How To Become a CA (Chartered Accountant In India)

hey everyone and welcome to this episode of Chad Chad a few months ago we did an episode called how to become a CA which

you are liked viewed and came back with

a lot of questions and in order to

answer those questions we have today

invited with us CA needle gun girl who’s

been a practicing CA for the past four

years he cleared his C exams in the

first attempt he also had the first rank

in his become finally ur in accounting

and finance and he’s been grooming

training and guiding students at HR

college for the past seven or eight

years as a visiting faculty so let me

invite me onto the show today I need oh

thank you so much for being with us

thank you grateful that you invited me

here you know I understand because the

GST and before that with D monetization

I know you’re really busy these days I

really need to thank you to take all

that time to come and spend with us but

some of the questions they asked and I

sort of bring them up one by one the

first question they want to know what

other the big question they want to know

is about preparing for these exams now

when should they start like you know

intent when should they start how much

time does it take to prepare for them

okay so to come to this when should they

start so you can start for the your see

a foundation course which is now called

as when you have completed your 12 or

you can start in the last year of your

twist out is like that okay so you can

start at that time okay many people

start after dy okay so after t wives

they start then they can directly go to

the second level that is the

intermediate course okay that is how

people do I had done it after my TV so

this is the third year of your week

become okay okay but you’re saying they

can actually start while you’re still in

school when the 12th standard answer is

yes school or junior school or junior

college they can start at that time okay

you have to put in a lot of effort yeah

so for a final typically you’ll need to

three months of 20 to 15 hours of

studies okay and diet is for your first

study there are eight subjects right so

you at least need

per subject okay so that’s how 18 days

of 10 12 to 15 hours of study is what

you need okay you need a month to revise

all the eight subjects once again and in

that period generally people put in 15

to 16 hours of study so it is

time-consuming a lot of hard work right

but this also trains you for the future

like when we go into the industry we

feel that what hard work we had put for

1516 as it now helps us and there are

large changes we have to put in 15 16

years of work yes it helps a lot yeah so

tell me you clear these exams in your

first attempt and you never took any

coaching so one of the big things people

do is they straightaway want to enroll

for a coaching and they fear that if

they don’t do it they won’t be able to

do well so could you guide them on this

so coaching is something which is very

very personal to decide but I would say

mostly 90 to 95 percent of students

would need coaching okay

would need coaching I would say because

and it is a must

there are two three points when you see

at poaching first point is that coaching

thus create a base level for you and it

helps you to study at least six seven

months prior so that so the final

studies may start later but this helps

you to at least get into the subjects

because there are no other things like

late in the college right so that is why

coaching is important second most

important thing in coaching is that you

get norms which I think the syllabus is

so huge that preparing notes is very

very important right and third and I

think in which people will not realize

when they are doing coaching is that you

will develop a lot of network of your

peers hmm and this network will help you

five years ten years down the line

whether we are in job or industry or

practice wherever you are right

so this is I feel that coaching in that

sense is very very important hmm okay

but you still can do it like you have

without coaching provided you are good

at understanding the practical stuff on

your own so if you are good at accounts

because theory

I think coaching classes don’t teach

much right so they may do give you notes

and everything but there is not much

that anyone can teach in here

it will be explained to you you

understand better but ultimately you

will have to read through it right but

practical things are where if you can

manage those parts on your roll then I

think you can do it okay now they are

planning this study period that they’ve

put out for themselves so would you like

to share some tips and experience with

with them on that this is a very very

common question that how should we plan

for the study or is planning important I

think many students fail on planning for

their studies for actual studies they do

fine in the study how to go about it is

when they people fail

sure so planning is very very important

planning is involved at various stages I

would say you have to plan your studies

itself you have to plan the choice of

books that you take okay you have to

plan your exam time revision right you

have to plan how to write a paper it

says I I will touch upon first how to

plan the studies right first you need to

capitalize on your strengths okay

because that is most important that is

where you can get the most marks so you

have to aim for exemptions that is 60

marks plus in those exams which are your

strengths right and then you have to

walk towards your weaknesses even say

for example theory was a weakness for me

okay but I still work towards it and I

have got at least three exemptions out

of five papers of sharing excellent so

you have to work towards your weaknesses

as well okay not your CA exam if you

don’t know all the papers right so if I

have decided that I will study accounts

first whatever you have time so in each

paper you then need to go into the depth

of seeing the first five ten papers as

it year 5 10 5 years to 10 years papers

okay so you plan in the past 10 years

which topics carry more weight so that

is how you will know what topics I need

to focus on right in that topic what are

the time the resistance of questions

range however very good betas right so

those kind of questions you have to

identify thought I would say is the

practice manuals and compilations which

the Institute’s

material which gives you answers of the

first question okay you also need to go

through that the reason is what kind of

exactly that is also very very important

to see because initiative expects you to

write this much if you have done from

