By: Aasma Quraishi
If you go to Google and write “Highest paid profession in Pakistan” surely Chartered Accountant (CA) will be on top. With highest rewards most effort comes as well. It is the toughest course of Pakistan as well.
430 students qualify CA every year on average. A lot of students take admission but only a few qualify CA.
The reason of failure of CA students is that CA system is completely different from other education system in Pakistan. Pakistan Education system may be regarded as worst education system. There is no system for updating of course.
Whole system depends on cramming. Lack of practical experience and conceptual work is dominating the whole system. Students have almost no grooming of mind.
When students change their environment from such deficient environment to an efficient environment, it is very hard to adopt it. They need to change their mind and process of learning. Most of students require time to adopt completely new system.
If we talk about system of CA,
Institute of Chartered Accountants of Pakistan (ICAP) is the regulatory body of CA which is responsible to control the system and conduction of exams.
CA consists of 4 stages. First stage is Assessment in Fundamental Competence (AFC). It consists of four papers (Functional English,
Information Technology, Quantitative methods and Business Communication). Exams of AFC occur a4 times a year (March, June, September and December).
2nd stage is Certificate in Accounting and Finance (CAF). CAF consists of 9 papers (Introduction to accounting, Introduction to Economics and Finance, Business Law, Business Management and behavioral sciences, Financial Accounting and Reporting 1, Principal of taxation, Financial Accounting and Reporting 2, Cost and management Accounting and Audit and assurance).
Exams of CAF occur after every 6 months i.e March and September. Maximum a student can attempt 5 papers. Usually students attempt 3 papers each attempt. After CAF students has to go for Article-ship for three and a half year in which they cannot attempt any paper within 1st one and a half year.
After one and a half year of article-ship students may enter in 3rd stage which is Certificate Finance and accounting Professional (CFAP).
CFAP consists of 6 papers (Advance Accounting and Financial Reporting, Corporate Laws, Business management and Strategy, Business Finance Decision,
Advance Taxation and Audit Assurance and related services). Exams of CFAP occur 2 times a year i.e December and June. Final stage of CA is Multi subject assessment (MSA). MSA consists of 2 papers (Financial Reporting Professional Competence and Audit Professional Competence).
Its exam schedule is same as CFAP. ICAP controls all this system.
There are several Institutes for CA. However it is not compulsory for students to get enroll in institute. They may continue CA without being attached with any of CA institute.
Books of CA are regularly updated. Exams of CA are based on conceptual study. Students should follow conceptual approach to pass CA. Consistency, hard work and patience is a key to success.
There are also some myths in CA that ICAP intentionally fails the students or ICAP pass students according to requirement in market that’s why ICAP maintains 0 unemployment rate in CA. These myths are not connected with reality.
50 percent score in CA exam is passing criteria for students. Whoever scores, pass the exam. There is a complete system of preparing and checking system leading by professionals having relevant experience and knowledge.
There is also a system of review and recounting by ICAP.
Pakistan stands in top 10 countries with ideal accounting career. CA of Pakistan is globally recognized with better ranging as compare to India as well. CAs of Pakistan have opportunities to work in almost every country.
ICAP is working for further progress to bring it on top.
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