Premier Scholarships for CA Candidates in India and Overseas! Know how to Secure one!

A staggering 93,000 candidates attempt the Chartered Accountant ( CA ) exam each year in India, with a passing rate of about 25%. The professional tag of a ‘CA’ is one that is coveted by many; a lot of aspiring candidates vie eagerly to secure the position but are often bogged down by financial hurdles.

Fortunately,a wide range of scholarships are available for them which are offered in recognition of academic excellence. The Institute of Chartered Accountants of India ( ICAI ), along with numerous top Indian corporations and global educational giants, award scholarship opportunities for those who dare to dream.

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These scholarships not only lighten the financial burden but also open doors to unparalleled resources, mentorship, and networking opportunities. Whether you're pursuing your CA journey in India or dreaming of overseas education, these scholarships can be the stepping stone to your success. Dive into this guide to uncover the best scholarships and learn how to secure them!

Who Can Become a Chartered Accountant?

A Chartered Accountant ( CA ) is a highly skilled professional specializing in accounting, auditing, taxation, and financial management. Anyone with a strong aptitude for numbers, problem-solving abilities, and a keen interest in financial systems can aspire to become a CA. Whether you’re a student fresh out of school or someone considering a career change, this prestigious qualification is accessible to those willing to put in the effort and dedication required to succeed.

Key Domains of Work for Chartered Accountants

Chartered Accountants play pivotal roles across various domains such as accounting and auditing, verification and analysis of financial statements and legal compliance. Taxation is another significant area where CAs provide advice on tax planning, preparation of tax returns, and even represent clients in disputes with tax authorities.

CAs in the corporate finance sector manage mergers, acquisitions, and financial restructuring, while in risk management, they assess and mitigate financial and operational risks. Additionally, many CAs work as management consultants, offering strategic advice to businesses to enhance operations and profitability.

Types of Employers and Opportunities in the Private Domain

CAs are in demand across a wide range of enterprises. Public accounting firms employ them for auditing, tax advisory, and consulting services. Corporations hire them for financial management, internal auditing, and risk assessment roles. In the public sector, CAs contribute by handling accounts, audits, and policymaking for government bodies. Banks and financial institutions also rely on their expertise in areas like credit analysis, treasury management, and investment banking.

Beyond traditional employment, CAs have ample opportunities in private domains. CAs have the liberty to establish their own financial consulting or accounting firms, serve as financial advisors or as Financial Officers in startups and even work independently as freelancers offering specialized services such as forensic accounting or tax consulting.

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Responsibilities of a Chartered Accountant

In their professional capacity, Chartered Accountants handle a wide array of responsibilities. They prepare and maintain financial records, conduct internal and external audits, and ensure compliance with tax laws and financial regulations. CAs are often called upon to develop and implement financial strategies and provide actionable insights to improve organizational efficiency and performance.

How to Become a Chartered Accountant

Becoming a Chartered Accountant involves a multi-level structured process. The first step is to register with the Institute of Chartered Accountants of India ( ICAI ) and enroll in the CA Foundation Course, typically after completing Class 12 or its equivalent. The CA Foundation Exam serves as the entry-level gateway and covers fundamental subjects like accounting, economics, and business law. Upon clearing this exam, students advance to the Intermediate Course, which delves deeper into more advanced topics.

A critical component of the CA program is the articleship, and involves a three-year period of practical training under the supervision of a practicing CA. This phase provides invaluable real-world experience in areas like auditing, taxation, and financial analysis. The penultimate step is passing the CA Final Exam, which tests advanced knowledge in subjects such as corporate law, financial reporting, and auditing.

The entire process typically takes four and a half to five years to complete and would run you approximately Rs.1–1.5 lakh, inclusive of course fees, exam fees, and study materials. The three-year articleship period is a crucial component for developing the practical skills needed to succeed in this profession.

