CPT And IPCC Full Form

What is the full form of CPT and IPCC?

The abbreviations for CPT and IPCC are “Common Proficiency Test” and “Integrated Professional Competence Course” respectively. To become a Charted Accountant one should go through these examinations. To enrol in Charted Accountancy by the Institute of Charted Accounts of India, CPT is the entrance test and it is mandatory for a candidate to become an ICAI member. Where ICAI is the Institute of Charted Accountants of India. CPT is like a gateway for CA graduation. After qualifying for CPT, a candidate can join an IPCC course and can appear for group exams. After qualifying for that exam, he/she needs to attend the final test IPEC (Integrated Professional Competence Examination) to get membership in ICAI. The whole process is to become a Charted Account one who audits accounts and provides trustworthy information about cost calculations and financial records. They are highly paid for their work and are respected.

Charted Accountancy

The title “Charted Accountant” is allotted to a professional who took proper training in auditing, financial management, cost calculations, financial advice, taxation, accounting systems, etc. These all combine and form a course named Charted Accountancy. This will be under the ICAI, Institute of Charted Accountants of India. To become a member of ICAI, one should go through the entrance test CPT, the IPCC course for 3 years, and the final IPEC test. IPCC is a second-level course in the CA degree.

Eligibility for Attempting CPT and IPCC:

Eligibility for CPT:

• Any applicant who has cleared Class X is eligible to apply or register for the test.

• Applicant must appear in Class XII from a recognized university.

Eligibility for IPCC:

• For applying for the IPCC course, an applicant should qualify the CA CPT before appearing for the IPCC examination.

• IPCC is a 3 years second level CA degree with two categories of examinations named Group 1 and Group 2.

• After appearing and passing both groups, one has to appear for the final test of the course i.e., IPEC.

Registration and Application Process for CPT and IPCC

The application process for CPT:

• Download the application form from the Official website of ICAI.

• Its application fee is Rs 100.

• The applicant should pay the registration and tuition fees amounting to Rs 6000 that need to be submitted along with the application form.

• This registration is valid for 3 years and you can renew it for Rs 300.

Required items for registration:

• Class X marks sheet

• Admit card and pass certificate from your institute

• Date of Birth proof

• Residency proof like an Aadhar card, Voter card, or driving license

• In the case of foreign students, Proof of citizenship is to be provided

• Caste certificate in case of specially-abled category or SC, ST, and OBC

The application process for IPCC:

• In order to apply for IPCC, one should register in the ICAI Official portal.

• For registering into the portal, your Email ID and Mobile number are required.

• To fill out the application form, log in with your ID with the credentials you have while registering like Login ID and password.

• It needs to submit application fees at the time of filling out the application form by online payment.

• After the payment reverify the details you have given in the form and press submit.

Required items for filling out the CA IPCC examination form:

• Soft copy of the registration form

• Photograph

• Scanned signature

• Any online paying cards like Credit card/Debit cards etc.

Syllabus For CPT And IPCC

Syllabus for CPT:

This test is of 2 hours duration. The test is composed of the following subjects:

• General Economics

• Mercantile Law

• Fundamental of Accountancy

• Quantitative Aptitude

Syllabus for IPCC:

This course includes theoretical and practical learning. It has seven appears that are divided into two categories. They are:

• Group 1: Accounting subject; Law; Ethics; Communication; Cost of Accounting; Financial Management; Income Tax; Indirect Tax.

• Group 2: Advanced accounting; Auditing and Assurance; Information Technology; Strategic Management.

• To qualify for this course one should score 200 marks in Group 1 and 150 marks in Group 2 subjects.