Becoming a Chartered Accountant (CA) is considered to be one of the toughest professions to crack in India. The job description of a CA has undergone a real metamorphosis owing to the rapid growth of India Inc.
Today there is an enormous requirement of skilled CAs who can meticulously handle accounts of the organization. Aspirants have to go through an arduous process of training after passing different levels of the qualifying exam, the first of which is the CA-CPT.
The Institute of Chartered Accountants of India is the national professional accounting body that was established on July 1, 1949 to regulate the profession of Chartered Accountancy in the country. ICAI serves as the sole accounting and regulatory body of the profession in India.
In order to become a CA, aspirants have to initially breeze through the first level of the Chartered Accountancy Examination. This first level is called the Common Proficiency Test i.e. CPT.
Candidates are required to secure a minimum of 30% marks in each section and minimum 50% marks in aggregate in all the four parts to crack the Common Proficiency Test. CPT Exam, in paper-pencil mode, is conducted in the months of June and December.
The exam is also held online periodically. Graduates, post-graduates and students having equivalent degrees are exempted from appearing for the exam. Also, commerce graduates with 55% marks and other graduates with 60% marks can get direct admission into IPCC that is the second level of Chartered Accountancy.
CA-CPT exam is an entry-level examination which Chartered Accountancy aspirants need to crack in order to get a green signal for appearing in the intermediate exam, the IPCC, and the final CA exam. Cracking the CPT (Common Proficiency Test) requires candidates to study with the 3Ds of Dedication, Determination, and Devotion.
An effective preparation is of prime importance for those who want to qualify the exam and be eligible for the IPCC.
- Becoming a CA is challenging and passing the CA CPT Exam is the first step to conquering this challenge. The profession demands unmatched excellence and perfection in tune with the standards set by the Institute of Chartered Accountants of India and the CA-CPT acts as the preliminary platform to achieve this level of proficiency.
- Conceptual understanding is of paramount importance while studying for the CPT. Avoid the rate method while studying. Instead, learn scrupulously by clearly understanding the syllabus. ICAI study material is sufficient to prepare you for this exam.
- Additionally, you can take help from reference books written by renowned authors and produced by reliable publishing houses.
- Craft a careful strategy that will help you study more efficiently. Give equal importance to all subjects and don't neglect the ones that you dislike.
- Decide how much time you are going to devote to your preparation and also at what point of the day you will study and then try your best to stick with this. This is one of the most important CA-CPT preparation tips.
- A positive attitude is the key to passing the CPT and reach an inch closer to your dream of becoming a CA. With an optimistic mindset, the otherwise tough preparation will become much easier and cracking the exam will be a cakewalk for you. Don't focus on how tough the CA exams are supposed to be. Instead, concentrate your energies on reminding yourself that you can and will crack the CPT in one go!
- Keep a properly chalked out schedule in front of you and approach your preparation accordingly. Try to stick to your plan to the T. If you miss out on your scheduled plan on any one day, compensate for it by working twice as hard for the next day. This way, you'll never be off track for too long.
- While preparing for the CA-CPT, professional help and tutorial classes always help. However, self-assessment is the most powerful tool at your disposal. You can employ e-learning portals, the test series and CA CPT online practice tests available on these platforms to constantly check and monitor your performance at your convenience.
- A large chunk of the CA-CPT syllabus consists of accounting problems. In order to be good at solving the problems, consistent practice is required. ‘Accounts' also consists of theory so give equal importance to that. Students usually find Mercantile Law a terrible subject to study. Therefore, it's imperative to give proper attention to it and note down different laws in points for future reference.
- While appearing for the CA-CPT exam, attempting the Law paper first is considered a good strategy as it consumes the most time. Pay careful attention to all the questions and go for the easy ones first. As there is negative marking, solve only those questions which you are entirely sure of. Utilize the available time judiciously and leave some time in the end to check the answers.
By- Ashutosh Modi, Executive Director, Entrance Prime.com