Top CA Scholarships in India

Numerous scholarships have been brought in action to support the dream of aspiring CAs, offering both financial relief and encouragement to talented students. Among these, the ICAI Scholarship Scheme is particularly noteworthy, providing assistance to meritorious and economically disadvantaged students across all levels of the CA program.

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ICAI Scholarships for CA Students in India

Scholarship	Eligibility Criteria	Award	Duration
Merit Scholarship	Rank holders of Intermediate exams (Rank 1–10) are eligible. Must register for Final Course before applying.	Rs.2,500 per month	Up to 30 months or until the remaining period of articleship, whichever is shorter.
Merit-cum-Need-Based Scholarship	Rank holders of Intermediate exams not covered under the Merit Scholarship may avail. Annual family income must not exceed Rs.3,00,000 per year. Must register for Final Course before applying.	Rs.2,000 per month	Up to 30 months or until the remaining period of articleship, whichever is shorter.
Need-Based for Economically Weaker Intermediate Students	Students registered for Intermediate Course via Foundation or Direct Entry Route are eligible. Annual family income must not exceed Rs.3,00,000 per year.	Rs.1,500 per month	9 months starting from registration for Intermediate Course. Additional 3 months if Orientation or one Intermediate group is completed within 12 months.
Need-Based for Economically Weaker Students in Final Course	Students registered for Final Course and with Annual family income must not exceed Rs.3,00,000 per year.	Rs.1,500 per month	Up to 30 months or until the remaining period of articleship, whichever is shorter.

Interested Applicants may apply for the ICAI Scholarships by following the steps below:

• Log on to the Self Service Portal to begin the application process.
• Login if you have an existing ID, else Register using the link provided
• Select the scholarship application form, which shall auto-populate the student's basic details.
• Enter bank account details and parents' annual income information in the form.
• Submit the form after completing all required fields.
• For students undertaking articleship, the Principal under whom they are pursuing is to approve the parents' Annual Income Certificate.
• For other students, the parents' Annual Income Certificate must be approved by an existing Member of the ICAI.
• Once the application is approved, the applicant shall receive a confirmation email from the ICAI.
• Upon approval, the allocated scholarship amount shall be disbursed to the Candidates.

Use these guidelines by the ICAI for added clarity.

ICAI Doctoral Scholarship Scheme

The ICAI Doctoral Scholarship Scheme is an initiative launched by the Research Committee of the ICAI to facilitate advanced research in the Chartered Accountancy industry. The Doctoral Scholarship aids doctoral candidates conducting extensive research in the fields of Auditing, Taxation, Commerce, Management, and Accounting..

Candidates intending to apply for the Scheme are required to be a member of the ICAI. and should be a full-time student at the Educational Institution where they are pursuing their PhD. Furthermore, they should be less than 40 years of age on the date of application.

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Application Process:

To apply for this scholarship, candidates must submit all necessary documents specified in the application form, along with a research proposal (not exceeding 3,000 words) and a concise abstract (300 words). These materials should be sent to the Secretary of the Research Committee at The Institute of Chartered Accountants of India.

Scholarships and Benefits:

Each year, up to five scholars are selected to receive this prestigious scholarship. Successful candidates will be awarded a sum of Rs.75,000 per month for a duration of up to three years.

The Last Date to apply for the ICAI Doctoral Scholarship Scheme 2024 was 31 July 2024 as per the official release by the ICAI. However, the details for the 2025 iteration of the Scheme shall be released in due time.

FAQs released by ICAI on the Scholarship Schemes:

Q:When are scholarship applicants notified about their selection?

A:Scholarships are granted quarterly based on the date of application receipt:

Dec 16 – Mar 15: Processed in April

Mar 16 – Jun 15: Processed in July

Jun 16 – Sep 15: Processed in October

Sep 16 – Dec 15: Processed in January

Q:Is income eligibility criteria and a one-time recommendation required on the Self-Service Portal (SSP)?

