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Tuesday, 16 December 2014

Cost & Management Accountants ( CMA ) | Professional Course

Posted by Editorial Team
Course Name      :Cost & Management Accountants (CMA)
Qualification       : 12 +, Graduation+
Course Structure :Foundation, Intermediate, Final

This Article is taken from Mrs. Kum Kum Tandon's book After 10+2 And Beyond - Humanities & Commercechapter No. 7 titled Finance and Accounts


The Institute of Cost and Work Accountants is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy. Cost and Work Accountancy can be studied after +2 or after graduation with the institute.
The study goes through 3 stages - Foundation course, Intermediate course and the final course. Students must pass the exam of each stage to move on to the next. Graduates and some specified categories get exemption from the Foundation course.
ICWA foundation course
Eligibility
Admission to the foundation Course is open to students who have passed the Senior Secondary School exam under 10+2 scheme or the national Diploma in Commerce examination of the All India Council of Technical education or any State Board of Technical education under the authority of All India Council or Diploma in Rural Service examination conducted by the National Council of Higher Education. Age - 17 years.
Examination
Foundation course examination was held in June 1994 for the first time. Students on completion of the prescribed syllabus can take the examination. The completion of the foundation course entitles the student to register himself for the ICWA programme.
Direct admission after graduation
Eligibility- The following categories are exempted from the foundation course:
  • Passed foundation course
  • Graduates
  • Honours Graduates
Post Graduates or MBA's (IIM)
Engineering Graduates of a university or any of the Indian Institute of Technology or the Indian Institute of Science
hose who have passed the final examination of the Institute of Chartered Accountants of India or England and Wales, or Scotland or Ireland or the Final examination of the Institute of Company Secretaries of India
  • Section ‘A' and ‘B' Examination of the Institute of Engineers
  • Subordinate Accounts Service Examination conducted by the Central/State Governments organisations
  • Part I and II of Banking examination.
Age 18 years
Compulsory coaching
It is obligatory on part of the students to undergo and complete a course of tuition either through postal or oral teaching to take the Intermediate or Final exam. The postal coaching is conducted by the Coaching Directorate through its regional councils . Oral coaching is given at recognised centres and students may choose the centre for such tuition.
The normal period allowed for completion of postal tuition for Intermediate or Final examination is 18 months under the new syllabus. Students may be eligible for coaching completion certificate in 12 months for Intermediate or Final as a whole or 6 months for one group in Intermediate or Final. A minimum time gap of 6 months per group is required. For students who are graduates/ postgraduates the postal coaching is slightly modified. Oral coaching is also organized for those opting for this pattern of study. This is conducted in the Semester pattern.
Students enrolled from December to June can take the exam in December. While those appearing for the June exam must complete their enrollment from June to December.
Syllabus
The new syllabus focuses on knowledge of Management, Strategy, Financial Reporting & Regulatory Functions.
Foundation Course- Organisation& Management Fundamentals, Accounting, Economics, & Business Fundamentals, Business Maths & Statistic Fundamentals
Intermediate Course- Group 1- Financial Accounting & Commercial & Industrial Laws & Auditing, Applied Direct Taxation
Group 11- Cost & Management Accounting, Operation Mgmt & Information Systems, Applied Direct Taxation
Final Course Group 111- Capital Market Analysis & Corporate Laws, Financial Mgmt& International Finance, Management Accounting- Strategic Mgmt, Indirect & Direct Tax Mgmt.
Group 1V- Mgmt Accounting- Enterprise Performance Mgmt, Advanced Financial Accounting & Reporting, Cost Audit & Operational Audit, Business Valuation Management

Associateship of the Institute of Cost and Work Accountants
Students completing the Intermediate and Final exams of the Institute can apply for the associateship after they have 3 years of practical experience. This experience must cover different branches of costing or industrial accounting. The practical training can be done after the final exams or along with the study.
Fee
Registration - Rs 500/-
Postal Coaching ( compulsory) Rs 3,500/-
Oral coaching - Rs 3500)
Postal Coaching both groups - (Rs 7000)
Oral Coaching both groups- Rs 11,000Cost & Management Accountants - Study and Training
Postal Coaching both groups Rs 9000
Oral Coaching both groups Rs 14000/-

Company Secretary ( CS ) | Professional Course

Posted by Editorial Team
Course Name      : Company Secretary
Qualification       : 12 +, Graduation+
Course Structure : Foundation, Executive, Final.


Advantages or Benefits of Company Secretary Course
  • The job and career prospect for a Company Secretary are plentiful equally in private and public sector.
  • Being a key member of the organization, a Company secretary is considered to be one of the most respectable employee.
  • A Company Secretary is also compensated handsomely for the upright services provided to the company.
  • A Company Secretary can arrive at the top of the management level through experience and services. One can even reach to a Chairman or even the Director level in the company.

