Primarily, to CA students the ability to comprehend is important, whether to study, or to take decisions by analysing situations. So intelligence has to come first. You need more confidence as a professional, than bravery, to implement these decisions.
To a CA, Bravery is for doing something that is normally not requried in daily life, like fudging that statement or covering up that hole in the balance sheet... :)
But Priya Madam,
"Fools go where angels fear to tread."
To understand the importance of intelligence/bravery, we should first understand its role in the situation. Taking risk is not always bravery; it could be confidence, or in another case, it could be being foolish. To draw that line, we need intelligence.
Whie making an unintelligent decision almost guarantees failure (without lady luck), intelligence will at least keep us from failing....