A:Yes, it is a one-time process. The scholarship application of students will only be considered complete when the Income and Recommendation Certificate is approved by the designated members on the SSP. The requirements are as follows:

Case I: Students currently undergoing Articleship must obtain the Income Certificate and recommendation from the Principal under whom they are undergoing Articleship.

Case II: Students who have not yet started Articleship must obtain the Income Certificate and recommendation from any Member of ICAI (Chartered Accountant).

Q:When is the Conduct and Attendance Certificate required in the portal for the release of instalments?

A:The Conduct and Attendance Certificate is required for the release of subsequent instalments after the first instalment of the Scholarship. Specific requirements are as follows:

Case I: Students currently undergoing Articleship must provide a Conduct and Attendance Certificate bi-annually (in April and October) from the Principal under whom they are undergoing Articleship.

Case II: Students who have not yet commenced Articleship must provide a Conduct Certificate bi-annually (in April and October) from any Chartered Accountant.

Q:When will students receive the scholarship instalments in their bank account?

A:Scholarship instalments will be disbursed on a quarterly basis, subject to the following conditions:

1. The student's eligibility will be verified quarterly.
2. Conduct and Attendance Certificates are required semi-annually on the self-service portal.
3. The student must ensure that an active bank account number and the correct bank IFSC code are provided on the self-service portal.

Apart from ICAI scholarships, numerous private and governmental bodies also provide financial assistance to support CA students. These scholarships aim to ease the financial burden, enabling students to focus on their professional journey. Below is a curated list of scholarships tailored for aspiring Chartered Accountants and allied professionals.

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Adani Gyan Jyoti Scholarship for CA Students

The Adani Group offers the Adani Gyan Jyoti Scholarship to support first-year students pursuing a B.Com degree alongside the Chartered Accountancy (CA) course. This initiative aims to provide financial assistance of up to Rs.70,000 per year to students from economically disadvantaged backgrounds.

Eligibility Criteria

To qualify for Adani Gyan Jyoti Scholarship, applicants must meet the following conditions:

• Enrolled in a graduation program in any year in any state of India.
• Must be domiciled residents of Andhra Pradesh, Rajasthan, Gujarat, Odisha, or Chhattisgarh.
• Should have cleared the CA Foundation Exam conducted by ICAI in 2023 or later.
• Should have successfully passed the ICAI entrance examination.
• Candidates’ Family income does not exceed Rs.4,50,000 annually from all sources.

Scholarship Award

Selected students will receive financial support of up to Rs.70,000 to cover their annual tuition fee.

Documents Required

Applicants must provide the following documents to apply for the Adani Gyan Jyoti Scholarship:

• Government-issued identity proof (Aadhaar card, voter ID card, driving license, or PAN card).
• Proof of family income (income certificate, salary slips for the last three months, or IT return form).
• Recent passport-size photograph.
• Bank account details.
• Class 12th and previous year's mark sheets.
• Rank Certificate Entrance exam.
• Counseling letter for seat allotment.
• Bonafide certificate and fee structure for the course issued by the college.
• Declaration from the parent or guardian.

Apply for the prestigious Adani Gyan Jyoti Scholarship by logging on to the Buddy4Study portal link and Selecting the ‘Apply Now’ button under the Adani Gyanjyoti Scholarship for CA Students heading.

Hurry now as the deadline date to Apply for the Adani Gyan Jyoti Scholarship for CA Students is 15th December, 2024!

Shree Maheshwari Foundation Higher Education Scholarships 2024

The Shree Maheshwari Foundation Higher Education Scholarships aim to support economically disadvantaged students pursuing higher education. Eligible candidates include those enrolled in programs like B.A., B.Com., B.B.A., M.B.A., or CA Inter, provided they have successfully cleared their previous semester or year’s examinations from a recognized university or the Institute of Chartered Accountants of India ( ICAI ).

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Scholarship Programs

The scholarships are offered under three distinct categories:

1. Shri B.C. Maheshwari (H.E.) Memorial Scholarship – For male students.
2. Smt. Sugan Devi Maheshwari (H.E.) Memorial Scholarship – For female students.
3. Mrs. Rukmani Maheshwari Memorial Scholarship – For children of army or police personnel who lost their lives in the line of duty.