Eligibility Criteria for CS
The basic eligibility needed to join the Foundation course for CS is 10+2 or an equivalent course. Students from any stream, except for Fine Arts can join the CS course. Candidate who are about to pass the 10+2 course with in 6 months time can also join the Foundation course, with the proof of clearing the examination.

Admission Procedure for CS
For admission to the CS course the students initially have to fill the application form. This is available along with the Prospectus from the ICSI. The candidates who are interested to join can obtain the form by sending a Rs200/- through cash payment. They can also send a DD of Rs250/- drawn in favor of “The Institute of Company Secretaries of India”. The DD must be payable at New Delhi.

Important Dates:
The students desirous of joining the course can apply for admission to the course throughout the year. The students will have to enroll themselves with the I.C.S.I. The candidates will have to pass the Foundation examination with in the time limit of 3 years from the period of admission. The exam for the Foundation course is held in the month of December and June every year. The candidates have to register with the ICSI before 9 months prior to the exam. The bare minimum period of the course is 8 months.

Institutions and Centers offering CS program
The Institute of Company Secretaries of India (I.C.S.I) is the only single institute in India which offers the course. This institution endows the student with proper training in this core area of specialization.
List of ICSI Offices in India is as follows:- 

Headquarter :
ICSI House, 22, Institutional ARea, Lodi Road, New DElhi- 110 003.

Regional Council Centers:
EIRC, 18-A, Everest House (18th Floor), 46-C, Chowringhee Road, Calcutta-700 071.
NIRC, ICSI-NIRC Building, Plot No.4, Prasad Nagar, Institutional Area, (Behind Kalindi College), Rajindra Place, New Delhi-110 005.
WIRC, No. 13, Jolly Maker Chambers, No. 11 (Ist Floor), Nariman Point, Mumbai-400 021.
SIRC, No. 4, Wheat Crofts Road, Nungambakkam, Chennai-600 034.

International Training:
The ICSI in alliance with the Institute of Chartered Secretaries and Administrators (ICSA), London, has structured a program which allows the Company Secretaries from India to take up and complete 3 additional papers offered by ICSA. This will help the Indian professionals to get international certification and thereby increase the employment prospects abroad. The I.C.S.I also has alliances with the Centre for Corporate Research and Training in order to enhance the possibility for higher education in this field. Candidates who have completed the CS final course are allowed to take up Doctoral Research in this field at the prestigious National Law School of India University (NLSIU) Bangalore. The candidates who are interested to go further in their studies can also avail the Post-Membership Qualification Course in Capital Markets and Financial Services from the IC.S.I.

CS course curriculum
Foundation Course is an 8 month duration course, which is the initial entry level on the path of becoming a Company Secretary. The CS Foundation Course has subjects and topics which includes legal facet of taxation, labor laws etc. It also includes corporate law, accounting, auditing and also financial analysis.

The subjects of study for the Foundation Course are:
  • English and Business Communication (FCEBC)
  • Basic Economics and Business Environment (FCBE-BE)
  • Financial Accounting (FCFA)
  • Elements of Business Laws and Management
  • Information Systems and Quantitative Techniques (FCISQT)
Intermediate Course is a 10 month long course and is the 2nd level which comes after the foundation course. There is also another means by which one can enter in to the Intermediate Course with out passing the Foundation course. A candidate who is either a graduate or a post graduate or else those who have passed ICWAI or CA etc canenroll for the Intermediate course without going through the Foundation course.

Key Subjects / Topics of Study:
Group-I
  • Company Accounts and Cost & Management Accounting (ICA & CMA)
  • General Laws and Commercial Laws (IGCL)
  • Management Information Systems and Corporate Communication (IMIS & CC)
  • Tax Laws (ITL)
Group-II
  • Company Law (ICL)
  • Company Secretarial Practice (ICSP)
  • Economic, Labour and Industrial Laws (IELIL)
  • Securities Laws and Regulation of Financial Markets (ISL & RFM)
Final Course for Company Secretary is a 10 month long course. It is the last and final course in the route of becoming a Company Secretary.
In the CS Final Course, there are basically 9 subjects. These are arranged into 3 groups which include 3 papers of 100 marks each.
Group I:
  • Advanced Company Law and Practice (FACLP)
  • Secretarial Management and Systems Audit (FSMSA)
  • Secretarial Practice relating to Economic Laws and Drafting and Conveyance (FSPELDC)
Group II:
  • Banking and Insurance-Law and Practice (FBILP)
  • Corporate Restructuring-Law and Practice (FCRLP)
  • Financial, Treasury and Forex Management (FFTFM)
Group III:
  • Direct and Indirect Taxation-Law and Practice (FDITLP)
  • Human Resource Management and Industrial Relations (FHRMIR)
  • World Trade Organization-International Trade, Joint Ventures and Foreign Collaborations (FWTO)
Company Secretary Training:
A candidate who has completed the Final examination will have to undergo a practical training. This is enforced by the institution in order to provide direct experience regarding the operation of a corporate sector. These types of on hand training will help the candidates to have a strong theoretical stand and practical exposure.
The candidate who doesn’t have prior experience will have to go through an on the job training for about 15 months in a reputed company or else under the proper guidance of a practicing Company Secretary.

