You may have heard a lot of stories about how to be a Chartered Accountant (CA). A lot of it could be family begging you not to do your CA, a complicated list of instructions, or no valuable information at all. Well, not to worry. Below you will find the EASIEST step-by-step guide as to how you can be a Chartered Accountant (CA) in Pakistan. First you need to register with the ICAP to begin your journey towards being a Chartered Accountant.
Registration This fee may be in terms of the QAT fee.
The QAT is for students wanting to join CA but who scored in the 50-60% bracket for their intermediate.
The candidates passing QAT shall be required to enroll for PRC within twelve months, otherwise they shall be required to retake QAT. The QAT is offered every quarter. According to the new scheme, we will know more when the implementation starts in around March 2022.
Due to the new initiation of the QAT, a fee structure has not been announced, according to the new scheme.
The QAT assesses candidates in English, Mathematics and Analytical Reasoning. It is to be a computer-based test, unless circumstances require a different mode for which the Head of Directorates of Examinations and Education and Training shall have the power to make a decision.
The PRCs require a 60% and above competency.
You have to complete your PRCs in 15 months. The exams are held monthly. If you are enrolled, you will be required to clear assessments of a minimum of three areas in maximum twelve months from the date of first attempt of PRC, then will have three additional months for clearing assessment of the remaining two areas. First attempt of assessment, though, can’t be earlier than three months from the date of enrolment for the PRC.
PRC is a new section, before, there was only the AFC. The AFC registration fee was 19,200PKR. The PRC registration fee has not been announced yet according to the new scheme.
The exams for the PRC take place around every month, but this information can be re-confirmed at your preferred/required institution.
The PRC Courses are as below:
According to the ICAP new scheme, PRC 3 & 4 were CAF (Certificate in Accounting and Finance) subjects but are now included in the PRC instead.The first attempt of assessment shall not be earlier than three months from the date of enrolment for PRC assessments. This condition does not apply to the First PRC exam under the new education scheme 2021.
After clearing your PRC’s, you will be registered as a full-time student. You will be provided with a CRN i.e. Centralized Registration Number. This will be your roll number and will be crucial for the rest of your degree and examinations.
Eligibility: You need to have been PRC-qualified to be eligible for the CAF.
Duration: The next 4 years, you will be studying to receive your CAF i.e. Certificate in Accounting and Finance.
Fee Structure: The fee structure can be found below in the table.
CAF Examination (PKR) | Remote Proctoring | Centerbase |
1 paper | 4200 | 4500 |
2 papers | 7000 | 7500 |
3 papers | 9800 | 10500 |
4 papers | 12600 | 13500 |
5 papers | 15400 | 16500 |
Writing Skill Test | 1900 | 1900 |
Exam Details:
You have to qualify for at least two exams, then you can do group B exams.
CAF-1 Financial Accounting and Reporting-I
CAF-2 Tax Practices
CAF-3 Cost and Management Accounting
CAF-4 Business Law
CAF-5 Financial Accounting and Reporting-II
CAF-6 Managerial and Financial Analysis
CAF-7 Company Law
CAF-8 Audit and Assurance
Passing your PRC and CAF exams guarantees your CA Inter Certificate. After your CA Inter certificate, you will do an articleship for 3.5 years at a selected firm as a trainee.
Eligibility: You need to have your CA Inter certificate or be CAF-qualified to be eligible for the CFAP. You also need to be registered as a trainee at a firm to begin this level.
Duration: 12 months after starting your articleship you need to give your first CFAP paper. You need to finish 4 CFAP papers within ten years if you want to start your MSA. The exams are twice a year, in June and December.
Fee Structure: The fee structure can be found below in the MSA fee structure section.
Exam Details: CFAP -1 Advanced Accounting and Financial Reporting
CFAP -2 Advanced Corporate Laws and Practices
CFAP -3 Strategy and Performance Measurement
CFAP -4 Business Finance Decisions
CFAP -5 Tax Planning and Practices
CFAP -6 Audit, Assurance and Related Services
Eligibility: You need to be
Duration: There’s no time limitation for the MSA.
Fee Structure:
CFAP & MSA Examination (PKR) | Remote Proctoring | Centerbase |
1 paper (CFAP) | 8700 | 9300 |
For each additional paper | 3400 | 3650 |
Multi Subject Assessment (one paper only) | 12300 | 13200 |
Multi Subject Assessment (two papers) | 18600 | 20000 |
Annual subscription fee | 2000 | 2000 |
Details: You are to do two exams, as listed below:
MSA-1 Financial Reporting and Assurance Professional Competence
MSA-2 Management Professional Competence
These exams take place in June and December.
Eligibility: The PPE and MS Office courses need to be completed from before training on your CAF basis to any time before attempting MSA by joining training on CAF basis. Also, any time before attempting MSA when joining training for graduation.
Duration: The hands-on courses on Data Management and Analytics or Fin-Tech though can be completed any time after PRC and before attempting MSA by any Institute or any other party as approved by the Institute (RATES).
Fee Structure: This course is newly-initiated. The fee structure according to the new scheme has not been announced.
Details: There are three hands-on courses, unless exempted and subject to transition under these Regulations, to be completed at various stages of qualifications as follows:
(a) Presentation and Personal Effectiveness (PPE)
(b) MS Office
(c) Data Management and Analytics; or Fin-Tech
Course on Professional Values, Ethics and Attitude (PVEA)
Eligibility: The TO will issue the Forms O and S after successful completion of the PVEA course.
Duration: The trainee student is to complete an online course on PVEA twice, before issuance of Form O and before issuance of Form –S.
Fee Structure: This course is newly-initiated. The fee structure according to the new scheme has not been announced.
Details: The course is to help students apply professional values, ethics and attitude in accordance with the requirements of International Education Standards issued by IAESB of IFAC.
Generally, you would join a company for various jobs. You would then be titled an Associate Chartered Accountant (ACA) after you qualify for CA, and a Fellow C
hartered Accountant (FCA) member of the ICAP in 10 years.
Hopefully this step-by-step guide was helpful in truly understanding all it takes to become a chartered accountant. What more do you want to know? Let us know in the comments box or on our social media platforms.