CA – ICAP

­­3About Chartered Accountancy

Chartered Accountancy is a rewarding career and there are excellent prospects for employment in audit firms as well as in local companies, multi-nationals, and local and foreign banks. The profession has stood the test of time, and career opportunities for Chartered Accountants are unfolding as corporate entities increasingly realize the importance of professional values, ethics and good governance. Becoming Chartered Accountant you will be top ranking executive in commerce and industry. Chartered Accountancy is making its own borders. You study here and practice the qualification across the world. To become a Chartered Accountant you need to be motivated, possess analytical skills, numerical ability, a keen sense of what is going on in the world of business and finance, and personal qualities such as reliability and discretion. You will be required to study business and corporate finance, economics, auditing, accounting, corporate laws, taxation laws, management and information systems.

CAPS Philosophy

Our educational philosophy is simple – to provide the highest quality of lecturing and exceptional services to our students. At CAPS, your success is our top agenda!

About ICAP

The Institute of Chartered Accountants of Pakistan was established under the Chartered Accountants Ordinance, 1961 as a self-regulatory body and it operates under the CA Bye Laws 1983. ICAP is an examining body for the candidates aspiring to become Chartered Accountants. It regulates the accounting and auditing profession in Pakistan.

CA Program

Full Time Studies Scheme

This scheme caters to the students who want to join the profession after completing their 12 year education, namely, Higher School Certificate, A Level and other equivalent qualifications. However there is no bar for graduates to choose this stream.

Pre-requisites

Higher Secondary School Certificate with minimum 50% marks, ‘A’ Levels with minimum two passes, or equivalent qualification and graduates with minimum 45% marks.

Assessment of Fundamental Competencies (AFC)

Before entering into the professional exams, candidates pass or obtain exemption from Assessment of Fundamental Competencies (AFC). A candidate may be provisionally registered for AFC exams as a full time student even if result of prerequisite qualification is awaited.

Education Prior to Training

The candidates pass or obtain exemption from the papers of Certificate in Accounting and Finance (CAF) prior to training.

Training and Education

On Successful completion of CAF, it is mandatory for the student to join an authorized training organization of the institute for a prescribed period. Training includes specific learning hours for each field of specialization through practical experience. To become a chartered accountant, the candidates are further required to qualify the following stages:

  • Certified Finance and Accounting Professional (CFAP)
  • Multi subject Assessments (MSA)

Trainee Scheme

This scheme is designed for university graduates who want to pursue CA qualification.

Pre-requisites

Graduation and post-graduation qualification with minimum 45% marks.

Assessment of Fundamental Competencies (AFC)

Before entering into the professional exams candidates pass or obtain exemption from Assessment of Fundamental Competencies (AFC)

Training and Education

On successful completion of AFC, it is mandatory for the student to join an authorized training organization of the Institute for a prescribed period. Training includes specific learning hours for each field of specialization through practical experience. During training the candidate qualifies the following stages:

  • Certificate in Accounting and Finance (CAF)
  • Certified Finance and Accounting Professional (CFAP)
  • Multi Subject Assessments (MSA)

Period of Training

  1. Candidates who have passed or obtained exeption from AF (3.5 years)
  2. Four year Graduate/Post Graduate from universities approved by the (3years) Education and Training Committee of the Institute.
  3. Graduates/Post Graduates other than those mentioned at (2) above (4 years) students are paid prescribed stipend by the Training Organizations during the period of training which allows financial independence.

Examination

Examinations are held in the following sessions:

MONTHS SESSION STAGE
February – March Spring AFC and CAF
May – June Summer CFAP and MSA
August – September Autumn AFC and CAF
November – December Winter CFAP and MSA

 Papers to attempt

Stage Eligibility Maximum number of Papers permitted in one session Minimum Training Period to be served
AFC Soon after registration No Limit None
CAF After passing or obtaining exemption from AFC Five papers None
CFAP After passing or obtaining exemption from CAF No Limit One and half year
MSA-1

After passing the following CFAP papers;

Advanced Accounting & Financial Reporting

Corporate Laws

Advanced Taxation

Not Applicable One and half year
MSA-2

After passing the following CFAP papers;

Advanced Accounting & Financial Reporting

Corporate Laws

Audit, Assurance and Related Services

Not Applicable One and half year

 Maximum number of attempts:

Stage Permitted Attempts Additional Attempts
AFC Three attempts per paper None
CAF Six attempts per paper Two more attempts per paper using all permitted attempts per paper for those who have maximum two papers left.
CFAP Six attempts per paper Two more attempts after using all permitted attempts per paper for those who have maximum two papers left.
MSA Unlimited Not applicable.

 Exemptions

For Brilliant and Talented Students
Stage 4 years Graduates from SDAI 4 years Graduates from non-SDAI 2 years Graduates HSSC A-Levels
AFC Exemption from all papers of AFC without any other condition

Exemptions from all papers of AFC

Minimum 65% marks in aggregate

80% marks or equivalent grades in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject.

Exemption from all papers of AFC

Minimum 60% marks in aggregate

75% marks or equivalent grades in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

Exemption from all papers of AFC

Minimum 70% marks in aggregate

75% marks or equivalent grades in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

Exemption from all papers of AFC

Minimum two B grades

B grade in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

CAF

Exeption from all subject of CAF

Minimum 70% marks or equivalent grades in relevant subjects

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

Exemption from CAF – 1 to 4

Minimum 65% marks in aggregate

80 marks or equivalent grades in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

Exemption from CAF-1 introducation to accounting

CAF-2 introduction economics and finance

Minimum 60% marks in aggregate

70% marks or equivalent grades in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

Exemption from CAF-1 introduction to accounting

CAF-2 introduction economics and finance

Minimum 70% marks in aggregate

70% marks or equivalent grades in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

Exemption from CAF-1 introduction to accounting

CAF-2 introduction economics and finance

Minimum two B grades

B grade in relevant subject

Syllabus matches at least 70% with the prescribed syllabus of relevant subject

ACCA:   AFC-1, AFC-3, CAF-1, CAF-5, CAF-6, CAF-7, CAF-8

PIPFA:   AFC1, AFC-2, AFC-3, AFC-4, CAF-1, CAF2, CAF-3

CIMA: AFC-1, AFC-3, CAF-1, CAF-2, CAF-5, CAF-7, CAF-8

ICMAP: All papers of AFC and CAF