4 August 2012

Career in Chartered Accountancy in Pakistan

All the matters related to chartered accountant and their firms are deal with through Institute of Chartered Accountant of Pakistan (ICAP). This body was established in Pakistan in the year 1961 through an ordinance and is responsible to regulate matter related to the education, training, and examination of CA profession. Chartered accountancy firm are mandatory to be registered with the ICAP. A CA firm actually is a financial entity providing services of accounting. A CA firm provides auditing services and gives professional guidance and advices to the companies and firms.

Candidates who want to enter into this lucrative profession have two routs to start this career namely Module Scheme and Training Scheme.  In Module Scheme students having 45 % marks in the Intermediate examination have to pass PPT (Pre-entry Proficiency Test) and then start studying privately or in RAETs. During this period he has to pass Module A to D and after completing of 3 years of training he has to pass module E and F to become a Chartered Accounted (CA).

In Training Scheme, students having 2nd division in graduation or professional qualification like ACCA, ICMA, and CMA have to pass PPT after which module A to F must be passed during training.  Subsequently students have to complete 3 years training period after which CA degree is offered.

Pre-entry Proficiency Test (PPT)

Pre-Entry Proficiency Test (PPT) is compulsory for acquiring CA qualification except those who are exempt from PPT.

Eligibility for PPT


HSSC with at least 45% marks;
A-Level with minimum two passes;
Graduation with 2nd Division

Exemptions from PPT

HSC with at least 60% marks
A-Level with minimum two Cs
Graduation with 1st Division

Post graduation

For Quality Students
Brilliant and intelligent students are encouraged to pursue Chartered Accountancy as a profession and exemptions are allowed to Quality Students at entry level.

Chartered Accountants work for large and small firms that offer fee earning advisory and management services to a variety of clients and businesses in the industrial, commercial and non profit sectors. They audit the accounts of these clients and businesses and can also be involved in specialist areas of financial advice such as tax. Chartered Accountants are also employed in commercial organizations, banks, and the private and public sectors. The profession of Chartered Accounting is the collection of education, training and experience. In this field more importance is given to experience than any other profession.  Chartered Accountant jobs in Pakistan can be seen in Pakistan national newspapers regularly.

To become a Chartered Accountant you need to be motivated, possess analytical skills, numerical ability, a keen sense of what is going on in the world of business and finance, and personal qualities such as reliability and discretion. You will be required to study business and corporate finance, economics, auditing, taxation, management and information systems.

Why Choose a Career in Accounting in Pakistan

Chartered Accountancy is a rewarding career and there are excellent prospects for employment in audit firms as well as in local companies, multi-nationals, and local and foreign banks. The profession has stood the test of time, and career opportunities for Chartered Accountants are unfolding as corporations increasingly realize the importance of professional values, ethics and good governance.

Why Choose ICAP

The Institute of Chartered Accountants of Pakistan (ICAP) is a professional body of Chartered Accountants in Pakistan, and represents accountants employed in public practice, business and industry, and the public and private sectors. The Institute is a member of the International Federation of Accountants (IFAC) which is the global organization for the accountancy profession. “ICAP has approx. 4,000 members who are currently working in 35 countries worldwide. With thousands of students joining our prestigious fraternity, we offered approx. 300 ambassadors to the local and international market in the year 2006.” The transformation to global financial reporting standards requires the internalization of new values and attitudes. At ICAP we realize that education is critical and holds together the centrifugal forces that continue to pull us towards diversification, yet persuade us to retain our distinctive identity. The head office of the Institute is housed in its own premises in Karachi at Teen Talwar, Clifton with regional offices in Islamabad, Lahore, Multan and Faisalabad.

Career  Opportunities in Chartered Accountancy?

Highly Rewarding

Chartered Accountancy is a highly rewarding field. Not only are our ambassadors earning the highest salaries in the market but also high level prestige and respect. Salaries of other professionals generally end where the salaries of Chartered Accountants start. Additionally as auditors you would be expected to offer a number of accounting and audit solutions, implement standards and practice business ethics that fuels your self-respect.

