Becoming a Chartered Accountant (CA) is considered to be one of the toughest professions to crack in India. The job description of a CA has undergone a real metamorphosis owing to the rapid growth of India Inc. Today there is a huge requirement of skilled CAs who can meticulously handle accounts of an organisation. Aspirants have to go through an arduous process of training after passing different levels of the qualifying exam, the first of which is the CA-CPT. This blog post provides a snapshot of what is CA CPT Exam.
The Institute of Chartered Accountants of India is the national professional accounting body that was established on July 1, 1949 to regulate the profession of Chartered Accountancy in the country. ICAI serves as the sole accounting and regulatory body of the profession in India. In order to become a CA, aspirants have to initially breeze through the first level of the Chartered Accountancy Examination. This first level is called the Common Proficiency Test i.e. CPT.
Candidates are required to secure a minimum of 30 per cent marks in each section and minimum 50 per cent marks in aggregate in all the four sections to crack the Common Proficiency Test. CPT Exam, in paper-pencil mode, is conducted in the months of June and December. The exam is also held online periodically. Graduates, post-graduates and students having equivalent degrees are exempted from appearing for the exam. Also, commerce graduates with 55% marks and other graduates with 60% marks can get direct admission into IPCC which is the second level of Chartered Accountancy.
How to register for CA-CPT Exam?
- Students can either go to the ICAI office for submitting the application form or register online on its official website, www.icai.org.
- A copy of the class X mark sheet and a copy of a certificate that serves as birth date proof, for example the School Leaving Certificate, are mandatory.
- The registration fee is Rs 6,000 that needs to be paid by way of Demand Draft in favour of “The Secretary, The Institute of Chartered Accountants of India”, payable at Mumbai / Chennai / Kolkata / Kanpur / New Delhi.
A student has to be registered with ICAI and meet the eligibility requirements in order to apply for the CA-CPT exam. Students who have cleared class X from a recognised board can get themselves registered for the Common Proficiency Test. Post the registration, aspirants can appear in the CA CPT exam only after they have given their 10+2 exams. Those who have passed B.Com, M.Com, LLB, ICWA, CS or MBA in the first attempt are also eligible for the same.
CA-CPT Important Dates
Students who got registered for CPT 60 days prior to the first day in the month in which the CA-CPT exam is to be held, i.e. on or before 1st April and 1st October, can appear for the exam that is held in June and December respectively. The exam usually takes place on the first Sunday of the month. The last date for the June attempt is 31st March of the same year and for the December attempt it is the 30th of September of the same year.
CA-CPT demands a basic understanding of subjects like Fundamentals of Accounting, Mercantile Law, General Economics and Quantitative Aptitude. The paper comprises Multiple Choice Questions from the four subjects of the CPT syllabus.
- 60 marks are allocated for Fundamentals of Accounting
- 40 marks for Mercantile Law
- 50 marks are allotted to General Economics
- 50 marks are for Quantitative Aptitude.
1 mark is given for every right answer and every wrong answer carries a 0.25 negative mark.
Smart preparation is all that is required to nail the exam and also to excel in it. The online system of studying has transformed the way students learn. Today there are numerous e-learning portals that prepare students holistically for their exams.
Students can opt for CA CPT Test Series, available on online education platforms, to boost their preparation. Online test series provide scores of benefits to students like national-level benchmarking, detailed result analysis, entrance exam preparation tips amongst others. Aspirants also have the option to take up chapter-wise tests or full-syllabus tests as per their preparation level. Preparing online and evaluating where they stand among their peers adds a much-needed edge to the preparation.
‘Proper Preparation Prevents Poor Performance’; Remember these 5 Ps while preparing for the CPT exam. Keep in mind all the valuable information provided in this blog post, have faith in yourself and nothing can stop you from passing the exam with flying colours.