Average students score average marks, yet on the off chance, if their favorite subject is commerce, then it is easy to train them in accountancy. CA is one of the courses offered that is a hard one, yet a continuous attempt is what matters in the case of CA examination. To become successful in the CA exam, keep the focus illuminated towards continuity, revision, and writing skills. Let me break down in insight about the skills and self-study plan required for an average student to pass CA. General Knowledge and professional knowledge work in two different directions. Professional knowledge takes time, and it lays the strong knowledge which works as an establishment for student’s future.
Skills required studying Chartered Accountant
The challenge in CA subjects is the marks required to pass. Hard work and smart work both are important for CA students to win over the exams. If the CA student works with a big company, then he achieves higher positions with a period of 10 to 15 years. If the candidate joins for a job in a small company, the growth is rapid. The finance director is a high position for CA candidates. He may work with set-ups like financial services, the non-profit sector, banking industry, public sector, public practice, and in commerce related industries.
- CA students need to have business awareness, self-motivation, interpersonal skills, commitment, time management, IT proficiency, problem-solving skills, numeracy, analytical skills, team management skills, leadership qualities, trustworthiness, and integrity.
- Excel, Word, and Google sheets are some of the basic level technical skills which help finance professionals to maintain the financial data.
- CA professionals have to satisfy the client. Structured information and communication are skills with high importance for a CA professional.
Foundation course preparation study plan
The foundation level exam requires at least four months. After completing the registration, students undertake hard work to pass the CA exam. Principles and practices of accounting, business mathematics and logical reasoning and statistics, business laws and business correspondence and reporting, and business economics and business and commercial knowledge are the subjects read during foundation level preparation. The subjects of CA can be prepared with the model of subjective and objective preparation. Principles and practices of accounting are the subjects that help for understanding the basics of accounting most simply. It is essential to know the scope of accounting, expenses, and receipts, accounting policies, cash book, BRS, Average due date, ledgers, re-issue of shares, inventories, consignments, Bills of exchange, and promissory notes to understand the process of recording transaction till the preparation of final accounts.
Intercourse preparation study plan
The syllabus is vast for CA intermediate, but some of the topics with importance increase the marks, and it requires less time. Partnership accounts and incomplete records provide 8 marks each out of 100. Hire purchase topic is given a value of 5 marks each.
Cost management is a conceptual and practical subject. Process accounting and contract costing are the most important chapters. Budgeting and cost control is simple chapters that take less time to understand. Taxation subject is more practical as the amendments of taxation change every year. Taxation is helpful when doing an article ship. So, it is also essential to know the changes in the GST. 17 types of indirect taxes are not taken when doing the calculation in India. From the year 2018, the change implementation of the syllabus brings changes with indirect taxes and goods and service tax.
In the case of group 2, the consolidated financial statements and accounting standards are the two interesting subjects. Company accounts grant you 30 to 35 marks and banking company accounts grant you 5 to 8 marks. Partnership accounts take more time as it is a lengthy chapter. Complete this chapter at the end to plan the time properly.
CA Final course preparation study plan
CA’s final strategy helps the students to complete CA. As a coaching center, we advise students to make short notes and don’t rely too much on the theory part. As per the new syllabus, subjects like financial reporting, indirect tax, and strategic cost management have changed. As the syllabus is voluminous, it is essential to practice on an everyday basis.
CA is also suitable for science and mathematics students if they have an interest in the commerce subject. Mathematics is in the form of statistics and accountancy in CA. As per the data from the year 2017 to 18, there are around 3 lakh CAs in India. The taxpayers in India count to 6.8 crores. The data says that there is 44 percent of practicing CAs out of the total. The policies of the government are changing, and it thrusts demand to monitor the market. So, there is a rise in the demand and supply of CA professionals. The jobs which CA professional would join after completing CA are cost planning, audit, internal audit, tax planning, tax audit, and due diligence. The economy drove changes and the GST regime demand for CA professionals with updated knowledge. The syllabus is not subject to changes frequently as the student takes time to adopt the new syllabus. The pass percentage of CA students is as per the report from ICAI’s survey. As the corporate world is challenging one to understand with a bare mind, CA professionals require practical knowledge and continuous learning.