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Saturday, January 3, 2009

IPCC -The way ahead!!!

The new course-IPCC (Integrated Professional Compentency Course) is being considered a welcome change my most of those related to this profession. It almost resembles to the PE I regime where in there was a ten months study gap between PE I and PE II. However a candidate needs to pass only group I of IPCC to register and commence articleship as against the requirement of passing both the groups. These announcements were made just before a batch took up exams on 14th December. So to reduce hardship for those students, ICAI has given option of either PCC or IPCC to these students.

Group I of IPCC consists of following subjects
1.Accounting
2.Law, ethics and communication
3.Income Tax.
4.Cost Accounting and Financial Management.

Group II of IPCC consists of following Subjects
5.Accounting.
6.Auditing.
7.Information Technology and Strategic Management.

Articleship period under the new scheme is 3 years and students would be allowed to take up final examination in the last 6 months of their training.(Akin to the Old final syllabus).

The most important difference in the new IPCC scheme is that a candidate can register for articleship after passing Group I on IPCC. This is especially beneficial for students who generally attempt one group at a time. The four subjects included in first group of IPCC will equip students better for audits. Also the study period of nine months will give students enough time to prepare for their audits. The most common problem in the current CPT-PCC scheme which the students faced was lack of maturity for audit and paucity of time to prepare for exams. IPCC seeks to address both the problems.

What should current batch of CPT do??
This dilemma can be found among most of the students who gave CPT this December. Whether to choose for PCC or IPCC has led to lots of confusion among students. I personally feel that IPCC is better for CPT students. Firstly, the study period of nine months ( it may extend to a year) will give time to the students to prepare for IPCC exams. In the current PCC regime, students have to immediately jump into audits for which they may not be prepared and/or matured. Also students find it difficult to manage audits and study side by side in PCC.

The completion period will almost coincide in both cases(i.e PCC or IPCC).So there may not me much loss of time. Instead of starting articleship immediately after 10+2, it would be better to gain some basic knowledge in audit and accounting domain and then start articleship.

21 comments:

kings page said...

hi,
I am a student of December batch please tell me the disqualties of IPCC as well which would help me guide whether to chose PCC or IPCC

Aim said...

it is better to choose IPCC for the current batch. You will have a study period of 9 months which will help you to prepare well for IPCC. Its better to start articleship with some working knowledge of IPCC subjects

Avinash said...

Hi I cleared CPT in Dec, also goint to finish B.Com in March.

So which option you suggest, what if a student fails to clear fist and second(extending the articleship is not a problem for him?)

please reply me...

Aim said...

You need to be confident of passing. A student may fail in PCC as well. If he fails in PCC then the time which he has for studies for final will be less.
Both schemes have pros and cons but IPCC has an edge over PCC

Varun's blog said...

Im going to give my CPT in June and im pretty confident that i'll clear it.
Whats next after clearing it?
Can i register and write my IPCC exam in the month of November?
Is it necessary that there should be a time gap of 9 months?

shipra said...

hi m nishtha gupta n i have given my cpt exam in june 2009 n m confident tht i will be selected.but now i have completed my first year of bcom away frm my house.n i got 72% in 1st sem n 70% in 2nd sem.i want to do cs also with bcom frm private,i was just asking tht can i do these three courses simultaneously.n for ipcc can we continue with regular batch for bcom.pls rely soon as well as u can.thank u.

Suraj Lakhotia said...

@ Varun:
You can register for IPCC as soon as your results are declared. After clearing the first group or both groups of IPCC you are eligible for articleship. The gap of 9 months is required for exams and not for registration. Register as soon as your results are out.

Suraj Lakhotia said...

@ Shipra:

You can do all three courses. You can continue in private or regular as per convenience. But i suggest you continue private B.Com. You have to submit form 112 while registering for IPCC for seeking permission of ICAI for pursuing other courses.

Aditya said...

Hi...
I have just given my CPT this June...
Once my results are declared in July, I will register myself for IPCC...
Should I go through the 9-month study period and then commence articleship??... Or should I do that now itself??...
I am unaware of the normal procedure...
Please Help.

Suraj Lakhotia said...

@ Aditya

You can register for articles only after passing first group of IPCC.

ms said...

Very informative and good blog.

ms said...

Very informative and good blog.

faiza said...

i will be giving my cpt exam in june.im pretty sure that i will clear it.i will apply for b.com hons. Course in delhi university.can i register and give exam of ipcc while doing my b.com?

Suraj Lakhotia said...

@Faiza,
You can give your IPCC attempt while pursuing b.com.

However after you clear your IPCC, you cannot pursue regular BCom with articleship

Ayush said...

I had apprd my june attmpt.. This year.. Want to join ipcc and take coaching from kolkata, but i am cnfusd where to take b.com admission...?
Is there any provision of some distance relatd mtrs between articleship nd bcom..?
Plz reply as soon as possible

Suraj Lakhotia said...

@ Ayush:

The current articleship regulation provide that timings of B.com and articleship should not clash. Articleship should not start after 11 am and end before 5 Pm.

You can pursue B.com in distance mode or from colleges like Bhawanipore where there is no attendance problem.

saurav said...

CAN I START MY ARTICLE AFTER MY CPT EXAM THOUGH I AM DOING IPCC EXAMS ........
I HV PASSED MY CPT IN 2009. THOUGH I WAS UN ABLE TO GIVE MY EXAM FOR PAST TWO YEAR ......
I HV LOST A HUGE TIME CAN I START MY CA ARTICLE .
IF YES THE N GUIDE ME PLZ IF ANY .U SUGGESTION WILL BE BONUS FOR ME .......

Aim CA...Sharing Knowledge said...

@ Saurav,

You can start articleship only after passing first group of IPCC.

Rahul Suneja said...

Sir please help whether to give group 1 or both of ipcc Im really confused what are the future prospects of giving both groups and clearing them

Rahul Suneja said...

Sir
I have an important query whether to give group 1 or both of ipcc Im really confused what are the future benefits of giving both group and clearing in 1st attempt Does it will be helpful in articleship Pls Guide me

Suraj Lakhotia said...

Giving both groups together does have an additional advantage. But if you are not prepared to give both groups, give one group at a time.