CA is an abbreviation of a chartered accountant. A chartered account is a certified professional accountant that is that one is authorized by a special law. While an accountant is merely a bookkeeper, a chartered accountant is someone who is a trusted agent between various industries and the government. He is authorized to audit and check the fairness of books of accounts of different companies. Thus, a chartered account has more responsibility and is more answerable to the government than a normal accountant. A chartered accountant does more than a regular account, and a regular accountant needs special training and education to become a chartered accountant.
There is a proper arena of education for chartered accountancy and institutions focusing on it. However, it is not taught in colleges and universities. CA equals to a bachelor’s degree and it has levels that are equivalent to a master’s degree and further.
Chartered accountancy has 4 levels: assessment of fundamental competencies (AFC), certification in accounting and finance (CAF), certified finance and accounting professional (CFAP), multi-subject assessment (MSA).
- Assessment of fundamental competencies (AFC)
AFC is the first level of chartered accountancy and consists of 4 papers. It is an MCQ-based paper. The subjects included in the AFC are IT, business communication, financial English, and quantitative methods which include both mathematics and statistics. These 4 courses have one paper each.
- Certification in accounting and finance (CAF)
CAF is the second level of chartered accountancy. It consists of 9 papers which will be based on the written assessment. The subjects included In CAF are accounting, tax, audit, business management, law, and economics.
- Certifies finance and accounting professional (CFAP)
CFAP is the third level of chartered accountancy. It consists of 6 papers, based on the written assessment. Subjects included in CFAP are accounting, tax, audit, business management, law, and economics. Their subjects are the same as CAF but their level of testing and depth of courses is more than CAF.
- Multi-subject assessment (MSA)
MSA is the fourth level of chartered accountancy. It consists of 2 papers, based on the written assessment. The subjects included in MSA are accounting, tax, audit, business management, law, and economics. These subjects are the same as CAF and CFAP but are more detailed and with the highest level of testing than both of them.
Professional Academy of Commerce (PAC) is a professional institute that offers all the CA subjects courses and levels. It offers a 5 years degree for CA subjects and has a top-ranking with a vast platform of successful alumni. They offer quality education with top-tier professional tutors.