The much awaited notification for the graduates and post-graduates regarding direct entry in chartered accountancy course without appearing in CPT is announced today by ICAI.
The main feature of this new announcement from ICAI is that there is no need to appear for CPT (Common Proficiency Test) if you are a graduate in any discipline with some minimum marks or if you have passed some specific exams like intermediate of CS or CWA Course.
This is a great news for aspiring CA students who wish to be a Chartered Accountant but somehow misses the CPT exam. According to this latest notification from ICAI, following candidates are exempted from appearing for CPT:
- Any Graduate or Post Graduate in commerce having secured minimum 55% marks by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting.
- Any Graduate or Post Graduate other than those referred above, having secured minimum of 60% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University).
- Intermediate Pass of CWA / CS Course.
Note that you can get provisional registration to appear in the Intermediate (Integrated Professional Competence)* Examination when you are in the final year of your graduation course. The provisional registration will be confirmed once you submit the proof of your passing of the final year if your graduation course. You must send the confirmation withing the 6 months of provisional registration for the Examination.
Also even if you are exempted from passing the Common Proficiency Test or CPT, and got enrolled for the Intermediate (Integrated Professional Competence) Course, you still need to complete nine months of practical training to be eligible to appear in the exam.
We will publish more details about how to get direct entry into CA without appearing for CPT examination on theCAStreet on 16th August once we get more details from the institute. If you are a Chartered Accountancy Student or a CA, subscribe to theCAStreet and like our Facebook page to get latest updates instantly.
* Note that according to the new notification, the term PCC Exam / Course is now changed to Intermediate (Professional Competence) Examination and the term IPCC Exam / Course has been changed to Intermediate (Integrated Professional Competence) Course.
Update: Full details about direct entry to CA course without appearing for CPT and transition scheme for existing CA students is now available here.