CA/CS/CWA Preparation: Changing with the times

Increasing competition among CA/CS/CWA aspirants and the need to produce competent accountants, finance executives and commerce graduates demands structured preparation from students as well as sincerity from the students and their mentors.

IT’S GOOD to see that the Institute of Chartered Accountants of India (ICAI) has been taking various proactive steps to raise the standards of education in accounting and financial reporting from time to time, in keeping with global trends.

The shifting of focus in modern accounting from national to international accounting standards, the ICAI’s recent launch of an Accounting Technician course, and the ICAI’s plan to slowly and gradually make residential classes mandatory for students, as and when proper infrastructure comes up, are a few of the major recent developments that have kept the accounting world quite awake. This, even at this point of time, when opinions of experts on the short to mid-term economic performance of the nation are a bag of mixed thoughts.

The demand for accountants and finance executives for both tier 1 and tier 2 levels does not seem to have decreased, in the context of the recent economic developments. Every organization requires a helping hand, be it a Chartered Accountant or a MBA (Finance) professional or any other finance professional, in the form of the accounting/auditing/finance related work carried out by them on a day to day basis.

This has also necessitated an adequate inflow of tier 2 accounting professionals in the corporate world at all phases of a country’s economy. Hence, be it a B Com graduate, a semi Qualified CA / CS / CWA or a Qualified CA / CS / CWA or any other commerce Professional, everyone’s role is gaining importance in making efficient and optimum use of resources within an organisation.

Various timely attempts are being made by all relevant governing bodies to monitor the courses of the accounting/finance world, so as to regularly update the course curricula, syllabi etc, and ensure that students are exposed to the latest technical knowledge. This will help them easily perform at their best in the real life working conditions for which they have been trained during the course.

It has been understood that in line with its efforts to enhance the efficiency in conduct of examinations, the ICAI, for the first time, successfully conducted an online Common Proficiency Test (CPT) on December 7, 2008, in 11 major cities.

It has also been understood that the demand for chartered accountants is also on the rise. This is evident from the number of students who enrolled for the CA entrance exam i.e., the CPT, held on December 14, 2008.

These initiatives that are being taken by governing bodies across the country to help the country get better accountants and finance professionals have made it quite necessary for the entire student community to honor such steps by giving their best in the examinations. This would ultimately help them build a promising career ahead.

Also the increasing enrollments for the CA exams/ CS exams/ CWA exams etc and peer pressure have not only led students to be very sincere in their preparation for the exams but also necessitates sincerity from the mentors, who act as useful guides for the students, as well as keeping themselves updated with the latest developments and students’ requirements.

Be it coaching centers, private tuition or other mentors (like Eduex) organizing mock exam for the students of CA/CS/CWA courses, everyone needs to respond to the changing course dynamics, so as to make the best curriculum structure, as they too play a important role in helping the examinees be confident of their preparation right from the beginning. This would help achieve better results for students and would at least help complacent students, who are satisfied with their performance levels and expect easier performance ahead, to be ready for any kind of surprise.

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Leading the way: Chartered Accountants

We understand that The Institute of Chartered Accountants of India (ICAI) has been increasingly focusing to deepen the knowledge thrust of the budding Chartered Accountants on one hand and also on other hand ICAI is trying to enable the members of the Institute (Qualified Chartered Accountants) to get recognitions from other allied Institutes of accounting profession of other countries in an easier way.

As part of such an initiative, we understand that ICAI & ICAEW has recently agreed to recognize each others degree and Indian Qualified Chartered Accountants would enjoy exemption of papers of ICAEW.

Such a step taken by ICAI and other like accounting bodies further strengthens the profession and also widens the scope of the members of the Institute in terms of exposure for practicing chartered accountants and also in areas of job placements for members not in practice.

This on other hand would also ensure that the students have enough comfort and have the confidence to choose chartered accountancy as their career path. Such flexibilities and enhancements in the options definitely make life easier for students to choose CA as their career path.

We are now moving in an arena of both globalization in economy coupled with globalization in accounting practices. As we move more and more towards building in better transparency in accounting records which is to a larger extent acceptable by different countries having say in the economy of the country, the need to regularly update the knowledge of existing members of the Institute is becoming a necessity. Seminars, classes and other courses are being conducted to help members polish their knowledge base with the current developments so that they could sustain and grow in the competitive and dynamic environment.

We are also seeing moves being taken by ICAI to regularly update its syllabuses like for example: the recent changes in the courses offered for CA – Final and CA – PCC exams to ensure that the students are taught and tested on the recent developments and requirements right from the beginning.

All these measures surely would keep CA as the choice of professionals looking for making their career in accounting profession.

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BE A SMART ACCOUNTANT

February 2009

Changing needs and requirement of the accounting profession not only keeps the accounting regulatory bodies on their toes to reflect the changes and enhanced requirements in their curriculum within time. The students of the accounting profession ie. Students of CA exams – CS exams – CWA exams and other accounting discipline examinations also feel the heat as they are also then expected to not only adhere to the changed student curriculum but as budding accountants and finance professionals they are also required to keep themselves updated with the recent happenings in the accounting world.

The need of the hour is not to be just an ACCOUNTANT but to be SMART Accountants! The accounting profession in India is facing a complete turnaround with the main thrust being laid down in bringing in more transparency and being universally acceptable.

Learning itself is witnessing and will be further demanding a different approach to it which again would be expected out of all (prospective chartered accountants, cost accountants, company secretaries etc) who wish to lead in the league which currently is undergoing a major turnaround. No one can develop smarter in a day or two.

The need for it is to be felt right from the stage when the tomorrow’s accounting professionals (from governing bodies like ICAI, ICSI, ICWAI etc) are students of the professional courses being offered by these respective institutes.

To be smart you need to think smart, act smarter and believe yourself to be smartest! Changes can also not be implemented to its best in a sort span of time.

As a student of any discipline be it commerce graduates, degree holders etc. we have been largely being following the trends that have been going on from a decade. Most of us have been looking at the professional examinations as mere EXAMINATIONS! This seems to be the biggest mistake that most of us have been doing right from beginning. We need to understand that clearing these professional examinations by merely reading books, going for coaching classes in the reputed coaching centers in big cities like Delhi (New Delhi), Mumbai (Bombay), Chennai, Bangalore, Pune, Kolkata (Calcutta) etc might not just be sufficient. All thee might help you also clear your examinations but the big Question lies in whether – This would help you come out as a SMARTER accountant?

To know more about the Mock test Solutions offered by Eduex visit www.eduex.in