Frequently Asked Questions

Prime Academy

What is Prime Academy all about?
It is an educational institution for providing the classroom training for students of Chartered Accountancy. Apart from that it conducts corporate training programs by expert faculties for top corporates covering topics of finance in India as well as abroad. For more details check the Prime Academy website: www.primeacademy.com

What is the mode of registration in Prime Academy?
There is only online registration in Prime Academy.
         
What is the steps to be done before registering in Prime academy?
No steps required before registering. Check the web for guidelines as soon as the date of online registration for classes is announced.

What are the venues on the lookout for classes?
The venues will be in and around the areas of Mylapore and Nungambakkam.

What are the hostel facilities Prime Academy provide for the outstation students?
Prime Academy does not provide any hostel facilities. But it contains the list of hostel facilities available in its prospectus before a session could open to classes.

Do Prime Academy offer placements for finance related qualified?
Prime Academy offers placements to semi qualified and qualified Chartered Accountants. For registering forward your CV to placementsprime@gmail.com

When can I apply for PCC and Final classes? 
28th Session Online Registration is currently on.

Whom can I approach for further details about the courses?
 You can send an email to us or fill in the feedback form in this site. You may also contact Mr. K R Kamalakannan, Head Admissions, at (044) - 2467 1478 for any clarification.
 
Is shifting between batches and sessions allowed?
The Academy does not allow such changes, nor will the fees be refunded. You are requested to be doubly sure before you apply.
 
Is accommodation in the vicinity available for outstation students?
The Academy is situated in the business hub of Chennai. Nearby are numerous lodgings with food and other facilities. Alternatively, you can see ads posted on accommodation in our Prospectus and also on the Web.

Common Proficiency Test (CPT)

What is the Common Proficiency Test?
It is an entry level test for Chartered Accountancy Course. It is a test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude. This test is of 200 marks. This test is divided into two sessions of two hours each (9.00 – 11.00 a.m. and 12.30 - 2.30 p.m.). CPT is an objective type test with negative marking.

Who can join the course?
A student who has passed the 10th standard examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto may register for Common Proficiency Test.

What is the fees for registration?
The registration and tuition fee is Rs.3500, which is to be remitted along with filled in application form. In case a student submits downloaded application form, he should remit Rs.3600 (Rs.100 for Prospectus. A copy of the Prospectus will be sent to him along with the study package). This fee structure is applicable for (i) Indian students residing in India and other SAARC Countries and Bhutan; and (ii) students belonging to other SAARC countries and Bhutan. The following students have to pay fees amounting to US$ 200:
(i) Students of foreign countries other than SAARC countries and Bhutan; and
(ii) Indian Students residing abroad other than SAARC countries and Bhutan.

What are the subjects to be studied?
SESSION – I (Two Sections– Two hours – 100 Marks)
Section A: Fundamentals of Accounting (60 Marks)
Section B: Mercantile Laws (40 Marks)
SESSION – II (Two Sections– Two hours – 100 Marks)
Section C: General Economics (50 Marks)
Section D: Quantitative Aptitude (50 Marks)

Will there be any study package?
Yes. The Board of Studies provides a comprehensive study package including a large question bank. The Board of Studies also provides a CD for self-assessment. Using the CD, a student can get question paper sets of different subjects and test his level of preparation. In addition, Volume I & II of the Model Test Papers are also being supplied to the students with study materials.

Is the Institute organizing any oral coaching to assist the students for preparation?
Yes. There are accredited institutions who are engaged in conducting oral coaching classes. A list of such institutions is available on the website as per the following links:
http://icai.org/icairoot/students/new_scheme/accreditation.pdf

What is the fee to be paid for undergoing oral coaching?
Fees to be charged for different modules are decided by the accredited institutions.

What is the eligibility for appearing in the examination?
A registered student may appear in Common Proficiency Test after he has appeared in the Senior Secondary Examination (10+2 examination) conducted by an examining body constituted by law in India or an examination recognised by the Central Government as equivalent thereto and has complied with such requirements as may be specified by the Council from time to time.

What are the qualifying marks?
The qualifying mark is 50%. A student has to remember that CPT is an objective type test with a negative marking for selecting wrong option which will be indicated in the question paper.

When the CPT Exam is held?
CPT examination is being held twice in a year i.e., in June & December.