Top Management

Unlike yesteryears when Chartered Accountants were considered as backroom clerks with their heads buried in the books of accounts; today our professionals are leading the market as frontline managers. The incorporation of the technical and management skills in both our academic and training curriculum has brought Chartered Accountancy out from behind the stage to the front as CFOS, CEOs, Company Secretaries and Department Heads.

Mobility

Chartered Accountancy is marking its own borders. You study here and practice your qualification in any country of the world. Currently 24% of our Chartered Accountants are setting examples of best professional practices in 35 countries of the world. Even switching organizations is frictionless so you may start in the public sector or business and later join any banks, financial institutions or trade.

Training

The true essence of the Chartered Accountancy qualification that sets us apart and adds value to our qualification is its well regulated training program; that allows a student to learn and implement his knowledge at the same time.        

Equivalent to M.Com

The Higher Education Commission has accepted the Chartered Accountancy qualification as equivalent to the degree of Masters in Commerce. So all our candidates with dreams of studying further in specializations may do so on such basis.

Rapid Growth

The field of Chartered Accountancy offers rapid growth to its professionals. With the increase in economic activity, the demand for Chartered Accountants is increasing in all market sectors may it be industry, trade, financial institutions or banks; even in sectors like education and social welfare our ambassadors are setting unique practices of integrity and professionalism.


Business Qualification

Initially Chartered Accountants were believed to be experts with knowledge of only accountancy and audit but their scope in business has now been changed. The Institute has tailored its syllabus to incorporate a combination of technical and management skills, keeping in view the latest developments in the accounting profession worldwide. Thus our professionals are not just experts in the fields of Accounts and Audit but are also well-aware of the latest business practices in the fields of information technology, law, tax, marketing, human resource management etc.

Most Economical Qualification

The Institute offers the lowest admission costs. Not only this, but during Chartered Accountancy students join training and are paid stipend that serves as a decent pocket money so that at the end of the day the student may incur his own expenses.

Private Practice

So one fine morning it suddenly dawns upon you that being an employee is not your cup of tea. Well, your route is very simple! You can open your own practice and be your own boss!

Details of Exemptions for HSSC Candidates:  

a. Exemption from classes of A1, A2 and B3    

Eligibility Criteria: Minimum 70% marks in aggregate; and
Minimum 60% marks in relevant papers (A1, A2 and B3) in which the candidate has appeared.

b. Exemption from specific paper(s) - A1, A2 and B3   

Eligibility Criteria:
Minimum 70% marks in aggregate;
Minimum 60% marks in relevant papers in which the candidate has appeared;
Minimum 75% marks in relevant paper(s) from which the candidate is seeking exemption; and 70% match of course content of relevant paper(s).

Exemptions for 'A' Levels candidates:  

a. Exemption from Classes of A1, A2 and B3    

Eligibility Criteria:
Minimum two Bs on an overall basis; and
Minimum C in relevant papers in which the candidate has appeared

b. Exemption from specific paper(s) - A1, A2 and B3    

Eligibility Criteria:
Minimum two Bs on an overall basis;
Minimum C in relevant paper in which the candidate has appeared;
Minimum B in relevant paper(s) from which the candidate is seeking exemption; and 70% match of course content of relevant paper(s).

Exemptions for Graduates (with 2 - 3 year graduate degree) from HEC recognized universities   

Exemption from specific paper(s) - A1, A2 and B3  
      
Eligibility Criteria Minimum 70% marks in aggregate;
Minimum 60% marks in relevant subjects in which the candidate has appeared;
Minimum 75% marks in relevant subject(s) from which the candidate is seeking exemption; and
70% match of course content of relevant paper(s).
Exemptions for Graduates/ Post Graduates  
Exemption from specific paper(s) of Module A & B
      

Eligibility Criteria:

Graduates (with 4 years degree or foreign Graduates with 3 years degree)/Post-Graduates from recognized universities:

Minimum of 70% marks in relevant paper(s) of Module A and B from which the candidate is seeking exemption; and
70% match of course content of relevant paper(s).

