How to Overcome Common CA Exam Challenges
CA is looked upon as a course with bizarre ideologies of challenges, preparation, persuasion, and so on. The course has diverse opportunities as well as perks, but nothing comes easy in this world and you have to go through hell to get it. And CA aspirants have taken this quote quite personally.
Throughout the years, there have been some challenges persistently faced by the CA students. Some are the loopholes of the system and other ones are regarding curriculum or the training period.
But overcoming these challenges becomes quite a task as it has also been referred to as a back-breaking course. We believe, that if you are brave and sound enough to opt for a course like CA, then there is no such challenge that you can’t conquer.
In this blog, we have simultaneously discussed the most common challenges faced by CA students and some tips on how to overcome them.
Knowledge of theory
Some believe that ICAI places a greater emphasis on theory. A difference can be seen if someone reads a few chapters from the CFA curriculum and a similar topic from the CA coursework. The CA material contains no useful justification.
Even after learning about derivatives, a CA-qualified person won’t be able to execute even one F&O deal with a broker. Since the majority of recently graduated CAs want a job in finance but are unable to get one, we touched base on this issue.
Training for Articleship
A CA student must complete three years of articleship training under a practicing Chartered Accountant after passing the CA Intermediate. The students are now entering the practical side of chartered accounting. Students frequently struggle to learn during the articleship course. The level of training required will vary depending on the chartered account you are employed with. During this time, the student’s performance will be assessed. To properly complete the training, you’ll also need a well-organized schedule and study plan. It is stated that the more you work while in training, the easier it will be once you become a CA.
Fewer Information and More Content
The amount of study materials and course content available to CA students is much greater than you might think, and the majority of this information won’t be used by many students. With a few mouse clicks, you may access a wealth of material, and you don’t need to be an expert to find detailed information on a certain subject. Content is therefore not a problem; instead, you need a clear description of the content. Along with placing more emphasis on facts and practical sessions, it would be preferable if the CA course also provided instruction in interpersonal communication and presentation techniques.
Students find it challenging to pass the CA Intermediate exam on their first try, which is the second part of the course. This level consists of eight papers and covers the working knowledge of the fundamental themes related to the accounting profession. The majority of pupils find it quite difficult to complete these 8 papers. To pass this exam, students must devote at least 12 to 15 hours a day to their studies while avoiding any other distractions. Once they have finished studying the main modules, it is advised that students use a practice manual.
Reviewing the stipend during the articleship is necessary to ensure a just return and to keep the student interested. Students who receive a good stipend also have more responsibility.
As low as minimum pay as defined by the Minimum Pay Act, according to ICAI stipend rates. Thus, CA students began to resemble underpaid employees.
Article Life is sometimes viewed and experienced as labor. The ICAI has set a maximum remuneration of Rs. 3000. Calculations: 3000/25 equals 120 rupees every day. Even competent labor receives a daily wage of Rs. 400–500, while unskilled labor earns Rs. 300–400.
Insufficient quality training
In offices, principals are abusing their trainees by giving them access to their own work in order to keep them occupied. Because they have no other option, the students are compelled to obey their commands. It is completely unfair to the pupils when some members use their articled assistants as office helpers and personal assistants.
Industrial training receives little attention in the ICAI curriculum. Nobody will emphasize the value of an industrial training program. You acquire the abilities you will need in the future through industrial training. By the way, lads and lasses who desire to work in audit or tax are exempt from this.
Difficult transfer process:
Beginning on April 1, 2009, the Institute placed restrictions on the Transfer of Articles. Due to this restriction, a number of students are currently being made to work under their current principals even when they are unhappy with the quality of their article work. Because of this, the principals are abusing their articled assistants both physically and mentally to force them to work under their preferred terms and conditions. Therefore, the principal is in a position of power and the pupils feel completely disadvantageous.
Inequality between articles
According to research, some articled assistants hold superior positions to others simply because they are related to, closely associated with, or belong to the same caste as the principal. Such bias is absolutely harmful, particularly in a professional program like CA.
How to overcome the challenges
The CA program is highly respected both in the business world and in society as a whole. A Chartered Accountant is expected to have a thorough understanding of accounting standards, taxation, legal requirements, markets, and corporate finance. You are the ideal candidate for this course if you have a solid foundation in accounting and finance. It is unquestionably possible to ace the CA Finals with fierce dedication and diligent study.
To get through the obstacles in learning CA, you must
Take care of the distractions
Don’t fail to respond to inquiries
Make wise time management and smart planning decisions.
Create a study schedule or plan.
Judicious selection of study resources
Accurate self-evaluation and analysis
Make an effort to resolve issues that are practicable.
Correct analysis of errors
Follow your best judgment.
Always have your end in mind.