The common proficiency test or CPT is the entry-level examination for the CA aspirants. Formerly known as the foundation course, the CPT aims at preparing the aspirants in the basic areas such as Accounting, Law, Economics and quantitative aptitude.
Eligibility to appear for CPT:
- A student who has passed the 10th grade examinations can register for the CPT. Upon completion of their senior secondary examination, the candidate can appear for the examination. A time frame of 60 days are required between the dates of registration to the first date of the month in which the CPT examination are conducted.
- A commerce graduate with a minimum of 55% or a Science graduate with a minimum of 60% from examinations conducted by any recognized university is exempted from appearing for the CPT.
- A student who has cleared the intermediate level of examinations conducted by the Institute of Company Secretaries or the Institute of Cost Accountants of India is also exempted from giving the CPT.
The examination has two sessions of two hours each, carrying 100 marks each. Each session is further divided into two parts.
Session I covers the following papers with respective marks.
- Part A: Fundamentals of Accounting – 60 marks
- Part B: Mercantile laws – 40 marks
Session II covers the following papers:
- Part C: General Economics – 50 marks
- Part D: Quantitative aptitude – 50 marks
CPT Examinations – entry level examination for aspiring CA Students.
The CPT examinations are held twice a year- during the months of June and December. The questions are of the nature of multiple choice questions with four options. Each question carries 1 mark and each wrong answer is given a negative score of 0.25. Unattended questions are not awarded any marks. An OMR sheet is provided to the candidates where the correct choice has be selected by darkening the circle with a pencil. A candidate is declared to have cleared the CPT level when he/she scores a minimum of 30% in each paper in a single attempt and an aggregate of 50% in all.
Course fee details:
The cost of registration amounts to around Rs. 6,500/-
Examination tips to clear the CPT examinations:
- The paper on fundamentals of Accounting intends to develop a profound understanding on the generally accepted accounting principles. Start the preparation from the first chapter and continue sequentially because the chapters have been so arranged objectively in the order in which accounting procedures are carried on – starting from book keeping to preparation of financial statements. Pay attention to the special transactions such as Joint ventures, consignments, bill of exchange etc. Partnership accounts and basics of company accounts are important.
- The order of importance of chapters in mercantile law is as follows – Indian Contract Act, 1872; Sale of goods act, 1930; The Indian partnership act, 1932. Go through the bare act whenever necessary.
- Micro economics is a part that is easy to score provided the students are conceptually strong from what they studied in their 11th and 12th provided
- Quantitative aptitude questions mostly require application of formula. Hence while studying, write down the formula for easier revision.
- Solve the problems given at the end of each chapter in the Institute materials. Do not refer to the key until you had attempted it diligently. Take up as many self-assessment tests as possible. These tests are hosted on the ICAI website.
- Concentrate first on the Institute materials, then the Institute practice manuals, followed by the revision test papers. In order to gain more practice on the subjects, one can refer to other reference materials, but experienced faculties recommend using the Institute study materials as the primary source.
- Study practical subjects and theory subjects alternatively. Theory papers could be dull. Alternating with practical papers will ensure that the studying process does not become monotonous. In case you are studying micro economics, the next subject you take up for studies can be some practical papers.
- Make short notes as you study. These notes will be useful during revision as you can use the same to help recollect the key words.
- Inculcate the habit of referring to bare act as these provide the precise definitions and provisions.
So here’s wishing good luck to all CA CPT Students!