For other Professional Qualifications

a. The examination and the training prescribed by the following Chartered Accountancy institutes will be treated as equivalent to the examinations and training prescribed under the Chartered Accountants Bye-Laws 1983 for the purpose of membership of ICAP:        
     
  • The Institute of Chartered Accountants in England & Wales (ICAEW);
  • The Institute of Chartered Accountants in Ireland (ICA Ireland);
  • The Institute of Chartered Accountants in Scotland (ICAS);
  • The Institute of Chartered Accountants in Australia (ICAA);
  • The Canadian Institute of Chartered Accountants (CICA).

Provided that if such members desire to start practice as Chartered Accountants, they will have to pass the papers of "Advanced Taxation" and "Corporate Laws" of the Final examination and also undergo training with a firm in practice in Pakistan for one year if their training did not involved at least 50% training with a firm / in practice.

b. Candidates who have successfully completed all examinations of following accountancy bodies will be exempt from the PPT, Foundation and Intermediate examinations (Modules A to D) of ICAP.
           
  • Association of Chartered Certified Accountants (ACCA);
  • Chartered Institute of Management Accountants (CIMA);
  • Institute of Cost and Management Accountants of Pakistan  (ICMAP)

Such candidates shall apply for exemption from PPT, Foundation and Intermediate examinations of ICAP and join CA Firm / Training Organisation for a training period of three years. Moreover, these candidates shall be eligible to appear for Module E examination eighteen months after entering the training arrangements and shall be eligible for Module F examination during the last year of training.


ICMAP 3 parts (pre Jan 1995 Syllabus) or ICMAP Intermediate / Part II (pre December 1998 Syllabus) or Professional I (Post Dec 1998 Syllabus) Passed students are exempted from PPT.
      
c. Candidates who have successfully completed all examinations of American Institute of Certified Public Accountants (AICPA) will be dealt with on case to case basis. Such candidates are advised to complete the prescribed Exemption form and submit it along with copies of certificates, copies of syllabus certified by AICPA and other details for evaluation. After obtaining exemptions such candidates are required to undergo three years training with the Principal at CA Firm/ Training Organisation.
      
d. Candidates who have successfully completed all examinations of Pakistan Institute of Public Finance Accountants (PIPFA) under the Private Sector Scheme and Syllabi will be exempted from the under mentioned entrance test and examinations of ICAP:
Pre-entry Proficiency Test (PPT)
Foundation Examinations: All Papers of Module A and B
Eligibility for Examinations and Training Period for PIPFA qualified who obtain Exemptions from Foundation stage:
       
Will attempt and pass Module C soon after the registration as PFC candidates subject to compliance with the dates of submission of examination forms. Upon passing Intermediate stage examinations, such candidates will undergo a continuous training period of four years in CA firms / Training Organisation;
     
PIPFA qualified will be required to undergo Presentation Skills Training Course (PSTC) of 100 hours duration from RAETs and submit Certificate of Completion as an eligibility requirement to take Module D Examination;
     
PIPFA qualified (who are graduates with minimum 2nd Division or equivalent grade) may join training at chartered accountant firms in Pakistan upon obtaining exemptions from PPT and Modules A and B of Foundation stage. Such candidates will undergo a training period of five years and will attempt further Modular Examinations after completing the prescribed eligibility period for Trainee Students. (in case the candidates hold 4 years Graduation degree or 3 years foreign graduation degree, the required training period of such candidate would be 4 years)

PIPFA candidates will take Final Examinations for Modules E and F during and after their training as per rules.

More accountancy related bodies...
  • Institute of Chartered Accountants of Pakistan
  • Professional associations for accountants
  • Consultative Committee of Accountancy Bodies
  • International Federation of Accountants
  • The Chartered Institute of Management Accountants (CIMA) UK
  • British chartered accountancy body
  • Chartered Certified Accountant
  • Consultative Committee of Accountancy Bodies (CCAB)
  • International Federation of Accountants (IFAC).
  • Chartered Certified Accountant
  • Association of Authorised Public Accountants (AAPA)
  • British professional bodies for public accountants
  • (Institute of Chartered Accountants of Pakistan)
  • CFE
  • PAC
  • SKANS
  • CAMS
  • Aureole Training
  • Al-Hamd
  • TSA

No comments:

Post a Comment