This is perhaps the most debated topic among CA students... Opinion is divided as to whether Coaching is necessary for passing CA or not..
To take coaching or not depends completely on one's aptitude, capability and confidence. Just consider this.."Are all students who are taking tuitions passing??".. The answer is no. But it is too premature to jump into a conclusion that coaching is not required at all..
It depends from Student to student whether to take coaching or not. I have cleared both PE I and PE II with decent marks with just summary coachings which covered hardly 25% of our syllabus.
Does Coaching help??
Yes it does definitely help in two aspects... one by helping students to assimilate new and unfamiliar topics and second to be disciplined... we may not start studying on our own but once we join tuitions we are bound to complete assignments which sets the flow of studies.Also the inputs given by the teachers are invaluable.
The reason why all students who take coaching do not pass is the fact that they lack self preparation at home. It is imperative that alongside the tuitions one also prepares with 100% effort at home. Self preparation coupled with tuitions is the best way to approach exams for over 90% of students. But never think that just by attending tuitions one can clear exams easily...
Wednesday, November 26, 2008
Thursday, November 20, 2008
How to Enrol for a CA course???
Structure
The Institute of Chartered Accountants of India periodically reviews the scheme of Education and Training to remain in tandem with developments in the field of education and other changes at national and global level.Evolving business also demands newer skills from the accounting professionals. Accordingly, the existing
scheme was revamped and the new scheme was launched on 13th September, 2006.
Different levels of Chartered Accountancy Course
1. Entry Level Test : Common Proficiency Test
2. First Stage of Theoretical Education : Professional Competence Course
3. Final Stage of Theoretical Education : Final Course
>>The Entry level test is named as Common Proficiency Test (CPT) which is designed in the pattern of entry level test for engineering, medical and other professional courses. It is a test of 4 hours duration comprising of two sessions of 2 hours each with a break between two sessions. The test comprises of objective type questions only with flexible negative marking for choosing wrong options. The Common
Proficiency Test (CPT) has replaced Professional Education (Course-I) effective from September 13,2006. The last Professional Education (Examination – I) was held in November, 2007.
>>The Professional Competence Course with an upgraded syllabus has replaced Professional Education (Course -II) effective from September 13, 2006. The last Professional Education (Examination –II) for all the students of Professional Education (Course – II), irrespective whether such students have exhausted 5 consecutive attempts or not, will be held in May, 2009.
>>The last leg of the Chartered Accountancy is Final Course, designed to impart expert knowledge in financial reporting, auditing and professional ethics, taxation, corporate laws, system control, strategic finance and advanced management accountancy. The Final (New) Course was launched in February 2007 and first examination under new scheme will be held in November, 2008. The last Final (Old) Course examination will be held in November, 2009.
>>Updated syllabus is benchmarked to chartered accountancy courses available around the globe and is fully compliant to International Education Standards issued by the International Federation of Accountants.
>>Under the new scheme the period of articled training has been enhanced from 3 years to 3½ years.
>>New upgraded 100 Hours of Information Technology Training replaced 250 Hours Compulsory Computer Training in December, 2006
The Institute of Chartered Accountants of India periodically reviews the scheme of Education and Training to remain in tandem with developments in the field of education and other changes at national and global level.Evolving business also demands newer skills from the accounting professionals. Accordingly, the existing
scheme was revamped and the new scheme was launched on 13th September, 2006.
Different levels of Chartered Accountancy Course
1. Entry Level Test : Common Proficiency Test
2. First Stage of Theoretical Education : Professional Competence Course
3. Final Stage of Theoretical Education : Final Course
>>The Entry level test is named as Common Proficiency Test (CPT) which is designed in the pattern of entry level test for engineering, medical and other professional courses. It is a test of 4 hours duration comprising of two sessions of 2 hours each with a break between two sessions. The test comprises of objective type questions only with flexible negative marking for choosing wrong options. The Common
Proficiency Test (CPT) has replaced Professional Education (Course-I) effective from September 13,2006. The last Professional Education (Examination – I) was held in November, 2007.
>>The Professional Competence Course with an upgraded syllabus has replaced Professional Education (Course -II) effective from September 13, 2006. The last Professional Education (Examination –II) for all the students of Professional Education (Course – II), irrespective whether such students have exhausted 5 consecutive attempts or not, will be held in May, 2009.
