AfterGraduation, took a survey from ongoing students preparing for CA – CPT, IPCC and CA Final. Students who have cleared all levels of CA in one attempt, felts that its hard work and luck game. But real problems are seen, when not succeeded in first shot. CA course has some challenges – right from the start up to the end, we are enlisting below based on the students inputs –
- Non consideration of CA profession as Graduation in foreign countries. So the people who are willing to join Business schools, they have to complete their graduation apart from CA.
- Only one course can be done simultaneously to articles. Some people are willing to do more than one course but they cannot.
- No such international recognition. CPA and ACCA being courses comparatively easier, have more value and recognition than Indian CA.
Some have the opinion that ICAI has more emphasis on theory. If someone read a couple of chapters from the CFA curriculum and the similar topic from the CA material, then difference can be observed. There’s no practical explanation in the CA material.
Even, after studying Derivatives, CA qualified won’t be able to punch a single F&O trade with broker, similar with Mergers, Portfolio Management and others. We touched base on this point since we have surveyed that most of the freshly qualified CAs want a Finance job but fail to secure one.
More Data Less Information
“The course content! Seriously, what’s the point in trying to drown the CA students into tonnes of studying material, most of which they might never end up using anyway? Why not introduce dedicated streams where people can choose to be experts in some subjects with a working knowledge of the others? ”felt by major of students.
In today’s world, information is just a click away. Any Chartered Accountant can find out whatever specific knowledge he needs about a specific subject. He does not need to be an expert at everything at once, even before qualifying. Knowing how to find the answers is more important than knowing all the answers.
CA course need more training on interpersonal communication and presentation skills. Now in the world of multi skills capability, it would not be okay by saying that we know the concepts and presentation does not matter. Nothing is further from the truth. It matters a lot, and as a profession we need to be well versed with that fact.
In CA Course after completing CA IPCC a CA Student is required to undergo 3 years of Articleship training under a Chartered Accountant. Out of these 3 years of articleship, 2 years of articleship are mandatory required to be served under a Chartered Accountant in practice.
Sometime in some cases, it’s difficult to find the learning during articleship period. It’s purely depend on the BOSS, under whom your articleship training is going on. During articleship, well trained schedule or learning program should be there and that to be tracked phase wise. Performance of student to be evaluated over the period
Stipend during article ship should be reviewed, to have fair return and maintain interest level of the student. With good amount of stipend, student also own more responsibility
- Low stipend rates as per ICAI (As low as minimum wages as per the minimum wages Act). And this made CA student like low paid staff.
- Article Life sometime Treated and felt as labor. Minimum stipend quoted by the ICAI is up to Rs. 3000. (Calculations – 3000/25 = Rs. 120 per day). Even skilled labor is paid Rs. 400-500 per day and unskilled Rs. 300-400 per day.
Lack of Industry Training
Inadequate emphasis is given on Industrial training in ICAI curriculum. No one will lay emphasis on the importance of Industrial training. Industrial training equips you with the skills you require in the future. By the way, this doesn’t apply to lads and lasses who want to pursue Audit or Tax as their career. Aftergraduation also share the guidance for CA Industrial training.
If you’ve done your articleship from a top firm, chances are high that you won’t even apply for placements – they don’t exude class. Your eyes will be lit initially by seeing all the big names coming in but then, you’ll get a reality check after learning the profile they offer – ACCOUNTS. During campus interview, most of the students are not aware regarding group discussion process and how to handle interview.
And even if we do, the jobs aren’t as well paid as we expect. Freshers on an average get paid only 5-6 Lacs p.a, which is not very high as compared to the 4-5 Lacs p.a packages most above average engineering students, are offered.
Most of the students get frustrated and wonder if this was the right career choice, as families and relatives usually see them as a failure and a loser, if someone takes so many attempts to pass one exam.
Some students viewed that “the road to becoming a CA is very tough, and at the end, it usually doesn’t pay as good. After passing out, MBA freshers get selected in all the interviews we apply for, and at that time we realize that after 5-6 years of hard work, we still aren’t good enough to get the job we want”.
Overcome the Challenges
CA is a very prestigious course. This course commands a respect both in the society as well as the corporate world. They pride themselves in the core portions of accounting, audit and taxation. Along with it, they have an in depth knowledge of the accounting standards, legal regulations as per their profession, securities markets and corporate finance. Any person with a strong ground in finance and accounting can pursue this course. With hard work and determination, one can pass it with flying colors.