Subjects of CA List Importance Requirements Career & Tips

lahore

Want to know about CA and the Subjects of CA? We are going to discuss that in the following article, and provide you all the information related to CA and its preparation tips.

Subjects Of CA Post Contains

CA, which stands for Chartered Accountancy, is a qualification of accountancy which is conducted by Institute of Chartered Accountants of Pakistan (ICAP).

It is an accounting designation that is given to the accounting professionals after completing and passing all the CA subjects, and proves that the degree-holder possesses skills and all the qualifications to audit financial statements and business practices. Also, they offer advisory services to their clients in a professional manner and guide them when they face any problem related to this.

The students, after obtaining the degree of Chartered Accountancy are known as Chartered Accountants, and work for small and large-sized firms offering fee earning advisory and management services. These services are offered to their clients and also to the businesses in the industrial, commercial and other non-profit sectors.

As survey suggests, CA is declared as the most difficult and important degree in the field of accountancy. There are many students in Pakistan that are willing to become chartered accountant, but it is a matter of sadness that unfortunately only few of those students succeed in completing this degree.

Importance of Studying CA

Chartered accountancy is considered to be most important and tough degree and it is not a piece of cake. You have to put huge amount of efforts and attempts to get hold of this degree program. Also, it is one of the most reputed and recognized degree programs offered so far. There are various number of accountancy institutes including schools and colleges in Pakistan that offer CA degree program, with a duration of 6 years.

We know the fact that it is quite a longer time frame than the other degrees but once you are done with this course program you will come to know the perks of this degree when you hold a a position to be on cloud 9.

The most interesting fact about this degree is that it has no age bounds. You can apply anytime for its exams and at any age you want. It is totally up to you that if you complete CA in 6 years or in less than 6 years. Now we are going to share informative details and some comprehensive information relevant to the career choices and major subjects of CA.

Those students who want to get the degree of CA and not the right career path, list of ca subjects or admission requirements should read out this informative article and will definitely benefit from this information.

Islamabad

Services Offered by Chartered Accountants

It is a rewarding career and has got amazing prospects for employment in audit firms, multi-nationals, local companies, local and foreign banks.

Chartered Accountants are supposed to audit the accounts of related clients and businesses, and can also be involved in areas of financial advice such as tax etc. Moreover, they can also work in banks, commercial organizations,   and public and private sectors.

The profession has stood the test of time, and has resulted in providing career opportunities successfully for Chartered Accountants, helping in   realizing the importance of professional values, ethics and good governance.

Admission Requirements

Before you think of getting admission in Chartered Accountancy, you should know the main and basic admission requirements without fulfilling which you cannot get admission in CA. These are as follows:

  • Your background must be strongly related to accounting, otherwise you cannot get admission in CA.
  • You should hold a second division at least, in matriculation from some well-reputed school.
  • You need to pass the entrance test to make sure that you are eligible for admission in this degree.

CA Entrance Schemes

There are two types of entrance-level schemes:

  • Full-time scheme
  • Trainee scheme

Full-Time Scheme

  • Minimum requirement for it is to pass HSC exam in 45 % or A-Level with minimum two passes.
  • Pass the Pre-Entry Proficiency Test.
  • Pass the Modules A to D of CA listed below, and after that complete training for 3 years, following by passing the Module E & F of CA to be called a Chartered Accountant.

Trainee Scheme

  • Minimum requirement for it is graduation in 2nd Division or Masters in 2nd Division, or ACCA/CIMA/ICMAP.
  • Pass the Pre-Entry Proficiency Test.
  • Pass the Modules A to F of CA listed below, followed by completing the training for 3 years, to be called a Chartered Accountant.

