Look before you leap

C.A.: Complete Aaraam or Continuous Atyachaar

As another academic year comes to an end, hordes of commerce students ( esp. those in their FYBComs) must be surely facing the inevitable question – What Next ? C.A. , I.C.W.A. , C.S. ,

C.F.A. ……. Some smart ones may be seeking the guidance of friends, peers, other junta or might be investing their time reading this article, but take my word for it, the other majority would blindly give in to the rat race and join the C.A. brigade. And then after a few months, a vast majority of these unfortunate souls may repent their hasty decision. I am sure you don’t want to be one of them , so read on…..

The C.A. course is undoubtedly one of the most prestigious and sought after courses in the commerce stream. What sets it apart from the other courses is the three year articleship training scheme incorporated into it. This is its biggest advantage as well as drawback. It is a big advantage because it is the only reason why C.A.s get a lot of bhaav as compared to lesser mortals such as C.W.A.s, C.S.s, C.F.A.s etc.. The dark side of it is that, it is just too much grind for a B.Com student. Coupled with other factors such as college, classes etc. , it doesn’t leave any time for enjoying the finer things in life such as TPing, lukhagiri, etc. There is a joke very popular in C.A circles, which goes as follows:

Once an engineer, a doctor and a C.A. (obviously!) die and reach Pearly gates. The engineer is awarded seven years in hell for apparently building structures of adulterated cement. The doctor too is awarded seven years in hell for prescribing fake medicines whilst the C.A. gets only a four year term. When the doctor and engineer demand an explanation they are told – "Don’t worry, he has done his three years of articleship."

True, there are no shortcuts to success, but is the three years training worth the grind? A small time firm will pay an articled clerk a meagre Rs. 300 per menses for a gruelling 9 to 5 job and will make him do all types of clerical work – posting letters, Xeroxing sheets, submitting I.T. forms and what not. And if you are a little lucky, maybe you would spend your day making ‘tikdas’ (ticks made on vouchers – in C.A. jargon) on hajaar vouchers. And if your boss is really impressed, he may send you off on an all expense paid tour to Maalanpur (near Chambal valley)

, PataalGanga or some other exotic location you wouldn’t have even heard of before.

As opposed to this, if you do the C.A. course after your graduation, you have a good chance of getting into a premier articleship firm such as Arthur Anderson, PwC (Price waterhouse Coopers), Ernst & Young etc. which would not only do a world of good to your future career prospects but also earn you much more moolah. These firms also send their articled clerks abroad for training. (Good no!).

Thus the best course to follow for a commerce undergrad would be to wait till his graduation and then join the C.A. course. Meanwhile he can pursue other courses like I.C.W.A., C.S., C.F.A. etc. Another good alternative would be to try for C.P.A. (Certified Public Accountants- C.A. equivalent of the States), C.I.M.A. (Chartered Institute of Management Accountants, U.K.) or other such exams which offer you the global advantage. A comparative analysis of the different options has been given below to help you take the right decision.

Firstly, for the grossly misinformed,

WHAT IS THE FOUNDATION COURSE?

The foundation course is an exam, which an undergraduate is required to pass in order to make him eligible for an entry to a professional course, which is otherwise available only to a graduate.

Let us consider the merits and demerits of the Foundation Course in general.

The Ups

You get a Professional degree at the end of your graduation or within a year and thus in a world where time is money, you save 2-3 precious years.
The B.Com syllabus is covered in much detail in these courses and at an earlier stage. So, you need not slog hard for your Degree college exams and still can come out with flying colors. This translates to more bhaav from lesser mortals. Also in liberal colleges, it means more bunking.

The Downs

It eats out on your college life. The schedule of an average student pursuing the foundation course goes like this:

*6 A.M.*	Get up and go to college
*9 A.M.-5 P.M.*	Articleship.
*5 P.M.-8 P.M.*	Go to coaching classes for the course.(almost everybody does).
*8 P.M.*	Return home (The best part).

