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Total thanks : 7 times
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:29
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SWOT ANALYSIS & SUGGESTIONS
C A Profession as a Whole
For our profession; there are three broad internal factors i.e. Self, Clients and Staff. And
there are three external variables i.e. Everchanging laws, Infrastructure and Authorities.
Proper balance between all the variables is needed.
Opportunity at one time may convert into threat if preparation is not according to the desired level and threat may be converted into an opportunity if extraordinary efforts are made.
- CA Surendra Rakhecha
STRENGTHS
1. Low Cost of Education
2. Performance in typical situations
3. High Speed
4. Capacity to handle various types of tasks simultaneously
5. Knowledge of everchanging different types of laws
6. Accuracy guaranteed in Government & in Other Departmental work
7. Goodwill in Public Mind
8. World Calss Journal and Publications
9. Sound Vision : System Analysis and Data Processing subject introduced more than 20 years back.
10.Sound examination pattern all over India.
11.Tactful analysis of Subject Material
12.Influence
13.Good Health (you will not see a single member whose health is poor- this is performance a(re)ward given by God to a CA)
14.(More can be added : as you wish) as each member is a brand ambassador of the institute
WEAKNESSES
1. Unmatched Training Programme:
While the examination pattern of C.A. profession is very sound; the training part is not so sound except at some metro/big cities. In metro cities also; each and every student don’t get the same quality of training during the articleship.
I mean; in comparison to the sound examination system; the training system is not so sound. There is a lot of difference between a student getting training in Mumbai and one having training at Surat .
The reason of the difference is/may be due to the scope of work at Mumbai and Surat. Many other points are also important like availability of books, coaching facilities and number of articled clerks and members in the firm etc.
2. Unmatched Coaching :
For 5 Lacs approx students; in most of the cities/chapters; oral coaching facilities are not made available.
Only suggestions like there is no substitute of hard work etc. is given. That is why despite passing CPT and PCC; many students cannot succeed in CA Final. At the time of results; they presume - luck is unfavourable.
If we analyze the above sentence; the students who passed CPT and/or PCC; it means they worked hard. Then should we presume that at CA Final level; they have not worked hard?
Why there is high failure ratio of students although they passed preliminary and semi-qualified examinations? The course of CA is not of a competition. I mean it is not like that only a certain number of seats are available for CAs.
Basic question is that-when a student passes CPT, he assumes that now he is a fit person to qualify CA. But after certain number of attempts; he feels that it is almost impossible to pass.
Either CPT passing is not a criteria to get guaranteed success or there is lacuna in coaching (not existing at all in some cities). Then what should be done by the students who are at half of the way?
3. Unmatched CPE Hours for Members :
It is compulsory to have 30 hours of CPE in a calendar year for a practicing member. Such types of requirement were never felt in any other profession. (That is why CA Profession is unique?). This may be treated like a coaching.
For whom coaching should be made compulsory : for students or the members?
Do the members not have the sense to update the knowledge? If it is presumed that members are not knowing the real source of updating the knowledge then how we can expect from the students that they will have real sources of updating knowledge?
4. Non-Standardization of Faculties :
The contents of the matter and the presentation skills should be highly informative. Many times; speaker is good but contents are poor. Many times contents are good but speaker is poor (rich in the sense of money).
No panel of speakers are maintained. Without checking the quality; each member who shows his willingness to speak; is freely allowed to speak.
5. Lack of Communication Skills :
1. Good Speakers in CA Profession : Out of approx 1.50 lacs qualified members only 1,000 are speakers (i.e. less than 1%). Out of them how many are effective speakers is yet to be analysed.
Above words may be hurting. But it is a fact.
2. Members are not able to convince the clients regarding value of the services they provide. Most of the CAs are ready to do Tax Audits at Rs. 5,000 (even below) as they counts number only at the cost of quality. Even if books are presented for audit on last day; audit reports are prepared and neatly printed. (see further comments elsewhere in the article).
3. That is why despite introduction of tax audit 25 years back; these reports are not valued by the Income-Tax Department at the time of scrutiny and heavy additions are made although NIL adverse comments are there in the audit reports.
6. Lack of Day to Day Time Management
I read about 15 years ago; that business tycoon Mr J R D Tata used to go at Golf Club at evening 5.00 pm everyday. During the day; he used to handle so many business meetings. But he well managed his time for personal needs also.
