HIGHER EDUCATION IN INDIA

With the spurt in services sector throughout the globe, chartered accountancy as a career option is on the upswing. In India too, with the rapid growth in economy chartered accountants are in great demand. In India, the responsibilities of conducting the Chartered Accountancy Course are vested with the Institute of Chartered Accountants of India (ICAI). On successful completion of the course, the student becomes entitled to apply for membership of the Institute which in turn entitles him to use the professional description of Chartered Accountant. Requirements for Becoming Chartered Accountant:There are three levels of Chartered Accountancy Course in India:1. Entry Level Test: Common Proficiency Test2. First Stage of Theoretical Education: Professional Competence Course3. Final Stage of Theoretical Education: Final CourseA student can enroll with the ICAI for Common Proficiency Test (CPT) after passing Class 10 examination. He/She can appear in CPT after appearing in the Senior Secondary Examination (10+2 examination).Common Proficiency Test is designed on the pattern of entry level tests for engineering, medical and other professional courses. The duration of tests is 4hours comprising of two sessions of 2 hours each with a break between two sessions. The test contains objective type questions only and there is negative marking for wrong options. After passing CPT and 10+2 students can join Professional Competence Course, articled training, and 100 hours of Information Technology Training (ITT). Articled training is the practical training and involves working in the office of a Chartered Accountant in practice or a firm of such Chartered Accountants. There are two types of training opportunities available to a student of the course: as an articled clerk or as an audit clerk. Articled clerk is a trainee attached to a Chartered Accountant in practice under a deed of articles for the duration of the training of 3-1/2 years. Audit clerk is amongst the regular paid staff of practising chartered accountants and eight months of audit training is treated as equivalent to six months of articled training.After completion of three months of articled training students are required to undergo 100 hours of Information Technology Training. Students are eligible to appear in Professional Competence Examination after working for not less than 15 months as an articled assistant or equivalent period as an audit assistant, three months prior to the first day of the month in which examination is held.After passing the Professional Competence Examination, students are required to register for Final course with the Board of Studies. Students may also undergo May undergo General Management and Communication Skills Course (GMSC) while undergoing Final course or they can do GMSC after passing Final Course. Students can appear for final examination on completion of the practical training on or before the last day of the month preceding the month in which the examination is held. After passing the final examination students are eligible to enroll with the Institute of Chartered Accountants of India to become Chartered Accountants. Commerce graduates with 50% marks, non-commerce graduates without maths, with 55% marks and non-commerce graduates with maths and an aggregate of 60% marks are exempted from Common Proficiency Test and are eligible to join Professional Competence Course and articled training directly.