Chartered Accountancy is one of the most highly regarded professions in India and is widely recognized around the world. Read along as we explore more about it as well as who should consider doing the CA course and who shouldn’t.
Studying this course is an individual’s decision and this post is not to influence or discourage you but to share straight facts that you should know before starting your CA journey.
A student typically invests 5-7 years in this course on an average and sometimes it’s too late before you realise that it would have been more fruitful had you chosen another path.
That’s what this post is about. To help you understand more about the course and save yourself some pain and time in future because time really is precious.
The course is divided into 3 levels of examinations –
After clearing the intermediate level, students then get registered for articleship (internship) for 3 years at a CA firm under a Chartered Accountant.
Major subjects of the course are Auditing, taxation, accounting, finance, cost accounting and laws.
Primarily, your articleship work will comprise Auditing and taxation.
The entire course can be completed at a minimum cost unlike the high cost of doing an MBA.
Coming to the main reason for this post-
Who should study the CA course?
A lot of people enter the course with great enthusiasm but as time passes they lose focus and determination to clear it if they do not make it on the first try. I don’t blame them because it’s not that they don’t study hard but it is the lack of clarity. Lack of having a strong ‘why’
1. You wish to set up your practice.
Qualified CA’s can get a certificate of practice from ICAI and can set up their firm.
2. You have an interest in Auditing or taxation and enjoy working in these domains
The subjects and the articleship will give you a solid exposure to Auditing and taxation where you can get thorough knowledge. If you think that these subjects are what you would be interested in and wish to have a stable job in either of the two domains then you’ll do great here.
3. You have plans to be a part of your father’s firm and carry on the legacy
If you have plans to work with your father or anybody in your family who has an established firm then you can do so by applying for a certificate of practice and becoming a signing partner in the firm.
4. You are unclear about your interests and want to explore
The majority of the students who enrol in the course belong to this group. Throughout the course, students are exposed to various topics of accounts, laws, economics, finance, auditing. Students get the opportunity to work as an intern early in their career and thus can assess their interests along the way and can make the call to continue or to switch to another course that suits their interests.
For example if Law is your strong suit then one can decide to do CS or LLB, if someone is interested in finance then he or she can go for CFA or FRM. There are a plethora of courses that are just as good as the CA course.
Be wise, choose wise!
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