What is the next step after passing CPT?
After passing CPT and 10+2 examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto, a student may join the Chartered Accountancy Course.
Education of Chartered Accountancy is divided into two levels:
i. Professional Competence Course
ii. Final Course
There is a concurrent articled training of 3 ½ years or equivalent audit training. Eight months of service as an audit assistant shall be reckoned as six months of articled training. Also, a student is allowed to undergo partly articled training and partly audit training. Any fraction of a period less than eight months as audit assistant will be ignored. After passing CPT and 10+2 standard examination as stated above, a student has to take admission to Professional Competence Course and concurrently register for articled/audit training?

Can a student registered for CPT can appear in CPT exam indefinitely?
No, the registration for CPT Course will be valid for a period of 3 years from the date the student becomes eligible to appear in CPT exam for the first time or for the period so long the student continues to appear in the examination regularly whichever is later. Accordingly the registration of a student will continue to be valid as long as the student continues to appear in the CPT exam irrespective of the period involved which may be beyond three years. After expiry of the period of 3 years from the date the student became eligible to appear in CPT for the first time, his registration will lapse. However, the registration shall not lapse if such student has appeared in at least one of the last two examinations conducted just before the end of three years. The registration of such student shall however lapse in case he subsequently does not appear in two consecutive examinations.

How much amount a student of CPT, whose registration is lapsed, is required to pay?
A student whose registration gets lapsed will be eligible for re-registration. Such students will be required to re-register himself/herself by paying a nominal revalidation fee of Rs.500/-. Such re-registration will again be valid for a period of 3 years or for the period so long the student continues to appear in the examination regularly. After the expiry of 3 years from the date of re-registration, the reregistration will again lapse. However the re- registration shall not lapse if such student has appeared in at least one of the last two examinations conducted just before the end of three years. The registration of such student shall however lapse in case he subsequently does not appear in two consecutive examinations. Such student will again be eligible to revalidate his/her registration by re-registering himself/herself and paying the aforesaid revalidation fee of Rs.500/-. There is no time limit for revalidation.

How much amount a student of Professional Education (Course-I) who have exhausted all the attempts is required to pay for switching over to Common Proficiency Test (CPT) course
All the students who have exhausted all the attempts will have to register afresh by paying full registration fees for CPT, i.e., Rs.3500/- applicable at present. In case a student of PE-I has not exhausted all the attempts, the students may be permitted to convert into CPT by paying Rs.100 towards the cost of prospectus and such students will be issued the study material of CPT free of cost..

Whether there is any specific date by which revalidation should be done?
Revalidation can be done at any time before the due date of filling of examination forms.

Professional Competence Course (PCC)

What is Professional Competence Course?
It is the first stage of theoretical education of the two–staged chartered accountancy course. It has come into effect on and from September 13, 2006.

Who can join PCC?
A student who has passed Common Proficiency Test and Senior Secondary Examination (10+2 examination) conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto may join the Professional Competence Course.
Simultaneously, the student will also register for practical training of 3 ½ years.
In addition, a student has to register and undergo 100 Hours Information Technology Training after completion of 3 months of articled training.

How to apply for admission to the Professional Competence Course?
A student is required to apply in the prescribed forms for registration of PCC, ITT and Form No. 103 available along with the prospectus.
A student can buy prospectus by remitting a sum of Rs.100 (Rs.50/- for Prospectus Rs. 50/- for Form NO.102 and Form No. 103) from any of the Offices of the Institute given in Point No.6.
The Prospectus can also be procured by post from any of the Offices of the Institute stated in Point No.6 below on payment of Rs.140 (Rs.40 on account of postal charges).

What documents are required to be submitted for articled registration, admission to Professional Competence Course and 100 Hours ITT?
The following documents are required to be submitted to the appropriate Regional Office of the Institute based on the location of employer: Necessary supporting documents:
One copy of Form 103, duly filled–in (along with form for additional vacancy, if applicable)
Form No.112 in case a student is pursuing any other course, if applicable. Demand Draft / Pay–order of requisite amount
To be submitted by students who have passed CPT / Professional Education (Course – I) i.e. joining PCC Course with Articleship:
Attested copy of Secondary Admit Card / Mark sheet / Pass Certificate as proof of Date of Birth
Attested copies of CPT Mark sheet / Professional Education (Examination-I)
Attested copy of 10+2 pass mark sheet.

