The Chartered Accountancy profession is one of the most challenging and demanding professions in the world. The curriculum is extremely challenging and the exams are very difficult to pass. The work-life balance of a CA is not ideal and the working hours are very long. CAs have to deal with a lot of stress and the job is not very fulfilling. Pursuing Indian CA is a very expensive proposition and the career prospects for CAs are not very good. Here are some reasons Why Pursuing CA is a Bad Idea.
8 Reasons Why Pursuing CA is a Bad Idea
1. Studying to be a Chartered Accountant is a very demanding process
Becoming a Chartered Accountant is a very demanding process. To be eligible to be a member of the Institute of Chartered Accountants of India one needs to go through a three-tier examination process. These exams include Foundation, Intermediate and Final examinations which test the knowledge of the subject in various capacities. On top of that, one needs to focus on practical experience and professional training which is also a crucial part of the process. Thus, it is evident that without proper guidance from experienced professionals, it is impossible to become a Chartered Accountant.
2. The curriculum is extremely challenging
The curriculum for becoming a Chartered Accountant is extremely challenging and requires a lot of dedication. The syllabus is very vast and encompasses many topics from business organizations to taxation, auditing, costing, management accounting, corporate law, and ethics. One needs to thoroughly understand all the topics and comprehend the concepts in order to pass the examinations. The tests also include Practical Training, which focuses on a comprehensive knowledge of all the mentioned fields. The passing rate of the examinations is not very high, indicating the difficulty of passing properly. One needs to stay up to date with all the changes in the curriculum and be able to apply all the concepts in theoretical as well as practical settings.
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3. There is a lot of pressure to pass the exams
Passing the CA examinations is a very daunting task and one cannot afford to fail them. If a person fails any of the examinations then the whole process needs to start again from the beginning. This can lead to a lot of unnecessary pressure on the aspirant and significantly impact their confidence. Some of the most common sources of pressure include family expectations, peer pressure and internal motivation. All of these combine to make the process of pursuing Chartered Accountancy a very stressful one. On top of that, the CA examinations are becoming increasingly difficult due to the ever-changing and updating syllabus. Thus, it is very important for an aspirant to not be bogged down by pressure and always stay focused on the goal.
4. The work-life balance of a CA is not ideal
One of the key problems with becoming a Chartered Accountant is the lack of work-life balance. The hours put in to study for the exams and then work in the profession are very demanding. This is especially true for people who are fresh out of college and are starting the process of becoming a CA. The time spent studying can vary anywhere from 8 to 12 hours per day depending on the level of preparation needed for the exams. In addition to the long hours, the amount of stress associated with the job can further impact the work-life balance. There is always a need to keep up to date with all the changes in the curriculum and new laws. This can be mentally taxing as well as physically exhausting due to the lack of sleep that it might cause. This is the most significant reason which explains Why Pursuing CA is a Bad Idea.
5. Pursuing Indian CA is a very expensive proposition
Becoming a Chartered Accountant is a very expensive process. The fees for the examinations and practical training is relatively high when compared to other professions. In addition to the fees, aspirants will have to spend significantly more money on books, classes and other resources for studying for the exams. This can put a lot of financial burden on those who are trying to pursue the profession. Another issue is that many students come from a background where their families might not be able to afford the necessary expenses related to pursuing the profession.
6. The job market for CAs is extremely competitive
The job market for Chartered Accountants is an extremely competitive one. With an increasing number of people pursuing Chartered Accountancy, there is fierce competition for job opportunities. There are only a few big companies that recruit CAs, and competition for these jobs is even more intense. Moreover, job security in the profession is not very good as the demand for Chartered Accountancy roles changes rapidly due to the changing business environment.
7. The career prospects for CAs are not very good
The career prospects for Chartered Accountants are not very good. One of the main reasons for this is that the demand for the profession is not very consistent. This is due to the perennial changes in the business landscape which often require a different set of skills. The other problem is that many companies are now opting for the automation of tasks that used to be handled by Chartered Accountants. This means that a lot of roles are being taken over by software and technology and this can affect the career prospects of a CA..
8. The working hours of a CA are very long
The working hours of a Chartered Accountant can be very long. CAs are required to work for extended hours on a daily basis, especially when it comes to the busy season. During this time clients’ requirements can be endless and this increases the workload. This often leads to CA’s sacrificing their health or any of their other commitments while working as a Chartered Accountancy which makes the profession not so enticing for anyone who wants to have a calm and stress-free working environment.