Replied by CA Rucha Keni thru Quora
People have made Chartered Accountancy course a big deal!
Some time back there was a great misconception that cracking a CA exam will change your life for good.
Of course, it will! But it's not a one-time change.
I know a lot of CAs who have cracked all the levels with rank or minimum attempts. These people have not created any fuss about the course to begin with.
Now, let's come to different set of people who crib about the low passing percentage, the structure of the course, the attempts, articleship, basically everything that the course contains.
The difficulty level of this course lies in the environment in which you've grown up or how you do look at it.
When you decide to take up any course, you have to be well aware about its pros and cons and the future prospects.
Replied by CA Sruthilaya thru Quora
- It is a big deal because unlike other degrees/courses where you are guaranteed a degree/a certificate when you enroll, CA doesn’t make any such promises.
- It is a big deal because millions of aspirants appear for exams but very few taste success ( The pass percentage is always a meagre 5–15%)
- It is a big deal because it is the toughest professional examination in India by popular opinion.
- It is a big deal because even our Prime Minister thinks a signature of a CA matters more than the signature of the Prime Minister. A CA's signature is more powerful than that of a PM.
- It is a big deal because passing is based on merit, there is no other consideration at play.
- It is a big deal because it instills a lot of power but an even bigger responsibility.
Please do not fight in the comments section regarding the pass percentage or lack of reservation. These things are subjective and may not seem good to you. It is irrelevant to the question above.
PS - The views expressed here are completely mine and do not necessarily reflect the views of the organization I am employed with.
I agree that sometimes one fails by very low margin and blame goes again on the “Group structure”, low passing rate etc. But this is how it is unless some major changes are brought in the future.
ICAI must have had some vision when it designed the course and its passing percentage.
It's a professional degree, and you know if anyone could easily get a degree like doctor, CA, lawyer, architect, what mess it will create in the society.
This is not some post graduation degree.
This course needs to be taken seriously from the beginning itself. I've seen people doing articleship for the sake of it, their focus is just on finishing up the course.
The articleship gives you broader perspective of real world of CAs. One got to choose the firm wisely. There you explore, if you'd like to get into practice or get into industry or big4 or something completely different from all these options.
Many students just get the degree and there's a dead-end ahead them, because they have not been thinking about the future. Only CA tag won't get you money and better life.
This course developes your thought process, the way you analyse the problems and offer the solutions.
Let it be direct taxes, indirect taxes, auditing, accounting, internal controls, costing, financial management etc. This course covers all these subjects. But later it's up to you to choose in which one or two areas you would want to specialise.
I have seen many fresher CAs who are not able to decide on which area they'd like to specialise.
They go by trends or get fascinated by lucrative profiles. Everyone wants to get into IB/ corporate finance/ deals whatever name you call it. Then why did you chose CA?
I don't want to say that CAs can't do it, but you need some extra qualification after CA do get into these profiles— extra years, extra cost, extra efforts!
You can't totally blame the institute for not designing the course properly. They are giving you a taste of all subjects. One institute can't guarantee you that you'll be master of audits/ attestations, taxes, finance. It's your personal decision.
I've seen some big4 articles getting into industrial training in the 3rd year of their articleship. It's a game of merit and choices.
Of course when it comes to placements and pay-packages, changes need to be done.
However, CAs will always be in demand. Because there are lakhs of companies in India, they are required to get company audits and tax audits done, who has been given the authority to do these? Not even getting into other functions.
When you have skills and professionalism, you get the work.
Don't get carried away by wrong influences! All the best!
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