Chartered Accountancy (CA) is one of the most desired and most rewarding career options in India.
Students opt to enter the commerce stream with an intent to become CA after qualifying its three-level CA program which comprises Foundation, Intermediate, and Final stage. The course is accredited and managed by the Institute of Chartered Accountants of India (ICAI), yet many misconceptions are prevailing about this profession.
This write-up is to wipe out some of the common fallacy or fictions about the Chartered Accountancy.
This is one of the most believed misconceptions about CA course. The myth is not only discouraging for the aspirants but also a hurdle for the candidates who have qualified the Foundation level program but have not yet recognised their inner potentials.
Students must understand that nothing comes for free. Seeds of hard work need to be germinated for any promising career, it is not only about Chartered Accountancy.
Moreover, the truth is- A scheduled preparation, constant hard-work and thorough understanding of CA course fundamentals, is all that you need to become a CA.
One of the prevailing misconceptions is that Chartered Accounts is all about math. Though math is an important subject CA is a broader concept that demands a broader skill set which includes expertise in finance, technical abilities and understanding of business and its activities.
Study-Period of 16 hours is another misconception about this course. It is believed that an aspirant needs to study for 16 hours to qualify the CA examinations.
But this is not true because ultimately what matters is quality. If you have studied well and grasped the teachings thoroughly, no one can stop you crack the examinations. But if you have given 16 hours per day for the preparation but the basic concepts are not yet clear in your brains, it will be highly difficult for you to qualify any program of CA examination. Quality of studies matter over the number of hours you invest in studies.
CA profession is only for Commerce Students is a highly common misconception. The truth is that any student of any stream can enrol him/herself for CA. He/She can prepare and qualify all the three levels of the CA program and attain ICAI membership and work as full-time CA in any organization.
Another conception is that Graduation is prerequisite to pursue CA course. The truth is one can enrol oneself for the Foundation level examination just after completing 10+2 or equivalent by registering him/herself with ICAI. And after qualifying the foundation level program, aspirants may simultaneously apply for Intermediate level program while pursuing graduation.