Chartered Accountancy: An Introduction

CA is a qualification that empowers to lead. CA Pakistan is regulated in Pakistan by a nonprofit organization known as ICAP (Institute of chartered accountants of Pakistan). CA is a certification not a degree but has much more worth than a degree. CA Professionals are on top positions in multinational and many other FMCG industries and governmental and non-governmental organizations as well.

Chartered Accountants are seen on different departments in firms, their field of work is in departments like audit, taxation, legal, accounts, banking etc. CA has a fast career growth.
  
                      
CA in Pakistan

ICAP follows a Module System, there are FOUR Modules/LEVELS namely:
1.      AFC (ASSESSMENT OF FUNDAMENTAL COMPETENCIES)
2.      CAF (CERTIFICATE IN ACCOUNTING AND FINANCE)
3.      CFAP (CERTIFIED FINANCE AND ACCOUNTING PROFESSIONAL)
4.      MSA (MULTI SUBJECT ASSESSMENT).

The Level 1 consists of four papers;

AFC-1   Functional English
AFC-2   Business Communication
AFC-3   Quantitative Methods
AFC-4   Intro to Information Technology

Level 2 consists of 9 papers and a certificate course offered by RAETS(Registered Institute) Certificate in Accounting and Finance (CAF)

CAF-1   Intro to Accounting
CAF-2   Introduction to Economics & Finance
CAF-3   Business Law
CAF-4   Business Management & Behavioral Studies
CAF-5   Financial Accounting & Reporting-I
CAF-6   Principles of Taxation
CAF-7   Financial Accounting & Reporting-II
CAF-8   Cost & Management Accounting
CAF-9   Audit and Assurance
PCSC I & II       Presentation and Communication Skills Course

CA Final

Level 3 CFAP - Certified Finance and Accounting Professional consists of 6 papers;

CFAP-1                     Advanced Accounting & Financial Reporting
CFAP-2                     Corporate Laws
CFAP-3                     Business Management and Strategy
CFAP-4                     Business Finance Decisions
CFAP-5                     Advanced Taxation
CFAP-6                     Advanced Audit and Assurance

Level 4 MSA - Multi Subject Assessment are last two examinations by ICAP after which one is considered as a QUALIFIED Chartered Accountant

MSA-1                      Financial Reporting Professional Competence
MSA-2                      Audit Professional Competence

In addition to this one has to complete a mandatory training i.e. articleship while having done CA intermediate, from a firm or industry. This training is of 3.5 years and includes dealing with multiple number of clients.

Eligibility Criteria

THERE are two main routes to entry in CA

1.      As a FULL TIME Student

Intermediate level of education with minimum 45% marks (HSSC – 12 years education)
or Advanced Level with minimum two subjects pass.
There is no requirement of any PARTICULAR background so any student can opt for Chartered Accountancy be it medical, engineering or commerce student.

2.      As a TRAINEE Student

Minimum requirement is of graduate i.e. bcom, bba, mba etc, also other professional accountancy students such as acca,cima,icmap etc.