And if you are really committed, study for 1-2 hours on a daily basis after the daily grind. It ain’t easy, take my word for it. That’s why many students either leave the course in between or take up dummy articleship.

Good firms do not take up undergrads as articled clerks. So one has to settle for smaller firms, which means less moolah and lesser practical exposure.

Now let us consider the different options available to those wanting to pursue the Foundation course.

	*C.A. Foundation*	*I.C.W.A.* *Foundation*	*C.S. Foundation*	*D.B.F.*
*General features of the course.*	For those wanting to pursue career as a Chartered Accountant. Plusses The demand for C.A.s is higher in view of statutory requirements for companies to have a C.A. One has the option of being self-employed i.e. opening his own firm. Minuses Compulsory Articleship is one of the major drawbacks.	Gateway to the Cost Accountancy profession. Plusses Articleship is not compulsory It is the most time-saving course as anyone who has appeared for HSC in March can take the F.C. exam in June itself Minuses The job prospects are not as good as in the case of C.A.	For those wanting to spend time as a Company secretary. Plusses Gaining lot of popularity in view of statutory requirement. Articleship is not compulsory. Can be completed before graduation. Minuses The students are reqd. to cram a lot of laws. Brahmi recommended	The Diploma in Business Finance is equivalent to the CFA (Chartered Financial Analyst) Level I. Plusses It is a one year course only and does not put much stress on a college goer and so he can chill outon his college life as well. Self study scheme allows one to study at his own pace. Minuses Stringent passing requirements. Complete only with the CFA course.
*Articleship Requirement.*	Three years of compulsory articleship reqd.	Optional Industry training.	No such requirement.	Required at the C.F.A. level.
*Postal/Oral Coaching*	Compulsory	Not compulsory	Compulsory	Based on self-study methodolgy
*Subjects*	1.Accounting Fundamentals 2. Mercantile Laws 3.Mathematics and statistics 4.Economics	1.Business Fundamentals and economics 2.Management and organisation. 3.Mathematics and statistics. 4.Commercial Laws.	1.Business communication. 2.Business Law. 3.Accounts. 4.Economics and statistics.	Alpha stage Accounts. Economics Beta stage Quantitative Methods. Financial Management. Gamma stage Management Accounting. Economic Legislation.
*Min. %age at H.S.C.*	50%	50%	50%	60%
*Passing Requirements.*	40% in each paper and 50% aggregate.	-do-	-do-	-do-
*Minimum time required*	The entire C.A. course if done along with the B.Com can be completed within one year of graduation provided that all exams are cleared in the first attempt.	The I.C.W.A. course can be completed in the June following the T.Y.B.Com exams, i.e. just after graduation.	The C.S. course can be completed along with your graduation.	The D.B.F. is a one year course only and hence gets over much before your graduation.
*Statutory requirements*	All companies are required to get their accounts audited by a qualified C.A. as per the provisions of the Companies Act.(This explains the high demand for C.A.s in the job market)	Only undertakings engaged in mining,manufact-uring,production and processing are required to employ a cost accountant.	Companies having a paid up share capital of more than 50 lakhs are required to engage the services of a Company Secretary.	No company is statutorily required to employ a D.B.F. holder or a C.F.A.
*For more information and prospectus, contact:*	ICAI, Indraprastha Marg P.O.Box 7100, New Delhi Pin:110002.	ICWAI, 12,Sudder Street, Calcutta-700016.	ICSI House, 22,Institutional Area, Lodi Road, New Delhi. Pin:110003.	ICFAI Business School, Road No.3, Banjara Hills, Hyderabad Pin:500034.

Now that you have all the information you need to take a sound decision, go ahead and choose the course best suited for you. But remember that you must not take up a course because everyone is doing it. Keep in mind your aptitude, interest and temperament before taking that final decision. ‘Coz a successful career can be built only on a SOLID FOUNDATION.

Rajat Kohli.

For further information and inquiries,

feel free to contact me at rajatkohli@hotmail.com