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-Photo: Mohd. Yousuf

High spirits: Students having a blast at ’Anusmriti’, a cultural event organised by Aurora’s Business School in Hyderabad on Saturday.

While there are many professional courses related to finance, one stands out over the rest. It is the Chartered Accountancy. But despite its recognition and demand, it has never become a popular choice for the students. The statistics indicate that th ere is about 1,44,000 qualified chartered accountants in India which projects a ratio of about one CA for every 10,000 people, compared to one for every 800 and 500 people in the US and the UK respectively.

The demand for finance professionals is now on an all time high and it is estimated that the global outsourcing in the finance sector has already touched USD 25 billion and India’s share would touch 30 per cent by 2010.

This opens up the horizon for chartered accountants, as the opportunities range from retail to banking and insurance and from financial services to IT and KPO (knowledge processing outsourcing).

“Gone are the days when chartered accountants were looked upon as book keepers. Today they form part of the core finance team and play a major role in strategic decisions,” says M. Ramachandram, a qualified CA and member of the Centre for Professional Education, a CA coaching institute.

In tune with the global trend, the Institute of Chartered Accountants of India (ICAI) has always revamped its course structure and approach methods to tackle the demand.

Unlike a few years ago when one could join the course only after completion of graduation, it is now open after the tenth examination. One can register with the ICAI after clearing the tenth examination and the join the course on completion of intermediate.

The eligibility is 50 per cent marks in intermediate and one has to pass the CPT (Common Proficiency Test). The CPT is applicable to all and even graduates have to clear the CPT to join the CA course.

On successful completion of the CPT, one has to register for PCC (Professional Competence Course) and at the same time join the practical training or articleship under a qualified chartered accountant for a period of three-and-a-half years.

After completion of one year and six months of practical training, one will be eligible to appear for PCC examination and on successful completion he or she has to register for the final examination.

Upon completion of the full practical training period one will be eligible to appear for the final examination.

(Here is a flow chart of the course structure)

Pass 10th

Register with ICAI

Complete Intermediate and clear CPT (Common Proficiency Test)

Register for PCC (Professional Competence Course) and practical training

Attempt PCC (after one-and-a-half year of training)

Complete practical training – attempt for final examinations and GMCS (General Management and Communication Skills) Qualified chartered accountant

“To compete with the MBA (finance) professionals, ICAI has implemented a 15-day contact class on GMCS (General Management and Communication skills) after the final examination to sharpen the communication skill of the candidates. It is mandatory and the course will be taken up by professionals at all recognised chapters of ICAI. On successful completion of the GCMS one will be certified as chartered accountant,” says A. Sudheer a qualified chartered accountant.

This test is conducted four times in a year (February, May, August and November) and is an objective type one with negative marking system.

The test comprises four papers: Accountancy, mercantile law, quantitative aptitude (mathematics and statistics) and economics. It is a 200 marks paper and is spread over two sessions.

In the PCC, the course is spread over two groups and comprises subjects like accountancy, auditing, business law and business ethics and communication, costing and financial management, taxation (income tax, service tax and VAT) and information technology and strategic management.

The final is also made up of two groups and covers subjects like advanced accountancy, management accountancy and financial management, advanced auditing, company law and secretarial practice, advanced costing, MIS, direct taxes and indirect taxes.

For more details visit: http://icai.org/

On the study pattern, Ramachandram and Sudheer say, “There is a misnomer that the course is difficult and the percentage of pass out is regulated. The course is not difficult but the approach should be different.

Conceptual learning pattern is best suited for this course.

The 18-hour study approach is a myth, but one should read the entire portion and not leave anything in the name of choice. One hour per subject in each group on a daily basis is sufficient.”

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