CA and myths
Every aspiring or qualified CA (Chartered Accountant) encounters various questions from the masses like, “Are you a CA? That’s very difficult!” “Can you tell me how to save my tax?” “How many attempts?”, etc. Though many questions are out of respect for the qualification and out of curiosity, there are various myths about being a Chartered Accountant (CA). Though few of the myths are secretly enjoyed by a CA, few of them really need to be busted:
#1: CA v/s CA with First Attempt
A CA is always associated with the attempts he took in clearing his exam. Even after an extremely successful career of more than a decade, a CA is asked about how many attempts he took in clearing the exam. The logic behind the question is predominantly to judge the intelligence level of the CA. 1st attempt signifies the most intelligent. In spite of clearing the exam in the first attempt, I truly believe that it’s a big myth to associate the intelligence level with the number of attempts. Such questions are never asked a doctor or an engineer or an MBA. But, first Attempt CA enjoys a relatively special status or respect than the other lot.. Isn’t clearing the CA exam itself the barometer of a reasonably intelligent person? Any further grading is completely unnecessary. So never be disappointed with the attempts you took to clear the exam…..
#2: CA must be very good at Maths
A CA is always considered to be an expert in mathematics too. Most likely, because his job is associated with numbers and after so much of hard work most of the CAs turn out to be good at arithmetic. But apart from the basic maths studied in school, a CA doesn’t use complex mathematics. Many times, even simple calculations are performed using a calculator and Ms Excel, etc. So forget the principles of derivatives and integration!
# 3: CA means a lot of money
It’s a general understanding that a CA will start earning a lot of money after passing the exam. This is not true at all. It all depends on the person, the city, and the company. Establishing your own practice also needs a lot of hard work and patience. In short, there are no free lunches for anyone.. including a CA.
#4: A CA will resolve a tax query in seconds
A CA has a considerable amount of knowledge about Tax provisions but it’s not necessary that he can answer all the tax-related questions in seconds. Moreover, the tax provisions in India are vast and keep changing. So, it requires referencing and constant updating. Hence, it’s perfectly fine if a CA says he will get back to you about your tax query and doesn’t make him less intelligent.
#5. A CA has no role in IT / Software Development
Another myth is that a CA’s job is confined to Accounts, Tax, and some other areas of finance but has nothing to do with Information Technology. In past this might be true; but not anymore. There are many career options available for a CA. Tech-giants are recruiting CAs as Functional Consultants for various finance-related product/software development. CA is also hired as a techno-functional implementation consultant. With the advancing technology, there are more and more opportunities opening up for Chartered Accountants.