Exemptions provided in the course curriculum
A candidate is provided with an exemption in some of the papers in CS on the grounds of qualification:
  • Candidates who have a Master of Corporate Secretary ship, M.Com, M.B.A, B.A (C.S), B.Com, M.B.A. from a recognized university is excepted from Company Accounts and Cost and Management Accounting (ICA & CMA) paper.
  • A candidate who has a degree in Law or Master of Corporate Secretary ship is exempted from the General and Commercial Laws (IGCL)
  • A candidate who has a Master of Corporate Secretary ship is exempted from Tax Laws (ITL).
Final Course for Company Secretary (CS)
The candidates who have passed the Final examination of the ICWAI will get an exemption from the following subjects.
  • Financial, Treasury and Forex Management
  • Direct and Indirect Taxation - Law and Practice
Company Secretary Course Scope
With globalization on full spear, India is going through a massive growth. There are many new companies which are emerging in the economic scene. This will be an added advantage for a company secretary as the roles of these personals are very crucial and unavoidable .A Company Secretary provides advices on matters having legal, secretarial, and managerial importance and also on tax related matters.
A person who has done a Company Secretary Ship course can easily get employment in many of the government accounts or law departments. One can also climb the ladder and even become a Chairman or Managing Director of a Company. With the gaining of experience and skills, knowledgeable personnel’s can even reach up to be a part of the esteemed Board of Directors of a Company.
A upcoming Company Secretary can expect to kick start his career with a pay package starting from Rs.20,000 - Rs.25,000. Nevertheless for some of the candidates a monthly salary starting from Rs.10, 000 is almost guaranteed in the initial stages of their career.

Job for CS
Exposure to an in depth study and training in different fields will develop the resourcefulness of a company secretary. A Company secretary has an immense possibility of employment in various sectors like, Private companies, consulting firms, banks and other regulatory bodies.
A Company secretary is expected to understand all the relevant areas in law. Their assistance are required in administration, supervision, scheduling and general running of the company. This makes them the company’s chief administrator.
Apart from a standard employment the CS holders can also render the following Services:
  • Arbitration and Conciliation
  • Capital Market and Investor Relations
  • Corporate Advisory Services
  • Corporate Restructuring
  • Due Diligence
  • Financial Management
  • Foreign Collaborations and Joint Ventures
  • Legal, Secretarial and Corporate Governance
  • Project Planning
Some Employment Areas:
  • Banks
  • Company Law Boards
  • Company Secretary Ship Consultancy Firms
  • Departments of Company Affairs
  • Financial Institutions
  • Government Departments
  • Other Regulatory Bodies
  • Private Companies
  • Stock Exchanges
Qualities to become a successful Company Secretary:
  • Candidate must be committed and capable in writing and speaking good English.
  • A positive and moral attitude is important.
  • Diplomacy must be pursued in considering the company strategies and policy of the company.
  • Loyalty, sophistication and hardworking individuals are ordained to become successful company secretary.
Remuneration after CS
Company Secretaries are offered higher salaries when compared to other administrative staffs. The compensation and state of affairs of service depend on the qualification and skill. Some of the standard monthly earnings of a Junior Secretarial Officer will be in between Rs. 8000 to Rs 10,000 plus per month. A Company Secretary can easily demand more than Rs. 15000 plus a month in their initial career stage. This will only rise in the due course after they gain more experience and exposure in the similar field.
 

Chartered Accountancy ( CA ) | professional Course

Posted by Editorial Team
Course Name      : Chartered Accountancy CA
Qualification       : 12 + For CPT Exam, B.com(50% Up) For Direct IPCC Exam
Course Structure : CPT, IPCC, FINAL



Entry In CA :
>Through CPT Route :
(i) Enroll with the ICAI Institute for Common Proficiency Course (CPC) after passing class 10th examination
ii) Appear in CPTexamination after appearing in the Senior Secondary Examination (10+2 examination)

>Through Direct Route
Who are eligible?
I.    Commerce Graduates/Post-Graduates (55%) or Other Graduates/Post-Graduates (60%)
II.    Candidates who have passed Intermediate level examination of ICSI or ICWAI

