CPT – not a Nightmare for Future Chartered Accountants
With students flocking to Science streams of Medicine and Engineering, very few students with the passion for the big bad world of Money and Business train to be a Chartered Accountant.These students appear for examinations like CPT.
Sometimes, all the effort that these students put into the preparation for their exams still falls short. For all the ignorant souls, here is a small overview.
Firstly, let us know more about this Profession. CAs or Chartered Accountants provide advice regarding the financial prospects of a certain firm or an individual. This procedure deals with the fields like taxation, forensic accounting, corporate finance and many others.
These professionals should possess the potential and the skill required to handle all these tasks and their course makes sure that it does.Their course prepares them mentally and academically to handle and manage immense responsibility under pressure.
Process and Procedure
The process of preparation to be a Chartered Accountant starts from 10+2 level. Interested students appear for CPT or Common Proficiency Test after completing 10+2 or High School.
This Exam covers four subjects that are Accounting, Economics, Quantitative Aptitude and Mercantile Laws. These are then divided into two Sections.
Graduates and Post Graduates who possesses degrees in Economics, Commerce or Accounting or any related courses are exempted from appearing for CPT. They can apply for IPCC directly provided they have the necessary percentage cut off of 55% or more.
Now, what is IPCC? IPCC is short for Integrated Professional Competence Course. A student who passed his/her CPT examination and completed 9 months of study is eligible to apply for IPCC Exam.
This Examination has two Groups with 7 subjects in total. Group 1 consists of
- Business Laws, Ethics and Communication,
- Cost Accounting and Financial Management and
Group 2 has
- Advanced Accounting
- Auditing and Assurance and
- Information Technology and Strategic Management.
Students have to clear all these subjects separately with 40% of marks in each subject and a total of 50% in each group.
While appearing for theses exams, students need to undergo various orientation programmes and practical training sessions.These sessions are conducted by ITT (Information Technology Training) and IPCE to obtain eligibility for about 3 years. During this training, students understand the exact nature of their work.
After completing the Step 3, students are eligible to attempt the infamously tough, final examination that has two groups which has four subjects each.
- Financial Reporting
- Strategic Financial Management
- Advanced Auditing and professional Ethics and
- Corporate and Allied Laws
- Advanced Management Accounting
- Information Systems Control and Audit
- Direct Tax Laws and
- Indirect Tax Laws
With the complexity and the level of difficulty of these examinations coupled with their sheer number, many students find it difficult to clear them.
In such cases, students can always opt for some help in terms of CA-CPT, CA-IPCC Home Tuition in Hyderabad. Yes, there is a possibility of judgement from colleagues. In reply to all of them who do not have the ability to understand the hard work you students put in, there is only one answer- Sometimes, Superheroes also need help!