Saturday, 10 September 2016

Chartered Accountants-A rare Breed

With students flocking to Science streams like Medicine and Engineering, very few students, passionate about the big bad world of Money and Business and hence are ready to shed their blood, sweat and tears for their education in this stream.
Sometimes all the effort that these students put into the preparation for their exams still falls short. For all the lesser mortals, ignorant to the efforts put in by the students pursuing this course, here is a small over view.
Firstly, let us know more about the Course itself. CAs or #Chartered #Accountants provide advice regarding the financial prospects of a certain firm or an individual, audit accounts and offer reliable information on financial records. This procedure includes taxation, forensic accounting, corporate finance and many other finance related issues.
These professionals should possess the potential and the skill required to handle all these tasks and their course makes sure that it does the necessary to prepare these individuals mentally and academically to handle and manage such responsibility under pressure.
The process of preparing a #Chartered #Accountant starts from 10+2 level. Interested students appear for #CPT or Common Proficiency Test after completing 10+2 or High School. Appearing for this Examination is the Step 1 to become a #Chartered #Accountant.
This Exam covers four subjects, Accounting, Economics, Quantitative Aptitude and Mercantile Laws, divided into two Sections.
Graduates and Post Graduates who possesses degrees in Economics, Commerce or Accounting or related courses are exempted from appearing for CPT, they can apply for IPCC directly provided they have the necessary percentage cut off of 55% or more.
Now, what is IPCC ?  #IPCC is an abbreviation for Integrated Professional Competence Course. This constitutes Step 2.  A student who passed his/her #CPT examination and completed 9 months of study is eligible to apply for #IPCC Exam.
This Examination has two Groups with 7 subjects in total. Group 1 consists of
  • Accounting,
  • Business Laws, Ethics and Communication,
  • Cost Accounting and Financial Management and
Group 2 has
  • Advanced Accounting
  • Auditing and Assurance and
  • Information Technology and Strategic Management.
Students have to clear all these subjects individually with 40% of marks in each subject and an aggregate of 50% in each group. While appearing for theses exams, students need to undergo various orientation programmes and practical training sessions by ITT (Information Technology Training) and IPCE to attain eligibility for roughly 3 years where they understand the exact nature of their work.
Once students cross this hurdle, they are eligible to appear for the infamously tough final examination that has two groups consisting of four subjects each.
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Group 1:
  • Financial Reporting
  • Strategic Financial Management
  • Advanced Auditing and professional Ethics and
  • Corporate and Allied Laws
Group 2:
  • Advanced Management Accounting
  • Information Systems Control and Audit
  • Direct Tax Laws and
  • Indirect Tax Laws
With the complexity and the level of difficulty of these examinations coupled with their sheer number, many students find it to be really difficult to clear them.
In such cases they can always opt for some help in terms of Home tuition. Yes, there is a possibility of judgement from colleagues, for all of them who do not have the ability to understand the hard work these students put in, there is only one answer- Superheroes too sometimes need help!