CA Intermediate — Complete Guide
What is CA Intermediate?
CA Intermediate is the second level of the Chartered Accountancy qualification from ICAI (Institute of Chartered Accountants of India). After clearing Foundation (or through direct entry with Commerce graduates), students appear for Intermediate before the final CA exams.
CA Exam Structure — Full Path
CA FOUNDATION (4 papers, 400 marks)
↓ (Clear + 8 months articleship OR direct entry)
CA INTERMEDIATE (8 papers, 800 marks)
↓ (Clear Group I or both + 2 years articleship)
CA FINAL (6 papers, 600 marks)
↓
CA (CHARTERED ACCOUNTANT)
Direct Entry Route: Commerce graduates with 55%+ (other graduates 60%+) can skip Foundation and register directly for Intermediate. Must complete 8 months of articled training before appearing for Intermediate exams.
CA Intermediate Syllabus (New Course — effective 2023)
Group I (4 Papers)
Paper 1: Advanced Accounting (100 marks)
•Accounting Standards (AS 1–29) — India GAAP
•Ind AS overview (IFRS-converged standards)
•Accounting for partnership firms — goodwill, dissolution, amalgamation
•Branch accounting, consignment accounts
•Hire purchase, lease accounting
•Company accounts — issue/forfeiture of shares, debentures, final accounts
•Consolidated financial statements (basic)
•Insurance claims
Paper 2: Corporate & Other Laws (100 marks)
•Companies Act 2013 — Incorporation, Memorandum, Articles, Directors, Meetings, Dividends, Accounts, Audit
•Insolvency & Bankruptcy Code 2016 (basic)
•Prevention of Money Laundering Act 2002 (basic)
•Foreign Exchange Management Act 1999 (FEMA)
•SEBI Regulations (basic — Listing Obligations and Disclosure Requirements)
•Business Law: Indian Contract Act, Sale of Goods Act, Negotiable Instruments Act, Consumer Protection Act
Paper 3: Taxation (100 marks)
•Income Tax:
- Heads of income — salary, HP, PGBP, CG, OS
- Deductions under Chapter VIA (80C, 80D, 80G, etc.)
- Assessment procedure, advance tax, TDS
- Appeals and rectification
•GST:
- Supply, levy, exemptions, place of supply
- Input tax credit, registrations
- Returns (GSTR-1, GSTR-3B, GSTR-9)
- Valuation, demand and recovery
Paper 4: Cost and Management Accounting (100 marks)
•Cost concepts: material, labour, overhead
•Costing methods: Job, Process, Contract, Batch, Activity-Based
•Marginal costing and CVP analysis
•Standard costing and variance analysis
•Budget and budgetary control
•Management accounting tools: ratio analysis, fund flow, cash flow
Group II (4 Papers)
Paper 5: Advanced Accounting (100 marks)
•Financial instruments (Ind AS 109)
•Revenue recognition (Ind AS 115)
•Leases (Ind AS 116)
•Business combinations (Ind AS 103)
•Consolidated financial statements (advanced)
•Employee benefits (Ind AS 19)
Paper 6: Auditing & Ethics (100 marks)
•Nature and scope of auditing
•Standards on Auditing (SA) — SA 200–720
•Audit procedures: planning, risk assessment, evidence
•Internal audit, audit report, CARO 2020
•Company auditor — appointment, qualifications, disqualification
•Professional ethics — Code of Ethics for CAs
Paper 7: Enterprise Information Systems & Strategic Management (100 marks)
•EIS: Information systems in business, IT controls, cybersecurity basics, ERP systems
•Strategic Management: SWOT, Porter's Five Forces, BCG matrix, Balanced Scorecard
Paper 8: Financial Management & Economics for Finance (100 marks)
•Financial Management: Capital structure, cost of capital, leverage, working capital, dividend policy
•Economic analysis: Demand-supply, market structures, monetary policy, fiscal policy, international trade
Passing Criteria
•Minimum 40% in each paper
•Minimum 50% aggregate in the group (all 4 papers combined)
•Groups can be cleared separately (need not clear both in same attempt)
Articleship (3 Years)
Mandatory practical training under a practising CA:
•Duration: 3 years
•Exposure: Auditing, taxation, accounting, GST returns, company law compliance
•Stipend: ₹2,000–₹15,000/month (varies by city and firm size)
•Big 4 CA firms (Deloitte, EY, KPMG, PwC) offer ₹12,000–₹20,000/month stipend
•Article transfer allowed in certain circumstances
Key Accounting Standards for CA Intermediate
|----|-------|
| AS 2 | Valuation of Inventories — lower of cost or NRV |
|---|
| AS 9 | Revenue Recognition — substantial risks transferred |
| AS 10 | Property, Plant & Equipment — cost model vs revaluation |
| AS 11 | Effects of Changes in Foreign Exchange Rates |
| AS 15 | Employee Benefits — defined benefit (actuarial) |
| AS 17 | Segment Reporting |
| AS 18 | Related Party Disclosures |
| AS 22 | Accounting for Taxes on Income (deferred tax) |
| AS 26 | Intangible Assets — amortisation |
| AS 28 | Impairment of Assets |
CA Career Prospects
|------|----------------|
| Big 4 (EY/Deloitte/KPMG/PwC) | ₹7–11 LPA |
|---|
| Mid-size CA firms | ₹4–7 LPA |
| Industry (MNC/large company) | ₹7–15 LPA |
| Government (CAG, SEBI, RBI) | Grade-based (₹7th PC) |
| Own practice (post-5 years) | ₹5–50+ LPA |
| CFO track (10–15 years) | ₹30–2 crore+ LPA |