Now-a-days; we see that upto 15th of April every year; some companies publish their annual accounts audited despite having turnover of millions.
But; look at the other side of the coin.
In every part of the nation; we see the last hour rush to file the Returns etc.
Why?
Because services are guaranteed by CA without charging extra unlike Doctors.
(Remember that the medical profession is known as one of the best profession worldwide and profession of accountancy is hated all over the world !)
The last hour rush causes tremendous pressure to do work in limited time with great accuracy. Only chartered accountants are required to do legal work/compliance in a particular time frame of a large number of clients. The story of advocates is different. They can run the case as long as they wish.
Despite the fact that heavy penalty is there for not filing Tax Audit Reports; people tend to come at last moment because CAs have guaranteed these services without any extra cost. It is my opinion; that in such types of cases; the fee should be charged at least double so that in next time; the client will come well in time.
7. Overloaded Work :
I have experienced that Earnst & Young Articled Clerks use to come after 36 hours at their home during peak season of audit.
Chartered Accountants often remains busy on phone as if running an Information Bureau.
Even on Refresher Program they cannot switch off their mobile which proves their busi-ness (business without any cash value-telphonic services are never considered so useful by the clients). Fortunately or unfortunately; the spelling of business is same as of business.
Bundles of papers are to be retained for years. These files increase day by day. Everytime; old papers are to be referred which consume a lot of time. Audit Reports also to be retained for 10 years with working papers. Although paper problem has been solved to some extent with the help of computers.
Despite giving on spot services most of the time; CAs do not differentiate the normal services and urgent services. The charging pattern is same at the cost of whole office system whenever an urgent work come to the table.
8. Poor Charging of Services Rendered
Recently I have come across a case; where to get a Stay Order an Advocate charged a fee of Rs. 40,000/-. A similar fee by an Advocate of High Court was charged for Rs. 70,000/-. All the fee were paid in advance.
In most of the firms; bills are not raised immediately after the services are rendered. The situation is not applicable to the firms who are under service-tax net.
9. Poor Co-ordination between the members
The members do no share their views if there is any new development in the profession. Although the matter is published in the magazines much before than it is going to be implemented; but the same is not discussed honestly between the members. This is one of the reason of inferior quality in services.
10. Poor Concentration
Due to overloaded work; concentration lacks.
OPPORTUNITIES
Various new avenues (need no discussion) in the profession have emerged which provide marvelous opportunities. One of the opportunities waiting for CA is Goods and Service Tax.
To grab the opportunities; complete change in vision is required.
Hereinbelow; I give the following example of medical profession how it is run:
1. 1.Case preparation – file charges
2. Writing of prescripttion by physician in normal course.
3. If somewhat problematic; testing in laboratories.
4. If case is not under the control of physician; it is referred to the expert.
5. If still it is complicated; it is referred to another expert for second opinion.
6. And if required; hospitalization.
7. In hospitalization; how much mediclaim he has; is asked.
8. Accordingly treatment is made.
9. Despite this; no guarantee is there that the patient will be saved !!
All this is possible because whatever new development in the medical profession is there; is well shared in Seminars by the Doctors. These seminars are well managed and are very particular in time.
In Surat; 5 years ago, in an International Medical Conference there were 59 speakers from all over the world. And the subject was only one : That is Diseases of Eye. Four different speakers were speaking on predecided topics at a time in different halls. The choice was left to the doctors to whom they wish to listen. Some of speakers were to speak only for 3 minutes on a very particular topic. Introduction of the Speaker was well distributed to the participants beforehand. They also maintained Advance Scheduling of Time.
As soon as the speech of a faculty was likely to over; before 15 seconds a bulb used to spark and the speaker has to finalise his speech and by the same time another speaker took the place right behind the present speaker so that without any loss of time; he could start his speech.
Since the introduction about the speakers were given in the seminar materials and booklet; hence no need of any garlanding and killing of time.
Are we so professional ?
The answer is No……. Because we give services to our clients on spot; without even charging emergency costs. A person who gets his account audited two months before is more harassed by calling so many details than the person who comes at last moment. Because the late comer get his work done without paying any extra cost. Then who will not prefer such style of getting his work done?
What should be done then ?
If we see that even in tax audit cases; the stock records are not up-to-date; the work can be allotted to some young C.A. who will give his comments on stock records without having any bias.
