrolment to the ATC subject for complying with that of the relevant conditions. The students who registered for the IPC or the Intermediate course without the ATC, they can opt for the ATC subsequently.
CA Preparation After 12th- How To Prepare?
There are certain steps that one needs to follow in order to start their CA preparation after 12th. These steps have been discussed below in detail.
Step1 – Starting the course through the CPT after clearing class 12th
In order to start, one will be required to register themselves with ICAI for the CPT course after they have cleared their class 12th examination. The exam can be taken only after clearing the +2 examination.
Talking about the CA course details after 12th, CPT has 4 subjects in total which one needs to take. The subjects are- Quantitative Analysis, Economics, Accounts and Law. The 200 marks examination is conducted within which one will be required to score at least 100 in order to become eligible for proceeding further to the next level of CA. So, in order to clear CPT, one will be required to achieve a total of 50% marks.
Step2 – Registration for IPCC or the Integrated Professional Competence Course
For registering to IPCC, the candidates are required to pass not just CPT but also their class 12th examination. The IPCC registration, it should be done 9 months before the 1st day of the month wherein the examination of IPCC is taken.
The IPCC examination is a subjective examination which is of 700 marks and has 7 subjects. In order to clear, one requires 40 marks on each of the papers. One also needs to assure that the overall aggregate marks they achieve are 50% and above.
Furthermore, IPCC has 2 groups,
- Group 1 has 4 subjects in total, i.e., Accounts, Taxation, Costing and Financial Management and Law.
- Group 2 has 3 papers in total, i.e., Audit, Advanced Accounting and IT&SM.
In case the candidates get 60+ in any of the above-mentioned subjects, they will be getting the exemption, i.e., in case if they fail, they will not be required to repeat the paper in which they got an exemption in their next attempt.
Furthermore, it is to be noted that for proceeding to the next step or the Articleship, one will be required to pass the Group I of IPCC examination.
Step3 – Articleship
After clearing the examination of IPCC, the next step is the Articleship. It is a 3-year internship that is to be completed before one is eligible for the final CA exams. Herein, one will be required to work under the qualified Chartered Accountant for 3 years in total.
Step4 – CA Final Course Registration
The candidates, they can appear for the CA final exams in the last 6 months of the 3 years of their articleship training. Make sure to enroll as the ICAI member and then designate to be the Chartered Accountant.
Is Doing CA worth it?
The CA preparation after 12th and the entire course of it, it takes in total 5 years for completing it. It requires the candidates to dedicate a lot of time. In the 5 years, the only thing which will be guaranteeing a fruitful outcome is the hard work and complete dedication. So, if one is ready to give in, then for sure the course will be a success.
Furthermore, it is to be noted that, with the CA course completed, it opens a wide world consisting of innumerable opportunities in the diverse sectors, including Taxation, Cost Accounting, Audit, Accounting, Banking, Management Consultancy, etc., around the world.
ICAI, it is reputed all around the world as the force which is to be reckoned with and therefore, there await a lot of global opportunities. So, if you have the question of how to become a Chartered Accountant after 12th and the question of whether or not you should proceed with the course, go ahead. You should do it. The path might not be that easy, but it will be worth achieving the results after reaching the end.
Which Institutes offer CA Courses?
ICAI is responsible for not just examining but also acting as the licensing body. It is their responsibility to conduct the CA courses widely within the country. The CA program is for a total of 2 years, excluding the period of training. It involves the 3 levels,
- CPT- which was previously known as the Professional Education Exam PE1,
- Professional Competency Examination or PCE and
- Final Examination
So, if you feel you are ready to take the step and dedicate your time, go ahead. Get the CA course details after 12 and begin your journey towards professionalism which is one of the reputed ones all around the world.