CA Exams- Mistakes you should Avoid to Pass

Worried about your CA exams? Definitely you will be, we know that; after all passing CA exams is not that simple. To say, there are no shortcuts; only hard work and patience will be paid off in the end. However, the past record shows that only a few students clear CA Final exam and most often the pass percentage lies upto a maximum of 10%.  

Before you go further ahead, keep in mind that CA Final is not just like any other accounting course. You have to be very disciplined and organized to clear the exam in the first try. The higher the level, the greater will be the difficulty. The CA Foundation exam might be easier for you to crack. But that’s not the case with CA Intermediate and CA Final exam; you must be very pre-planned to crack that tough nut. You might have been a school or college topper, but your senior secondary academic performance or score won’t favour you in CA exams. Please don’t lose hope: with hard work and good planning you can clear the CA Final in the first attempt itself. Also, you have to avoid some common mistakes that will weaken your chances to pass the exam.

Given below are some of the few things most CA students fail to address.

Not regular in the class: Being irregular in the classes will drop in a great trouble. Through skipping your classes, you are making a big mistake and it will definitely affect your CA exams badly. It’s a common tendency among the students to procrastinate their studies thinking that let the teachers complete the classes first.  But, it will adversely affect the studies, because if you are skipping the classes regularly, you will definitely miss the core portions and even if you try to study it later, the concept may seem incomprehensible. So, it is advisable to be regular in the class and study the concept within 24 hours so that you with proper revision and practice questioning, you can recall the concept during the exam time.

Fail to Execute Plans: Most of you might be good at planning; however, lack of execution of the plan will get you in trouble. So it would be better to stick to your plan and execute it properly to achieve success. Don’t postpone your studies for tomorrow.

Disregarding the ICAI Practice Manual: Ignoring the practice manual of the ICAI is not a good decision. So, when you complete a particular topic or chapter, start practising the questions in the ICAI manual. Practising a lot of questions will help you get the presentation idea.

Dummy Articleship: This is one of the biggest mistakes committed by many CA students. Articleship also known as the golden period of a CA student, plays a crucial role in the entire CA career. More than just bookish knowledge, practical understanding is very much important. Good involvement in articleship will help the student to get practical knowledge in areas such as Audit & Assurance, Direct Taxes, Indirect Taxes, Internal Audit and more. A dummy training will not help you gather this knowledge. So, it is advisable to be systematic in your Articleship and the practice with the utmost interest.

Lack of practice by writing: It is a common practice among the CA students to depend on calculators for solving the problems, due to the lack of time. However, it is not a good idea to answer the questions using gadgets. Solving the questions using a calculator will get you into confusions while presenting the answers during exams. In theory papers, you will get presentation skills by just reading and comprehending. On the other hand, in practical sections, the students are advised to practise the questions by solving them manually on papers instead of using a calculator.

No Self-analysis: Many students forget to do self-analysis while preparing for the exams. Even though you prepare and perform well in the exam, without self-analysis you cannot identify the drawbacks and pitfalls occurred in your studies.  By doing proper self-analysis, you will be able to know your weaknesses, and what all mistakes you should avoid to manage your CA Final exams in a very successful manner.

Still thinking of clearing the CA Final as a mountain climbing? We will help you out with the most advanced techniques and tips to tackle the exams in a very effective way. We provide the finest CA Final courses in Ernakulam, Kottayam and other major cities of Kerala leveraging our network of experienced teachers and rich amenities.

How to do ACCA after CA to get a global qualification?

How to do ACCA after CA to get a global qualification?
ACCA stands for Association of Chartered Certified Accountants which is a global professional accounting body that offers Accountant qualification certified by Chartered Accountant. ACCA is one of the most popular global accountancy qualifications. And needless to say, the ACCA is the catalyst that drives your career in the right direction as well. Find everything about the ACCA such as the process of admission, application form submission process, entry requirements, and lots of other details in the following post.

How to Apply for ACCA after CA?

  • The CA candidates can apply for ACCA online at ANY TIME of the year. The applications can be submitted online along with the supporting documents which will be mentioned on the official website of ACCA.
  • As the applications are submitted online, the processing of ACCA applications is very fast and the candidates are able to find the levels at which they have to begin their studies.
  • The candidates are advised to upload all the supporting documents at once while applying for ACCA; so that the forms are submitted and processed rapidly.
  • The candidates should note that without uploading the supporting documents and fee remission, the ACCA form submission will not be over.