The above is an example only. If we see a number of unsecured loans; the work can be allowed to another CA to verify the correctness of the loans by calling confirmations and other relevant details.
But here most of CAs think the work might be snatched by new CA if allotted.
This is the perception of the members when they have qualified one of the subject at CA Final Level : Professional Ethics.
It clearly means; merely passing a subject does not have any real value. It is also a facult in the present education system. It should be introduced as a part of CPE in real sense.
Increased No. of Articled Clerks and Complexity of Audit Work etc.
By introducing increased number of articled clerks per member; now each chartered accountancy firm has availability of staff.
Since the work is going to be increased with the introduction of GST, IFRS etc. hence by proper training we can do following things for our profession :
1. To grab the opportunities
2. To Train the Articled Clerks
3. To get the work supervised by Senior Articled Clerk
4. Public Awareness.
(see the tactis of new doctors in the name of free checkup to find patients although public take it as a work of charity).
If we expend only 15 minutes in a day to all of our articled clerks; a tremendous help in the day-to-day work may be achieved at an very efficient way.
THREATS
1. Lacking time management
2. Lacking advance learning of Computers
3. Lack of Liaison with Top Authorities
4. Lack of trained people
5. Increasing complexity in the tax laws, fema, auditing etc.
ACTION PLAN :
1. Try to find our best time a day. Mental work requires concentration. Best time for dealing with others is relaxed time.
2. 21 days programme :
a. Reschedule the whole work (Total work of the Office)
b. Proper delegation of work to the extent possible-(a management tool)
c. Raising bills immediately and follow up –(Deem it as part of work)
d. Cut down time for completion of job to the extent possible
–(Practical approach of Cost Accounting)
e. Spend time with family at least six hours in weekly working days (Is it called as Social Welfare ?)
3. Stress : analyze the causes thereof and remove them:
a. Try to do too much work
b. Afternoon drowsyness
c. Too many interviews/visitors
d. Most telephones from whom
e. Professional time Schedule
4. Time Demands :
Tasks Purpose & Priorities Other People
Self Demands
5. Work Analysis :
Many times; due to shortage of time this analysis is not done.
6. Purpose of Work and Key Priorities
Although all we know about the key priorities; but due to unscheduled pattern of attending clients; particularly in small cities; in most of the cases the whole schedule get disturbed.
It should be taken in control to serve better to the disciplined and valued clients.
Note : Some of the situations explained in the article may not be found in all the cases.
Other suggestions/comments are welcome.
Total thanks : 1 times
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:33
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:35
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:36
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Self study Vs. Coaching classes
Hello,
Self study is a very good option. It may give you a great confidence.
But there are certain pre-conditions for self study:
1. Proper guidance is very much important.
2. Choose correct reference books.
3. Have regular discussions with your friends.
4. Self study may be a failure if you prepare without interaction with anybody else.
5. There are certain topics in CA Final for which special preparation is required and self study may be harmful from the conceptual clarity point of view. So discuss these topics with your friends or with any experienced student.
6. Let me tell you a very important thing coaching also involves self study where as self study does not involve coaching. Reason being in coaching classes also concepts are discussed once or twice. But you have to understand those concepts by self study only. Wish you all the Best
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:37
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Total thanks : 1 times
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:39
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:42
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Dear Students and members,
CA exams both Final and IPCC results was declared . Congratulation for those who have cleared their exams and best of luck for those who failed in the exam. I am giving some rescue plan for those who have failed in their exam.
Most contradictory part is that if we give advise to the students, they will simply ignore it, otherwise they have a reason that no one is there for their guidance.
Those who have failed must require some corrections on their part. Our mind has counter defence mechanism, provided if you have Confidence.
For clearing your exam in May, first you think about how to utilize your time more effectively. CA is simply an achievable task. But why you cant achieve it?? Only one answer towards is that your improper plan and improper execution of the plan. I am not blaming you.
But if you want to become a successful Person in your life, you have to suffer a lot of pain. No pain No gain basis. Even if you are under performed in any of your CA exam, you have a chance provided if you execute as mentioned below.
Bring all the possible effort to accomplish the goal. Do it Do or Die basis
Failure is simply the opportunity to begin again, this time more intelligently (Henry ford quote)
How you will start wisely your preparation towards exam? First never compromise over the conceptual parts while you learn. Be perfect, so that you can achieve excellence.
Having failed in spite of your best effort, simply say miserable, but it is life, some time you have to suffer such negative state of mind for your better future. So start right now.
