Many a students pursuing professional courses like CA and CS focus on their syllabus, revision and the focus remains on completing the course. These students feel that they are secured once they complete their course and there can be exceptions. With my limited exposure to the students pursuing CA and CS, I found that the students are not interested to think too much about the subject and they remain focused on completing the course. What the students feel, according to me, is that if they complete the course and while practicing with some Company Secretary or Chartered Accountant, they can learn everything. While I believe that practice and practical knowledge is important for every professional and while I know that there is no meaning to the theoretical knowledge without practical exposure, I do believe that a student pursuing CA or CS should think more than simply concentrating on completion of the course they pursue. Most of the students are driven with the intention that it is important to complete the course and they do not think more than that. Only few students may have the intention of doing thorough research into the subject they study and try to find-out the limitations of accounting etc. issues. We have many Chartered Accountants and Company Secretaries who may not be able to impress big clients and big companies with their ability. While it is true that building good practice etc. requires some special qualities and planning, it has a relation with our ability too.
A privileged student pursuing CA and CS should think more about the subject related issues and also they should concentrate as to what is happening around them in real time. In the recent past, this country was debating about the Black Money, the fact of India signing some bilateral Doubt Taxation Agreements and a debate at some reforms to curb the generation of Black Money internally. Keeping the political side of the discussion apart, the students pursuing CA and CS can give a serious thinking to the issue and they may come-out with some proposals which will curb the generation of Black Money and out-flow of Black Money. If a student comes out with the analysis of generation of black money, the ways to curb the generation of black money and the issues like imposing regulations on the inflow and outflow of money, then, it will signify his real knowledge about the subjects they pursue. In the recent past, I have expected few articles from the students pursuing CA and CS on the issue of Black Money and who knows that their proposals can even be considered by the Government of India, Finance Ministry or the professional institutes like ICAI and ICSI. I believe that it is difficult to prevent the generation of Black Money in this country though it can be reduced with effective implementation of Tax Laws etc. I also believe that a common man should not suffer with the hectic tax regulations and it is important to focus on the big fish. I also believe that the Ministry of Finance, concerned Boards and professional bodies like ICAI and ICSI constantly work towards reforms in their concerned field. We have also seen the emphasis on the Settlement Commission and emphasis was on the speedy recovery of the Tax Dues rather going for the litigation which will consume lot of time and energy.
Government was thinking towards reforms in Income Law, Customs & Excise Laws and FEMA regulations as reported in the media. I believe that every student pursuing CA and CS will study all these laws and should have a comprehensive understanding of issues. There was a background to easing the Foreign Exchange Regulations and it has a connection to our economic growth. Will tight FEMA norms and regulations restricting inflow and outflow of money hamper economic growth? Is it the time for stricter regulations without bothering at our industrial or economic growth? I believe that these are very complicated questions to discuss with and the subject is very complicated. A student should have a good idea at all these issues without thinking too much about practical exposure in future and without thinking that they will have the understanding of these issues only in their 50’s and 60’s. A student, according to me, can believe in the statement that ‘seniority is important, but, vision and imagination is more important’.
The discussion on black money is only an example and the student should think at various issues concerning the subject and also should focus as to what is happening around them. How come big listed companies fail despite the strict SEBI regulations and the listing agreement with the Stock Exchanges? Are grievances of the shareholders are being addressed effectively by the SEBI and Stock Exchanges?. Is it possible to effectively look into the grievances of the shareholders or the investors as there can be lot of complaints on regular basis in respect of many companies?. These are not simple issues and it requires good subject knowledge, analytical skills and also the quality of imagination.
Thus, a student pursuing CA and CS should have the quest to know everything about the subject and should think more and should have complete theoretical understanding of the issues while he enters into the profession. It is also true that a student pursuing CA and CS will know more once he goes for practical training and once he joins a firm and a Company after completing the course. But, we can not forget the importance of acquiring real knowledge and the important of knowing everything we can in the real time. It will help the students to embrace bright future at an early age in their career and who knows, even at an early age, they may be in a position to help the Government of India, the Finance Ministry, SEBI etc. A student should not underestimate himself or herself and without bothering at the instant results and recognition, they should focus on acquiring real knowledge with good thinking and analysis of the subject they study. Only when a young professional is competent enough to deal with even the complicated issues, they can attract big clients in profession at an early age, can get recognition at an early age, and the subject knowledge and belief gives them the required confidence to start their own practice and build their practice so quickly.
If we think that only a professional with 20 or 30 years experience in the field is competent to think big and will have the authority to suggest reforms, then, it means a young professional can do nothing at 25. It is an illogical notion and we should not believe in this.
The exposure too many issues of corporate world will enable the students pursuing CA and CS and the young professionals to guide and serve this society and industry in a better way. It will also give them a success at an early age as ‘knowledge is power’.
Note: the views expressed are my personal and a view point only. I can be wrong in my views too.