Find all the other important details related to the ACCA application and other stages of certification.

Entry Level Requirements for ACCA:

There are some entry- level requirements for individuals who applied for ACCA after CA which can also be termed as the ACCA eligibility norms. The candidates will be allotted subjects for different levels depending on these entry level requirements.

Minimum Entry Requirements for ACCA are as follows:

  • The candidates are required to have passed TWO A-Levels and 3 GCSEs or any other equivalent exam.
  • The above mentioned exams (qualifying exams) should have been taken in 5 different subjects inclusive of English and Maths.
  • The official website of ACCA has a list of all kinds of exams conducted across various nations that are recognized by the ACCA.
  • In order to check whether the educational qualifications of any applicant are enough or not, they can visit the official website and find the database of minimum entrance requirements.

Entry Level Requirements for Foundation in Accountancy:

  • No minimum requirements have been fixed for the Foundation course. The candidates can begin at any level; though the Introductory Certificate is recommended in case the candidate has no formal education.
  • The candidates with education gap for formal education are also recommended, to begin with, the Introductory Certificate.
  • This is due to the fact that the candidates beginning at the Introductory Certificate level and moving to Foundation Level Qualifications are better performers in the higher level exams.

ACCA Application Submission Process

While applying for ACCA certification, the candidates are required to upload the copies of the supporting documents related to their qualification and personal verification. Without uploading the supporting documents, the submission process will not be over.
Documents Required for ACCA Application Submission

  • Official documents related to the educational qualification such as completion certificates or transcripts.
  • ID proofs such as Birth Certificate, National ID Card, Driving License and Passport etc.
  • Passport size photograph.

The candidates should note that the documents that are issued in any language other than English are to be uploaded in English Language as well. This means that the candidates have to get them translated into English and upload them along with the copy of the original document.
The candidates should note that mere filling of details in the application form and uploading of the supporting documents is not enough. After that they have to fill the fee as well.

Time taken for registration as ACCA student:

  • As the application process is online and candidates have to complete all the steps such as document submission and fee remission online only, the time taken to complete the registration is very less. If the candidates have all the documents and other things ready, they can complete the registration process in 15 to 20 minutes.
  • After the form has been submitted, the information has been verified and the fee has been acknowledged, the candidates can begin the course within 5 to 7 working days. In case, the documents are submitted offline i.e. via Mail, the complete process will take around 10 days to complete.
  • The candidates will be issued and sent a communication via email or offline mail to intimate that the form has been accepted and other details regarding the course.
  • The candidates can find the detailed fees on the official website. The fee is different for each country and each course.

EXEMPTIONS in ACCA:

The candidates can choose the exemptions while applying. These exemptions are based on the educational qualifications of the candidates and vary from person to person. This means that the candidates will not have to take some exams depending on the type of their qualifications. For example, candidates who applied for ACCA after CA has to appear only less number of exams when compared with normal exams.
There is an exemption calculator available online on the official website which will help the candidates to figure out the exemptions they can apply for.

Exams to be taken for completion of ACCA:

  • The candidates are to take 13 exams in total to complete the ACCA qualification and become a member of the same.
  • The exemptions in the number of exams mentioned above will be awarded based on the previous qualifications.
  • Apart from that, they are to have 3 years practical work experience.
  • Ethics and Professional Skills modules.

Duration of ACCA Qualification:

  • Number of sessions in each year: 4
  • Number of exams that a student can take at each session: 4
  • Maximum number of exams a student can take in each calendar year: 8
  • Number of years of professional experience: 3 years
  • Minimum duration in which a student can complete the ACCA qualification: 3 years

Duration of Foundation in Accountancy:

The initial foundation level qualifications are:

  • Introductory Certificate in Financial and Management Accounting
  • Intermediate Certificate in Financial and Management Accounting

They contain 2 exams and Foundation in Professionalism Module. This can be completed in 6 months.
The Diploma in Accounting and Business can be completed in 1 YEAR. The Certified Accounting Technician Qualification can also be completed in 1 YEAR given that you achieve the level of required work experience.
The candidates can find the details on required work experience level online on the official website.

How to Study for the ACCA after CA?

  • ACCA itself doesn’t provide any tuition. Though, it has a recommended global network of 3rd party tuition providers which helps the students to prepare for the exams and other kinds of requirements such as professional experience etc.
  • The candidates can find the Tuition Provider Directory on the official website.