>>The last leg of the Chartered Accountancy is Final Course, designed to impart expert knowledge in financial reporting, auditing and professional ethics, taxation, corporate laws, system control, strategic finance and advanced management accountancy. The Final (New) Course was launched in February 2007 and first examination under new scheme will be held in November, 2008. The last Final (Old) Course examination will be held in November, 2009.
>>Updated syllabus is benchmarked to chartered accountancy courses available around the globe and is fully compliant to International Education Standards issued by the International Federation of Accountants.
>>Under the new scheme the period of articled training has been enhanced from 3 years to 3½ years.
>>New upgraded 100 Hours of Information Technology Training replaced 250 Hours Compulsory Computer Training in December, 2006
Career Prospects for a CA!!!
Services offered by a CA
An important phenomenon of recent times is the rapid growth of the accountancy profession. The vast changes occurring in the economy of the country have been placing great responsibilities on the Chartered Accountants. It also constitutes a challenge to the profession to bring to bear their knowledge and skill in their specialised fields of activity. The types of functions generally performed by the Chartered Accountant are varied. The more important ones amongst them are discussed below.
Accounting & financial analysis
This includes the writing up of accounts and the preparation of financial statements. It encompasses a wide area ranging from simple Book keeping to complex financial analysis.
Auditing
Possibly one of the most important functions of a Chartered Accountant, it is here that his specialised training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that they represent a true and fair view of the state of affairs of the organisation.
Taxation
With a number of taxes on the statute book, current and continuing tax information has become vital to the effective economics of business management. The assessment of taxes is very closely linked with financial accounts. The Chartered Accountant with his experience in accounts is in an advantageous position for preparing the returns for tax purposes, representing assessees before the Income-Tax authorities and rendering general advice on taxes to his clients. An additional responsibility placed on him recently is that his services will be required by the tax department for auditing complicated cases, having large revenue potential. The requirement under the Income-Tax law for compulsory maintenance of accounts by the specified categories of taxpayers would also make a demand on his time and services. Every assessee with a minimum turnover of Rs. 10 lakhs in the case of professionals and Rs. 40 Lakhs in the case of business concerns is compulsorily required to get his accounts audited under the Income-Tax law. This has considerably helped the revenue authorities in making proper assessments.
Cost Accountancy
A Chartered Accountant is also trained to ascertain the costs of production and of processes at different levels of operations in the manufacture of a product and in the rendering of a service. He is also equipped to provide costing information for the guidance of management, introduce cost control methods and assist the management in establishing appropriate selling prices.
Special Company Work
The services of Chartered Accountants are frequently sought in connection with matters such as the formation, financial structure and liquidation of limited companies. Secretarial and Registration work and the duties of a Receiver are also undertaken by them, in addition to other company work.
Investigation
Chartered Accountants are often called upon to carry out investigation to ascertain the financial position of business in connection with matters such as a new issue of share capital, the purchase or sale or financing of a business, reconstruction and amalgamations. Their services are also sought for undertaking investigations with a view to achieving greater efficiency in management or administration, finding out reasons for increases or decreases in profits etc.
Executors and Trustees
A Chartered Accountant is also often appointed executor under a will or trust in order to carry on the administration of the estate or settlements.
Appointment of this nature require the Chartered Accountant to work in Co-operation will solicitors or Lawyers. Conversely, Solicitors or lawyers carrying out works of this kind usually call in Chartered Accountants to assist them in the accounting aspects of their work.
Directorship
Many members of the Institute who hold senior position in industry and commerce are also directors of their companies. Moreover, many members who are actively carrying on public practice are also directors of companies. The advantages of having a Chartered Accountant on the Board of Directors are now well recognised and the practice of making such appointments has grown rapidly.
Company Secretarial Work
In a well organised company or group of companies, the Secretary is a man with a professional qualification (often a Company Secretary) who, in addition to his multifarious other duties, is an important link in the management chain. The continued growth of limited companies enables the professional accountants to offer secretarial services to small companies, many of which are being virtually run by a few individuals who are unable to afford a full-time secretary.
Management Accounting
This is another field in which the Chartered Accountant is able to render a service which is utilised in a variety of ways like formulation of policies, day to day control, performance evaluation, etc.
Share Valuation
The Chartered Accountant undertakes the valuation of shares of public and private companies when amalgamation or re-organisation takes place for the purpose of takeover bids and other acquisitions.
Equity Research & Analysis
Chartered Accountants also work actively in the areas of Equity Research & Analysis. Equity Research involves preparing reports on background information on companies and their profitabiity, financial position. Analysis involves analysing the information and giving buy, sell or hold calls on the shares. Equity research analysis can be fundamental & technical or both.
