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Chartered Accountant (CA) Foundation

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Chartered Accountants are regarded as one of the highest paying career professionals in India.


The Chartered Accountant (CA) Foundation Chartered Accountants are regarded as one of the highest paying career professionals in India.

There is a good demand for Chartered Accountancy professionals in India within private as well as public organizations. A qualified CA is hired to deal with the account details of an organization. They also help in solving disputes and preventing bankruptcy. If you are planning to pursue this career then it is a better idea to start after class The interested candidates can find the Chartered Accountancy course details along with Chartered Accountant salary and jobs of CA in this article.

ICAI has notified the new syllabus for the CA Foundation course on July 1, 2023.

ICAI has released the CA Foundation 2023 syllabus for May and November exams. Before appearing in the CA exam, the students must know the subjects and its objective.

The Chartered Accountancy Institute has introduced a drastic change in the CA curriculum. The new CA CPT Course replaces CPT (Common Proficiency Course) with CA Foundation Course in India.

The main motto behind introducing the CA foundation is to make the entry-level more difficult than earlier. ICAI is taking a new initiative to create more efficient Chartered Accountants by implementing the CA Foundation in place of CPT.

Read the below article to get a detailed overview of CA, CA Foundation Syllabus 2023 and, CA Foundation Subjects 2023.

What is Chartered Accountancy?

Chartered Accountant is a designation that is given to a professional of accounting who has received certification from a statutory body that states he/ she possesses the necessary qualifications to take care of the matters related to accounting and taxation of a business. These matters include tax returns, maintaining records of investments, auditing financial statements and business practices, and preparing and reviewing financial documents and reports. A Chartered Accountant is also qualified and capable of offering advisory services to clients that comprise companies and individuals.

ICAI conducts the CA Foundation examination. CA foundation syllabus is divided into 4 subjects. CA foundation paper pattern consists of 4 papers conducted by the ICAI of 100 marks each. The CA foundation paper pattern is objective and subjective type. There is also a negative marking for subjective-type questions. ICAI Conducts the CA Foundation Examination in both English and Hindi Medium.

Appearing students have to score 40% mark in each subject along with a 50% aggregate score to get qualified for the CA Intermediate/IPCC examination.

After the CA CPT examination, there is an enormous change of subjects done by the ICAI for the CA Foundation Examination.

The first paper in CA Foundation is Principles and Practices of Accounting ( CA Foundation Accounts) which is replacing Fundamentals of Accounting, and the second paper is Business Laws and Business Correspondence and Reporting in which a new subject General English has been added. The above two papers are subjective in the CA Foundation exams. However, the third paper is Business Mathematics, Logical Reasoning and Statistics and paper four is Business Economics and Business and Commercial Knowledge, in which Business and Commercial Knowledge has newly added. The last-second papers are objective the same as earlier.

CA Foundation Subjects 2023

Below are all the subjects for the CA Foundation Examination. Students should know all the CA Foundation subjects well.

  • Principles and practices of Accounting(100 Marks)
  • Business Laws and Business Correspondence and Reporting (100 Marks)  
  • Business Mathematics and Logical Reasoning and Statistics. (100 Marks)
  • Business Economics and Business and Commercial Knowledge (100 Marks)

ICAI CA Foundation Marking Scheme 2023

Total marks- 400. Papers 1 and 2 are subjective and Papers 3 and 4 are Objective type. In an objective question, 0.25 marks will be deducted for each wrong answer. It is mandatory to score a minimum of 40% marks in every subject and a minimum of 50% of the agCA Final/Inter November 2023 will be held from November 2 to 17. Whereas the CA Foundation exams will be held from December 24 to 30, 2023.gregate of marks in all subjects.

Important Points to Remember for CA Foundation Examination

The ICAI is responsible for conducting the CA Foundation Examination. There are a total of 4 subjects in the CA Foundation. The Examination is conducted twice a year. CA Final/Inter November 2023 will be held from November 2 to 17 whereas the CA Foundation exams will be held from December 24 to 30, 2023. The Paper pattern is subjective and objective. There is a negative marking in the CA Foundation objective section.

CA Foundation is the first milestone for the class 12th students. Students should know detail about the CA Foundation examination. After successful registration of the CA Foundation students can check the CA Foundation Syllabus and Subject. Students must know the proper CA examination pattern along with the marking scheme before appearing in the examination.