Eligibility Criteria

To be eligible for the scholarship, applicants must have cleared the previous semester/year of B.A., B.Com., B.B.A., M.B.A., CA Inter, or equivalent exams in their first attempt. Candidates shall also belong to a family with a gross annual income not exceeding Rs.5,00,000.

Scholarship Benefits

Eligible Students shall receive a sum of Rs.5,000 per semester, whereas Students pursuing CA finals shall receive a sum of Rs.10,000 on annual basis in two equal installments.

How to Apply

Applicants are required to complete the offline application form for higher education scholarships. Along with the form, the following documents must be submitted:

• A declaration signed by parents/guardians.
• Verification by the Dean/Principal of the applicant's current institution or employer (for ICAI students).
• The required supporting documents listed below.

The application can be sent via email or as hard copies to the Foundation at the address provided.

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Email IDs for communication:

shreemaheshwarifoundation@gmail.com and dias@dias.ac.in

Postal Address:

A-2/156, Paschim Vihar, New Delhi – 110063
Contact Number: 011-42321528

Further Documents Required

• Annual Gross Income Certificate.
• Enrollment Certificate from the University/ICAI.
• Attested copies of Class 10, Class 12, and previous semester/year mark sheets (as applicable).
• Recommendation letter from the Dean/Principal/Director of the institution or employer (for ICAI students).
• Fee receipt for the most recent payment to the university/college/ICAI.
• Certificate from relevant authorities for reserved category scholarships (if applicable).

The completed application with requisite documents will be accepted up to 30th September & 31st March every year.

Follow this Link containing all the requisite information and form for applying for the Shree Maheshwari Foundation Scholarship

Scholarships for Scheduled Castes and Economically Backward Students Pursuing Professional Courses - Initiative by the Kerala Government

The Kerala Scheduled Castes Development Department offers scholarships to support economically weaker students from Scheduled Castes and economically backward communities pursuing professional courses in Chartered Accountancy , Cost and Management Accountancy (CMA), and Company Secretaryship (CS). These scholarships provide 100% financial assistance for course fees, aiming to empower students to achieve their educational aspirations.

Eligibility Criteria

To qualify for the scholarship, applicants must meet the following requirements:

• Enrollment in the Intermediate or Final stages of CA, CMA, or CS courses.
• Domicile in Kerala.
• Valid SC/ST caste certificate.
• Annual family income not exceeding Rs.2.5 lakh.
• Admission to institutions recognized by ICAI, ICMAI, or ICSI.
• Proof of fee payment or registration with the respective institution.

Required Documents

• Acknowledgment letter for fee payment or registration from ICAI, ICMAI, or ICSI.
• Community certificate issued by competent authorities.
• Proof of family income (not exceeding Rs.2.5 lakh).
• Scanned copies of educational certificates.
• Any additional documents required by the scholarship authority.

e-Grantz Portal

All applicants must register on the e-grantz 3.0 portal and ensure their bank account details are updated. Applications without this information will not be considered.

Submission Process

Applicants are required to upload all required documents on the e-grantz portal and await approval. Any claims with discrepancies found during verification shall be rejected. Approved scholarship amounts may be directly transferred to the applicant’s registered bank account.

All requisite information and updates may be available on the official website of the Kerala Scheduled Castes Development Department.

P M Foundation Scholarship for CA/CS/CMA Students

The P M Foundation, established in 1988 by Dr. P. Mohamed Ali, is a philanthropic initiative committed to fostering academic excellence and supporting deserving students in Kerala. The Foundation aims to inspire young individuals to achieve ambitious goals and serve as role models for future generations. Through its scholarship program, the Foundation offers financial assistance to students pursuing professional degrees, with a focus on promoting quality and merit.