Information System Audit
ICAI conducts DISA examination and the members who pass the examination can carry out system audits.
Faculty Support
Members of institute are best teachers in courses like Accountancy, Costing, Finance, Law, Taxation, Merger & Acquisition, Corporate Law & Governance etc.
An important phenomenon of recent times is the rapid growth of the accountancy profession. The vast changes occurring in the economy of the country have been placing great responsibilities on the Chartered Accountants. It also constitutes a challenge to the profession to bring to bear their knowledge and skill in their specialised fields of activity. The types of functions generally performed by the Chartered Accountant are varied. The more important ones amongst them are discussed below.
Accounting & financial analysis
This includes the writing up of accounts and the preparation of financial statements. It encompasses a wide area ranging from simple Book keeping to complex financial analysis.
Auditing
Possibly one of the most important functions of a Chartered Accountant, it is here that his specialised training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that they represent a true and fair view of the state of affairs of the organisation.
Taxation
With a number of taxes on the statute book, current and continuing tax information has become vital to the effective economics of business management. The assessment of taxes is very closely linked with financial accounts. The Chartered Accountant with his experience in accounts is in an advantageous position for preparing the returns for tax purposes, representing assessees before the Income-Tax authorities and rendering general advice on taxes to his clients. An additional responsibility placed on him recently is that his services will be required by the tax department for auditing complicated cases, having large revenue potential. The requirement under the Income-Tax law for compulsory maintenance of accounts by the specified categories of taxpayers would also make a demand on his time and services. Every assessee with a minimum turnover of Rs. 10 lakhs in the case of professionals and Rs. 40 Lakhs in the case of business concerns is compulsorily required to get his accounts audited under the Income-Tax law. This has considerably helped the revenue authorities in making proper assessments.
Cost Accountancy
A Chartered Accountant is also trained to ascertain the costs of production and of processes at different levels of operations in the manufacture of a product and in the rendering of a service. He is also equipped to provide costing information for the guidance of management, introduce cost control methods and assist the management in establishing appropriate selling prices.
Special Company Work
The services of Chartered Accountants are frequently sought in connection with matters such as the formation, financial structure and liquidation of limited companies. Secretarial and Registration work and the duties of a Receiver are also undertaken by them, in addition to other company work.
Investigation
Chartered Accountants are often called upon to carry out investigation to ascertain the financial position of business in connection with matters such as a new issue of share capital, the purchase or sale or financing of a business, reconstruction and amalgamations. Their services are also sought for undertaking investigations with a view to achieving greater efficiency in management or administration, finding out reasons for increases or decreases in profits etc.
Executors and Trustees
A Chartered Accountant is also often appointed executor under a will or trust in order to carry on the administration of the estate or settlements.
Appointment of this nature require the Chartered Accountant to work in Co-operation will solicitors or Lawyers. Conversely, Solicitors or lawyers carrying out works of this kind usually call in Chartered Accountants to assist them in the accounting aspects of their work.
Directorship
Many members of the Institute who hold senior position in industry and commerce are also directors of their companies. Moreover, many members who are actively carrying on public practice are also directors of companies. The advantages of having a Chartered Accountant on the Board of Directors are now well recognised and the practice of making such appointments has grown rapidly.
Company Secretarial Work
In a well organised company or group of companies, the Secretary is a man with a professional qualification (often a Company Secretary) who, in addition to his multifarious other duties, is an important link in the management chain. The continued growth of limited companies enables the professional accountants to offer secretarial services to small companies, many of which are being virtually run by a few individuals who are unable to afford a full-time secretary.
Management Accounting
This is another field in which the Chartered Accountant is able to render a service which is utilised in a variety of ways like formulation of policies, day to day control, performance evaluation, etc.
Share Valuation
The Chartered Accountant undertakes the valuation of shares of public and private companies when amalgamation or re-organisation takes place for the purpose of takeover bids and other acquisitions.
Equity Research & Analysis
Chartered Accountants also work actively in the areas of Equity Research & Analysis. Equity Research involves preparing reports on background information on companies and their profitabiity, financial position. Analysis involves analysing the information and giving buy, sell or hold calls on the shares. Equity research analysis can be fundamental & technical or both.
Information System Audit
ICAI conducts DISA examination and the members who pass the examination can carry out system audits.
Faculty Support
Members of institute are best teachers in courses like Accountancy, Costing, Finance, Law, Taxation, Merger & Acquisition, Corporate Law & Governance etc.
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