The ICAI full form is the Institute of Chartered Accountants in India. ICAI organises various exams and acts as a regulatory body to all Chartered Accountancy institutes in India.
ICAI the Institute of Chartered Accountants in India established on 1st July 1949 is an institute that acts as a regulatory body to all Chartered Accountancy institutes in the country. This was made possible by a bill that was passed in the Indian parliament. They also organize various levels of exams for students to recruit them for CA positions.
ICAI is considered to be the second-largest accounting and finance organization in the world. This is rather odd, considering ICAI acts more as a corporate company since they offer accounting consultancy services to all businesses in the country.
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What is the ICAI?
The Institute of Chartered Accountants in India(ICAI) is the governing body that gives out the accounting standards on which the accounts of any company are to be calculated. These accounting standards are based on the Companies' Act 2013. Before that year, the accounting standards were based on the Companies Act 1913. The role of a Chartered Accountant is priceless; the job is difficult, and the brave souls that apply for it tend to drop out nearly as quickly.
Even though the competition is high, achieving a position as a Chartered Accountant can land you the utmost financial and professional security for a lifetime. So, why is CA such a big deal?
The CA course is not like the conventional 3-year course. Instead, anyone who wishes to become a CA must pass 3 levels of exams conducted twice a year by the ICAI. To put things into perspective, the pass percentage of the third and the final level exams reach up to 3-4% every year. In other words, the failure rate in these exams is a ridiculous 97%, give or take.
Here's the list of those exams:
- CA Foundation Exam or Common Proficiency Test (CPT)
- Intermediate-Level Examination or IPCC
- CA Final Examination
Candidates are filtered based on the results obtained from those 3 exams. On the one hand, it's easy to crack the CPT exam because the paper follows an objective-type MCQ model. On the other hand, the final two are set with a descriptive format, and irrelevant information provided to their questions will not be considered towards your aggregate score.
ICAI Exam Eligibility
Each exam has its eligibility criteria to be met if one wants to clear everything. However, the one common criteria they do share is that they must not fail even a single subject. If failed in even one subject, the candidate must apply for a re-attempt for all subjects, including those they passed.
With that said, let's take a look at the eligibility criteria for each ICAI exam.
CA Foundation Exam
To appear for the CA foundation exam, candidates must have a class 12 board exam certificate with any specialisation from a recognised board or university. In addition, they must have passed all subjects in it.
Here is the list of eligibility criteria for the CA Foundational Exam.
- One must have registered on the Board of Studies on or before 30th June of the exam's year.
- One must have changed to the CA Foundation Course with the Board of Studies of ICAI on or before 7th September of the exam year.
- One must obtain a minimum score of 15 in all the sections and have 100 marks as an aggregate to pass the exam.
- If one fails to score 15 in even a single section, even if obtained 100 marks in total, then it will be considered a failure.
CA Intermediate Exam
The intermediate exam has bigger criteria to meet when compared to the Foundation exam.
Let's take a look:
- One must have already completed the Foundation exam to appear for this one.
- One must clear both Groups I and Group II to write the IPCC exam.
- One must write near-perfect answers since they will be verified by the topmost faculty at ICAI.
- One must obtain at least 50% in every subject and 50% as an aggregate score for each group.
- If the total does not cross 50%, the candidate will be rejected even if they passed all the subjects.
CA Final Examination
To appear for CA Final examination, one must have already completed both the Foundation Exam and the Intermediate Exam to be considered for this one.
Other eligibility requirements are as follows.
- One must have a certificate of apprenticeship from any organisation or any recognised chartered accountant that claims a period of 2.5 years.
- One must have the training required for CA Final Examinations. This is normally received during the last half-year period of your apprenticeship.
ICAI Exam Dates
CA exam is a qualifying exam for the Chartered Accountancy course. There are three levels in the CA exam, including Foundation, Intermediate, and Final. Only the students who clear all the levels are certified as Chartered Accountants.
Here are some tentative dates to keep in mind when one is looking into ICAI.
|ICAI exam application begins||17th April 2023|
|Last date of application without late fee||2nd May 2023|
|Application form with late fee INR 600||6th May 2023|
|Application correction window||9th to 11th May 2023|
|ICAI exam date||
Important Notice: Please note that the exam dates have been rescheduled to a later date. Currently, there have been no announcements made related to it. However, we will notify you of any changes to these dates through your email address, or your mobile number, or your GetMyUni account the moment we receive any news. Otherwise, you can also bookmark this page and check back for any further updates related to the exam.
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