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How To Become A Chartered Accountant In Pakistan

How To Become A Chartered Accountant In Pakistan

Aspiring to become a chartered accountant in Pakistan? Surely it is a degree to gain recognition nationally and internationally. Chartered Accountancy is one the most popular and rapidly growing fields of education in Pakistan as well as abroad. It has a lot of benefits, the most important one being the monetary value benefits.

  • In Pakistan alone around 6,700 qualified chartered accountants are available.
  • Every year around 250-280 people qualify for the exam.
  • 75% of qualified CAs choose to stay and work in Pakistan due to the high demand.
  • Chartered Accountant is rather considered Business leaders than just auditing professionals.

The aim of this article is to provide you with every bit of information on how to become a chartered accountant in Pakistan.

Chartered Accountancy: A Guide

Who doesn’t look for and want a career that not only offers good money but also respect, status, and great prospectus? Choosing Chartered Accountancy (CA) is a full package. 

CA as a Career

The abbreviated form of chartered accountant, CA is a great career deal for employment in audit firms, local companies, international companies, banks (both local and international), and multinational companies. Chartered accountancy is one career that has kept growing over and over. Even today, there are huge opportunities present for a chartered accountant from career growth to salary packages even to the fresh graduates. 

The job of chartered accountancy is regarded as one of the most prestigious ones in the job market. They offer their services to different industries as consultation and management services along with auditing and financial advice. 

Eligibility Criteria

If you want to pursue your career in chartered accountancy, you need to meet the following educational criteria:

  • You have to clear for intermediate with a minimum of 50 marks. (HSSC-12 years of education)
  • You have to clear your A’levels with at least two passes.
  • As a graduate student, you can join at a minimum of 45% marks. 
  • Masters (or graduation) with minimum 2nd division.
  • ACCA, CIMA, ICMAP degree

If you fulfill the above mentioned criteria, you can get yourself registered in ICAP head office. 

A Few Things To Consider Before Applying For Chartered Accountancy

Before applying for chartered accountancy, you must consider, know, and understand what the store has to offer and what you are in for. Initially, clearing the test and getting into chartered accountancy may be a piece of cake  but the real flavors kick in when the study begins. Just for starters, the field of chartered accountancy is surely a lucrative one, but there have been times a lot of students failed to succeed and  got stuck in mid-way. Although we have all the course outline, fee structure covered in the upcoming part of our article, we suggest you to visit ICAP centre yourself too. 

Now once you have made your mind about pursuing your career in chartered accountancy, you will have different options available about the module scheme or the training scheme. The module scheme says that a person with 45% marks in intermediate has to appear for a pre proficiency exam and will have to start private studies once they succeed to pass the exam. They also have to pass Modules A-D continued with a three year training. After the training period is completed, the individual then has to complete module E and F that will award him with a chartered accountancy certification. 

Chartered Accountancy Duration In Pakistan

Normally it takes a minimum of 5 to 5.5 years of education to complete chartered accountancy. There are a total of 21 papers, that are further divided into four levels. You will be required to pay tuition fee as well as examination fee in Registered Accounting Education Tutors (RAET) and ICAP.

Fee Structure Of Chartered Accountancy In Pakistan

DescriptionFee
Registration FeeRs. 14200 (one time)
Annual Subscription FeeRs. 1100 (yearly)
Paper Fee (Exam fee)1 paper= Rs. 3300
For first two modules of CA2 papers= Rs. 5600
Assessment Of Fundamental Competencies (AFC)3 papers= Rs. 7900
Certificate In Accounting And Finance (CAF)4 papers= Rs. 10200
Computer Based Exam (CBE) (only computer based exams)Rs. 1100 (additional per paper)

Other Charges

  • Average Exam Fee (per paper)= Rs. 2000
  • Average Total Fee (per paper)= Rs. 17000
  • Average Rate Fee (per paper)= Rs. 15000
  • Average Total Fee For All Papers= Rs 357,000 (17000*21)

Course Structure Of Chartered Accountancy In Pakistan

The course structure of chartered accountancy in Pakistan is said to be one of the most tough and challenging one. It’s a mixture of comprehensive courses that needs to be covered in a limited period of time. The course outline is divided into 6 modules along with a three year training. 

