There is no doubt that Chartered Accountancy is the most reputed and sought-after profession in India. Pursuing and studying to become a Chartered Accountant (CA) can be one of the best professional decisions a student can take.
However, the journey of becoming a CA is equally challenging and students face many challenges during their CA exam preparation. Preparation for the CA course requires hard work and consistency. A large number of students appear for CA exams after taking coaching and training, but only a few manage to crack it.
In this article, we will discuss some of the common challenges that a CA student faces. We will also throw some light on how to overcome these challenges.
Common challenges that CA students face
Some of the common challenges which CA students face are listed below:
Finding the Right Mentor:
If you have the backing of renowned and experienced mentors during your exam preparation, cracking CA exams becomes an easy task. Getting the right coaching at the right time lays a strong foundation for CA exams which eventually helps in getting the desired results. However, some students don’t get access to quality education from experienced teachers and often end up getting undesired results.
Cracking CA Foundation – Entry Level CA Exam:
Yes, this is indeed an obstacle for many students, especially for non-commerce students. CA Foundation has four papers, namely: Principles and Practice of Accounting, Business Laws and Business Correspondence and Reporting, Business Mathematics and Logical Reasoning & Statistics, and Business Economics & Business and Commercial Knowledge. Each subject carries 100 marks and to pass CA Foundation, students need to score at least 40% of marks in each paper and a minimum aggregate of 50% in all the papers. But you need not worry, we will assist you with your CA Foundation preparation.
Taking Single or Both Groups:
On the long journey to become a CA, the second level is CA Intermediate. It consists of two groups having a total of 8 subjects. What makes CA Intermediate preparation challenging is its vast syllabus and a dilemma that CA students always face; whether they should take the examination of single or both groups together.
Vast Syllabus with Technical Subjects:
CA curriculum is vast and has technical subjects which require proper comprehension. Subjects like Financial Reporting, Indirect Tax Laws, Auditing, Strategic Cost Management and Performance Evaluation, etc are technical in nature and have various complex concepts. These subjects demand proper time and practice in solving their respective questions. Students often find these subjects challenging.
Cracking Exams in the First Attempt:
Just like every player wants to hit the bullseye in their very first attempt, CA students also take the exams with the same motive. It is the dream of every CA aspirant to crack the exam in the first attempt. However, it is not as easy as it seems. Be it CA Foundation, Intermediate, or Final, each level requires its thorough understanding. Despite putting in the best of their efforts, students often fail to crack exams in the first attempt.
Articleship Training and Its Management with Studies:
Articleship is compulsory training that a CA student has to undertake for 3 years after completing CA Intermediate. Students step into the real world of Chartered Accountancy and get the required exposure to practical training even before becoming a professional. However, completing the training effectively and simultaneously managing preparation for CA Final exams is a big challenge faced by CA aspirants. To overcome this challenge, a perfect balance between studies and articleship training is required.
CA Final – The Ultimate Challenge:
Passing CA Final is the greatest challenge for CA students. Right after the completion of their articleship training, students have 6 months to prepare for both groups of CA Final. A majority of students fail to clear the exam in their first attempt. CA Final is an evaluation tool of the knowledge students gain during their practical training and their understanding of Financial Reporting, Strategic Financial Management, Corporate and Economic Laws, Direct Tax Laws & International Taxation, Strategic Cost Management & Performance Evaluation, and many other areas. What is it that makes CA Final and CA Final Preparation challenging? The vast syllabus that is very difficult to cover in such a short period of time.
How to Overcome the Challenges
Overcoming challenges is what makes the life of a CA student interesting. Listed below are a few effective tips that students should keep in mind to overcome challenges during CA exam preparation:
- Find a suitable and reliable coaching partner for your studies.
- Plan your studies properly and manage your time judiciously.
- Practice solving MTPs, RTPs, and PYPs for better preparation.
- Regularly analyze yourself and work on your weaknesses.
- Properly revise everything you study.
- Manage your studies with articleship smartly.
- Avoid social media and other pleasurable distractions.
- Stay motivated and take care of your mental and physical health.
- Always remember your final goal – To become a CA !
Any obstacle that you might face during your CA exam preparation journey becomes negligible when you have a reliable training partner by your side. Now a days there are many reliable digital education platform designed especially for aspiring CAs. They have brought a revolution in CA education and have everything you need to ace CA Foundation, Intermediate, and Final.
Conclusion
There’s no denying that cracking CA exams is not a cakewalk for students. They need to study extremely hard for at least 10-12 hours daily, make a proper strategy for effective preparation and follow it religiously. It is a well-known fact that the CA syllabus is vast and covering every single topic in a limited time is a big challenge for CA students. CA journey and curriculum is full of challenges and obstacles. However, if you follow simple and effective tips during the exam preparation like avoiding social media and other pleasurable distractions, smartly managing studies with articleship, practicing MTPs, RTPs, and PYPs for better preparation, properly revising everything you study, and regularly analyzing your preparation, will not only help you to ace the CA exams easily, but will also make you more confident.