A person is eligible to apply for membership either by passing all three levels of examinations prescribed by ICAI and completing three years of practical training or by availing themselves of exemptions under mutual recognition agreements (MRAs).[1]
The CA course is designed to combine theoretical study with practical training. The Chartered Accountancy course is considered to be one of the most rigorous professional courses in India with only 10–15% of the students passing in every attempt. For instance,in the November 2013 CA Final exam, the pass percentage was merely 3.11% (Both Groups)[2] As of April 2010,the institute has 874,694 students, studying various levels of the Chartered Accountancy Course.[3] The Chartered Accountancy examinations are divided into three levels.
CPT covers four basic subjects viz. Fundamentals of Accounting, Mercantile Laws, Economics and Quantitative Aptitude. Fundamentals of Accounting carries 60 marks, Mercantile Laws carries 40 marks and Economics & Quantitative Aptitude carries 50 marks each. A person can register for CPT after completing Grade 10 and take the exam after completing High School (Grade 12). Every incorrect answer on the CPT exam carries a 0.25 negative mark. A candidate is considered to have cleared CPT if he/she obtains in a sitting 30% in each of the 4 sections and a 50% aggregate in the entire examination.[5] This amendment was enforced by ICAI on 16 August 2012.The amendment was made public vide ICAI's website notification. CPT exams are held in June and December in paper pencil mode. Mock test/Model test papers are available on the institute website.
IPCC or Integrated Professional Competence Course is the second level of Chartered Accountancy examinations. A person can take the IPCC Examination after passing CPT and nine months of study. IPCC has two groups of seven subjects. Group – I consists of four subjects and Group – II of three subjects.Group I:
Paper 1 :...