What are the subjects in PCC?

Professional Competence Course
Group I
Advanced Accounting                            (100 marks)
Auditing and Assurance                        (100 marks)
Law, Ethics and Communication
Part I: Law                                            (60 marks)
Business Laws                                      (30 marks)
Company Law                                       (30 marks)
Part II: Business Ethics                         (20 marks)
Part III: Business Communication         (20 marks)
Group II
Cost Accounting and Financial Management
Part I: Cost Accounting                         (50 marks)
Part II: Financial Management              (50 marks)
Taxation
Part I: Income – tax                              (75 marks)
Part II: Service Tax and VAT                 (25 marks)
Information Technology and Strategic Management
Section A: Information Technology       (50 marks)
Section B: Strategic Management         (50 marks)

How to prepare for Professional Competence Examination?
The Board of Studies will provide a Study Package to the students registering for the course. The package will contain books of each subject covered in the Course. A student can prepare on self–study basis. He will get guidance from the Board of Studies through e–mail to guidance@icai.org based on queries raised.
The Board of Studies will also provide a CD containing study materials of various subjects in hyperlinked PDF format.
Accredited Institutions conduct oral coaching classes. If a student requires additional help, he can join such accredited institutions.

Is the Institute organizing any oral coaching classes to assist the students for preparation?
Yes, there are accredited institutions which are engaged in conducting oral coaching classes. A list of such institutions is available in the Prospectus and also hosted on the Institute’s website. Lectures for the benefit of PCC students are delivered at Gyandarshan Channel . For details see students newsletter & Institute’s website.

What are the different modules for oral coaching?
Two different coaching modules are designed for conducting oral coaching classes for PCC: Module I Crash course comprising 3 hours per day Total teaching of 100 days hours: 300
Module II Regular course comprising 2 hours per day Total teaching of 175 days hours: 350
A student may opt for a module depending upon his academic level in the corresponding (10+2 examination) or other academic course(s).

What are other materials and facilities does the Board of Studies provide to the PCC students?

Will there be any study package?
Yes. Study package of Professional Competence Course comprises of –
(i) Study Materials
    Group I: Paper 1: Advanced Accounting (Vol. I & II)
    Paper 2: Auditing and Assurance (Vol. I & II)
    Paper 3: Law, Ethics and Communication
    [Set of five books]
    Group II: Paper 4: Cost Accounting and Financial Management
    Paper 5: Taxation (in two volumes)
    Paper 6: Information Technology & Strategic Management (in two volumes) [Set of five books]
(ii) Training Guide
(iii) A CD containing digital version of all study materials
(iv) 100 Hours ITT Modules (in two volumes) along with 7 CDs of ITT.

What is Information Technology Training (ITT)? When will it commence?
While studying PCC a student has to pursue a course on 100 Hours ITT.

Who will conduct this training?
The 100 Hours ITT training would be provided in the ICAI computer labs located in different parts of the country.

Is there any separate fees for undergoing the training?
Yes. A fee of Rs.4000 would be charged by the concerned regional office/ accredited branch.

Should a student register with the Board of Studies for undergoing ITT and pay separate registration fees?
When a student registers for articled / audit training and PCC with the Institute, automatically he is granted registration for ITT. The fees for PCC is inclusive of ITT registration.

Will the Board of Studies provide any study materials for ITT?
Yes. The Board of Studies will offer a set of study modules along with 7 CDs covering various topics of the ITT which a student should study while undergoing the training. This will be made available along with the study materials.

Can a student undergo ITT from the first day of registration of articled / audit training and PCC? Is there any preparation time before joining ITT?
A student can join PCC and articled / audit training by registration with the Institute and simultaneously he is granted registration for ITT. But it will be difficult for a student to join ITT on the same day as there is academic linkage between ITT and Information Technology subject covered in PCC. Prior knowledge of introductory chapters of Information Technology subject is considered to be useful in appreciating various sessions of ITT. Also there is a need for appreciating functions of an articled / audit trainee and role of Information Technology therein. Therefore, a student is allowed to join ITT only on completion of three months of articled / equivalent period of audit training.

