The Institute of Chartered Accountants of Pakistan (ICAP)
The Institute of Chartered Accountants of Pakistan (ICAP) was established in 1961 to regulate the profession of accountancy in the Country. It is a statutory autonomous body established under the Chartered Accountants Ordinance 1961. ICAP is a member of
1. International Federation of Accountants (IFAC)
2. International Accounting Standards Board (IASB)
3. Confederation of a Asian & Pacific Accountants (CAPA)
4. South Asian Federation of Accountants (SAFA)
Modular scheme
Foundation Level
1. Module A: 2 papers and CCPT
2. Module B: 3 papers
Intermediate Level
1. Module C: 3 papers & PSTC
2. Module D: 4 papers
Final Level
1. Module E: 4 papers
2. Module F: 4 papers
Eligibility
1. A’ Level (at least two passes with minimum Grade “E”)
* Higher Secondary School Certificate/Intermediate in Science, Commerce or Arts with a minimum of 45% marks.
* Graduate of any discipline
* Candidate who has been unsuccessful in the direct Foundation Examination (taken privately as per scheme).
* Other candidates having equivalent qualifications recognised by the ICAP.
Entry Routes
The current applicable routes to become a chartered accountant are:
1. Modular Foundation Course (MFC) Scheme
Full time study of two years at a Registered Accounting Education Tutor (RAET) for Foundation and Intermediate examinations, followed by four years training with a chartered accountant firm. During training period, the students will be eligible to sit in the final examinations. Minimum education requirement to enroll for MFC is HSC / A levels.
2.Direct Graduate Training Scheme
University graduates will directly register with a chartered accountant firm for five years training period. Graduates with first division (or equivalent grade) will be exempted from PPT, while graduates with second division (or equivalent grade) will be required to pass PPT before starting training period. During the training period students will be eligible to sit in the Foundation, Intermediate and Final examinations.
Post Graduate Trainee Scheme
Available to students having masters degree (minimum 2nd division) only. They will directly register with a chartered accountant firm for four years training period. During the training period students will be eligible to sit in the Foundation, Intermediate and Final examinations.
Private Graduate Scheme
Available to university graduates (minimum 2nd division) only. Graduates with first division (or equivalent grade) will be exempted from PPT, while graduates with second division (or equivalent grade) will be required to pass PPT to register as Private candidate (PFC).
Pre-entry Proficiency Test
The test is conducted quarterly by ICAP. The duration of the test is 2 hours and it comprises the following sections:
Section I English (Vocabulary & Grammar) 20 Marks
Essay Writing 20 Marks
Letter Writing 10 Marks
Section II Arithmetic & Logic 20 Marks
Section III General Knowledge 20 Marks
Examinations
1. Course is divided into 3 Levels namely Foundation, Intermediate & Professional
2. Foundation and Intermediate Level Exams are held in March and September
3. Professional Level Exams are held in June and December
4. There are 21 papers with CCPT and PSTC courses
Practical Experience
3.5 Years Article ship is required from a recognised accountancy firm.
