Greetings, dear readers. Are you feeling the pressure of CA exams? It’s entirely understandable; the path to becoming a Chartered Accountant is far from easy. It demands an immense amount of dedication and patience. Unfortunately, only a small percentage of students manage to clear these exams. The pass rate for the Final exam typically hovers around 10% at most.
Remember, growth happens when we confront challenges, not when everything is smooth sailing. As you progress through the levels, the difficulty of the exams increases significantly. The CA Foundation entrance exam may seem relatively easy, but CA Intermediate and Final are a different league altogether. Balancing your studies with practical training can be incredibly demanding. Even if you were a top student in school or college, you might have faced setbacks in CA exams. However, there are students who manage to clear these exams on their first attempt.
What sets these successful students apart? You’ve put in a lot of effort too, yet the results didn’t favor you. Perhaps, a friend of yours aced the exam. Why? These questions might be swirling in your mind.
Some students believe that the Institute of Chartered Accountants of India (ICAI) has the power to determine their scores. But, consider this: there was a time when not a single student in your exam had the title of Chartered Accountant. If your answer is no, it means you were part of that crowd at one point. So, instead of blaming ICAI, let’s open our books and double our efforts.
Don’t lose hope, my friends. “Winners are not those who never fail, but people who never quit.”
Perhaps this is your second attempt, fourth, or even tenth. Don’t lose heart; you’re not alone on this journey. Many students are facing more challenging circumstances than yours. Some are juggling part-time jobs to support their families, while others are balancing their studies with household responsibilities. But consider this: they are all striving hard to earn their CA degree. If they can do it, so can you. Everything is possible; the word “impossible” simply doesn’t exist.
Let’s discuss a few mistakes that many CA students fail to avoid:
Skipping Articleship –
Never make this mistake. Articleship is a crucial phase in your CA journey, often referred to as the Golden Period. Practical knowledge is as vital as bookish knowledge, if not more. CA exams, especially Auditing and Direct Tax, test your practical skills. If you’ve undergone a dummy training, you’ll miss out on valuable hands-on experience. So, commit to being consistent in your articleship.
Balancing Study with Training –
It’s a common error to think you have three years to prepare. The truth is, time flies, and as you progress in your office, your workload and working hours will increase. Start today, create a schedule to complete your entire course during your training period, and stick to your goals. Reserve the preparation leave solely for revision.
Irregular Class Attendance –
Many students fall into this trap. Skipping classes can lead to trouble. You’re attending classes for your benefit, and there’s no strict attendance requirement. It’s been observed that delaying your studies until after completing all classes is a mistake. Concepts are better retained when revised within 24 hours. Regular attendance and daily revision are key.
Neglecting the ICAI Practice Manual –
As you complete each chapter, start practicing questions from the ICAI Practice Manual. Even if you’ve solved questions from coaching institutes’ materials, the Practice Manual offers a different perspective. More than 50% of questions in subjects like AMA are sourced from the Practice Manual. For Audit, DT, IDT, Law, and ISCA, the Practice Manual provides valuable presentation ideas. You don’t need to go through the entire study material or attempt multiple RTPs, MTPs, or past papers. Focus on the Practice Manual.
Failure to Execute Plans –
Planning is one thing; executing those plans is another. We’re all skilled at making plans, but the real challenge is sticking to them. Leaving tasks for tomorrow often leads to failure. Try to complete tasks today, as there’s no such thing as “tomorrow,” and “impossible” itself says “I’m possible.”
Poor Answer Presentation –
Presentation plays a significant role in CA exams. While you may not complete the entire paper, how you write and present your answers matters. Focus on quality when writing your answers.
Lack of Self-Analysis –
Even if you’ve covered the entire course, you may still underperform in exams. This could be due to a lack of self-analysis. Attempt at least three papers at home to identify weaknesses, correct silly mistakes, and manage time effectively. CA Final papers are lengthy, so practice is essential.
Overreliance on Calculators –
Please avoid this mistake. Solving questions solely on your calculator due to time constraints can be problematic. If you don’t practice solving questions on paper, you may struggle to present your answers effectively. In theory subjects, you can develop presentation skills through more question practice, but practical questions require hands-on solving.
Excessive Stress –
We understand that the fear of failure can be overwhelming. Stress, to a certain extent, can be beneficial, as it motivates you to prepare. However, excessive stress is harmful. It can lead to illness and hinder your performance. Stay calm, give your best, and remember that ICAI only expects you to score 50%, which is achievable with your 100% effort.
Choosing Between Single or Both Groups –
The decision to attempt single or both groups depends on your capacity and available time. Only you can assess your capabilities accurately. Avoid starting preparation for both groups shortly before the exams if you haven’t completed the course before. Take your time and decide whether you can manage both groups. If not, focus exclusively on a single group from day one. Success is still within reach.
Analyzing Your Mistakes –
Repeating the same mistakes won’t lead to success. It’s crucial to analyze your errors. Compare your answers with suggested solutions. If you’re still uncertain, seek help from a teacher or request an inspection of your answer sheets.
I am confident that these points will guide you toward success in your CA exams. Remember, some students have achieved high ranks after experiencing failures. If they can do it, so can you. Passion is the key; don’t treat CA as just a course or a dream. Make it your passion. CA is just a part of your life, and there’s a long journey ahead with many opportunities waiting for you.
Consider the example of Bollywood actress Arshin, a Chartered Accountant who faced CA exam failures. She didn’t give up because she knew that quitting would set a precedent for quitting in life due to the fear of failure.
