Chartered accountant (CA) Guide 2021

CA (Chartered Accountant) is a respectable selection that authorizes and makes the selection holder more reliable within the field of accounting. A regulatory body certifies candidates as an accountant after testing the candidate on the grounds of accountancy, taxation, analytical skills, business practices, corporate laws, and others.

A candidate must have the following skills to become a chartered accountant (CA) that includes:

  • Good quantitative
  • Analytical
  • Commercial awareness
  • Communication
  • Problem-solving
  • Teamwork skills alongside ethics
  • professionalism.

Best Institution for CA in Pakistan

ICAP Pakistan is that the topmost institute for studying accountancy and its qualified accountants are regarded the simplest within the country thanks to the very high and strict passing of the exam criteria. It's therefore common that students need to work very hard and take many attempts before they might pass the exams and obtain a valuable degree. A career in chartered accountancy is one of the highest-paid professions within the country.
The head office of ICAP is in Karachi. CA can be joined through any city of Pakistan.
Many cities have CA colleges are as follows:

Islamabad (3 colleges)

  • National College of Business and Management Sciences
  • School of Business and Management
  • SKANS School of Accountancy

Peshawar (3 colleges)

  • Indus College of Business and Finance ICBF
  • Professionals’ Academy of commerce PAC-P
  • SKANS School of Accountancy

Faisalabad (3 colleges)

  • ILEX College of Accountancy
  • Professionals’ College of Accountancy PCA
  • SKANS School of Accountancy

Lahore (5 colleges)

  • CFE College of Accounting and Finance
  • College of accountancy and professional studies ( CAPS)
  • Professionals’ Academy of Commerce (PAC)
  • RISE school of accountancy (RISE)
  • SKANS School of Accountancy SKANS

Gujranwala (3 colleges)

  • College of Accounting and Finance CAF
  • SKANS School of Accountancy
  • Professionals’ Academy of Commerce PAC

Multan (1 college)

  • SKANS School of Accountancy SKANS

Rawalpindi (2 colleges)

  • SKANS School of Accountancy SKANS
  • Wah College of Accountancy

Karachi (8 colleges)

  • KnS School of Business Studies
  • ASA Abeel’s School of Accounts
  • College of Business Professionals CBP
  • Tabani’s School of Accountancy TSA
  • ARTT Business School
  • Al-Hamd
  • College of Management Sciences CBP
  • ESCRIBIR College of Advance Studies

Salary for Chartered Accountants in Pakistan

  • Field: Chartered Accountancy
  • Expected salary at entry Level: 60,000 – 70,000*
  • Salary after five Years: 100,000 – 180,000*
  • Job Satisfaction: Satisfied
  • Pakistan's Popular Institutions: ICAP

CA Eligibility Criteria 2021

Now that you simply are conversant in what's the complete sort of CA, its levels, and therefore the process to accumulate the designation; subsequent step would be to know the wants that are necessary to become one. As stated within the above passage, that there are two entry routes of becoming a CA, allow us to understand both the entry points:

  • CA Foundation Entry:

After qualifying for your class 12th exams with any stream, you'll pursue a CA course by qualifying for the CA Foundation exam. This is often one among the foremost preferable routes chosen for entering this route.

  • CA IPCC:

?To those wondering how they will pursue CA after graduation pt PG course, then, joining the course at the CA IPCC level is that the best suited option. Candidates must have a minimum of 55% marks if they need pursued a degree within the domain of commerce. Else, applicants with a minimum of 60% marks in their UG course are eligible to seem for this level.

While understanding the CA subjects and CA course details, it's important to notice that after completing the second level of the course, CA IPCC, it's mandatory for candidates to serve 3 years of Article ship. After completion of the second level and article ship, candidates are eligible for entering CA Final. Upon qualifying all the exams of the CA Final, candidates are going to be eligible to pursue a full-time career as Chartered Accountants.

CA Program Structure 

The Structure of the CA Program are as follows:

Assessment Of Fundamental Competencies (AFC) 4 Papers

  1. Functional English
  2. Business Communications
  3. Quantitative Methods
  4. Introduction To Information Technology

Certified In Accounting And Finance (CAF) 9 Papers

  1. Introduction To Accounting
  2. Introduction To Economics And Finance
  3. Business Law
  4. Business Management And Behavioral Studies
  5. Financial Accounting And Reporting I
  6. Principle Of Taxation
  7. Financial Accounting And Reporting Ii
  8. Cost And Management Accounting
  9. Audit And Assurance

Certified Finance And Accounting Professional (CFAP) 6 Papers

  1. Advanced Accounting and Financial Reporting
  2. Corporate Laws
  3. Business Management And Strategies
  4. Business finance decisions
  5. Advanced Taxation
  6. Audit, Assurance, and Related Services

Multi-Subject Assessment (MSA) 2 Papers

  1. Financial Reporting Professional Competence
  2. Audit Professional Competence

The papers of 1st part have only objective type questions which are to be attempted just on a computer.

Fee structure of CA

The fee structure of CA are as follows:

  • Registration Fee: Rs. 14200/- (ONCE)
  • Annual Subscription Fee: Rs. 1100/- (YEARLY)
  • Paper fee (Exam Fee): 1 Paper = Rs. 3300/-
  • For the first two modules of CA: 2 Papers = Rs. 5600/-
  • Assessment Of Fundamental competencies (AFC): 3 Papers = Rs. 7900/-
  • Certified In Accounting And Finance (CAF): 4 Papers = Rs. 10200/-
  • Computer-Based Exams (CBE): Rs. 1100/- (per paper)

 (Only for Computer Based Exams)

Note:

The Fees are payable to ICAP Pakistan. Besides these, students need to pay tuition fee for every paper and registration fee to the school where the candidate enrolls for studying CA subjects.

Chartered Accountant Qualification

  • A student who has passed Common Proficiency Test and Senior Secondary Examination (10+2).
  • A candidate who is graduate or postgraduate in commerce with an aggregate of 55% by studying three papers Accounting, Auditing, Mercantile Laws etc.
  • Non-Commerce Graduates go to have an aggregate of 60% or above.

How Difficult is to be a Chartered Accountant?

  • Well! It depends upon the candidate. If you're really serious about CA then you'd like to be a CA. However, if there's no interest inside you then it's really hard to become a CA.
  • Only 1 out of 10 candidates are ready to become a CA. It’s very tough because if you're in need of a return 1 mark then you would possibly not clear the exam.
  • So it's really tough.

Chartered Accountant Course Duration

  • If you join CA after intermediate, then it will be done in two parts. First, you have to pass 13 papers in 2 years.
  • Then you join an audit firm. It makes a total of 5-6 years like medical profession.

What Kind of Jobs Are Offered After CA?

2 types of jobs are offered after the completion of CA which are Private and public sector jobs are as follows:

Private Sector Jobs

  • Textile Mill
  • Sugar Mill
  • Hospital
  • Multinational Companies

Public Sector Jobs

  • HCCP
  • FBR
  • National Accountability Bureau (NAB)

Almost and every other large institute requires a Chattered Accountant.
 

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