The CA foundation preparation tips for the upcoming exam in November 2023 are as follows:

  • Prepare a Time-Table: The first step before starting studies is to prepare a timetable. It should be effective but more importantly, it should be feasible.
  • Make Short Notes: Handwritten notes help in learning. These short notes can be used for quick revision during exams.
  • Practice maths daily: Regular maths practice is recommended for better calculation speed to perform well in the exams.
  • Focus on Logical Reasoning and Statistics: Non-Commerce Maths students should focus on these subjects if they are not able to score well in maths.
  • Mock Test: Regular mock tests are essential for mistake analysis and help in preparing better for the main examination. Mock tests deliver an idea of how to approach final exams.
  • Study regularly: Don't wait till the end to prepare. Study regularly to increase your speed and complete the course on time.

 

Chartered Accountancy (CA) Eligibility Criteria

Candidates before registering for the CA Foundation exam 2023 should ensure that they fulfill the eligibility criteria of the CA Foundation. ICAI had made some provisions in 25 E,25 F, and 28 F of the CA regulations that permit candidates of class 10 to get admission through a provisional route. The eligibility criteria for CA Foundation 2023 are given below:

  • Age Limit: There are no age limit restrictions for candidates who want to apply for the CA Foundation exam.
  • Education qualification: Educational qualifications guidelines set by ICAI are:
  • Candidates who have passed the Class 10 examination from the state or central government board or an equivalent examination can apply for the CA Foundation exam. However, these candidates can only take provisional admission that will be regularized after clearing the Class 12 exams.

  • Candidates appearing in Class 12 or who have already passed the exams can register for the CA Foundation exam.

  • Candidates who have passed Class 12 with a minimum of 50 percent marks can register.

Time Duration and Registration

Candidates can register for the existing scheme of the CA Foundation till July 1, 2023. The last exam under the CA Foundation's existing scheme will be held on December 3, 2023. CA Foundation registration for the new scheme of education will start on August 2, 2023.

CA Foundation eligibility criteria - Exemptions

ICAI has specified certain exemptions for some candidates and they don’t need to appear in the CA Foundation exam. Instead, they can register themselves for the second-level CA Intermediate course.

CA Foundation exemptions

Criteria

Exemption

UG & PG candidates

Candidates with an aggregate of 55% marks in graduation or pg in commerce stream or equivalent from a recognized university

NIOS

Undergraduate or pg candidates who have passed out from open university

Non-commerce

Candidates with bachelor’s or master’s degrees in a discipline other than commerce. They must have secured a minimum of 60% or equivalent marks from a recognized university

 

CA Foundation Course Papers

 

Paper

Subjects

Sections

Paper 1

Principles and Practice of Accounting

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Paper 2

Business Laws and Business Correspondence and Reporting

Section A: Business Laws

Section B: Business Correspondence and Reporting

Paper 3

Business Mathematics and Logical Reasoning and Statistics

Part 1: Business Mathematics and Logical Reasoning

Part 2: Statistics

Paper 4

Business Economics and Business and Commercial Knowledge

Part 1: Business Economics

Part 2: Business and Commercial Knowledge

 

CA Intermediate Paper Groups

 

Group 1

Paper 1: Accounting

Paper 2: Corporate and Other Laws (Part 1- Company Law, Part 2- Other Laws)

Paper 3: Cost and Management Accounting

Paper 4: Taxation (Section A- Income Tax Laws, Section B- Indirect Taxes)

Group 2

Paper 5: Advanced Accounting

Paper 6: Auditing and Assurance
Paper 7: Enterprise Information Systems and Strategic Management

(Section A- Enterprise Information Systems, Section B- Strategic Management)
Paper 8: Financial Management and Economics for Finance

(Section A- Financial Management, Section B- Economics for Finance)

CA Final Course Papers

 

Group 1

Paper 1: Financial Reporting

Paper 2: Strategic Financial Management

Paper 3: Advanced Auditing & Professional Ethics

Paper 4: Corporate & Economic Laws (Part 1- Corporate Laws, Part 2- Economic Laws)

Group II

Paper 5: Strategic Cost Management & Performance Evaluation

Paper 6: Elective Paper

List of all Elective Papers:

6A- Risk Management

6B- Financial Services & Capital Markets

6C- International Taxation

6D- Economic Laws
6E- Global Financial Reporting Standards

6F- Multi-disciplinary Case Study

Paper 7: Direct Tax Laws & International Taxation (Part 1- Direct Tax Laws, Part 2- International Taxation)

Paper 8: Indirect Tax Laws (Part 1- Goods & Services Tax, Part 2- Customs & FTP)

 

CA Salary and CA Job Prospects

CA.s are in great demand within auditing firms, banks, finance companies, stock broking firms, legal firms, etc. Salary options are not bright during article ship but candidates can expect a good salary after completing the course.

The average starting salary of a CA varies from Rs. 4 to 6 lakh per annum after completing the final course. The salary of a CA depends on the city and company he/ she gets employed with.

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