“HOW TO MAKE SUBJECTS INTERESTING IN PROFESSIONAL EXAMINATIONS”
A Research on Study Patterns
**Presented By – CA Surendra KumarRakhecha**
Specially written for caclubindia users.
During the discussion with some students while counseling; one student asked –
Sir, how you can say that each and every subject is interesting ?
For me also, it was an interesting question.
Imagine that I give each one of you three pieces of stone and say that keep it with you for 3 years.
After three years I find that :
1. Some students have already thrown away the stones (considering these as useless).
2. Some students were still preserving it with themselves (without knowing anything about these).
3. Some students kept it in safe custody (with their parents).
4. Some students went to the jewellers to judge whether really these were valuable stones (otherwise why our sir told to preserve these ?)
5. Some students took the decision to cut and polished them with the help of diamond jewellers after knowing that these were rough diamond stones and happily made one diamond ring sparkling now in their fingures
The situations were one and same before all the students but action was different by the same class of students.
Wonderful or not ?
Some students use to throw away the books (bag) when they come from the class. They are Ist type (not category) of students.
Some students keep the books covered well - without reading, of course !
Some students put the books in shelf which they never open till the examinations come near.
Some students discuss only which subjects are important and collect the notes accordingly.
Some students decides that all subjects are important and they start their studies from day one and sharpen their skills in the subjects. They are last type of students (practically Ist category students).
(you can also correlate the three diamonds as three different subjects and 3 years with your articleship period).
So, in professional examinations all the subjects are important. One should try to understand what is the practical use of each one subject in the professional career.
Each one subject gives a unique professional career.
1. If one knows Accountancy very well; surely there is a good career.
A Commerce Graduate who knows practical application of IFRS and Indian GAAP; can easily get a job of Rs.30,000/-to 50,000/- per month.
(Tutorial : At the time of interview he should never say that I was a CA student but could not succeed. Just tell that I am a commerce graduate and I got practical training under one CA office – that is sufficient to get a job.
Another example; even if one does not succeed in professional exams despite expertise in accountancy (other subjects being non interesting for him) still he can open one training or coaching institute.
2. When one has practical exposure in Management Accounting -
He can work for cost control and cost reduction in an(y) industry specially at the time of recession. No cost accountant was kicked-off from any industrial organization when there was a recession. In fact; their role was more important at that time because management relied more (than before) on their skills to reduce the costs.
3. If one has practical exposure of Auditing :-
He can find himself in Internal Audit Department and advise the management how to introduce controls and the areas where these controls are necessary.
Big audits firms are lacking experienced staff now-a-days. So a very good career is there.
4. If one has practical exposure in Income-Tax :-
The easiest route to start practice is to engage in Income-Tax Practice. When you pick up one case; gradually number of clients will increase – day by day. You can become a real well wisher of that person. You may always pray God that he and his family should flourish in both ways – money numbers and number of family members.
Very few professionals are engaged in Wealth-Tax Planning. It is very rewarding profession. Only wealthy clients will be there in your list. A trustworthy professional can easily have such type of clients.
5. If one has practical exposure in Indirect Tax :
If you know very well Custom and Excise Law : Well established manufacturers will be there in your clients’ list.
If you know Service Tax : You will have top grade personalities in your clients’ list which may include Doctors, Engineers, Architects etc.
If you know very well about VAT :
It is the easiest route to commence your own practice.
6. If one has practical exposure of Corporate Laws
A great career is awaiting you. There are heavy penalties of non-compliance by the corporates if they don’t follow various laws.
Here you need not do manual work at all but just to ensure whether –
a. Income-Tax Returns, TDS Returns, Audits Reports, Advance Tax etc. have been filed or not in time.
b. Service Tax Returns and payments thereof have been made in time or not.
c. Excise Returns and Duties have been properly made out or not.
d. PF, Gratuity etc. have been paid timely or not.
e. VAT related payments and returns have been complied in time or not.
f. Returns to ROC have been filed in time or not.
g. Required information to SEBI and Stock Exchange have been submitted or not.
So On……..(about all the subjects)
Now the major question is how to make all these interesting ?
1. Firstly; read the first chapter of every subject (Introduction Part) very carefully.
Decide the importance of the subject and discuss it with your friends and faculties.
Although first chapter is generally not important from the examination point of view but still it focuses light on the importance of the subject. Read the preface of the book and you will find what the writer wish to convey through his book. Many times good writers give indepth concepts about the subject in the preface.
2. The importance of the subject may be firmly decided on the basis of penalty provisions of the Law Subjects i.e. what will happen if some requirements are not fulfilled –it may be imprisonment or fine or both. Focus your attention more on those requirements while reading the subject.
3. Try to search out relevant Rules and Forms to have an in-depth idea what to do practically in a particular subject. These you can find easily through internet now-a-days.
4. Whenever you read a section of a law subject; ask yourself why this section has been introduced ?
For example, why weighted deduction is there in case of Research and Development Expenditure in Income Tax ? Discuss it with your friends and faculties.
After discussion you will find that : -
Due to Research and Development :
a. New products will be invented/introduced.
b. More facilities/utilities/features will be there in the products.
c. More production will be there which will lead to cost reduction.
d. This cost reduction will motivate management for further expansion
e. Expansion results in more employment
f. More employment means more per capita income
g. All the above ultimately result in Economic Development of the Country
And that is why more deduction is given by the statute as ultimate aim of Income-tax collection is towards economic development. The money collected is spent towards public utility which government decides in its budget.
Similarly some income are exempted because these are the thrust areas of the government – for example; income of Khadi Board. Another example is Deduction u/s 80C is allowed because the governments wants to promote savings, education and acquisition of house by the assessees.
Sixer on Last Ball !
Carefully look at renowned personalities in your city – CA, Doctors, Engineers, Lawyers and Professors.
Try to find out qualities which they possess.
Surprisingly; you will find that you know all these qualities very well !!
What is common in all ?
Expertise in a particular field.
And (when you go into their life history)
Many of them were not having any money with them when they started their practice !
Now prepare yourself for the same, who prevents you ?