Chartered Accountancy is one of the most sought-after career paths in Pakistan. Every year a large number of intermediate graduate and university graduate students look to join an institution that can help them study for all examinations they need to become full-time Chartered Accountants in Pakistan. While there is generally a lot of information regarding CA prospects and institutions, one thing that only a few people are aware of is CA subjects in Pakistan that, you need to appear for and study to be well-prepared for the practical world.
The subjects that need to be tested in examinations, along with the number of papers for each subject, are decided by the Institute of Chartered Accountants for Pakistan. If you want to know the details of CA subjects in Pakistan that you will have to study as a Chartered Accountancy student, read this blog.
Chartered Accountancy in Pakistan focuses on four primary areas divided into different categories. The four main parts are as follows:
– Assessment of Fundamental Competencies (AFC)
– Certification in Accounting and Finance
– Multi-subject Assessment
– Certified Finance and Accounting Professional
These four parts have a collective of 21 courses, and the details for each will be given below.
Assessment of Fundamental Competencies (AFC)
The CA course of AFC has a total of 4 papers which are as follows:
– Functional English focuses on reading, writing, and presenting skills. This subject is incorporated mainly because English is the primary communication between Chartered Accountants worldwide.
– Business Communication is designed to help students learn professional communication skills and how to write reports and drafts and fix their resumes to work in a corporate setting.
– Quantitative Method teaches students how to conduct effective quantitative research and understand statistical problem-solving methods.
Finally, – Information Technology aims to help students understand the different innovations that have come about in the IT field and is essential since the field of Chartered Accountancy relies on technology.
Certificate in Accounting and Finance
Certificate in Accounting and Finance consists of 8 CA subjects. The names of each of these are as follows:
– Introduction to Accounting
– Introduction to Economics and Finance
– Business Law
– Business Management and Behavioral Studies
– Financial Accounting and Reporting
– Principles of Taxation
– Cost and Management Accounting
– Audit and Assurance
As the names of these subjects suggest, they are primarily introduction-level subjects designed to give students an insight into what these courses generally are and to develop their base-level understanding so that they can study advanced courses later on in their degree. Certificate in Accounting and Finance makes students aware of the basics of accounting, Finance, and taxation.
Certified Finance and Accounting Professionals
Certified Finance and Accounting professionals contain 6 different CA subjects.
– Corporate Law: This is very similar to the subject of Business Law. It goes into more detail regarding the power different financial institutions hold.
– Advanced Accounting and Financial Reporting: This subject builds on the first and second part of financial reporting in Certificate in Accounting and Finance. It has a greater difficulty level.
– Business Management: This is focused more on market forces and is for students who plan on becoming entrepreneurs.
– Business Finance Decisions: Business Finance Decisions is similar to Business Management; both courses have overlapping content.
– Advanced Taxation: This is a very complex and challenging subject with many taxation details.
– Audit Assurance and related services: This course adds much value to your Chartered Accounting degree since the firms you plan on working in expect you to know these intricate auditing details.
Multi-subject assessments have four subjects. The first is Financial Reporting, which helps students understand different financial reports. The second subject is Audit Professional Competence, which helps them learn how to audit for different companies or organizations they would later be a part of.
Knowing the different CA subjects in Pakistan and what each of them teaches is very important before you decide to pursue this field further. These will allow you to gauge the effort you will need to put in, considering which of them is your more robust suit. Moreover, it will give you an idea regarding the skills you will get to work on throughout this qualification.