Is CA my cup of tea? Should I do it? Can an average student do CA?
Well, there are endless benefits after this course. It is an opportunity for you to create a name in your family and society. You will be able to fulfill not only your dreams but also of your family after you become a CA. But, you need to commit your time and energy to get through it.
Before moving ahead, which of the two options below attracts you most?
- Work hard for five years and enjoy the next 50 years.
- Enjoy the first five years and struggle for the next 50 years.
What will you choose?
Of course, you will go with the first option. Anyone, a student who wishes to remain secure should consider CA as a career option.
Golden Statement: If it is easy then, it is not worth it and if it’s worth it is not easy.
To know whether you should do CA or not, you must go through the questions that we have framed for you. By the end of all, you must be able to self introspect whether you will be able to do CA or not:
- Becoming a CA is Luck or Hard work?
- What is the pass percentage in the examination?
- What will be the investment of time and money in this course?
- What are the prospects/rewards after the CA course?
- How many study hours are required during the preparation?
- What are the necessary resources and guidance?
Now, let us discuss all the above points
1.Becoming a CA is Luck or Hard work?
❖ Of all the courses that you can pursue after your class 12th, CA is by far the most valuable one. It builds up your social value and has a high return on investment for your time and money. You need to have that kind of commitment towards it.
❖ It's a fact that the pass percentage in the CA examination is low. But, proper planning and consistency always lead your road to success.
❖ With a positive attitude and clear goals, you can pass the exam in one shot. You need to stay determined.
❖ The luck factor is only 5-10 percent and it’s insignificant. Remember that nothing can replace hard work.
Pro tip: If you understand ICAI's expectations in your exam paper, i.e. if you know what answers they expect from you as a CA student, you will do well in your CA exam.
2.Pass percentage:
In the CA examination, the pass percentage is low. Now, when you look at the pass percentage, it has improved over the years. It is because of the availability of good coaching, online platforms and study resources.
As we know, there are three levels in the CA examination - Foundation, Intermediate and Final.
❖ The pass percentage at the Foundation level is 25 percent. In Intermediate, it is 18-20 per cent and in the Final level, it is around 12-15 percent on an average.
If we combine the pass percentage of all three levels, it will come down to only 0.75 %. ( 25*20*15). I.e. Out of 1,000 students enrolling in CA Foundation, only 7.5 students approx actually qualifies CA.
❖ There is a high pass percentage in group-wise. If you are committed and if you are under the right guidance, you will pass.
❖ One of the main reasons for the low passing percentage is that many students quit CA midway, or are not serious about preparing for it. The above pass percentage doesn't reflect the efforts of a hard-working student. The pass percentage of a serious hard working student is always 100%
Pro Tip: You must select the right teacher, mentor, support system, community and friends circle to keep yourself on the track of hard work.
3.Investment to become a CA?
❖ There are two types of investment, one is time, and another one is money.
The total amount of money invested:
This course requires a minimum investment of money and reaps the maximum returns. It is the most prestigious course in the commerce stream.
The total amount of money involved is less than rupees one lakh, over four to five years excluding coaching fees. It depends on you, how much money you wish to invest in coaching.
4.Prospects after becoming a CA:
CA's are in high demand in the job market, however, the supply is low. The reason for this difference is the time required to complete this course. Every CA usually secures their dream jobs within six months of getting the degree.
Let's take a closer look at the career prospects after completing this course:
❖ Job: CA's have a lot of employment opportunities. It may be from top companies, CA firms, or consulting firms; almost everywhere they need a CA.
❖ Practice: You may open your firm and practice. There are a lot of work opportunities created by ICAI. You may empanel your firm with ICAI for many audit-related assignments.
❖ Business: This course develops the skills that help you to run your business. You may join your family business as well or plan to create your startup.
❖ You have unlimited opportunities after you complete this degree. You are free to choose what you want to do.
Pro Tip: Do not look for instant gratification but focus on long-term achievements.
5.Study hours required in the course:
You might be curious about the study hours required while doing this course. The quality of time invested in preparation is more important than the quantity. Staying productive during the dedicated study hours helps you to see positive results.
In each level, the time required is for a two step process - the preparation and the revision.
Let us talk in terms of statistics:
❖ Time Allocation:
Foundation Level
1) The total time required to prepare for Foundation (via any coaching class) is 500 hours in 5 - 6 months. This will sum down to an average of 3-4 hours per day. At this stage, you must focus on understanding the concepts of the subject.
2) The next stage is the Foundation level revision. During the 1.5 to 2 month revision period, you need to study a minimum of 10 hours per day.
Intermediate Level
3) At this level, the total time required for classes is 1,300 - 1,500 hours (via coaching classes) in 7 months. The average time required during studying is 7.5 hours a day.
4) The revision time required in the Inter level is 10 hours per day for 2 to 2.5 months.
Final Level
5) In the Final level, the total study hours required is somewhere between 2,300 - 2,400 over two years. The average study time per day is 3 - 4 hours.6) The revision period is five to six months. The average time which you must dedicate during the revision period is 10 -12 hours a day.
Pro Tip: Utilize your time most productively. There is a lot of time to sleep after you succeed. Do not rate yourself as average or star. The journey always starts from ground zero.
6.What are the resources and guidance required during preparation?
1.Do not take flying advice.
2.Choose your mentors wisely. Mentorship is crucial for success. Mentors can be seniors, teachers, or peers. There are many resources in the world of digitalization/ the internet. Mentors can guide you to plan your path and reach your goal.
3.Execute the advice well.
Pro Tip: Mentors and the right network of friends is crucial to success.
Golden statement: If you wish to move ahead, stop walking in a circle. Walk on a straight linear path.
To become a CA is no rocket science. You need to understand the requirements of the course. Consistency is the key. Take a look at the people around you. Anyone who is performing a complex task must have mastered it over time. Then why can’t you?
If you require any guidance regarding this course, please leave your valuable comment below.
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