About CPT
CPT is entry Level Examination for CA course
CPT Contains 4 Papers
CPT is objective type examination requiring student to answer 200 Multiple Choice questions (it is similar to MH-CET examination, conducted for Engineering and Medical Profession)
CPT Examination is now conducted two times a year, in June and December only

CPT – Subjects for Study& Examination Pattern
Session – I (10.30 AM to 12.30 PM)
Section  
                                Subject
 Marks
Section A
Fundamentals of Accounting
60
Section B
Mercantile Laws
40


Session – II (2 PM to 4 PM)
Section  
                                Subject
 Marks
Section C
General Economics
50
Section D
Quantitative Aptitude
50
                                 Total                                                                200
Expected Level of Knowledge : Basic Knowledge
CPT – Passing Criteria
  • Student has to obtain minimum 100 marks i.e. 50% of total Marks(200) for passing CPT
  • No Subject wise linkage for passing CPT
  • Negative marking of 0.25 Marks for every incorrect answer
  • Blank answer will fetch Zero marks
Marks Evaluation System
  • Total Mark 200 out Of 100 Mark Is Passing
  • Result: 50.00 %. PASS


CPT Registration Procedure
  • Last Date: 60 days before the first day of the month in which exam takes plac
  • 31st March for June attempt
  • 30th September for December attempt


After Passing CPT Then join IPCC

Integrated Professional Competence Examination (IPCE) - Eligibility
  • Student has passed CPT and 10 + 2 Exam or Commerce Graduates/Post-Graduates (55%) or Other Graduates/Post-Graduates (60%) or Candidates who have passed Intermediate level examination of ICSI or ICWAI.
  • Student has registered for IPCC at least 9 months before examination.
  • Student has completed a course on 100 Hours of ITT.


100 Hours Information Technology Training (ITT)
  • The student is required to undergo 100 Hours of ITT with ICAI after registration for IPCC.
  • Course materials will be provided by ICAI


 Integrated Professional Competence (IPC) Course Contain Two Groups
Group 1
Subject
Mark
Accounting
100
Law Ethics and Communication
100
Cost Accounting
50
Financial Management
50
Income tax
75
Service tax and VAT
25


Group  2
Subject
Mark
Advanced Accounting
100
Auditing and Assurance
100
Information Technology
50
Strategic Management
50
Expected Level of Knowledge : Working Knowledge
Passing % = 40% in each Subject & Aggregate 50%

 Articlship begins after passing IPCE
Final Course – Journey to destiny

Articleship
  • To begin Articleship student should pass at least Group 1 (not necessarily Both Groups) of IPCE and should have completed ITT of 100 Hours
  • The unique requirement of practical training is instrumental in shaping a well-rounded professional
  • Total Duration: 3 years
  • Last 1 year student can join for Industrial Training
  • Stipend is paid during the Articleship period


Attribute developed during Articleship
  • Inculcates a disciplined attitude for hard work.
  • Develops necessary skills in applying theoretical knowledge to practical situations.
  • Provides exposure to overall socio – economic environment in which organisations operate.
  • Develops ethical values

Articleship – Work experience
  • Accounting
  • Auditing (including internal audit, Statutory audit, Management audit,etc)
  • Taxation (Direct and Indirect)
  • Information technology
  • Management Consultancy
  • Other areas


Articleship – Minimum Monthly Stipend
NO.
City Classification
1St Year
2nd Year
3rd Year
1.
Population of 20 Lakhs & above
1000
1250
1500
2.
Population of 4 Lakhs & Above
750
1000
1250
3.
Population less than 4 lakhs
500
750
1000


CA Final Course
  • Case Study approach
  • Study at advanced level
  • Application of knowledge gathered during Articleship
  • Case laws
  • Interpretation of statutes


CA Final – Eligibility
  • Student has passed Both Groups of IPCE &
  • Student has completed 2½ years Articleship

CA Final Course Contains 2 Groups

Group 1
Subject
Marks
Financial Reporting
100
Strategic Financial Management
100
Advanced Auditing & Professional Ethics
100
Corporate Laws & Secretarial Practice
100

Group 2
Subject
Marks
Advanced Management Accounting
100
Information Systems Control
100
Direct Taxes
100
Indirect Taxes
100
Passing % = 40% in each Subject & Aggregate 50%
Expected Level of Knowledge : Advanced Knowledge
Pass Final examination & Enroll as a member of ICAI and be designated as “Chartered Accountant”.

Type of Members
  • A C A (Associate Member of the Institute of Chartered Accountants of India) 
  • F C A (Fellow Member of the Institute of Chartered Accountants of India)

Types of Certificates
  • Certificate of Membership
  • Certificate of Practice
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