Assumptions Not To make In ‘Chartered Accountancy’
Chartered Accountancy is a journey meant for those who are daring enough to aim ‘something big’. Luckily, entry routes and study cost of the Course provide equal opportunities to the students from the middle and the upper class. ICAP has been very successful in maintaining the quality of education and training over the years. In the opinion of some victims (students), ICAP is overdoing its job.
Normally, students enter the CA without really making up their minds for the demands of the profession. They just start it upon the premise that it is a rewarding career and a good investment in the available time. One common thing amongst all the CA aspirants is that they don’t fear ‘thinking big’ or ‘difficulties’. It is the profession that has true potential to pay you more than your expectations. However, at the same time, it will also require you to expend your energies more than normal.
Anyhow, most of the CA students really wish to avoid failure in the examination and complete the prestigious qualification within the shortest possible time.
I wish to share a few things that CA Students should not assume in the early years of their struggle to remain successful and content.
1: Shortcuts will work
CA exams are appropriately challenging. ICAP aims to make a qualified CA, a well-groomed gentleman having intensive professional knowledge and expertise in matters of taxation, accountancy, and auditing. Given the markets and business environment of Pakistan, easy Course and Exams would not result in the achievement of the said aim. Hence, ICAP will not ever tolerate selective study and cramming. Study properly and thoroughly before exams. Avoid assuming that selective study or shortcuts will work for you in CA.
2: Understanding the topics is not inevitable
There remains no choice with you except studying with correct understanding to get success. If you are unable to understand a topic/ lesson in your first effort, try again and again. If you find it difficult to keep studying with correct and thorough understanding, work on this area instead of resorting to cramming or skipping the topics.
3: If I have attended all the classes/ test sessions, success is guaranteed:
Spoon-feeding is not for CA Students. You have to work more than your teachers. You will require to think extra over the topics. You will need to clarify the confusing/ complex points. Consider topics from various angles besides studying interrelation thereof. You will have to understand the practical implications of theoretical curriculum, particularly at advanced stages of the Course.
4: Part-time focus on the Course is sufficient:
Chartered Accountants usually have a final opinion over the matters of taxation, auditing, and accountancy. They are supposed to study full-time and think and act as responsible professionals during their struggle to get ICAP membership. ICAP is not merciful if you will take it for granted. So, don’t.
5: C.A. is an easy path
Wrong. It is not. If you have any doubts, go out and discuss with some senior students or qualified CAs. Listen to their story carefully. They will tell you how much they had to struggle to pass a single paper unless they became habitual of staying out of their ‘comfort zones’.
6: You can easily master the game within the available time
Syllabi and subjects are overwhelming. Mastering all of them may not be possible within the available time. There might always be something to still master in a topic. Don’t worry. Even gold medallists were not perfect in all the topics. Utilize your time wisely. Give every topic sufficient attention and time. But don’t aim at being 100% on one topic before moving to the next one.
7: Becoming a C.A. is an impossible goal
Nothing is unachievable unless you don't give up. You can’t achieve anything big unless you are ready to stay discontent, stressful, challenged and with discomfort and anxiety. The rule is simple; no pain, no gain. Keep working in the right direction regardless of mood/ feelings. One day you will be able to recognize the worth of your efforts. Believe that you will succeed at the end. Be honest and try hard until you get what you want.
Best of luck to all great minds pursuing Chartered Accountancy!!