Think that you have to do your level best , sacrifice your mind and body towards studies only. You see the coming exam and result will be yours. It is the confidence and your great effort that even ICAI cannot deny your success. But you have to do following corrections in your part.
1.Analyze where you had committed wrong??
Some key indicators Costing, SFM failed: - You have to improve more on conceptual part, have to do more problems so that you will be master in problem solving part. Never look for any solutions. Find most time for solving problems without impairing the importance of other papers also. Accounts failed :- You have to improve the fundamental entry part first, second must have a good conceptual clarity, third you require more practice with respect to improve your problem solving speeds. Further, you must require a good knowledge of Accounting standards, GAAP, IFRS, etc Audit failed: - you have to refer best reference book first (Padhuka), second never make compromise over SA, AS, CARO report. Third, you have to do more revisions, analyze past practical questions of ICAI. Good presentation. You have to write all the relevant points in an adhesive manner. Try to write own words the conceptual part. Never compromise over making good notes, more revisions. Law paper failed:_ You require best reference book ( Munish bandhari), good conceptual understanding of law points. Refer past practical questions, make good notes and more number of repetition and good presentation in exam. Connection with all the relevant part. Tax paper Failed: - you require a good reference book (Many Books), Good conceptual understanding of taxation. Recent amendments applicable for your exam and past questions of ICAI exam and better presentation over exam InfoTech, ICSA, failed :- Discard ICAI material first. (Dinesh madan). Good understanding of logic is required. Refer ICAI past questions. Good notes preparation and good number of revisions before exam. 2. Make a good time table to cover effectively your syllabus. Make a provision for revision part, Mock test. Try to find more time with studies and all the possible hard work for May exam.
3. Adopt Reading, Understanding, memories and document technique for all the theory questions along with frequent revisions.
3. Adopt a good presentation mechanism for exam. Point to point presentation is better. Give a title which indicate what is the inside the matter. Try to write your own way. Try to add values ( extra relevant point which is not in the book).
4. Keep away negative thoughts , surfing the net. If you failed please remember that you are under utilizing the power of your brain. Utilize to the level best.
5.Try to find a small group for combined studies, such method is very good as far as revising the problem parts.
6. Systematically do your daily study routine, never compromise over your daily study routine.
All the best
CA VIVEK M Total thanks : 1 times
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CA Ravi sisodia CA,CS,CWA,MBA [ Scorecard : 31656]
Posted On 10 February 2011 at 18:47
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Most of the students now also think that the CA course is difficult to crack. It is not true. The institute cannot deny your legitimate students. There is no particular passing percentage as far as a CA course is concerned. There is many mistakes committing the students without knowing the facts that they are committing the mistake.
The ICAI had out some standards and quality over the course and it is really warranted. Once the bench mark is removed then CA Profession will lose its prominence and just become a Lawyers course or MBA course. If we had taken some precautions for the situation we can avoid the failure.
Surprise and twisting question
Aim behind the surprise and lengthy questions
The main purpose of such questions is to test the problem solving and analytical ability of the students.
Scope and coverage for CA Final exam
The CA exam question is not limited inside the ICAI material or prescribed reference book of the authors. If the surprise element is comes students losing their confidence and which is lead ultimately to the poor performance and ultimately the failure. Even if you had covered the scanner or suggested answer , you may be need to face challenging question in the exam
Traditional method of study
Those who writing the both group is unfortunately the prey for such disaster as they may be covered the material and suggested answer and even scanner.
If the similar type of questions appears in the exam they can crack but what happened if the surprise questions set. It is the slippery point set by the institute and many students will fall in to that pit. This is the main reason I think the both group student were failing aggregate mark for CA final. If you see the result trend of previous final exam, you can see that passing % is only 7.08%only.
No one is imagining about the surprise pattern of the question, so, it will affect to them only at the time of exam. In short student were fail to face the surprise set by the examiner in the exam. You just think that if the question set in the exam is surprise, obviously, it will be surprise to the others also and the over all performance of the students will be not up to the mark. Generally ICAI will not be tight in the valuation aspect. if you had written all the good point s to the questions you may be rewarded else, you will be out of the track.
What is the solution for the above problem?
First set in your mind that some surprise question will be set in the exam. Prepare mentally for cracking the surprise question. If you are sound in concept or you have good conceptual clarity, you can manage the surprise questions.
