Chartered Accountancy Professional Final [CAP III] Frequently asked questions.

1. What is CAP - III Course ?

CAP - III course is the final stage of Chartered Accountancy Course. The duration of CAP - III course is three year. This course includes practical training as well as theoretical based design to give the students a deeper insight into advanced level of professional expertise and skills. In this level, students should undergo paid articleship training for the period of three years under a practicing Chartered Accountant.

2. Who can join CAP - III Course?

To enroll in the CAP-III Level, a candidate must have:

  1. passed both groups of CAP-II Level Examination
  2. registered as an articled trainee under a practicing Chartered Accountant by signing an Articleship Deed. However, the Articleship Deed must be registered with the Institute within one month from the date of signing the deed.

3. Is there any facility of provisional registration for CAP - III Course?

No, there is not facility provisional registration in CAP - III Course.

4. How to apply for admission to CAP - III Course?

Student should apply with an application form duly filled up in prescribed manner along with a contract of articleship with a Chartered Accountant Member in practice to serve as an articled trainee for practical training. The Articleship Deed shall be duly filled and signed both by the Principal and the Articled Trainee. Besides, the following attested documents also shall be submitted.

  • Copy of passed mark sheet of CAP-II Examinations
  • Copy of passed certificate of CAP-II Examinations
  • Receipt of fee paid.

5.Is there any deadline of Registration?

Examination is held twice a year - one in June and the other in December. For appearing in the June examination registration should be done on or before the end of May and on or before end of November for the December examination.

6.What are the fees for Registration?

Registration fee for CAP - III course is Rs. 30,000/- till the last date of Ashad 2072 and 40,000/- applicable from 1st Shrawan 2072. The registration fee should to be paid at the time of registration along with other applicable fees. However, the registration fee can also be paid on installments. The balance amount shall be paid within six months from the date of registration.

7.What are the subjects to be studied?

The CAP - III course consists of eight papers, each carrying 100 marks and divided into two groups:

Group I
PAPER 1 : Advanced Financial Reporting
PAPER 2 : Advanced Financial Management
PAPER 3 : Advanced Audit & Assurance
PAPER 4 : Corporate Laws

Group II
PAPER 5 : Management Information & Control System
PAPER 6 : Advanced Taxation
PAPER 7 : Advanced Cost & Management Accounting
PAPER 8 : Strategic Management & Decision Making Analysis

8.What is the eligibility for appearing in the Final Examination?

A candidate can appear in the Final Examination, provided he/she has:

  1. Completed two years of study from the date of registration,
  2. Obtained eligibility certificate, and
  3. Completed the prescribed period of practical training, i.e. 3 years or has yet to serve not more than 12 months of articleship prior to the first day of the month in which Examination is held.

A candidate can appear either in both groups of tests simultaneously or in one group in one examination and in the other group at any subsequent examination.

To obtain the eligibility certificate of CAP - III Level, students are required to pass Eligible Test as prescribed by ICAN. Generally, hall test scheme has been provisioned for the level. The students should pass in at least one paper of each subject and must secure a minimum of 40% marks in each paper. The tests are conducted till the end of July for the students appearing in the December Examination and till the end of February for the students appearing in the June Examination.

After successful completion of Pre-test exam scheme, eligibility certificate shall be issued to the student. A student shall get eligibility certificate before or with in exam form submission date.

9.What are the features of Hall Test?

Under this scheme, tests are taken in an examination hall. The Institute shall fix center for such tests, necessary number of invigilators with timing of examination. Normally, tests are held each Saturday starts at 8:00am to 11:00am. Each sitting of the examination shall be of 3 hours.

A student can sit for Hall Tests as many times as he wishes but only two sittings per subject shall be allowed free of cost. Extra sittings shall be charged at Rs. 500/- per paper. A student who registers his name but fails to appear on the scheduled date shall be considered as having appeared for the test but marked as absent.

10.Whether a student can take Postal Test instead of Hall Test?

Generally, hall test scheme has been provisioned for this level. However, The Institute shall waive the hall test scheme and provides Postal Test Scheme to the student who produce letter from his/her principal that he/she is outstation for practical training.

11.What are the features of Postal Test?

Under this scheme students are provided with a set of test papers at the time of registration. Students are required to solve the test papers at home under the examination conditions and submit them to the Institute. However, this scheme is only applicable to those students who have registered their name outside the Kathmandu valley.

These test papers can be submitted personally or by post. A student is allowed to submit two papers of each subject free of cost. Students have right to attempt more than two test papers, however, he/she will be charged Rs. 500 per extra paper.

If any kinds of misconduct found such as copied from others' works/writings, shall be considered invalid and no marks shall be awarded to such answers.

12.Whether a student who has registered under old syllabus and already completed Articleship in Intermediate level can be registered under old scheme in Final Level?

The student who has registered under old syllabus and already completed Articleship in Intermediate level also should join for new syllabus. However, s/he has no compulsion to join Articleship again. But the students who haven't completed 3 years Articleship have to complete the 3years duration in Final level. These students do not have to wait for two years to appear in Final Examination but before final examination they should have got Eligibility Certificate.

13.Whether there is any special consideration for Registered Auditors (RA) Members of the Institute?

A Registered Auditor Member, who fulfills the conditions prescribed by the council, may be exempted from undergoing articleship for a maximum period of two years.

14. Whether a student can join for Industrial Training instead of Articleship?

A student may join for Industrial Training instead or Articleship for a period of not exceeding one year.

15.When the Final Examination is held?

The Final Examinations are held twice a year, one in June and the other in December.

16.How long the registration remains valid?

There is no deadline to complete the CAP - III Level.

17.What is the application deadline and fees to be paid to appear in CAP CAP - III Level Examination?

Students eligible to appear in the examination shall have to submit examination form along with prescribed fees within the timetable announced by the Institute. Generally, for appearing in the June examination, the form should be submitted on or before the end of April and by the end of October for the December examination.

18.What are the qualifying criteria?

The qualifying criterions for CAP-III level are as follows:

  • A candidate shall be declared passed in the CAP-III Examination only if he passes in both the groups.
  • A candidate shall be declared passed in both groups simultaneously if he secures at one sitting:
    1. A minimum of 40 % marks in each paper of each of the groups with an aggregate of 50 % of all the papers of each of the groups or
    2. A minimum of 40 % and above in each paper of both the groups and 50 % in aggregate of all the papers of both groups taken together.
  • A candidate shall be declared passed in one group if he/she secures, at one attempt, a minimum of 40 % marks in each paper of the group and 50 % in aggregate of all the papers of that group.

19.Is there any Exemption facility in CAP - III Level examinations?

A student who has scored 60% or more in any paper(s) but has failed in that group, shall be entitled for exemption in that particular paper(s), provided, he has scored a minimum of 30% in any one of the subjects of that group, and should have attempted all the papers in that group. The exemption shall remain valid for the next three consecutive examinations but those students who are entitled for exemption are not considered for rank.

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