Skills That Every Accounting firm is Looking for in A Chartered Accountant

It’s no secret that CA certifications have some of the toughest qualifying examinations in the world. But we also know that it’s all well worth the effort. Qualifying as an ACCA-certified chartered accountant puts you in a select group of highly respected and sought-after professionals with unlimited career opportunities across industry verticals.

While this still holds true, with increasing digitization, transforming financial environments, and evolving workplace mechanics, how enterprises and accounting firms perceive the role of chartered accountants in their teams and the skills they require from their ACCAs are changing. This means that the knowledge and skills you gain during your exam preparation and from your CA coaching centre, while advantageous, might no longer be enough.

We explore a few skills that will not only help you function well in the modern workplace, but also help you build a successful and fulfilling career as a chartered accountant.

  • Communication Skills

There is often a misconception among people that accountants need only be bothered about numbers. But the ability to communicate effectively with clients and offer sound financial information and advice with absolute clarity is a very important skill for all CA professionals. In fact, effective communication skills are an unparalleled advantage not just across industries but in all areas of your professional and personal life.

  • Professional Skills

The term “professional skills” combines a whole array of business and social skills that will help you succeed in your profession and contribute positively to the culture and development of the enterprise. These include everything from your ability to collaborate across teams to building long term relationships both within and outside the company. No matter where you stand in its structure, how you engage with your work and stakeholders will affect your organization as a whole.

  • Analytical Skills

Analytical skills are what set great CAs apart from the rest. In the age of big data, the ability to analyse and interpret this large volume of information to derive valuable growth-oriented insights is very important for any financial professional. Analytical skills will also help professionals develop innovative and strategic solutions for pressing issues. Of course, it is important to note that these skills can only be built upon a foundation of sound financial knowledge and training in accountancy.

  • Continuous Learning

The training that starts at your CA coaching centre should continue throughout your career. In today’s fast transforming financial ecosystem, it is critically important for a financial professional to continuously evolve and stay updated with the latest in what’s going on in the global landscape. This ability to develop yourself and your knowledge base will not only save you from becoming obsolete, but it will also help you maintain a level of fascination and interest in your job over the long term.

Every CA aspirant should make attempts to develop these skills and habits to ensure that they present themselves as a lucrative employee for international enterprises. It will not only give you a competitive advantage among your peers, but will also help you serve your clients best. The right CA coaching centre will be able to guide you towards understanding these skills and develop them, even as you are training and studying for your exams.

 

Time Management Tips for CA Students

IPPC / INTERMEDIATE is one of the most critical stages in the CA course, and CA IPCC / INTERMEDIATE exams can be challenging and stressful. Time is always a crucial factor – not just in the exam but during the preparation stage as well. By using the tips below to plan smartly and study efficiently, CA students can crack the exam to get the outcomes they want.

Establish your priorities

Defined objectives can give you the push you need to succeed. Know what exactly you want to achieve and write down your goals. Each subject comes with its challenges based on your level of learning and grasp of the subject so priorities accordingly.

Create a preparation schedule

Use electronic tools or good old pen and paper to create a plan you are comfortable with. Set aside time for group practice sessions as well as solo study hours, and also take into consideration your existing commitments like coaching classes, household chores, social events or other activities.

Mark the dates

Prevent a student’s worst nightmare. Use a calendar or an organiser to note down all the important dates like exam days, timings, deadlines, etc. This serves a double role as an important visual reminder as well as an impetus to work harder if you’re falling behind schedule.

Use your time wisely

Many students frequently assume that the best time to study is in the mornings when your mind is fresh and well rested, but this need not be true for everyone. Take your bodily rhythms and habits into consideration – if you feel sleepy after breakfast, or energetic in the evenings, adjust your schedule accordingly.

Take regular breaks during revisions

Frequent short breaks are essential for refreshing your mind, maintaining concentration and reducing the stress of exam preparation. Make sure to choose relaxing activities like going for a walk, listening to music or playing with your dog. Avoid activities like watching television or browsing social media as they are highly distracting and can burden your mind with unnecessary information.

Don’t stay up late

Make sure to get seven to eight hours of sleep every day. While studying through the night is a common tactic, it’s a waste of effort as your mind is too tired to process or retain information.

Good time management can help you avoid having to burn the midnight oil. Plan smartly, work efficiently and get plenty of sleep, and you’ll be prepared to give your best for the IPCC / INTERMEDIATE exam.