CA degree is recognized both nationally and internationally, one of the obvious reasons being, it pays well in Pakistan, it is the only degree with a zero unemployment rate. And if you are interested in audit, financial accounting, and applied finance, becoming a chartered accountant seems to be the best option.
So have you decided to become a chartered accountant in Pakistan? What appears to be the problem now, then? Is it because you are confused about what steps you have to take to become a chartered accountant? Then worry no more!
In this article, we have highlighted all the necessary steps you have to take to become a chartered accountant in Pakistan.
Ultimate Guide For CA
A career that pays well, offers respect, status, and better job opportunities. Who would not want that? A CA graduate in Pakistan manages the accounts, finances, taxation, or auditing for an organization. The person can also work independently and offer their services to anybody who needs it.
The educational criteria required to pursue a career in CA are as follows:
- An intermediate student with a minimum of 50% marks in FSc or FA
- A-levels student with at least two passes
- A graduate student with a minimum of 45% marks
- ACCA, CIMA, ICMAP degree holders
- A graduate student with at least 45% marks
Quality Assessment Test (QAT)
You will have to appear for an entry test exam, also known as Quality Assessment Test, to join the CA program. The test is computer-based and is conducted in three parts, English, Mathematics, and Analytical Reasoning. You can only attempt the QAT three times after you are disqualified from joining the CA program.
Duration of CA in Pakistan
Usually, it takes about 5 to 6 years to clear CA in Pakistan. There are a total of 21 papers, which are divided into two parts. You have to clear 13 papers at first ( most of the students complete it in 2 years), and then you have to join a training program at an audit firm. After the training period, you are required to clear the rest of your exams.
CA Institutes in Pakistan
There are a number of CA institutes in Pakistan, a few best of them being:
- ICAP (Institute of Chartered Accountancy Pakistan)
- PAC (Professional Academy of Commerce)
- SKANS School of Accountancy
- CAP (College of Accounting and Professional Studies)
- CFE (College of Financial Education)
These are some of the best institutes for CA in Pakistan. Amongst these, only one institute has the legal authority to offer CA certification. ICAP is the regulatory body of Pakistan that conducts examinations for CA, making it the top CA institute in Pakistan.
But if you are looking for affordability and good quality education, then PAC might be the best option for you. PAC is the top CA institute in Pakistan to offer quality professional education with an affordable fee structure.
Course Outline of CA
The CA course is said to be the most challenging one in Pakistan. It is a mixture of comprehensive studies that have to be cleared at a specific time.
The CA program is divided into four levels along with three-year training.
Level 1: Assessment of Fundamental Competencies (AFC)
This level includes four papers which are:
- Functional English
- Business Communication
- Quantitative Methods
- Introduction to Information Technology
Level 2: Certificate in Accounting and Finance (CAF)
This level consists of eight papers which are divided into Group A and Group B
- Financial Accounting and Reporting 1
- Tax Practices
- Cost and Management Accounting
- Mercantile Law
- Financial Accounting and Reporting 2
- Managerial and Financial Analysis
- Company Law
- Audit and Assurance
Level 3: Certified Finance and Accounting Professional (CFAP)
This level consists of six papers, as follows:
- Advanced Accounting and Financial Reporting
- Corporate Laws
- Strategy and Performance Measurement
- Business Finance Decisions
- Tax Planning and Practices
- Audit, Assurance and Related Services
Level 4: Multi-Subject Assessment (MSA)
This is the final level of the CA program, and it consists of 2 papers:
- Financial Reporting Professional Competence
- Management Professional Competence