In a significant development, the Institute of Chartered Accountants of India ( ICAI) has announced a change in its admission procedure. Known as direct admission to the chartered accountancy course, the new system will allow candidates to skip the entry-level Common Proficiency Test (CPT) and directly register for the second level __Integrated Professional Competence Course (IPCC).
In a notification issued on August 16, the ICAI laid down the eligibility criteria for students who could take advantage of the new system. Commerce graduates or post graduates with a minimum of 55% marks and graduates and post graduates from other streams with 60% marks could directly register for the IPCC.
Even students who have passed intermediate level exam conducted by the The Institute of Cost Accountants of India or The Institute of Company Secretaries of India are eligible to apply for IPCC.
Chairman of ICAI Ahmedabad chapter Jainik Vakil stated students who wanted to enroll under the new system would have to register in September. “Students need to register in September for the IPCC to be conducted in May 2013 so that they can complete nine months of internship. Before the IPCC in May 2013, students are required to clear two tests - IT test and orientation test - before March 31, 2013,” said he. Earlier, those who had passed class X exams could register for the CPT.
Vakil said students pursuing final year graduation would be eligible for provisional registration to the IPCC. “These students will have to submit proof of having passed the graduation examination with the specified percentage,” the notification states.