Becoming a Chartered Accountant (CA) is a journey that requires dedication, hard work, and a clear understanding of the steps involved. With the new changes implemented by the Institute of Chartered Accountants of India (ICAI), it’s crucial to stay updated and plan accordingly. Here’s a comprehensive guide on how to become a CA, incorporating the latest changes in the ICAI scheme.

Step 1: Assess Your Decision to Become a CA

Before diving into the rigorous preparation required to become a CA, it’s essential to evaluate your motivation and commitment. Understand why you want to become a CA and whether this motivation will sustain you through the challenging journey ahead. Weigh the pros and cons, considering the preparation, articleship, and career opportunities. Once you’re confident in your decision, it’s time to start your CA journey.

Step 2: Enrol in the Foundation Course After Class 12th

If you aim to start your CA preparation right after the 12th grade, you need to register for the CA Foundation course through ICAI. The foundation course now has revised subjects, and students must complete a minimum study period of 4 months after their Class 12 board exams before appearing for the exams. Here are the updated subjects:

• Principles and Practice of Accounting
• Business Laws and Business Correspondence and Reporting
• Business Mathematics, Logical Reasoning & Statistics
• Business Economics and Business and Commercial Knowledge

To pass the CA Foundation exams, students must score at least 50% and will face a 0.25 negative marking for wrong MCQ answers.

Step 3: Enrol in the Intermediate Course After Graduation

Graduates can skip the foundation course and directly enrol in the CA Intermediate course. This course has also undergone changes under the new scheme. The intermediate course now consists of 6 papers instead of the previous 8, divided into two groups:

Group I

1. Accounting
2. Corporate & Other Laws and Business Laws (from the foundation level)

Group II

3. Cost and Management Accounting
4. Taxation
5. Advanced Accounting
6. Auditing & Assurance

Students must score 50% overall to pass the exams, and the papers will include 30% MCQs with a 25% negative marking for wrong answers. Exemptions are granted for scores of 60% or more in individual papers for up to three attempts.

Step 4: Complete Practical Training

After passing the Intermediate level, students need to complete practical training. The duration has been reduced from 3 years to 2 years under the new scheme. During this period, students gain hands-on experience working with registered CAs. This practical training is crucial for gaining real-world experience in accounting tasks.

Step 5: Pass the Final Exam

To be eligible for the CA Final course, students must:

• Pass both groups of the CA Intermediate level
• Complete the Integrated Course on Information Technology and Soft Skills (ICITSS)
• Pass the self-paced online modules with at least 50% marks
• Fulfil a minimum 6-month study period after practical training

The CA Final course now consists of 6 papers, divided into two groups, with a similar structure of 30% MCQs and 70% descriptive questions. Exemptions apply for scores of 60% or more in individual papers for up to three attempts.

Step 6: Enrol in ICAI

After passing the final course, students must enrol in ICAI to become authorized Chartered Accountants. Upon enrolment, they can start practicing independently or work for an established firm.

Important Dates Under the New ICAI Scheme

It’s crucial to stay updated with the new scheme’s important dates to plan your CA journey effectively:

1. Last date for Registration in Foundation under Existing Scheme: 1st July 2023
2. Last date for Registration in Intermediate and Final Courses under Existing Scheme: 30th June 2023
3. Date of commencement of Registration and Conversion in Foundation Course under New Scheme: 2nd August 2023
4. Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme: 1st July 2023
5. First Foundation Examination under New Scheme: June 2024
6. First Intermediate and Final Examination under New Scheme: May 2024
7. Last Foundation Examination under Existing Scheme: December 2023
8. Last Intermediate and Final Examination under Existing Scheme: November 2023
9. Last commencement date of three years Practical Training: 30th June 2023
10. Date of commencement of two years uninterrupted Practical Training: 1st July 2023

Exit Route: Business Accounting Associate

Under the new scheme, ICAI introduces an exit route for students who may not clear the CA final exams. They can opt for the Business Accounting Associate certification if they:

• Pass both groups of the CA Intermediate level
• Complete 2 years of CA Articleship
• Complete AICTSS Training
• Qualify all sets of self-paced online modules

This certification provides a valuable qualification even if students do not proceed to become Chartered Accountants.

Conclusion

Becoming a Chartered Accountant is a challenging yet rewarding journey. With the recent changes in the ICAI scheme, it’s important to stay informed and plan accordingly. Follow this step-by-step guide, stay dedicated, and you’ll be well on your way to achieving your goal of becoming a CA.