1.What is the Common Proficiency Test?
It is an entry level test for Chartered Accountancy Course. It is a test of four subjects i.e., Accounting, Mercantile Laws, General Economics and Quantitative Aptitude. This test is of 200 marks. The test is of four hours divided in two sessions of two hours. CPT is an objective type test with negative marking.
2. How to register for CPT?
A student should register with the Board of Studies on submission of the prescribed filled in form which can be obtained from the addresses given on page 3 in Box. The form can also be downloaded from the website www.icai.org.
3.What is the eligibility for appearing in the examination?
A registered student may appear in Common Proficiency Test after he has appeared in the Senior Secondary Examination (10+2 examination) conducted by an examining body constituted by law in India or an examination recognised by the Central Government as equivalent thereto and has complied with such requirements as may be specified by the Council from time to time.
4. What is the next step after passing CPT?
After clearing CPT and 10+2 standard conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto, student can register for PCC (Professional Competence Course )complete articled training and register for 100 hours ITT.
5. Do those who pass the CPT find it a problem to get articleship? Are there enough vacancies?
There is no problem of vacancies. ICAI realized is that there may be provisional mismatches between demand for article ship training in a desired firm or location. ICAI is reviewing the vacancies under each member. Appropriate notification will be issued shortly.
6. Does a pass in CPT make the student eligible for employment? Of what type?
A student who passes CPT is recognized as eligible to join the CA course. CPT is a screening mechanism to admit students into the curriculum. This is not a test that enables or guarantees, by itself, any job opportunity. A student who passes CPT and joins the CA course will be paid a monthly stipend by the audit firm, where he gets trained. Students can earn while they learn during the CA course.
7. What is duration of articled training?
It is 3 ½ years.
8. What are the objectives of practical training?
Unique feature of the chartered accountancy program is balanced approach towards theory and training .Followings are the objectives of the training: (a) Developing skills in applying theoretical knowledge to practical situations
(b) Inculcating a disciplined attitude
(c) Imbibing due professional orientation
(d) Developing ethical values.
9. Is an audit training equivalent to articleship training?
8 months of audit training is treated as equivalent to 6 months of articleship training. Thereby under the new scheme of education and training a student has to undergo 42 months of articleship training whereas a student has to undergo 56 months of audit training. No fraction below 8 months is counted for the purpose of equivalence.
10. Is it possible to undergo practical training partly as articleship training and partly as audit training?
Yes. It is possible to do so.
11. What is industrial training?
Industrial training scheme by which a student can undergo practical training within an approved industrial undertaking having specified amount of fixed assets or turnover or paid – up share capital.
12. When can an articled assistant commence industrial training?
An articled assistant after passing PCE can undergo industrial training during last 9-12 months of articled training.
13. Can a student pursue other course of study during articleship training?
Yes. With the permission of the Institute a student can pursue one course of study at a time. A student has to submit application in Form No.112 to the appropriate Regional Office of the Institute seeking permission to pursue other course of study.
14. What is the requirement of passing Professional Competence Examination (PCE)?
A candidate is ordinarily declared to have passed Professional Competence Examination if he passes both the groups, if he –
(a) secures at one sitting a minimum of 40 per cent marks in each paper of the groups and minimum of 50 per cent marks in the aggregate of all the papers of each of the groups; or
(b) Secures at one sitting a minimum of 40 per cent marks in each paper of both the groups and a minimum of 50 per cent marks in the aggregate of all the papers of both the groups taken together
A candidate shall be declared to have passed in a group if he secures at one sitting a minimum of 40% marks in each paper of the group and a minimum of 50 per cent marks in the aggregate of all the papers of that group
15. Can a student enroll for membership after clearing CA final exams and article ship?
A student has to complete General Management and Communication Skills Course also to get the membership.
16. What is the job prospectus for a Chartered Accountant?
Chartered accountants work as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance) and watch over the finances in the day to day management of companies. Their main areas of work include Accountancy, Auditing, Cost accountancy, Taxation, Investigation and Consultancy.