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Introduction to Institute of Chartered Accountants of Pakistan (ICAP)

ICAP is a prestigious regulating body that promotes, develops and supports over 10,000 Chartered Accountants. We provide qualifications, professional growth and development, share our knowledge, insight and technical expertise, and protect the worth and integrity of the accountancy profession.

The Institute of Chartered Accountants of Pakistan (ICAP) was established on July 1, 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 globally-recognized professional accountancy body, bringing value to its members, the profession and the wider community. Though ICAP, as compared to other accountancy bodies, is a small in membership size, but on global forums it has very prominent place.

ICAP is a member of International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of a Asian & Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).

Useful link: https://www.icap.org.pk/about-icap/

Career Path way

You are eligible to join this course if:

  • You have cleared HSSC with minimum 50% marks or ‘A’ Level with minimum two passes, or you possess an equivalent qualification or are a graduates with minimum 45% marks.
  • Candidates who meet the above criteria can enter the first level (AFC) after registration.

ICAP allows provisional registrations to result awaiting students.

Useful link: https://www.icap.org.pk/do-ca/entry-routes/

Full Time Study Scheme

In order to become a qualified chartered accountant and use the designatory letters “CA” after your name you need to complete:

  • 4 papers of the Assessment of Fundamental Competencies (AFC) level [unless you are eligible for exemptions for these papers]
  • 9 papers of Certificate in Accounting and Finance (CAF)level [unless you are eligible for exemptions for these papers]
  • 6 papers of Certified Finance and Accounting Professional (CFAP) level
  • 2 papers under Multi Subject Assessments (MSA)
  • Presentation and Communication Skills Course (unless exempted)
  • 3 to 4 years of relevant practical training [duration depends upon your entry route]

Trainee Scheme

  • The scheme is designed for university graduates who want to pursue CA qualification.
  • Candidates who possess graduation or post-graduation degree with minimum 45% marks may directly register as a trainee after passing or obtaining exemption from AFC
  • Candidates also have an option to commence training before passing AFC, but their training will be terminated if they do not pass AFC within one and a half year of training or within the maximum available attempts whichever comes earlier.
  • During the training the candidate qualifies for the following stages:
    • Certificate in Accounting and Finance (CAF)
    • Certified Finance and Accounting Professional (CFAP)
    • Multi Subject Assessments (MSA)
      • Financial Reporting Professional Competence; and
      • Audit professional competence.

 

 

Useful Links:

Full-time scheme: https://www.icap.org.pk/do-ca/entry-routes/full-time-scheme/

Trainee scheme: https://www.icap.org.pk/do-ca/entry-routes/trainee-scheme/

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