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FCA Full Form - Eligibility, Difference Between CA and FCA

FCA Full Form - Eligibility, Difference Between CA and FCA

Edited By Sansar Singh Chhikara | Updated on Sep 22, 2023 02:53 PM IST

FCA Full Form - The full form of FCA is Fellow Chartered Accountant. Usually there are two types of Chartered Accountants, Fellow Chartered Accountants and Associate Chartered Accountants. FCA has three levels in total - Level I, Level II and Level III. The FCA Level I exam is conducted twice every year, whereas the FCA Level I and II exams are conducted only once a year. The FCA Institute is the conducting body of the FCA exam. Candidates who have passed their graduation or have a minimum work experience of four years are eligible to take up FCA. The Fellow Chartered Accountant exam is conducted in Computer Based Test mode.

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FCA Financial Chartered Accountant - Overview

FCA full form

Fellow Chartered Accountant

Levels of FCA

3 levels (Level I, Level II and Level III)

Exam purpose

To become a Chartered Accountant

Frequency of Conduct

FCA Level I - Twice every year

FCA Level II and III - Once every year

Exam conducting body

FCA Institute

What is FCA?

FCA refers to Fellow Chartered Accountant. A Chartered Accountant who has five years of experience becomes a Fellow Chartered Accountant. It is a term used to refer to experienced professionals from the field of Chartered Accountancy. It must be noted that when a candidate qualifies the three levels of CA, and becomes a Chartered Accountant, he or she becomes a member of ICAI and is designated as Associate Chartered Accountant. So, becoming an FCA is in a way an acknowledgement of seniority.

FCA Eligibility

FCA course has its own eligibility criteria and candidates willing to get FCA certification must fulfill the eligibility criteria specified by the FCA institute. Candidates who have their ACA membership will be eligible for FCA course. The detailed eligibility criteria of FCA course has been given below:

  • Candidates will be required to pass all the three CA examination i.e. CA Foundation, CA Intermediate and CA Final with good aggregate marks.

  • Graduate candidates must have an experience of five years or more in the field of commerce, accounting, taxation, and finance management.

  • Graduates who have cleared all the three levels of CFA will also be eligible to take up the FCA course.

  • CFA graduates must also have an experience of five years or more to be eligible for FCA certification.

FCA vs CA

There are some stark differences between a CA and FCA and the table below demonstrates that:

Difference

CA

FCA

Full Form

CA stands for Chartered Accountants

FCA stands for Fellow Chartered Accountants

Types

There are two types of CAs, ACA (Associate Chartered Accountants) and FCA (Fellow Chartered Accountants).

Fellow Chartered Accountant (FCA) is one of the firms of ICAI.

Qualification

Candidates who have passed their class 12 are eligible to take up the CA foundation course.

Candidates must have passed their CA Foundation, Inter and Final exams along with five years of work experience as a CA.

Governing Body

ICAI is the governing body of Chartered Accountants.

FCA Institute is the governing body of FCAs.

Title

CAs get the title of ACA after the completion of CA Final exam. They can also get the title of FCA after five years of work experience and necessary certifications.

FCAs get the title of FCA only.

Frequently Asked Question (FAQs)

1. What is the difference between FCA and CFA?

FCA is a higher degree of professional experience in the field of Accounting (CA). CFA is a program that provides regular training & education in the field of finance and also in investment analysis.

2. Are 10+2 students eligible to join CA?

Yes, students who have passed their 10+2 are eligible to enroll in CA

3. What is FCA and ACA in CA?

FCA stands for Fellow Chartered Accountant and ACA stands for Associate Chartered Account

4. What is ICAI?

ICAI stands for The Institute of Chartered Accountants of India (ICAI) and it is India's largest professional accounting organization.

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