Become a Chartered Accountant
Becoming a chartered accountant is usually described to be a rigorous and arduous process hence the challenge. There are extremely tough examinations, cut-throat competition, coupled a difficult course to manage and strenuous academic schedules, many times, tend to make the aspirant wonder if they can achieve this challenging task. However, as in all other activities and processes deserving of a worthwhile result, the result of qualifying and becoming a CA is something individuals have to work hard to achieve but is so worthy of such hard work.
Picking up the practical aspect of ‘how to become a CA’ close your eyes and think about why they want to be a CA. Chartered accountants are some of the most credible employees in the financial and business world today. These people are charged with tasks of auditing, taxation, financial reporting, and offering professional advice to companies. The opportunities for getting employed as CAs are always abundant because the demand for such professionals is high in the market, and the profession is stable and very well-paid.
CA education starts with the CA Foundation course, which is the first step toward the completion of the chartered accountancy degree. This level is intended for grooming the CA aspirants with the knowledge of basic Accounting, Mercantile laws, and Quantitative Aptitude. Preliminary to this, aspirants need to clear the CA Foundation exam which is the first step to complete.
Once the Foundation is cleared, the path diverges into two groups: These are references to Group 1 and Group 2. All the CA Group 1 subjects scrutinize the basic aspects of accounting, auditing, as well as law. This group comprises four papers: Some of the fields include; Accounting, Auditing and Assurance, Law and Cost and Management Accounting. Apprehension of these subjects is fundamental as they set the foundation of the concepts to be tackled at later levels.
Most students confess that mastering the CA Group 1 subjects may at times be a daunting task no matter how hard-working and dedicated they may be. It is virtually impossible to find enough literature on all subjects and often the amount of work that is available is too vast. Nonetheless, people who genuinely want to be accountants or are ready to work hard usually bring good results in this phase.
Perhaps, the Group 1 subject that many CA fresh out of university would carry with them is that of Ritika, a recently qualified candidate. ‘’It was probably one of the hardest times in my life’’, she readily acknowledges. The syllabus was huge and the ideas complex, at a certain point, I wanted to quit, but my friends and the dream did not allow me.
The Group 1 subjects therefore require effective time management, practice as well and proper study strategies to be conquered. Aspirants prefer attending sessions at tuition centers or forming study groups to enhance their learning about the content and be able to get knowledge from others’ experiences.
The CA Group 1 subjects are completed, and hence, the CA Group 2 subjects follow them; they cover more complex subjects like corporate laws, financial management, and strategic management. This phase is often thought to be even more straining than the preceding one as the material is less concrete, requiring increased degrees of analysis and critical thought.
After clearing both of the groups, there is only one more challenge for the students, i. e. the CA Final exams. These exams are generally excruciating and cover the aspirant on matters of general knowledge as well as key subject areas and applications. Passing the CA Final is an awful lot and proof of the hard work and sleepless nights the CA-to-be had to pull through.
Anand, a chartered accountant who has been in the job for more than a decade has expressed thus about the ordeal through the CA Final exams, This was the ultimate trial of the self – the self-created, the self-sustained, and especially this self-made. It was a tough battle to fight and everything was pressurized so much. However, the relief when I finally passed felt like no other feeling in the world could top it. It paid off all the nightlies and sacrifices that one had to make.
Another most important and ever-bounding fact that one has to face while preparing for CA is time management. The theory coupled with tangents of the course work compounds the problem, times forcing one to shun social events, hobbies, and in some extreme circumstances even relationships. Most candidates say that there is an increased amount of work that makes them feel so exhausted and worn out.
Tanya is a CA aspirant presently preparing for her Group 1 examination and has some challenges to share. Studying alongside having to work and attend classes has been challenging, part of which being a mother and a wife it sometimes becomes impossible to spend ample time with the family but I know this cannot be for a long time hence challenging though the rewards to be reaped from it will amply the effort.
Aspirants can opt for family and friends to support them, indulge in stress-busting activities, and make sure that the aspirant takes care of themselves since it is a tiresome process.
Although the process of qualifying as a chartered accountant is ongoing and sometimes can be daunting it pays to be a chartered accountant. CA is a primary pathway to a diverse range of jobs in several fields such as finance, consultancies, taxation, and even entrepreneurship. CAs earn good salaries, have job security in most cases, and get the acknowledgment that accompanies membership to a noble professional body.
In addition, the skills and knowledge gained throughout CA are relevant and useful in almost any field of work. Reasoning skills, problem approach, and analysis are considered valuable in today’s world job market.
To sum up, the chartered accountant profession is one of the most rigorous and labor-intensive careers. It involves so much patience, some levels of doggedness, and course, passion for the course of study in Accounting and finance. Nevertheless, one’s hard work and dedication are rewarded with promising career prospects at the end of the road of the CA education process, which includes the passing of the CA Group 1 subjects, and the challenging CA Final exams.
Any CA learner should go through this process with the right attitude, and openness and with the backing of family and friends or accountability partners. With the determination of the challenges and proper aim towards their success, they are capable of crossing all the barriers and being victorious as the Chartered Accountants.
It can take anything from 4-5 years at the most after the completion of a degree in commerce or an equivalent course. This encompasses passing the CA Foundation examinations, Group 1, Group 2, and Final examinations.
Although it is not compulsory, CA Group 1 subjects coaching is considered useful by most students and they can either attend coaching institutes or group study classes. They can give the learners a certain framework, explain concepts, and give learners an organized setting where people can work together.
Job prospects of chartered accountants are wide and open and they can work in areas like finance and accounting, consulting, tax, auditing, and corporate. The professional can be employed in public practice firms, private organizations, or government institutions, or choose to be self-employed.
Well, yes, it is possible to secure employment apart from proceeding with the CA course but such a task, I assure you, is as daunting and rigorous as it can get. It is normal for many of the applicants to have a gap in their Employment history or to be employed in other sectors where they work to afford the time needed for their studies.
Some of the essential skills that are essential for someone aspiring to be a chartered accountant are skills of analysis, problem-solving, detail proficiency in time management, and speaking and writing skills in addition, chartered accountants should have a well-developed knowledge of accountancy standards.