One of the most rigorous professional courses in India, only about 8%-10% of the students passes out each time. At Wisdom Academy, our aim is to make this journey smoother for our candidates. The examination is divided into three levels, which are:
The four subjects at this stage are:
1. Fundamentals of Accounting
The main topics covered are accounting concepts, standards, policies and frameworks, accounting processes, bank reconciliation statements, depreciation accounting, inventories, accounting for special transactions, introduction to company accounts, partnership accounts and preparation of financial accounts for sole proprietors.
The main topics covered are micro economics, the theory of demand and supply, production and cost, Indian economy, price determination in different markets, money and banking, economic reforms in India.
3. Mercantile Laws
Students go through The Indian Partnership Act, 1932, The Indian Contract Act , 1872 and The Sale of Goods Act, 1930.
4. Quantitative Aptitude
This paper deals with the basic concepts of mathematics and statistics and the application of the same as quantitative tools.
Students can take this up only after successful completion of CPT.
Graduates with more than 55% marks have been exempted from appearing for CPT and can directly apply for IPCC.
It consists of a study period of nine months.
There are seven subjects which are again divided under two groups, which are:
- Company law, Other law and Ethics
- Cost Accounting
- Direct Taxation
- Advanced Accounting
- Auditing and Assurance
- Financial Management
- Indirect Taxation
Students need to score 40% for each subject in order to pass and get an aggregate of 50% in each group. Teachers and mentors at Wisdom Academy provide constant support and tips apart from regular practice sessions to make sure this is possible with ease.
Undoubtedly, the final examination of the CA course is one of the most difficult exams in the world.
Applicants need to have passed both groups of the IPCC during the final six months of their articleship to become eligible for the finals.
Students will find that subjects here are divided into two groups of four each, such as:
This is an advanced course of study where students learn to analyse financial statements, gather knowledge about recent changes and development in the field of financial reporting and develop the ability to solve cases of financial and valuation reporting.
This paper teaches students to take strategic decisions based on financial management theories. Some of the topics covered are financial policy and corporate strategy, dividend decisions, security analysis, financial services in India, money market operations, etc.
Through this course students gain expert knowledge regarding the present day practises of auditing. They study about professional ethics, audit of limited companies, special audit techniques, internal audit management and operational audit and more.
This paper enables students to be able to analyse and apply the different aspects of the Companies Act wherever an appropriate situation arises.
The paper teaches about cost management, cost volume profit analysis, pricing decisions, budgets and budgetary control, transfer pricing, standard costing and variance alliance, cost management in service sector, financial decision modelling and more.
As computerised information systems are all that if left, students find this paper extremely useful when they start practising. Some of the topics covered here are information systems concepts, control objectives, risk assessment methodologies and applications, audit test of general and automated controls, etc.
The two main areas of study under this paper are The Income Tax Act and The Wealth Tax Act.
Under Indirect Tax Laws, a student will get to know about Central Excise, Service Tax and Vat and Customs.
The passing grade for the finals is the same as IPCC. The CPT exams take place in June and December, while the IPCC and the finals in May and November every year.