Concept Play a good role in the CA final Exam
Please understand the concept underlying the problems. The institute will not ask any irrelevant questions. All the questions are based on the concept. This correction you need to be made during the time of study. The surprise questions are the same concept with better question which may be outside the ICAI module , suggested answer or scanners. The clarity in the concept will help you for dealing such type of questions.
Effective method of studies
Step no 1
Understand the concept underlying the problems
Step no 2
Read the problems and try to solve it using the concept and without using the solutions.. If the solutions with you , need not work your brain. The same is the situation of those who under gone for coaching classes . Doing the problems with full solutions . This will enhance your thinking process and the same practice will surely help you for finding the solution for surprise gift given to you by the institute.
Note: - The above practice will consume your time..But if you not doing the above manner , you cannot handle the surprise questions in the exam . In the exam hall the students will be pressured .
Step no 3
Refer the scanners and suggested questions for Past years, this will give you variety type of questions….Please try to make a trend by referring the past questions as past is the base point for future.
Step no 4
Making a good notes of concept
Step no 5
Good time management skills
Surprise and lengthy questions requires good time management tact. First steps towards this are to allocate the time according to the mark allocated. Secondly start writing the answers after reading the questions in one round.
Write the question that you feel more confidents and comfortable, but if you had reached the allocated time for the particular question better leave the question in that point of time as betterment of which will affect the performance of other answer.
Sum up
Preparation before exam
Preparation before the exam has direct cause and effect relation ship. You need to work hard at the mean time act smart also. In sum, the hard work and smart work need to be balanced then you can surely get success in the exam.
Hard work and Smart work
You need to select the relevant area first from scanners and past question papers first.
Understand the more relevant and less relevant portions and finalize it and prioritize the chapter according to the importance.
Here , even if you cover 100% of the syllabi will not fetch any result. It may get the rank in other place also.
Then Start hard work on the relevant area with the proper time
Step no 1
Start the study with either ICAI materials or reference book as the case may be( Most of the students will do the same usually)
Step no 2
After covering a particular area you need to go the exam question pattern, may it be case laws and you need to apply the concept there. Cover such type of question along with regular study.
Approaches for practical and Case law type of questions
In case of case law answer you need to split it in to Two parts .
Part one is Fact of the cases
Part two is the relevant concept and finally give your good conclusion in this way the case law and application oriented theory questions can be handled.
Amendment and update before exam
You must be cautious about the amendment and update happened at least 6 month before the exam and also go through the other amendment. It is a normal trend of ICAI to set the question papers based on the amendment. Be vigilant about the update around you.
Make a habit of reading student news letter and journal of ICAI at least for taxation and Law matters.
Study cycle
Study accordingly the group you want to write.
The first round of study is the foundation or base. If the base is weaker then your structure will not be strong. Better you are making a time table based study. Fix a target for coverage .In this stage you may feel difficult in a particular subject better go for coaching exam MAFA, Cost management. Those who had written the exam may be covered the studies
Those who had failed in the exam were advised to understand their reason for failure and make a changes in your action plan for coming exam. Fix a time table, devote more time for studies .utilize the remaining 3 and half month for studies and studies only
Failure and fear to failure
Those who had failed and those who going to write the CA exam have the phenomena of failure. Those who had failed may be thinking that they cannot crack the course even if their good effort.
Analyses by your self that if you are thinking in the above way. If so change the mind set immediately . If you act smartly then you cannot fail for the exam .I had given the example as above .
Fear and fear to failure will lead to destroy your confidence. If you lost the confidence with you then it will affect your productivity aspect. Don’t be sad about the failure and don’t fear about the failure.
Now most of CA student those who had failed the exam is dishearted due to the Final result .
If you want to success, forget the failure first, some skills is sleeping inside your brain, now the time to stimulate the skills. You may be need to work too hard perhaps
Both group V/s Single group
In shipping business, some time due to bad climatical condition or other reasons the ship may face a dangerous situation due to over loaded weight of Cargo, what the captain will do that throwing away some of the goods in to the sea so that the ship can be sailed safely.
Likewise, during this three month of exam if you feel the over loaded phenomena due to writing both group, better to sacrifice those group which you feel less confident and comfortable and given your soul and body to be focused on a particular group. This may perhaps will help you for the coming May exam.
Wish you All the best
Vivek M Total thanks : 2 times
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