some book which doesn’t give that much

material then it will not help right

right or if you have done too much


there you are confused what to write

what not to write when you actually see

the question after that you a lot time

that I am going to complete this topic

in so many days or so much so many ads

and exact you go ahead and find a whole

study path oh okay so you actually

probably need a whole spreadsheet to be

made breaking down each topic agreed I

would say spreadsheet is needed but I

used to do it mentally but there are

nice there are people who actually write

it down and they have that plan written

on their softball Wow I know they are

there to that right so I think most

bankers would have done that okay so

that’s that your thing is a key sort of

factor that baby success another thing

you mentioned was the second point you

mentioned was planning the study

material and you did say that the

coaching Institute’s give you some study

material but could you share with them

what sort of material okay so now study

material is divided into two parts one

of the Institute which most of the

people say that you should read through

that and second is of various authors

and your coaching I would put all that

in the second part right so now if you

choose study material of the Institute

only if you are able to make parents out

of it because it is just reading kind of

material okay hooray for a topic all the

reading but will not have a question to

that topic okay so you have to be good

at making notes I will share an

experience in this so I used to use

Manish Bhandari law for CA final

it had two books one was a handbook and

one was a main book which was around

thousand pages and handbook was around

for four hundred pages so I studied

through the big book in some 10-15 days

I would have finished that the whole

book but after two three months when I

started my revision I realize I don’t

recollect anything oh okay to the

question is I don’t recall it because it

was so huge that it was difficult for me

to reconnect

I had to switch over to the book to the

handbook at the time of revision and

again study it

I would have done so that’s our choice

of thermite together is very very

important even passes provides notes but

for theory subjects I have not found

that means I’m not done classes but my

friends also told me that not much nodes

are there for theories Theory subjects

okay so practical subjects yeah

definitely you look to classes notes

only I don’t see any other books people

refer to is there any other material

that you have used and liked and that

you would like to recommend in this

forum to them yes so like for accounts

and there is FM and costing we generally

used the classes notes along with

practice menus and study material of the

Institute we used to go through only

practical problems okay for audit I had

used I don’t recollect the name but

should be by themselves was the second

reference book the first book I don’t

recollect what I do okay for law I had

used Mohnish Bhandari for costing I had

used a reference book of palooka it had

a lot of questions which helped me

during the exam visca be used they

weren’t done but currently managed data

is recommended more okay we have dtdt we

use BJ Botha and for IDT we use mangas


now looking at the exam time revision

which you said you know prior to the

exam I need to plan my revision as well

so what are the tips you want to give on


okay so exam time revision is typically

so you get one and a half days to study

the entire subject so one and a half

days earlier you didn’t get that also so

one and half days is a good time to

revise liability in that if you would

have done your planning correctly you

would know that around 50% to 60% of the

subjects or topics in a particular

subject over 80 to 90% of a tidge of

your maths

okay so you have to complete that very

fast because you would have done that

well also because you know my 8090

percent marks are coming out of it in

one day you want to complete that 60 70

percent of the portion balance half day

you can use to complete the balance

thirty forty percent but most important

thing in this is that before the exam at

least two to three hours if not nor I

used to spend three to four eyes only

revising once again just glancing

through everything which is important

okay because that large helps me

to recall whatever I have seen hmm

so when you say glance through

everything you glance through your own

notes or you glance through the

textbooks all notes are the most

important thing if you have prepared but

what I used to do is that I used to mock

out in a particular topic these are the

things that I need to dance to now so I

used to go through those pages and read

guys who those okay so that’s

interesting you think when you’re

preparing itself at that time you

highlight that on the last day I’m going

to study this page number 230 or

whatever it’s yeah yeah it is mapped out

it is very well let’s talk about the

preparation once again you said three

and a half to four months is what they

need but should they do it all at one go

twelve to fifteen hours a day for three

and a half to four months you think they

should do it all together or should they

take breaks in the middle so I think if

anyone does that would be sure to get

burned out by the time of the exams

would be very high so according to me

breaks are very very important so like I

used to call them cheat days once a week

or twice a week I used to go out with my

friends and family at least three four

other day

just to refresh rejuvenate myself for

the next week and by one business plan

before the exam was that I used to

always take a day off nice so two days

prior to the exam I would take a full

day off and I would just relax watch

movie go out go to the cell or get

myself fresh everything for the next

fifteen sixteen days okay in fact during

the exam I had two days break for a

particular paper so to catch up on my

sleep because it is only five six hours

that you sleep during the exam I slap a

slip for one day for almost 24 my sleep

so that I can give the other four papers

with nice nice so breaks are crucial to

very very good care let’s talk about

actually strategizing for the paper and

making plans and how you’re going to

write that exam so I think this is the

most important thing we’re eating more

than 90% student spam this is what I

hate from my friends and cutting edge

type they have left 10 15 20 marks of a

paper in each and every paper of see

okay what is important is that if I put

it in percentage terms you have to score