Eligibility Criteria

The scholarship is open to residents of Kerala from minority communities. Applicants must have achieved at least 60% in their most recent qualifying examination and belong to a family with an annual income not exceeding Rs.8 lakh. The scholarship supports students enrolled in Master’s-level programs in Chartered Accountancy (CA), Company Secretaryship (CS), and Cost and Management Accountancy (CMA).

Required Documents

Applicants must provide the following documents to apply:

• Recent passport-sized photograph.
• Identity proof (Aadhaar card, PAN card, or voter ID).
• SSLC/Plus 2/VHSE mark sheet.
• Domicile and income certificate.
• Bank account details.
• Previous year’s mark sheet.
• Admission receipt for CA/CS/CMA courses.
• Intermediate course certificate.
• Graduation certificate.
• Community certificate.

How to Apply

Students can apply for the scholarship by visiting the official website of the P M Foundation. After registration, candidates may log in, fill out the required details, and submit their application along with the necessary documents.

Scholarship Benefits

The scholarship covers tuition fees and additional expenses, such as books and study materials, on an annual basis.

Besides opportunities in India, many scholarships are available to candidates seeking to undertake CA or finance-related degrees abroad. In recent times, the dream of pursuing advanced education abroad has been converted from a dream to reality for many. Following is a list of some top scholarships available to students looking to fly!

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Inlaks Shivdasani Foundation Scholarships

The Inlaks Shivdasani Foundation Scholarships offer Indian citizens under 30 the chance to pursue full-time Master’s, M.Phil., or doctorate programs at renowned international universities. This prestigious scholarship covers tuition fees, living expenses, and a one-way flight ticket, providing comprehensive financial assistance. Open to all academic fields, including finance and accounting, it helps students elevate their academic and career prospects.

Eligibility: Minimum 65% from a recognized Indian institution.

Application Window: January to April each year.

Highlights: Covers tuition fees, living expenses, and airfare.

Apply here: Inlaks Foundation Scholarship

Fulbright-Nehru Master’s Fellowships

For Indian students aspiring to study in the United States, the Fulbright-Nehru Master’s Fellowships are a gateway to world-class education. These fellowships are available for Master’s programs at select U.S. universities in fields like business, accounting, and finance. They are designed for individuals with strong leadership skills, community service experience, and professional expertise.

Eligibility:

• Bachelor’s degree with at least 55%.
• Minimum three years of full-time work experience.
• Leadership and community service experience required.

Benefits: J-1 visa support, tuition and fees, living costs, airfare, and health coverage.

Apply here: Fulbright-Nehru Fellowships

Australia Awards Scholarships

The Australia Awards Scholarships supports students from developing nations, including India, to pursue postgraduate studies in Australia in business, finance, and accounting. This scholarship offers extensive financial coverage, including tuition fees, living allowances, airfare, and health insurance.

Eligibility: Applicants must meet the program-specific criteria.

Key Conditions:

• Recipients must leave Australia for at least two years after completing their studies.
• Failure to comply incurs a debt for the scholarship costs.

Application Window: February to May each year.

For more details, visit the official website here.

JN Tata Endowment for Higher Education

The JN Tata Endowment for Higher Education provides loan scholarships of up to Rs.10,00,000 for Indian students pursuing postgraduate or professional education abroad. Open to all disciplines, including finance and accounting, this scholarship is an excellent opportunity for students seeking financial assistance for their overseas education.

Eligibility:

Candidates should have Graduated with at least 60% from a recognized Indian university. The JN Tata Endowment for Higher Education is Open to applicants under 45 years of age.

The Application process is multi-faceted with four phases - Application submission, Online Test, Interview with Subject Expert and Final Selection

Application Window: December to March each year.

Know all the details of the JN Tata Endowment for Higher Education here .

These scholarships are an absolute lifeline for talented and deserving students to realize their dream of pursuing Chartered Accountancy and other allied financial professions. From full financial coverage to numerous other benefits, the scholarships cater to a variety of needs and circumstances. Mark the deadlines and start your application journey today!

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