If you’re a science student who wants to study for the CA exam but is unsure how to become a CA. You’re on the appropriate page.
Seeing the fabulous growth and the high CA salary in India, many science students are going towards CA rather than engineering. Generally, students interested in finances, and taxation, go for the Chartered Accountancy course. Before knowing the process of becoming a Chartered Accountant after 12th science, let’s discuss some perks of becoming a Chartered Accountant.
Why do Science Students want to become a CA?
A Career with Lots of Flexibility
If a person is good at work, he can join any organisation in any industry with a career in Chartered accountancy. Financial professionals are needed everywhere, from individuals to businesses, which is why CAs can work in any organisation operating in any industry. As a result, they have a wide range of professional alternatives and opportunities.
Career Stability and Security
Not only is Chartered Accountancy a flexible field, but it also provides excellent stability and security. They are aware of all the modifications, adjustments, and laws. Due to this, nearly all organisations require CAs to manage their finances, accounting, and auditing.
Possibility of Pursuing a Global Career
If you’re interested in pursuing a global career, you can complete internationally recognised certifications and other professional qualifications after earning your CA degree. This not only helps you become aware of the differences but also allows you to develop new abilities that will improve your chances of finding employment overseas.
CA salary in India
Compared to other professions, chartered accountants receive impressive compensation. It is among the highest-paid professions in our country. Newly qualified CAs typically earn between Rs. 7-8 Lakhs per annum, and with experience behind you, you can easily outperform this figure.
Challenges Faced by Science Student in becoming a CA
Since Accounting is the foundational subject of the Chartered Accountancy course, the only hurdle for science students is to master it. As Chartered Accountants are the first accountants, you cannot move on until you have a thorough understanding of accounting.
However, regardless of whether you have a background in commerce or not, there are numerous additional topics besides accounting that are unfamiliar to everyone. Both science and commerce students will have to work equally hard on the remaining papers. It is important to know the steps of how to become a CA, once you have decided to pursue CA as your career.
How to become CA after 12th Science?
After graduating from high school, you must pass all three levels of the CA exams which are Foundation, Intermediate, and Final in order to be a qualified Chartered Accountant.
The first exam to take in order to become a Chartered Accountant is the CA Foundation. The detail of the Foundation Course is as follows-
You must pass the class 12th with at least 50 per cent (for students in commerce) and 55 per cent (for non-commerce students) to be eligible for the Foundation course.
Qualified students must register for the CA Foundation course via the official website of the ICAI. The registration is applicable for 3 yrs, which translates to 6 tries. You’ll get four months to prepare for the exam after registration.
To take the tests, you must also submit the ICAI Foundation Exam form. On the ICAI website, students can complete the exam application. The ICAI publishes the deadlines for submitting exam forms.
The course resembles your 11th and 12th-grade work (Commerce stream). Four subjects make up the CA Foundation syllabus:
1. Paper 1: Principles and Practices of Accounting
2. Paper 2: Mercantile Law and General English
3. Paper 3: Business Mathematics, Logical Reasoning, and Statistics
4. Paper 4: Business Economics & Business and Commercial
The Foundation paper format combines subjective and objective elements. The first two papers are of the subjective type, whereas the following two are of the objective type. Each paper is composed of 100 marks.
Students must receive 40 per cent or an overall score of 50 per cent in order to pass the tests. ICAI announces the CA Foundation results two months after the exam.
CA Intermediate Exams
After clearing the Foundation exam, you will move on to the CA Intermediate Course in your Chartered Accountancy career. Students should prepare thoroughly because this level is complicated.
There are two ways for getting into the Intermediate course. One is clearing the foundational course and the other is the Direct Entry Route. You must pass the CA Foundation to take the foundation route.
The Direct-entry route requires:
- A minimum of 55% for postgraduates or graduates in commerce
- A minimum of 60% for postgraduates or graduates in the arts, humanities, or sciences
For the November and May sessions, eligible students must register for the CA Intermediate by March and September, respectively. Students get eight months to prepare for the CA inter exam. With eight tries allowed, the CA Inter registration is applicable for 4 yrs.
In addition to the preparation, the applicant must complete four weeks of IT training.
The format of the CA Intermediate exam combines subjectivity and objectivity. Each of the four papers for both groups carries 100 points.
You must receive 40 per cent in each subject or a 50 per cent aggregate to pass the CA, intermediate group. To advance to the finals, you must clear both groups. Two months following the previous exam, the CA Intermediate results are made public.
You’ll need to enrol in a reputable CA Intermediate Coaching that ensures you’ll finish the courses in 5–6 months so you have time for independent study and review.
When you pass one of the CA Intermediate group exams, they can begin their articleship training. However, they must first go through the ITT and OT programs. Then enrol in the practical training.
You’ll get a lot of exposure to the practical work that a Chartered Accountant undertakes during the three years of articleship training. Students can sit for the CA Final exams after completing 2.5 years of practical training.
CA Final – The Last Stage
The most difficult phase of the Chartered Accountant educational journey is the CA Final Course. ICAI wants you to be knowledgeable about each subject covered in the course.
Both Intermediate groups must be passed by the student, and 2.5 years of articleship are required.
Through the ICAI website, eligible students may register for the CA Final. There will be 10 tries since the registration is good for 5 years. Students must also fill out the CA Final exam form after registering.
The format of the CA Final test combines subjectivity and objectivity. There are 100 marks on each paper. Open-book is the sixth exam.
You must achieve 40 per cent in each topic or a 50 per cent overall average to pass the final exams. ICAI will announce the result for the Final exams two months after the last paper.
Candidates must apply for ICAI membership after passing both CA final groups. So, this concludes the entire process of becoming a CA in India.
Now, you know the complete process to become CA after 12th science. But how many years does it take to become a CA? After graduating 12th grade, it takes a minimum of five years. However, the length of the Chartered Accountant Course will increase if you take more attempts to pass the tests.
After passing so many levels of the exam you are bound to earn the benefits of becoming a CA. Chartered Accountancy is a lucrative job in India because of the high pay package it offers.
Can a 10th pass student apply for CA?
Are you interested in becoming CA after the 10th? Then here is the solution.
The provisional registration option for students who graduated from the 10th grade has been launched by ICAI. One can even enrol for this exam after the 10th but the minimum eligibility to appear in the Foundation exam is passing the 12th board examination.
What is the Salary of a Chartered Accountant in India per month?
A Chartered Accountant in India will get around seven to eight lakhs per annum. An international posting offers the highest compensation packages for CA. They make up to 76 lakhs INR annually. Chartered Accountant salaries for public sector salaries may range from INR 10 to 20 lakhs per year.
Indian business powerhouses offer 6 to 9 lakhs per year. Small businesses in India pay chartered accountants a salary package of INR 3 lakhs per year in exchange for their services. So once you become a CA you can start from as low as 40000 INR per month or can go as high as upto 7 to 8 lakhs per month.