Introduction: Are you a recent graduate aspiring to become a Chartered Accountant (CA)? The Institute of Chartered Accountants of India (ICAI) offers a fantastic opportunity through its Direct Entry Scheme for 2023 and 2024 graduates. We at StudyByTech provide specialized classes for students with Direct entry into CA after graduation. In this blog, we will dive into the details of this scheme, its benefits, eligibility criteria, and how you can make the most of this fast-track route to a rewarding CA career.
What is CA Direct Entry?
The Institute of Chartered Accountants of India (ICAI) offers a direct entry scheme for graduates who want to become chartered accountants. This scheme allows graduates to skip the Foundation level of the CA course and go straight to the Intermediate level.
Who is eligible for CA Direct Entry?
To be eligible for the direct entry scheme, graduates must have a bachelor’s degree in commerce or a related field from a recognized university. They must also have obtained a minimum of 55% in their graduation degree.
Students who graduate from Science and Humanities shall have at least 60% marks in their graduation degree.
For students who passed the Intermediate level of the Institute of Company Secretaries of India [ICSI] or the Institute of Cost and Works Accountants of India [ICWA],
How to register for CA Direct Entry?
After submitting adequate proof that they passed the graduation test with the required grades, final-year graduates can provisionally enroll in the Intermediate course and start articleship training. After registration, they can immediately begin articleship training.
Within six months of passing the final graduation test and completing ICITSS, the proof (Orientation Course and Information Technology) must be provided.
It has been made clear that taking and finishing the ICITSS is possible while registering provisionally. No refunds or credits will be given for theoretical knowledge obtained within the student’s provisional registration period if they fail to produce proof within that time frame. Additionally, their registration and any additional fees will be canceled.
Graduates who are eligible for the direct entry scheme can register for the Intermediate level of the CA course at any time after they have graduated. However, they must complete the ICITSS (Orientation Program and Information Technology) course before they can start their practical training.
The ICITSS course is a one-month online course that covers topics such as computer applications, accounting software, and taxation. The course is mandatory for all CA students, including those who are taking the direct entry route.
Once graduates have completed the ICITSS course, they can start their practical training. A chartered accountant oversees a three-year apprenticeship for practical training, although, for new registrations under the new scheme, students will undergo 2 years of practical training. During their practical training, students will gain hands-on experience in accounting, auditing, and taxation. After completing 9 months of practical training, students can appear in CA Intermediate exams.
Benefits of CA Direct Entry:
The direct entry scheme is a great option for graduates who want to become chartered accountants quickly. By skipping the Foundation level, graduates can save time and money. However, it is important to note that the direct entry scheme is not for everyone. Graduates who are not confident in their accounting skills may want to consider taking the Foundation level first.
The direct entry scheme is a fantastic choice to take into consideration if you are a recent graduate who is interested in becoming a chartered accountant. With hard work and dedication, you can achieve your dream of becoming a CA in just a few years.
Here are some of the benefits of taking the ICAI CA Direct Entry Scheme:
- You can save time and money by skipping the Foundation level of the CA course.
- You can start your practical training sooner, which will give you more experience in the field.
- You will be able to become a chartered accountant sooner, which will open up more career opportunities.
The ICAI CA Direct Entry Scheme After Graduation for 2023 and 2024 graduates presents an excellent opportunity to fast-track your CA journey and embark on a successful career in the field of chartered accountancy. By understanding the eligibility criteria, preparing diligently, and making the most of available resources, you can make your CA dreams a reality. If you are confident in your abilities and are willing to put in the hard work, the ICAI CA Direct Entry Scheme is a great way to become a chartered accountant in a shorter amount of time.
So, take the leap and embrace this exciting path to becoming a qualified CA!
Q.1 Is CA direct entry option good?
Yes, it is a good option for students who have graduated from the commerce stream with 55% & other streams with 60% marks.
Q.2 What is the Articleship form for CA Direct Entry?
Form 103, which is used to register for an articleship, must be submitted in triplicate, with copies going to ICAI and the CA and the article in question for their own records. Both the CA and the Article Assistant must sign Form 103.
Q.3 Does Big 4 take CA direct entry students for Articleship?
You can use the following platforms to apply for an articleship at Big4:
Websites like Naukri.com, Monster, and LinkedIn’s online job portals are official sites for the Big 4 CA firms.
References and connections: effective method.
Big4 corporations typically give opportunities to students who:
pass either both groups or only one CA group (usually on the first try) intermediate with distinction
possess excellent communication skills, self-assurance, and command of the English language.
Q.4 How many years is CA direct entry?
Under the Old scheme minimum of 3 years and in the new scheme minimum of 2 years.
Q.5 Can I study CA part-time?
Yes, you can do it by pursuing a CA articleship and alongside do preparation for CA Inter & later CA final exams. But for this, you shall be dedicated. We at StudyByTech provide both Online as well as offline classes for students so that they can study at their pace and also study at their convenient time, as we value the time of our students.