Frequently Asked Questions

Chartered Accountant

Are there ICAI AuthorizedCenters ?

No, ICAI does not authorize any coaching centers. However a good coaching center play a key role in your academic pursuit.

What Scheme of education does ICAI offer?

Under the Scheme of Education and Training, a candidate can pursue Chartered Accountancy Course either through (i) Foundation Course Route or (ii) Direct Entry Route.

What is CA foundation scheme?

Steps under Foundation Route.

1.) Register with Board of Studies (BoS) after appearing in Class XII examination.

2.) Complete four months study period (i.e. register till 30th June / 31st Dec.), Qualify Class XII examination (if not done earlier), Appear for Foundation examination in November/May after passing 10+2 Examination.

3.) Qualify Foundation Course. Register with the BoS for the Intermediate Course. Complete 8 months of study course. Appear and Pass in either or both Groups of Intermediate Course.

4.) Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) any time after registering for Intermediate Course but before commencement of the Practical Training.

5.) Register for three years Practical Training on passing either the Groups of Intermediate Course or both.

6.) Register for the Final Course after qualifying both the Groups of Intermediate Course. Successfully complete Four Weeks Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) during the last two years of Practical Training but before appearing for Final Examination.

7.) Appear in Final examination during last six months of practical training.

8.) Complete Practical Training.

9.) Qualify both groups of Final Course.

10.) Become Member

What is CA Direct Entry scheme?

1.) Steps under Direct Entry Scheme for Eligible Graduates and Post Graduates

a.) Register with the BOS for the Intermediate course (provisional registration allowed to the students doing Final year of graduation).

b.) Successfully complete Four Weeks ICITSS before commencement of the Practical Training.

c.) Register for three years Practical Training. Appear in Intermediate Examination after Nine 12 months of Practical Training.

d.) Qualify Intermediate Course.

e.) Register for the Final Course after qualifying both Groups of Intermediate Course.

f.) Successfully complete Four Weeks AICITSS during the last two years of Practical Training but before appearing for Final Examination.

g.) Appear in Final examination during last six months of practical training. Complete Practical Training. Qualify both groups of Final Course. Become Member


2.) Students who have passed Intermediate level examination of the Institute of Company Secretaries of India or the Institute of Cost Accountants of India have to

a.) Register with the BoS for the Intermediate Course. Complete 8 months of study course. Appear and Pass in either or both Groups of Intermediate Course.

b.) Successfully complete Four Weeks ICITSS anytime after registering for Intermediate Course but before commencement of the Practical Training.

c.) Register for Three Years Practical Training on passing either or both the Groups of Intermediate Course.

d.) Register for the Final Course after qualifying both the Groups of Intermediate Course.

e.) Successfully complete Four Weeks AICITSS during the last two years of Practical Training but before appearing for Final Examination.

f.) Appear in Final Examination during last six months of Practical Training.

g.) Complete Practical Training Qualify both groups of Final Course.

h.) Become Member.

What is the eligibility for CA course?

The ICAI allows the following candidates to enter directly to its Intermediate Course:

a.) Commerce Graduates/Post-Graduates (with minimum 55% marks) or Other Graduates/Post-Graduates (with minimum 60% marks) and

b.) Intermediate level passed candidates of Institute of Company Secretaries of India and Institute of Cost Accountants of India.

What are the subjects in Foundation course?

Paper 1: Principles and Practice of Accounting.

Paper 2: Business Laws & Business Correspondence and Reporting
Part I: Business Laws
Part II: Business Correspondence and Reporting

Paper 3: Business Mathematics and Logical Reasoning & Statistics
Part I: Business Mathematics and Logical Reasoning
Part II: Statistics

Paper 4: Business Economics & Business and Commercial Knowledge
Part I: Business Economics
Part II: Business and Commercial Knowledge

What are the subjects in Intermediate course?

Group I

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

Group II

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

What are the subjects in final course?

1.) Financial Reporting.

2.) Strategic Financial Management.

3.) Advanced Auditing and Professional Ethics.

4.) Corporate & Economic Laws(Part I: Corporate Laws, Part II: Economic Laws)

5.) Strategic Cost Management and Performance Evaluation.

6.) Direct Tax Laws & International Taxation(Part I: Direct Tax Laws, Part II: International Taxation)

7.) Indirect Tax Laws(Part I: Goods and Services Tax, Part II: Customs & FTP)

Company Secretary

What is Eligibility Criteria for direct Admission to Executive Programme??

A student, who has either passed the Foundation Programme examination of the Institute (or exempted thereof) is eligible for seeking registration to Executive Programme. Further, students who have passed their Bachelor’s Degree Examinations in any subject (except in Fine Arts) are eligible to seek registration directly to Executive Programme.

A candidate possessing any of the following qualifications is eligible for exemption from passing the Foundation Programme examination:

1.) A Degree or master’s degree in Corporate Secretaryship or Commerce; or
2.) Pass in the Final examination of the Institute of Cost Accountants of India or the Institute of Chartered Accountants of India or any other Accountancy Institutions in India or abroad recognized as equivalent thereto by the Council; or
3.) Pass in the Foundation examination of the Institute of Cost Accountants of India or CPT of The Institute of Chartered Accountants of India; or
4.) A degree or master’s degree in any discipline other than Fine Arts. A non-commerce candidate seeking exemption from the Foundation Programme examination will also be provided a set of Study Materials of Foundation Program for his/her self-study to acquire basic knowledge about the subjects of Foundation Program.

What is the last date of registration in Foundation Programme?

Admission is open throughout the year. However, certain cut-off dates have been fixed as the CS Examinations conducted in June and December every year.