List of Subjects of CA

In Pakistan, CA consists of four different stages, and each stage consists of different subjects. The ca subjects along with their complete details are mentioned below:

karachi

Four stages of CA

The four stages of CA are:

  1. Assessment of Fundamental competencies (AFC)
  2. Certificate in Accounting and Finance (CAF)
  3. Certified Finance and Accounting Professional (CFAP)
  4. Multi-subject Assessment (MSA)

AFC

  • AFC-1: Functional English
  • AFC-2: Business Communication
  • AFC-3: Quantitative Methods
  • AFC-4: Introduction to Information Technology

CAF

  • CAF-1: Introduction to Accounting
  • CAF-2: Introduction to Economics and Finance
  • CAF-3: Business Law
  • CAF-4: Business Management and Behavioral Studies
  • CAF-5: Finance Accounting and Reporting-1
  • CAF-6: Principles of Taxation
  • CAF-7: Financial Accounting and Reporting-2
  • CAF-8: Cost and Management Accounting
  • CAF-9: Audit and Assurance

CFAP

  • CFAP-1: Advanced Accounting and Financial Reporting
  • CFAP-2: Corporate Laws
  • CFAP-3: Business Management and strategy
  • CFAP-4: Business Finance Decision
  • CFAP-5: Advanced Taxation
  • CFAP-6: Audit, Assurance and related services

MSA

  • MSA-1: Financial Reporting Professional Competence
  • MSA-2: Audit Professional Competence

One thing to note here is that if you are having 70% at least in intermediate then you can get admission without any ENTRY TEST, otherwise if you have lesser percentage, then there will be PPT test for induction. All those who have percentage above 45% can apply for test.

Chartered Accountant Career Options

There are numerous career choices for CA in Pakistan, the main career choices of which are enlisted below. You can chose anyone of them once you have the degree in your hands.

These choices are:

  • Accountant in some Accounting department
  • Financial consultant in Financial controller department
  • Account executive
  • Real estate financer
  • Financial manager
  • Risk monitor
  • Financial analyzer
  • Financial controller
  • Chartered accountant
  • Financial accountant
  • Senior financial accountant.
  • Branch Manager.
  • Senior Professor.
  • Accounting department
  • Teaching
  • Consultancy firm
  • Counseling firm
  • Financial controlling organizations
  • Banking sector
  • Stock market
  • Audit sector.
  • Multinational companies.

CA Major Subjects

As we have seen the list of CA subjects mentioned above. Generalizing it furthermore, we can view the major subjects as:

  • Accounting
  • Commerce
  • Risk management
  • Taxation
  • Commercial accounting
  • Enterprise accounting
  • Performance accounting
  • Managerial accounting
  • Financial accounting
  • Banking
  • Industrial accounting
  • Advance financial accounting.
  • Advance managerial accounting.
  • Advance taxation
  • Micro Finance.
  • Advance micro finance.

faislabad

Tips for Studying CA Subjects

Below are mentioned some useful tips for preparation of exams. Though we all are aware of the fact that CA is not as easy as it sounds. Every year lots of people fail in various subjects which is a proof that it is not easy. Those who pass consider themselves as lucky ones. Following the tips mentioned below, you can prepare well for your CA exams.

Let’ have a look at these tips:

  • The student should prepare thoroughly for exams beforehand, and daily should give at least two hours for studies while undergoing Articled Training.
  • During the leave period, almost 14 to 16 hours hard work is required.
  • Avoid the use of mobile phones, internet and television while studying, to focus and concentrate on what you are learning and to avoid any interruption.
  • You need to use some study material for studying and do practice daily from practice manual. If you have any confusion regarding some particular topic or point, you may refer to a standard reference or text book.
  • Also you need to study the suggested important questions set in last five or six examinations and Revision Test Papers. It is a better approach to solve the questions first without referring to solutions and then compare you answers with the solutions given. This can help you get a better understanding of your knowledge so far, and can help in knowing point of mistake and presentation pattern of an answer.
  • In the law papers, section and its provision is to be given correctly and if you are not sure, then you should not quote the same.

Verdict

After analyzing the above information, it is recommended to select this degree program only if you want to make your career a success. You just need to put a little effort, do your best to pass the exams of CA and reluctantly you can have better results in your favor. Once you get this degree you are going to enjoy many benefits of it. Also, this degree is internationally recognized so it can be a best choice for you if you want to make your career line on an international platform.

Leave a Comment