Chartered Accountancy is a challenging profession to become a part of. While it is difficult, everyone knows how important it is for businesses to stay operative and not reach a standstill. Generally, many people give up on their dream of becoming an accountant before exploring it entirely because of the misconceptions attached to the field and the fear of not fulfilling CA eligibility criteria. To give you a clearer idea of what being a chartered accountant means and CA scope, we have put together a list of facts that will help you understand why this degree is so significant and what you should do to become a chartered accountant.
To explore this in greater detail, we first need to establish clearly who a chartered accountant is and their general duties. They are skilled professionals with advanced finance skills, allowing them to gauge and affect their company’s success by trying to maximize profits. The training period can last between 3 to 5 years, during which they study different courses to prepare for exams and learn skills that will help them in the practical world. In addition, they develop skills in taxation, auditing, accounting, and corporate finance. While this is all you probably already know, we will now discuss the different aspects of this profession that people miss out on.
It is not a fixed role
It is a general assumption that chartered accountants are restricted to looking after numbers. While this is an integral part of their job, it is not a strict limitation. There is so much more to their jobs than this. Working in the private or public sector as an accountant will require you to deal with employers and clients. Whatever they deem fit for you, you will be asked to do. This is why going into the field, you will get the opportunity to conduct meetings, provide financial advice, analyze data, and take up roles that require a lot of communication and public speaking.
People think CA eligibility is only possible when you come from a commerce background. This is far from the truth. Regardless of your background, you can still appear for the Chartered Accountancy exams, and if you pay attention to the course content and are willing to put in the study hours, you will pass.
Even though Chartered Accounting is a field that is widely appreciated and sought after in Pakistan, you will have plenty of opportunities even if you move abroad. The skills you incorporate while studying for the degree stay with you and help you take up different accounting roles and do great in them. This is one of the reasons that a career in accounting feels exciting to many students because it is in demand worldwide.
Different Types of Accounting
Many overlook that there are two types of accounting: financial and managerial. The field is mainly associated with the former, although they are both critical roles. Management Accountants plan budgets and focus on business growth. On the other hand, financial accountants act as auditors and give reports regarding a company’s financial position.
There is no ideal Study Time
Most CA students are interested in finding out the number of study hours they need to pass their exams successfully. The truth is, no set time will ensure you pass. Your primary goal while preparing should be to focus on clearing your concepts. It might not be beneficial if you fail to do this, even if you study for 16 hours a day. So, an important thing to keep in mind is that the quality of your study is more significant than the quantity.
CA is Not About Math
Math is an important subject to be skilled at if you plan on becoming an accountant. However, there are other things you will need. The accounting field is vast and considers other skills such as your technical abilities, understanding of finance, and business operations.
CA makes you Efficient at Time Management
While managing time effectively is something you tend to learn in practical life, being a CA student, you will understand its importance very early. This is because, for CA eligibility, you are supposed to give an appropriate amount of time to studying, attend classes, and manage an articleship in the final stages of your degree. As a result, you start to understand the importance of having more time and try to use it in productive ways.
You become an expert on financial topics like the latest budgets, tax implications, and financial management. This becomes more prominent once you find yourself sitting in the company of people who do not come from a CA background. This is an essential skill to have in the practical world, which puts CA students ahead of everyone.
High Motivation Level
CA is a challenging degree to pursue. Going in, you know there is a chance you will fail a few exams and have to retake them. However, despite this and a few failed attempts, people remain steadfast and continue studying. This makes them motivated individuals who know what they want to achieve and would go to different lengths to get it.
Long Working Hours
Accounting is a demanding field, which means throughout your student life, and even after that, you will have to experience long working hours. Especially if you want to become an auditor at Pakistan’s top 4 firms, you should know the training process will be rigorous, and the effort you will have to put in will be a lot. However, the success rate here is exponential, and the CA scope is high, making it all feel worth it in the end.