Following are the cut-off dates:
31st March for appearing in December examination of the same year,
30th September for appearing in June examination of the next year.

What is the last date of registration in Executive Programme?

Admission is open throughout the year. However, certain cut-off dates have been fixed as the CS Examinations conducted in June and December every year.

Following are the cut-off dates:
28th February – For appearing in both modules in December examination of the same year,
31st May – For appearing in any one module in December examination of the same year,
31st August – For appearing in both modules in June examination of the next year,
30th November – For appearing in any one module in June examination of the next year.

Who can apply for Associate membership of the Institute?

A person who has passed the Intermediate Examination/ Executive Programme examination and Final Examination / Professional Programme examination of the Institute and has undergone prescribed training or exempted therefrom on the basis of experience is eligible to apply for Associate membership of the Institute provided he has attained the age of 21 years on the date of application as per the Matriculation / school leaving certificate. An application for Associate membership of the Institute is to be made in the approved Form-A (available on the web-site of the Institute).

Cost and Management Accountancy

What are the career prospects for Cost and Management Accountants both in employment and in practice?

There is a sustained demand for qualified, trained and experienced cost management accountants for both the fields of employment and practice.

Cost and Management Accountants in Employment:
It has been felt beyond doubt that there has been increasing awareness amongst the business entrepreneurs of the most vital contribution made by cost and management accountancy services in the business houses to the attainment of business objectives. This has accentuated the demand for cost and management accounting services in all the sectors of economy. Many members of the Institute are holding top management positions, viz., Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor, CEO, CFO. Those managing their own business, have found in themselves a Manager and an Accountant to control and flourish their business. No wonder a Cost and Management Accountant can attain the highest ladder of professional career.

Cost and Management Accountants in Education:
University Grants Commission (UGC) has notified “UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010” vide its Circular No. F.3-1/2009 dated 30th June 2010. The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost and Management Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.

Cost and Management Accountants in Government Department:
Realizing the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.

Cost and Management Accountants in Practice:
CMAS can practice in the following areas:
A.) Maintenance of Cost record under Cost Accounting Records Rules u/s 209(1)(d) of Companies Act, 1956 in specified Industries; Cost Audit under section 233B of Companies Act, 1956.
B.) Valuation Audit under section 14A & 14AA of Central Excise Act, 1944. l Special Audit under Customs Act, 1962.
C.) Audit under VAT Acts of various States. l Certification of Cost of Production for Captive Consumption for the purpose of Excise Duty assessment.
D.) Certification under EXIM Policy; Certification of Consumption for Import Application. l Tax Consultancy; Project Management Consultant.
E.) Surveyor and Loss Assessor under Insurance Act, 1938.
F.) Recovery consultant in Banking Sector.
G.) Business Valuation; Financial Services: Advisor to an Issue.
H.) Trustee, Executor, Administrator, Arbitrator, Receiver, Appraiser, Valuer.
I.) Taking up appointment that may be made by the Central or State Government, Court of Law, Labour Tribunals or any other statutory bodies, regulatory bodies etc.

Is CMA Course recognized globally?

A.) A member of ICAI can get enrolled as a member of IMA USA.
B.) Recognised by the Academic Councils of many Universities in India for the purpose of admission of the Ph.D. courses in Commerce.
C.) It was resolved by Association of Indian Universities to accept Bachelor Degree-holders who have ICAI Qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines.
D.) The MoU between CIMA (Th e Chartered Institute of Management Accountants), UK and ICAI introduces a new CIMA Professional Gateway examination (available from May 2009) for ICAI students who have successfully completed the whole of the ICAI professional examination, enabling a ‘fast track’ route into CIMA’s Strategic level examinations, fi nal tests of professional competence and ultimately CIMA Membership.

What are the stages to be pursued to become a Cost and Management Accountant?

There are three stages to pursue Cost and Management Accountant course:
1.) Foundation Course
2.) Intermediate Course
3.) Final Course ADMISSION TO FOUNDATION COURSE Minimum qualification is Class 10 examination or any examination equivalent there to, recognised by the Institute. REGISTRATION TO INTERMEDIATE COURSE Minimum qualification: Passed ICAI Foundation/ Graduation in any discipline other than Fine Arts/ Foundation (Entry Level) Part I Examination of CAT of ICAI/ Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of ICAI.

What are the course contents in Foundation Course?

The subjects for Foundation Course are:
Paper-1: Organisation and Management Fundamentals
Paper-2: Accounting
Paper-3: Economics and Business Fundamentals
Paper-4: Business Mathematics and Statistics Fundamentals

Comprehensive study material is provided for all the subjects by the Institute at the time of admission.

What are the course contents in Intermediate Course?

The Intermediate Course consists of two Groups comprising of the following papers:

Group – I
Paper-5: Financial Accounting
Paper-6: Commercial & Industrial Laws and Auditing
Paper-7: Applied Direct Taxation
Paper-8: Cost and Management Accounting

Group – II
Paper-9: Operation Management & Information System
Paper-10: Applied Indirect Taxation
Paper-11: Capital Market Analysis & Corporate Laws Paper
Paper-12: Financial Management and International Finance

Comprehensive study material is provided for all the subjects by the Institute at the time of admission.

What are the course contents in Final Course?

The Final Course consists of two Groups comprising of the following papers:

Group – III
Paper-13: Management Accounting – Strategic Management
Paper-14: Indirect and Direct Tax Management
Paper-15: Management Accounting – Enterprise Performance Management
Paper-16: Advanced Financial Accounting and Reporting

Group – IV
Paper-17: Cost Audit and Operational Audit
Paper-18: Business Valuation Management

Comprehensive study material is provided for all the subjects by the Institute at the time of admission.

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