Chartered Accountancy is a popular and challenging career option available in front of Commerce stream students. Technically, students from any stream- Science, Commerce or Arts- are eligible to pursue CA course and become a Chartered Accountant! In this article, we will be focusing on the CPT exemption rule.
If you are looking for answers to questions such as- ‘Which group of students are exempted from CPT?’ or ‘Can I directly join IPCC course?’ etc, you sure know couple of things about the structure of CA course! Still, I’ll run through the basic details for the sake of my readers.
CA course can be divided into three levels-
- CPT (Common Proficiency Test)
- IPCC (Intermediate Professional Competence Course)
- Final course
CPT is like a proficiency test. It is the entry level test. Only after clearing CPT stage, one will be able to progress and take up IPCC course. But certain group of applicants are exempted from qualifying the CPT level. Such applicants can directly take up IPCC course. Who are exempted from qualifying CPT, you might ask. Well, they are Graduates and Post Graduates who satisfy and meet certain criteria. The criteria have been discussed in detail below-
Who are exempted from qualifying the CPT?
According to ICAI.org’s websites-
Students who are Graduates/ Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total or its equivalent 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 or other than those falling under Commerce stream having secured in aggregate a minimum of 60% of the total marks or its equivalent grade in the examination conducted by any recognized University (including Open University) and Candidates who have passed the Intermediate level examination conducted by The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India are exempted from qualifying Common Proficiency Test. Such students can directly register to the Intermediate (IPC) Course, which is the first stage of theoretical education.
Students who are pursuing the Final year Graduation Course can also register for the Intermediate (Integrated Professional Competence) Course on provisional basis and such students, registration would be regularised and they can commence articled training only on submission of satisfactory proof of having passed the Graduation examination with the specified percentage of marks within six months from the date of appearance in the final year graduation examination. During the provisional registration period, a student can undergo and complete Information Technology Training (ITT) and Orientation Course. If such student fails to produce the proof within the aforesaid period, his provisional registration shall stand cancelled and the registration and other fees, as the case may be, paid by him shall not be refunded/ adjusted and no credit shall be given for the theoretical education undergone.
Why are they exempted?
CPT is like a proficiency test. It is used to gauge the aptitude of a candidate. This test, to an extent, can be used to determine whether a candidate has that general aptitude to become a CA. Now, Graduates and Post graduates with the above mentioned subjects do have the required knowledge and aptitude regarding important subjects present in CA training. Hence it is not mandatory for them to go through CPT test.