What is ICAI India? Function, Feature & Benefits

What is ICAI India

Updated on 13 Oct, 2023

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What do ICAI do?

Institute of Chartered Accountants of India (ICAI) is responsible for the Standards on Auditing (SAs) applied for the Indian financial statement. It was established by an Act of Parliament to regulate the profession of Chartered Accountancy in India, the institution is under the umbrella of the Ministry of Corporate Affairs.

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What is ICAI exam?

The ICAI exam is conducted by the Institute of Chartered Accountants of India (ICAI) to qualify chartered accountancy.
The pass rate for the final level of the exam is only 3% to 8%. However it gives a great career boost for those who succeed in passing it as self-employed financial professionals or joining a leading financial institution.

How much does a CA earn per month in India?

The average monthly salary for fresh CA professionals can be as high as Rs 1,00,000 depending on skills and proficiency, The salary is considered higher than the average paid salary for Indians.

How can I become a CA ICAI?

To enrol for the Chartered Accountancy course the applicant must have passed his/ her higher secondary examination. To qualify the Chartered Accountancy course the applicant or student must pass all the 3 levels. The entry-level is the Commom Proficiency Test followed by the next level of Integrated Professional Competence Course IPCC. Before appearing IPCC the student must pass the CPT Common Proficiency Test.

After passing the first Group of IPCC the student may become himself/ herself for an article assistant under a practitioner of Chartered Accountancy. The articleship must be continued for 3 years from the date of joining the articleship. However, the student may appear for the final examination after completing 30 months of articleship. On passing the Final Examination and Articleship the student qualifies and becomes a Chartered Accountant. However, the student must also complete the practical training of the Information Technology and General Management and Communication Skills.

How many years is the CA course?

You can apply for the course after passing your Higher Secondary Examination i.e.Class XIIth. In this case you need to pass each of the 3 levels of examination i.e. Commom Proficiency Test, Integrated Professional Competence Course IPCC, and Final Examination. To clear all these 3 levels you need 4.5 years including 3 years of articleship. However, if you join the CA course after completing your graduation then you are exempted from the Commom Proficiency Test. You need to appear and clear the Integrated Professional Competence Course IPCC. Hence, under the direct route it takes 3.5 years ideally.
However, due to the low passing rate a student may have to reappear for the failed examination and due to this the duration might get extended.

Who is the richest CA of India?

The richest CA of India is Kumar Mangalam Birla, University of Bombay Institute of Chartered Accountants of India, he is the chairman of Aditya Birla Group and Vodafone Idea Limited and his net worth is 13.7 billion USD as of June 2021.

Can CA earn in crores?

The average salary for a Chartered Accountant differs on the basis of the level of experience, expertise, field, and skills. A fresher Chartered Accountant may earn on an average Rs 9 lakhs to 12 lakhs per annum. Multiple factors contribute to the promotion and hike. While earning a crore for a Chartered Accountant might sound difficult to be achieved but it can be achieved. A Chartered Account with an experience and level of expertise of more than 15 years to 20 years may earn in crores being a top-level position in a top-ranked organization.

Which is better PHD or CA?

There is no point of comparison between CA and a Ph.D., though a Ph.D. might sound appealing, the CA certificate is globally recognized and it can open many opportunities in several industries, the course is extensive and covers a wide range of financial aspects, moreover, number of certified CA persons is relatively low compared to market demand.

How many CA are selected every year?

To qualify as a Chartered Accountant an applicant or student must pass all the 3 levels of the CA examination. The final examination consists of 2 groups. Once, the student clears both the groups he/ she qualifies for the course. The exam is held twice a year. Each term approximately 60,000 to 70,000 students appear for the final examination (single group and both groups combined). Due to the robust and wide curriculum of the course, only 3% – 8% pass the final examination each year. As of 1 April 2019, the Institute has 2,91,698 members out of which 1,92,857 are associates and 98,841 are fellows. Moreover, to qualify for the examination a student needs absolute dedication, consistency, and confidence.

Who is the first CA in India?

The first chartered accountant in India was Shri G.P Kapadia, he was awarded the CA certificate in 1949.

Is CA a stressful job?

CA Chartered Account is a qualification and it is not a job. A Chartered Accounts works in multiples sub-categories of finance, such as controllership, business finance, investment banking, etc. Since finance involves money matters of an organization or individual the responsibility is relatively higher than other fields in the industry. Hence, in a way, we may say that the job a CA does requires acute attention. However, it is not stressful for everyone involved. It depends on the position an individual holds in an organization, the type of work and responsibilities, and how an individual perceives the complexities of his/ her work.

Who Earns More CA or MBA?

A Chartered Account and an MBA, may have similar or different roles and responsibilities in an organization. Moreover, the expertise, interest, qualification for the same job differs from one person to another. There is no fixed rule that may define the earning of a Chartered Account or an MBA. there isn’t a straightforward comparison or an answer to such a question. While opting for any of the 2 career options solely must depend on the student’s passion and vision. In today’s fast-paced world an individual’s hard work, passion, and, cleverness.

What is the age limit for CA?

Although there is no age limit for obtaining CA. It is recommended to apply for it at an early stage of your career in order to give a boost to your future opportunities. Preferably after completing your higher secondary education. Also, since the program’s duration is 5 years with a maximum number of 10 attempts, this might not be beneficial if you start at a late stage of your career.

Who is the youngest CA in India?

The Youngest CA India is Nishchal Narayanam, he is well known in India for having a record of obtaining the CA at the age of 19 being the youngest ICAI member.