What is the full form of IPCC?

What is IPCC?

IPCC stands for Integrated Professional Competence Course. IPCC is considered as the second course for you if you have the ambition of becoming a chartered accountant. ICAI (Institute of Chartered Accountants of India) makes the curriculum for the exam. If you complete the course successfully, you can go for the final level of chartered accountancy.

The main goal of the IPCC exam is to give you knowledge of various aspects related to chartered accountancy. These aspects are as follows −

• Key accounting standards

• Assessing procedures

• Rules of collecting tax

• Ideas for the administration of monetary aspects

History of IPCC

The ICAI was established in 1949 so that education related to chartered accountancy can be started. The course of CA has been made in such a way that all requirements of chartered accountancy can be met.

Eligibility Criteria

You need to have a certificate of CA CPT (Chartered Accountant Common Proficiency Test) which will make you an eligible candidate to go for the IPCC examination.

Details of the IPCC Exam

The IPCC exam is based on your theoretical and practical knowledge. The examination consists of seven papers and they are divided into two sections. Four subjects are included in the first section and the remaining in the second one. You have to score 200 marks in the first section and 150 in the second.

The list of papers in both sections can be found in the Table below −

Papers of Section 1
Accounting subject	100 marks
Law	60 marks
Ethics	20 marks
Communication	20 marks
Cost Accounting	50 marks
Financial Management	50 marks
Income Tax	50 marks
Indirect Tax	50 marks
Papers of Section 2
Advanced Accounting	100 marks
Auditing & Assurance	100 marks
Information Technology	50 marks
Strategic Management	50 marks

The IPCC exam is held in May and November each year.

Features of IPCC

IPCC has many features and some of them are mentioned here −

• IPCC is that level of chartered accountancy which teaches students about monetary evaluation

• The exam will give you immense knowledge related to accountancy, charge assortment, tax collection, etc.

• You have to pass two papers to become eligible for the CA Last Evaluation

• You can study very well as the syllabus is well-organized

Achievements of IPCC

IPCC also has achieved many things like many other exams related to different professions and we will discuss these achievements here.

Chartered Accountancy Foundation

IPCC is considered as the starting point for the people who want to become a chartered accountant. It provides knowledge of different aspects of finance like accountancy, tax collection, financial management, and many more.

Various Career Options

IPCC has opened doors for various career opportunities in the field of accountancy and finance. You can make a career in tax collection, accountancy, auditing, etc.

Deep Knowledge

The IPCC curriculum will educate you with in-depth knowledge regarding accountancy, tax, finance, and many more.

Registration for the IPCC Course

There are two ways which can be used to register for the IPCC. These ways are Foundation Way and Direct Way.

Foundation Way

If you want to apply for the CA foundation course and then move towards IPCC, you have to register through the foundation way.

Direct Way

If you are not interested in the CA foundation course, you can use the direct way to go for the IPCC exam.

Difference between (closest alternative and IPCC)

Advantages of IPCC

IPCC has many advantages which has made it popular among students seeking to make a career as a chartered accountant. Some of these advantages are listed here.

• After taking the IPCC exam, you have to go for articleship whose duration is three years. This articleship will give you extensive knowledge regarding accountancy, finance, etc., and increase your confidence.

• The IPCC exam will help you in increasing your earning potential

• The certificate of chartered accountancy is eligible worldwide so you can get a job in any part of the world

• You will get a wide variety of options to make a career as a chartered accountant

Disadvantages of IPCC

IPCC has a few disadvantages also which are listed below −

• Pursuing the CA course can be costly as it includes

  • Registration fees

  • Test fees

  • Study materials cost

  • Other costs

• Students have to follow a dedicated syllabus which does not give them enough free time

• Strict rules of the IPCC can lead to stress

• Pass rates are poor as the exam is very difficult

• The time to complete the CA course is very long

• Chartered accountancy is a competitive field due to earning potential so many students apply for it

Conclusion

IPCC can be expanded to Integrated Professional Competence Course. This is the second stage in the CA program in which students have to pass an exam and also have to go for articleship whose duration is three years. After completing the course successfully, students are ready for the last evaluation for CA. It is a costly course and its duration is very long.

FAQs

1. What is the full form of IPCC?

IPCC stands for Integrated Professional Competence Course.

2. In which year ICAI was established?

The ICAI was established in 1949.

3. What are the eligibility criteria for IPCC?

Candidates need to have a certification for CA CPT (Chartered Accountant Common Proficiency Test) to become eligible for IPCC.

4. How many papers are there in the IPCC exam?

The IPCC exam consists of two papers and candidates have to score 200 marks in the first and 150 marks in the second paper.

5. How many marks are there for each subject in both papers?

The table below will give you the details of marks in each paper −

Papers of Section 1
Accounting subject	100 marks
Law	60 marks
Ethics	20 marks
Communication	20 marks
Cost Accounting	50 marks
Financial Management	50 marks
Income Tax	50 marks
Indirect Tax	50 marks
Papers of Section 2
Advanced Accounting	100 marks
Auditing & Assurance	100 marks
Information Technology	50 marks
Strategic Management	50 marks

6.In which language can we take the exam?

You can take the exam in English and Hindi language.