Chartered Accountancy is a promising field in Pakistan. Every year thousands of applicants register themselves with some accounting tuition centers in hopes of passing CA exams. While most of these students are those who just finished their intermediate-level studies, many people entering the field are university graduates who further plan on pursuing chartered accounting. Whether an individual plans on doing CA after intermediate or CA after graduation, there is a chance they might not have studied subjects relevant to accounting before. You could switch to an entirely different career path even if your bachelor’s degree was in any other area like Engineering or Economics.
A common problem that most students face is the need for more information regarding the way forward. For example, only some people know the eligibility criteria for CA after intermediate or graduation. Moreover, the duration of this degree is also an area of conflict for most. This blog will answer these and other similar questions that you might have.
CA After Intermediate
If you want to do CA after intermediate, there is an eligibility criterion that you must adhere to. To begin with, you need at least 50% marks at intermediate level education. This includes FSc and all other degrees at an equivalent level. If you come from an A-Levels background, passing three subjects is a must. The minimum grade you need to pass is an E. If you are a student belonging to the categories above, you will come under the Full-time scheme. This means that if you want to become a CA after intermediate, you have to appear for the entrance test, the Qualifying Assessment Test (QAT). This will test you on your English Language, Mathematics, and Analytical Reasoning to ensure you have what it takes to become part of the field.
When you register as a full-time student doing CA after intermediate, you will have to clear the following levels of qualification to become a Chartered Accountant:
– Certificate in Accounting and Finance: This has a total of 8 papers which include Financial Accounting and Reporting I and II, Tax practices, Cost and Management Accounting, Business Law, Managerial and Financial analysis, Company Law, and Audit and Assurance.
– Hands-on Courses: These are supposed to teach you personal effectiveness and build proficiency in MS Office, Fintech, Data Analysis, and giving presentations.
– Certified Finance and Accounting Professional: To clear this level, you must appear for six papers, namely Advanced Accounting and Financial Reporting, Advanced Corporate Laws and Practices, Strategy and Performance Measurement, Business Finance Decisions, Tax planning, and Audit and Assurance.
– Multi-Subject Assessment: This part includes two exams: Financial Reporting and Assurance Professional Competence and Management Professional Competence.
Knowing the number of exams, you have to sit through and their difficulty level should give you an idea to gauge how much time you will spend on your degree. There is no set limit for the time you take to clear all exams but the average time for most people is 5-6 years.
CA after Graduation
To be eligible to do CA after graduation, you need to have a bachelor’s degree in any field or discipline with a minimum of 45% marks. You can also be a master’s degree holder in any major. Other degrees that you can have include CIMA and ACCA. If you fall into these categories, you will not have to give the Qualifying Assessment Test. You will also fall under the trainee scheme.
The qualification levels of everyone doing CA after graduation are the same as for those who did CA after intermediate. Both have to appear for the same eight exams of Certificate in Accounting and Finance, six exams in Certified Finance and Accounting Professional, and 2 Multi-Subject Assessment exams.
Most people who fall under the trainee scheme and do CA after graduation take approximately three years to get done with all exams. This time can be prolonged or shortened depending on individual caliber and the effort you are willing to put in.
To conclude, there is no lower limit to the duration of CA after intermediate or graduation. The time in which you pass all your exams depends on you, your aptitude for the field, and your prior knowledge of the subject. Otherwise, just put in the required effort, and you will be good to go.