AFC: ASSESSMENT OF FUNDAMENTAL COMPETENCIES
AFC-1Functional English
AFC-2Business Communication
AFC-3Quantitative Methods
AFC-3Introduction To Information Technology
CAF: CERTIFICATE IN ACCOUNTING AND FINANCE
CAF-1Introduction To Accounting
CAF-2Introduction To Economics And Finance
CAF-3Business Law
CAF-4Business Management And Behavioral Studies
CAF-5Financial Accounting And Reporting I
CAF-6Principles Of Taxation
CAF-7Financial Accounting And Reporting II
CAF-8Cost And Management Accounting
CAF-9Audit And Assurance
CFAP: CERTIFIED FINANCE AND ACCOUNTING PROFESSIONAL
CFAP-1Advanced Accounting And Financial Reporting
CFAP-2Corporate Laws
CFAP-3Business Management And Strategies
CFAP-4Business Finance Decisions
CFAP-5Advance Taxation
CFAP-6Audit, Assurance, and Related Services
MSA: MULTI-SUBJECT ASSESSMENT
MSA-1Financial Reporting Professional Competence
MSA-2Audit Professional Competence

Exam Course Structure Of Chartered Accountancy In Pakistan

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CA Foundation Course Paper

PaperSubjectsSections
Paper 1Principles and Practice of Accounting
Paper 2Business Laws and Business Correspondence and ReportingSection A: Business Laws
Section B: Business Correspondence and Reporting
Paper 3Business Mathematics and Logical Reasoning and StatisticsPart 1: Business Mathematics and Logical Reasoning
Part 2: Statistics
Paper 4Business Economics and Business and Commercial KnowledgePart 1: Business Economics
Part 2: Business and Commercial Knowledge

CA Intermediate Paper Groups

Group 1Paper 1: Accounting
Paper 2: Corporate and other Laws (Part 1- Company Law, Part 2- Other Laws)
Paper 3: Cost and Management Accounting
Paper 4: Taxation (Section A- Income Tax Laws, Section B- Indirect Taxes)
Group 2Paper 5: Advanced Accounting
Paper 6: Auditing and AssurancePaper 7: Enterprise Information Systems and Strategic Management
(Section A- Enterprise Information Systems, Section B- Strategic Management)Paper 8: Financial Management and Economics for Finance
(Section A- Financial Management, Section B- Economics for Finance)

CA Final Course Papers

Group 1Paper 1: Financial Reporting
Paper 2: Strategic Financial Management
Paper 3: Advanced Auditing & Professional Ethics
Paper 4: Corporate & Economic Laws (Part 1- Corporate Laws, Part 2- Economic Laws)Paper 2: Corporate and other Laws (Part 1- Company Law, Part 2- Other Laws)
Paper 3: Cost and Management Accounting
Paper 4: Taxation (Section A- Income Tax Laws, Section B- Indirect Taxes)
Group 2Paper 5: Strategic Cost Management & Performance Evaluation
Paper 6: Elective Paper
List of all Elective Papers:
6A- Risk Management
6B- Financial Services & Capital Markets
6C- International Taxation
6D- Economic Laws6E- Global Financial Reporting Standards
6F- Multi-disciplinary Case Study
Paper 7: Direct Tax Laws & International Taxation (Part 1- Direct Tax Laws, Part 2- International Taxation)
Paper 8: Indirect Tax Laws (Part 1- Goods & Services Tax, Part 2- Customs & FTP)Paper 6: Auditing and AssurancePaper 7: Enterprise Information Systems and Strategic Management
(Section A- Enterprise Information Systems, Section B- Strategic Management)Paper 8: Financial Management and Economics for Finance
(Section A- Financial Management, Section B- Economics for Finance)

Salary of Chartered Accountant in Pakistan

As we know by now that Chartered Accountancy has a lot of monetary benefits. A fresh chartered accountant starts for a good amount of 80,000 PKR and can go up to 150,000 PKR depending upon the company hiring. The salary package depends on the city and company you get employed with. Whereas for an experienced Chartered Accountant, it can start from a whooping 300,000 PKR and can go up to more than 2.0 million PKR (YES YOU HEARD THAT RIGHT!!!)

Cities That Provide Chartered Accountancy Education In Pakistan

Chartered Accountancy can be joined through any part of Pakistan. For Chartered Accountancy private tuition colleges, Karachi, Peshawar, Abbottabad, Lahore, Hyderabad, Quetta, Faisalabad, Rawalpindi, and Gunjranwala are the options. But if any candidate does not require tuitions and can appear for the exam through online lectures and classes, they can prepare in any part of the country. 