Is 100 Hours ITT part of the Articleship training stated in Section E?
Yes, it is the part of the training. But, for attending 100 Hours ITT, an articled assistant should take prior permission of the MIT / Principal.

Is there any Final Examination for ITT?
Yes, the Final online examination would comprise of 200 objective type questions of 1 ½ marks each totaling 300 marks. The weight age of final online examination is 60%. The duration of the same is 3 hours. The final online examination is to be conducted by the accredited regional / branch office on any Sunday of the month.

Will the Institute issue certificate for completion of 100 Hours ITT?
Yes, respective Decentralized Offices of the Institute, to which a student belongs, will issue certificate for completion of 100 Hours ITT.

What is the practical training?
The unique requirement of practical training is instrumental in shaping a well–rounded professional to ensure that students have an opportunity to acquire on–the–job work experience of a professional nature. Such a practical training:

What is the eligibility for admission to articled training?
Under Regulation 45 of the Chartered Accountants (Amendment) Regulations, 2006 a person who –

What is duration of articled training?
It is 3 ½ years.

Should the training be completed before appearing in Final Examination?
Yes.
The training completion requirement has been divided into two parts:
(i) Articleship completion requirement to be eligible to appear in the Professional Competence
Examination (PCE): A student should complete not less than 15 months as an articled assistant, 3 months prior to the first day of the month in which Professional Competence Examination (PCE) is held or 18 months of articled training as on 1st May/ 1st November, as the case may be.
(ii) Articleship completion requirement to be eligible to appear in the Final (New) Examination: A student should complete 3 ½ years of practical training prior to the first day of the month in which Final Examination is held.

What are the objectives of practical training?
Unique feature of the chartered accountancy curriculum is balanced approach towards theory and training by way of emphasizing commencement of the training at the beginning of the chartered accountancy curriculum and neither a stand–alone theory nor a practice without theoretical knowledge would make a professional successful. Followings are the objectives of the training:
(a) Developing skills in applying theoretical knowledge to practical situations
(b) Inculcating a disciplined attitude
(c) Imbibing due professional orientation
(d) Developing ethical values.

Is there any standard training programme?
A broad training programme has been given in the training guide. However, the Member In–Charge Training (MIT) / Principal will make a detailed assessment of the training environment and offer training scheme to the students in designing the training programme the MIT / Principal considers the following 4 components:
(a) Categories of Work Experience
(b) In–House Theoretical Training
(c) Development of Professional Attitude
(d) Phasing of Training Programme.
Referred to the training guide for various training modules which is not normally expected of training programme but not necessarily a MIT / Principal will offer all such modules.

Should a student get any stipend during the practical training?
Yes. A person registered as an articled assistant is entitled to receive a minimum monthly stipend as per the rates specified under the Chartered Accountants Regulations, from time to time. The current minimum rates of monthly stipend payable, depending on the situation of the normal place of services of the articled clerks, are as follows:
Classification of the normal place of service Stipend payable per month

1. Cities / Towns having population of 20 lakhs and above Rs.1000 Rs.1250 Rs.1500
2. Cities / Towns having population of 4 lakhs and above Rs.750 Rs.1000 Rs.1250
3. Cities / Towns having population of less than 4 lakhs Rs.500 Rs.750 Rs.1000

What is the entitlement of leave of an articled assistant?
A trainee earns leave at the rate of one–sixth of the period actually served by him. Leave due is ordinarily granted, if reasonable notice has been given by the trainee to his MIT / Principal. For detail calculation of the leave refer to Annexure II of the Training Guide.

Can a student get leave for preparation of the examination conducted by the Institute?
Yes, in order to prepare for the examinations of the Institute, a trainee is granted leave for a period of 2 months or to the extend of leave due, whichever is less. However, the trainee should make an application for such leave at least 15 days in advance. The days on which a trainee appears for the examination conducted by the Institute (including intervening holidays) are counted as a period on duty.

Whether undergoing ITT or GMCS will be treated as leave?
No. A student can join ITT after 3 month of articled training and a final student can undergo GMCS course during last 12 months of articled training. This period will be treated as a part of Articleship and not as leave.

