Exemption Policy of ICAP

All candidates seeking exemptions are required to apply on the prescribed Exemption Form along with the fee and supporting documents/ certificates as mentioned on the Form to the Directorate of Examinations before the prescribed date of submission of Examination forms.
No exemptions shall be given from any ICAP examination or paper(s) thereof to any individual, Professional Accountancy Institution or body or University unless such request:

(a) is received from the Certificate awarding body;
(b) the said body is making the request on a reciprocal basis; and
(c) the request is subjected to a detailed evaluation procedure to be laid down by ICAP and made transparent.
As per conditions mentioned in para above, the under-mentioned specific exemptions as approved by the Council of ICAP are presently available:

1. The examination and the training prescribed by the following Chartered Accountancy institutes will be treated as equivalent to the examinations and training prescribed under the Chartered Accountants Bye-Laws 1983 for the purpose of membership of ICAP:
   i. The Institute of Chartered Accountants in England & Wales (ICAEW);
   ii. The Institute of Chartered Accountants in Ireland (ICA Ireland);
   iii. The Institute of Chartered Accountants in Scotland (ICAS);
   iv. The Institute of Chartered Accountants in Australia (ICAA); and
   v. The Canadian Institute of Chartered Accountants (CICA).
   Provided that if such members desire to start practice as Chartered Accountants, they will have to pass the papers of "Advanced Taxation" and "Corporate Laws" of the Final examination and also undergo training with a firm in practice in Pakistan for one year if their training did not involved atleast 50% training with a firm / in practice.
2. Candidates who have successfully completed all examinations of following accountancy bodies will be exempt from the PPT, Foundation and Intermediate examinations (Modules A to D) of ICAP.
   i. Association of Chartered Certified Accountants (ACCA);
   ii. Chartered Institute of Management Accountants (CIMA); and
   iii. Institute of Cost and Management Accountants of Pakistan (ICMAP).
   Such candidates shall apply for exemption from PPT, Foundation and Intermediate examinations of ICAP and join Training Organisation for a training period of three years. However, if such candidates are unable to pass their Modules E and F examinations in first attempt, their training period shall be extended to 3.5 years.
   Moreover, these candidates shall be eligible to appear for Module E examination eighteen months after entering the training arrangements and shall be eligible for Module F examination during the last year of training.
   ICMAP 3 parts (pre Jan 1995 Syllabus) or ICMAP Intermediate / Part II (pre December 1998 Syllabus) or Professional I (Post Dec 1998 Syllabus) Passed students are exempted from PPT.
3. Candidates who have successfully completed all examinations of American Institute of Certified Public Accountants (AICPA) will be dealt with on case to case basis. Such candidates are advised to complete the prescribed Exemption form and submit it along with copies of certificates, copies of syllabus certified by AICPA and other details for evaluation. After obtaining exemptions such candidates are required to undergo three years training with the Principal at CA Firm/ Training Organisation.
4. Candidates who have successfully completed all examinations of Pakistan Institute of Public Finance Accountants (PIPFA) under the Private Sector Scheme and Syllabi will be exempted from the under mentioned entrance test and examinations of ICAP:
   - Pre-entry Proficiency Test (PPT)
   - Foundation Examinations : All Papers of Module A and B
   Eligibility for Examinations and Training Period for PIPFA qualified:
5. Such candidates will attempt Module C soon after obtaining the above mentioned exemptions and getting their registration as Full-Time candidates subject to compliance with the dates of submission of examination forms. Upon passing Intermediate stage examinations, such candidates will undergo a continuous training period of 3 years in Training Organisations. However, if such candidates are unable to pass their Modules E and F examinations in first attempt, their training period shall be extended to 3.5 years.'
6. PIPFA qualified candidates who hold graduation degree may join training at Training Organizations upon obtaining exemptions from PPT and Foundation stage. Such candidates will undergo a continuous training period of 3 years in Training Organisations. However, if such candidates are unable to pass their Modules E and F examinations in first attempt, their training period shall be extended to 3.5 years.Such candidates will attempt their examinations after completing the prescribed eligibility period for Trainee Students.
7. PIPFA candidates will take Final Examinations for Modules E and F during and after their training as per rules.