60 to 65 percent of the marks right and

to do that even a 50th ranked on India

doesn’t score 65 percent okay okay so it

is very very important that you

strategize how to write a paper

according to me once you are doing your

second revision that is the three days

revision which I spoke about earlier

after that you need to write at each one

two or three papers practice paper so

fast papers papers practice papers there

are a lot of papers available even if

you have done classes classes give paper

sign it is typically makers to

strategize that and you have to a lot

time to each and every question once

that time is over maybe to five minutes

you can give extra but you have to move

on to the next question okay because

writing one point you will not get you

that much marks I’m missing out an

entire question yes

so you think as soon as they sit they

should actually divide the number of

marks and divide the number of so the

tile girls before only at the start only

I plan that this is how the 100 marks

paper is there is 20 marks one question

16 max my question okay so I will a lot

this much time around 40 minutes to the

20 marks question and then 20 20 minutes

each so that is how it was planned long

before didn’t see a I don’t know the

currents in area but when I was there we

used to get 15 minutes prior the papers

used to come to us 15 minutes prior to

see reading time of reading time yeah so

you can plan the paper hmm and in that

also one more important thing is that if

you know the third question base you

should start with that okay if you know

fifth after that after so you go to five

okay usually it is not necessary that

you go in high order right so work on

your strengths like you would say linear

you capitalize on your strengths do

those questions quickly so you have more

time left you to score more much also

because the examiner thinks he knows

more correct by the time he’s checking

and it may have oh yeah no no first

impressions are very important and

talking about first impressions there’s

this idea that the way you present your

paper is also very important even more

than sometimes what you write it it is

that true I think this is a total myth

okay it’s a total myth that you need to

do it so I’ll divide

the presentations into two parts one is

legible handwriting and second is

drawing lines proper accounts writing

slowly so that it looks neat and all of

that if you are going to do the second

part you are sure to lose out on 15

months of your paper oh because I see a

exam doesn’t give you time to do that so

the most important thing is that it

should be legible you have to write to

the point I have seen many not on

presentation but I’ve seen many students

who write round the bush with a man they

know only two points okay so you can’t

make the answers lengthy just by going

if you don’t know you write a half page

answer for a pie my question is more

than enough okay so if you know the wise

write that it’s over okay okay so that’s

talking about there’s another question

that they want to know sometimes is what

is the cost of this whole program the

coaching and so through to two and a

half lakhs to three tax it could go okay

that is the coaching and the CA cost

okay approximate okay and if you break

that up

so one dike is ninety thousand to one

legacy a final coaching classes fee

right around 70 80 thousand could be the

intermediate fee thirty thousand could

be the CPD fees foundation course I am

not aware currently I don’t know the

current rates but these are more or less

their current and the Institute total

cost is very less I think green I would

have spent around thirty forty thousand

as the total Institute cost okay okay so

talking about this foundation course

what you said which was earlier called

the cpt one of the questions are they

asking means if they’ve done they’re

become do they need to sit for this so

chickity or foundation is not needed to

be sad to if you have done become in

fact when you are in your bastion of

become you can apply for the

intermediate level of exams so don’t

even need to clear and then apply oh but

you can sit only after you have cleared

the final a that is and everything you

can plan yeah and another question I’m

thinking off on their behalf is that do

they have to do a be calm or can they do

any other degree like a BBA or something

else’s so CA itself doesn’t give any

soft skills become I think most people

will just go for enjoyment or they don’t


or this is the general train so you need

to have courses like BF d bi b FM BM s

VBA which gives you those soft skills

which will help you to go do better only

or CA right so these courses are more

relevant they were only doing or because

okay excellent and my last question to

you would be on the future so having

done your ca is there like a CFA do you

recommend any other courses they should

do what should they can they work abroad

can they work in India so so I will deal

with the second part first whether they

what are the options for the right will

divided into poor finance and general

accounting and financial management for

finance would be investment banking

asset management planning and

strategizing corporate banking these are

the main things in core finance right

second if you want to do in general

accounting and financial management then

you have audit law tax then you have

consultancy strategic consultancy so cfa

would be important if you want to go

into research of stock markets okay or

something like that so it’s a beautiful

course to do it will help you if you are

thinking of going into Investment

Banking and all of those I think an MBA

would be a I had all to you I’m not

saying CA would be less right but MBA

would be add-on because it will improve

your soft skills much further right so

help you to grow faster right and as far

as abroad if you want to know the

opportunities abroad

I think CA Institute has types with most

of the countries now I know many of my

friends who are in Dubai what is earning

your fifteen thousand a month but in

Dubai is earning three like someone

excellent at the same time with the same

qualification same qualification and

it’s not like they need to go there and

take an additional degree of so this

Middle East not but maybe in some

countries like us and all of that you

may need okay but thank you so much

needed I thought it was excellent and

I’m sure it will help them so thank you

for being with us and if you have any

further questions that you want needle

to answer or me to answer put all of

them down in the comment section at the

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