IPCC or Integrated Professional Competence Course was formerly known as the intermediate level which covered the fundamentals of the subjects that are of prominence to perform the duties of a Chartered Accountant. The advanced levels of these subjects are later covered in CA final course.
Eligibility to appear for IPCC:
A student who-
- has successfully completed the CPT examinations or
- is a commerce graduate with a minimum of 55% or a Science graduate with a minimum of 60% from examinations conducted by any recognised university or
- has cleared the intermediate level of examinations conducted by the Institute of Company Secretaries or the Institute of Cost Accountants of India
– can register for IPCC.
The curriculum is divided into two groups, with each paper carrying 100 marks.
- Business Law (60 marks), Ethics (20 marks) and Communication (20 marks)
- Cost Accounting (50 marks) and Financial Management (50 marks)
- Taxation (Income tax 50 marks; Service tax and VAT 25 marks each)
- Advanced Accounting
- Auditing and Assurance
- Information Technology (50 marks) and Strategic management (50 marks).
CA IPCC Examinations:
Students gain eligibility to appear for the exams on completion of 8 months from the date of registration to the first day of the month in which the IPCC examinations are conducted. Candidates can appear for either of the groups or both groups in an attempt. A minimum of 40 marks in each paper and an aggregate of 50% is considered the pass percentage. If a candidate obtains more than 60% in an individual paper, he/she is entitled for an exemption from having to re-appear for the particular paper in the subsequent attempts.
Students are required to undergo 35 hours of an orientation programme. The programme aims at providing a brief training to the entrants of the IPCC to prepare and motivate them for the CA profession by inculcating values like integrity, independence, etc.
The 100 hours of IT training, which students have to undergo before the commencement of their articled training, focuses on the computer fundamentals. Students will be subjected to module tests and will also be required to work on projects.
The articled training of 3 years provides practical experience in the spheres of accounting, auditing and taxation. Students can register for articleship training upon successful completion of either Group I or both groups.
General Management and Communication skills course:
The 15 days’ course aims at bringing the CA’s at par with the MBA’s in terms of general management skills as well as communication skills. The students are required to attend two sessions of GMCS during the 3 years period of articled training; one during the first year of training and the other upon completion of 18 months of training but before completion of the articled training.
Course fee details:
The cost of the course amounts to around Rs. 9,000/-
- Examination tips to clear IPCC examinations:
- Accounts is a subject which can help boost the aggregate in both groups. Concentrate on Accounting standards as nearly 30 marks is guaranteed from the same. Also, partnership accounts and amalgamation are two other important areas.
- The sections for ethics and communication are easier to study and also covers 40 marks which is easy to score. Hence, finish with ethics and communication before starting with law. In law, focus on Companies Act.
- Under costing, standard costing and marginal costing are key chapters followed by process costing. Do not ignore theory as it can be easily covered with the help of practice manual. Under FM, cost of capital and capital budgeting are prominent areas.
- Start your preparation with VAT and service tax but not income tax as it is vast whereas VAT is a very small chapter, but covers 25 marks. For service tax try to be updated with all the amendments. Under income tax, important areas are in the order stated as follows- Profits from business or profession, capital gains, salaries, income from house property and income from other sources. Sums on computation of gross total income are very important.
- Company auditor chapters are crucial and so are the SAs. Try to write to the point instead of spinning around the answer as it will give negative impression to the evaluator. Special audits are important and must not be omitted at any cost.
- For IT and SM, practice manual is the ultimate source as questions are repeatedly asked from this material. Refer to previous years RTP for practice.
- 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.
- Attempt as many mock exams as possible. It would boost your confidence and also help assess your areas of weaknesses.
- 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 Auditing standards, 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.
Here’s wishing good luck to all IPCC students appearing for examinations!