What is the requirement of working hours per day and per week for an articled assistant?
An articled assistant shall work 35 hours per week. The MIT / Principal may observe a 5 day week for articled trainees. Therefore, per day working hour in a 5 day week works out to be 7 hours per day. The MIT / Principal may also work in a 6 day week schedule. In such a case, an articled assistant has to work at least 6 hours per day for 5 days and the balance 5 hours on the sixth day. The working hours specified above should not be before 9.00 a.m. and after 7.00 p.m.

If an articled assistant is required to work more than 35 days a week, can he get any compensation?
Yes, if an articled assistant is required to work beyond normal working hours, and aggregate of such hours exceed 35 hours per week (excluding lunch break), he/she shall be entitled to compensatory leave calculated with reference to number of completed working hours, over above, 35 hours per week.

Can the MIT / Principal reject leave application submitted by an articled assistant for appearing in the Institute’s examinations?
No.

Can the MIT / Principal reject leave application submitted by an articled assistant for any other purpose?
Yes. Granting leave for any other purpose is at the discretion of the Principal / MIT. The articled assistant should explain his requirement to the MIT / Principal and proceed for leave after taking his permission.

How to find out an MIT / a Principal? Who are eligible to train articled assistants?
Vacancies for articled assistants are available with the Regional Offices and Branch Offices of the Institute.

What is secondment / exchange in the context of Articleship training?
In order to expose the trainees at large to multi – disciplinary work variety of business situations, the arrangement of secondment under Articleship training is provided by which an articled assistant can work under a different member of the Institute.

What is the procedure of secondment?
Under the scheme of secondment an articled assistant is shifted to another member who is eligible to train articled assistant or who is eligible to train assistant under the scheme of industrial training. However, a member is not entitled to train more than two such articled assistants under secondment basis. Under the scheme of secondment, the period of training shall not exceed six months under a member other than the original MIT / Principal and in aggregate total period of training under secondment shall not exceed 1 year. During the period of secondment the member with whom the articled assistant is seconded shall pay the stipend. If the secondment is made under industrial training, the periods served on secondment should not exceed 1 year.

What is Work Diary?
It is meant for training records to ascertain progress of the trainees. A format of the Work Diary is given in Annexure III of the Training Guide which includes inter alia details of work undertaken and training received and a Summary of the various Training Programmes – professional as well as self – development – attended by an articled assistant. This Diary is to be prepared by the trainee and should be confirmed by the MIT / Principal.

Is there any penalty for delayed submission of Form No. 103?
Yes. In case Form No.103 is not submitted to the Institute’s Office within 30 days from the date of commencement of training, the procedure laid down by the Council for condonation of delay in submission of forms will apply. Delay Corresponding fees to be paid
30 days beyond specified period Rs. 100
31 – 180 days beyond specified period Rs. 300
Beyond 181 days Rs.1000
Either of the following records may also be sent (if the delay is more than 181 days):
(a) Attendance record of the Articled Assistant.
(b) Original deed of Articles in Form 102, executed on non – judicial stamp paper.
(c) Certified copy of the work diary of the articled assistant.
(d) Stipend details with evidence in the form of Bank Pass Book / Statement.
(d) The period of training in the deed of articles with the new employer must be the full balance period of training required to be undergone under the Chartered Accountants Regulations.

What is 3–year articled training scheme? Who can undergo training under this scheme?
Under the old scheme of education and training, a student who has passed Professional Education (Examination – II) is eligible to undergo 3 year of articled training along with the Final Course. Such students are eligible to pursue Final (New) Course.

Is an audit training equivalent to Articleship training?
No. 8 months of audit training is treated as equivalent to 6 months of Articleship training. Thereby under the new scheme of education and training a student has to undergo 42 months of Articleship training whereas a student has to undergo 56 months of audit training. No fraction below 8 months is counted for the purpose of equivalence.

Is it possible to undergo practical training partly as Articleship training and partly as audit training?
Yes. It is possible to do so. For example, a student can undergo 16 months of audit training and 2 ½ years of Articleship training.

Can an audit trainee join industrial training?
Yes. For example, a student can undergo 40 months of audit training and 12 months of industrial training after passing PE-II/ PCE and during last 12 months of practical training. It is to mention that maximum period of industrial training is 12 months.

What is industrial training?
It is a training scheme by which a student can undergo practical training within an approved industrial undertaking having specified amount of fixed assets or turnover or paid – up share capital.

What are the objectives of industrial training?