CitiesColleges
Karachi1. College of Management Sciences CBP2. ESCRIBIR College of Advance Studies3. KnS School of Business Studies4. ASA Abeel’s School of Accounts5. ARTT Business School6. Al-Hamd7. College of Business Professionals CBP8. Tabani’s School of Accountancy TSA
Peshawar1. Indus College of Business and Finance ICBF2. SKANS School of Accountancy3. Professionals’ Academy of commerce PAC-P

Lahore1. CFE College of Accounting and Finance2. College of accountancy and professional studies ( CAPS)3. Professionals’ Academy of Commerce (PAC)4. RISE school of accountancy (RISE)
Faisalabad1. ILEX College of Accountancy2. Professionals’ College of Accountancy PCA3. SKANS School of Accountancy
Rawalpindi1. SKANS School of Accountancy SKANS2. Wah College of Accountancy

Scope Of Chartered Accountancy In Pakistan

After completion of your chartered accountancy, you can work in both; private and public sector.

Here’s a list of work areas where you can apply for jobs:

  1. HCCP
  2. National Accountability Bureau
  3. FBR
  4. Multinational Companies
  5. Hospitals
  6. Sugar Mills
  7. Textile Mills
  8. Cement Factory

Here’s a list of occupations you can choose from:

  1. Auditor
  2. Chief Accountant
  3. Certified Public Accountant
  4. Finance Manager
  5. Internal Auditor
  6. External Auditor
  7. Stockbroker
  8. Bank examiner
  9. Loan Administrator
  10. Tax Advisor

Why Choose Chartered Accountancy?

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1. Professional Mobility

As doing the CA course will prepare you for all parts of business, you later switch your work job in this calling. Start as an accountant, assemble your experience and you can turn into a business person in future.

2. International Growth And Opportunities

Precisely like Pakistan, in unfamiliar business sectors the interest of CAs is at a surge thus the fantasy of a daily existence abroad can be sought after taking up CA course. To start your worldwide profession now, you can consider CA a rewarding alternative.

3. Lucrative Salary

The normal compensation of a CA with three to five years of expert experience comes down to around 5 lakhs. In any case, those great in business or selecting various acquiring pockets draw more than the expressed normal salary.

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4. Integrity And Discipline

Qualifying as a chartered accountant furnishes an individual with a sharp comprehension of how associations work through account. It additionally furnishes them with the tools and ways to settle on proof based dynamic, and it consolidates both administration and specialized abilities.

5. Great Employment Opportunities

Chartered Accountancy is demanded worldwide and is one of the rapidly growing career paths. Be it in private institutions or the public, both require Chartered Accountants. So we can conclude that with CA, you have a secure career future, and job.

List Of Firms Hiring Chartered Account In Pakistan

  1. Elan
  2. Pakson International Plastic Industries
  3. Habib University
  4. Human Capital Solutions
  5. Systems Integration
  6. Executive Search Worldwide

Common Questions Regarding Chartered Accountancy

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Q1. Is Chartered Accountancy Difficult For An Average Student?

Indeed an average normal candidate can be a Chartered Accountant in future . No student is average or intelligent. It matters that average students put average hard work while studying for tests as contrast with brilliant Students . CA courses don’t request from you that you should be a school or college topper. What counts in how hardworking and dedicated you are.

Q2. Is ACCA More Difficult Than Chartered Accountancy?

No subject or course program is easy or hard. It’s how we perceive it. Thinking about the length, the quantity of papers, course levels and adaptability of both the courses, it is of nothing unexpected that the CA course is generally viewed as harder than ACCA. But both require hardwork and determination.

Q3. Can Someone Clear Chartered Accountancy In Their First Attempt?

Nothing is impossible if aimed for. Despite the fact that it takes a great deal of hardwork and dedication to clear the test in the first go, it isn’t impossible. The trick is to put in all your efforts and keep up with the course outlines.

Q4. Can I Clear Chartered Accountancy Without Tuitions?

Obviously you can! CA is a correspondence course, in which the Institute gives you all the adequate study material and different assets needed to see all the subjects, practice and finish the test.

Q5. For How Many Hours Should A Student Study For Chartered Accountancy?

Students should be reliable and just necessities to contribute 4-5 hours out of each day. Furthermore, one requirement to fix this time and be ongoing is to contribute 4-5 hours every day for examinations. Absolutely never overestimate your IQ level.

Final Thoughs on CA in Pakistan

While Chartered Accountancy might sound like a scary nerve wracking educational choice, the future benefits it brings to a person are incredible. From monetary to growth opportunities, CA has it all covered. And there’s no study that does not require hard work, is there? So put your heart, soul, and all your efforts in CA for a better, brighter, and successful future! Because we promise, your hardwork will pay off.

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