When I was young I fancy big cars and big houses, but I was always reminded by elders that you need to pay the cost for whatever you achieve. I couldn’t understand the meaning of that statement at that time, but now, after 26 years, I have a grasp of it. Chartered accountants are one fancy profession among doctors, lawyers, and artists. It has both its perks and hardship for it.
This profession attracts around 60000 youth every year out of which only 15% are able to clear the exams. This fact not only creates fear, but also some misconceptions about this profession and the process of being in this profession.
Let us outline the reason why these exams are considered as one of the toughest exams of the world.
#1 The lower rate of success in these exams: In India. Around 12 lakh students appear every year in 12th std, out of which only 50000 students are inspired to become C.A. only 9000 actually acquired their goal and become C.A.
C.A. exams are cleared in three phases.
1: Foundation course:
This test basically includes 4 groups/
(a) Fundamental of Accounting
(b) Quantitative technique
(c) Mercantile law
(d) General economics
Though most of the subjects are covered in the syllabus of class 12th, still only 30 % of students are able to clear this level.
2: Intermediate Course:
This level includes eight subjects which are divided into two groups
The first group has 4 subjects
(b) Corporate and Other Laws
(c) Cost and Management Accounting
(d) Direct tax laws and indirect tax laws
The second group has 4 subjects.
(a) Advanced Accounting
(b) Auditing and Assurance
(c) I.T. and Strategic Management
(d) Financial Management and Business Economic Environment
The student needs to get 40 % marks in each subject or 50%aggregate In each group to clear this level. Only 4 to 8% of students manage to clear this level.
3: CA Final:
This Level includes 8 subjects divided into two groups
To clear this level, students need to get 40% in each subject or 50% aggregate in each group. Only 3-8% crack these exams and succeed in pursuing their dreams and the reasons for this are stated here.
#2 The dynamic nature of socio-economic laws: With so many changes in economic reforms and as many changes in laws and taxes make it quite hard to remember and be updated all the time.
#3 No proper guidelines towards this profession: While only 18% of success ratio, we are left with approximately 80% of failure cases around us. Hence students perceive a lot of negative responses and confusion regarding the course.
#4 No proper coaching facility available under one roof: As compared to other post-graduate courses C.A. courses are not intensively trained. Hence students lack proper guidelines and support from the professional team.
Apart from these, there can be 13 more reasons why CA Students face failure in examination.
Chartered accountants are professional accounting bodies, with immense scope in every sector of the Indian economy.
If proper guidelines and appropriate CA coaching facilities are provided to students, passing the exams would be a cakewalk. The structure of this course is undoubtedly complex and immense, but it is not the toughest one.
Our greatest Weakness Lies in Giving Up, The Most Certain Way to Succeed is Always to Try Just One More Time! — Thomas A. Edison