Under Section 5 of the Chartered Accountants Act, 1949,

Solution

Section 5 of the Chartered Accountants Act, 1949 provides for two categories of membership of ICAI. Any person whose name is entered in the Register of Members is deemed to have become an Associate Member and is entitled to use the letters A.C.A. (Associate, Chartered Accountant) after their name. A member can be elevated to the status of a Fellow Member under two alternate routes: (i) an Associate who has been in continuous practice in India for at least 5 years, or (ii) a member who has been an Associate for a continuous period of not less than 5 years and who possesses such additional qualifications as may be prescribed by the Council. Upon elevation, the member is entitled to use the letters F.C.A. (Fellow, Chartered Accountant) after their name. It is important to note that the 5-year period of practice must be continuous breaks in practice can affect eligibility. A fee prescribed by the Council (subject to the Central Government's approval, and not exceeding ₹10,000) is also payable upon applying for Fellow membership. This distinction between ACA and FCA is significant because only Fellows can be elected to the Council of ICAI.