CHARTERED ACCOUNTANCY (CA) IN PAKISTAN

Chartered Accountancy (CA) is one of the most lucrative and prestigious jobs in Pakistan. Students who are financially tied up within a strict budget can find it very helpful and supporting. Education cost is not very high. Currently it is based on a six modular system. In CA, "module" is alternative word for "semester" usually used in universities. The six modules are not of equal length. The first four modules are required to be full time studied at a recognized CA institution (called RAET "Registered Accounting Education Tutors" in CA terminology) or you can prepare them at home. Previously it was mandatory for students to attend classes for these first four modules but now this condition has been relaxed and students can now prepare for the exams while sitting at home. For the purpose of ease for potential students the CA education can be divided into two parts:

  

1. CA INTER:

After a student has passed the first 4 modules he is called a CA INTER. Each of these modules takes 6 months. So CA Inter takes 2 years for completion. A student can attempt two modules at the same time as well but they should be consecutive modules like A and B, B and C, C and D. Module A and C, B and D cannot be attempted at the same time because they are not consecutive modules. So the two years duration can be shortened as outlined in the following plans:

PLAN 1 (taking 2 years):

MODULE A - time period for completion is 6 months

MODULE B - time period for completion is 6 months

MODULE C - time period for completion is 6 months

MODULE D - time period for completion is 6 months

PLAN 2 (taking 1.5 years):

MODULE A & B - time period for completion is 6 months

MODULE C - time period for completion is 6 months

MODULE D - time period for completion is 6 months

PLAN 3 (taking 1 year):

MODULE A & B - time period for completion is 6 months

MODULE C & D - time period for completion is 6 months

ANALYSIS:

MOST OPTIMAL PLAN IS PLAN 2

Of all the above three plans PLAN 2 is the most suitable for committed and hard working students. Although I myself could not do that due lack of guidance back then when I started CA. In CA students call the PLAN 2 and PLAN 3 as FAST TRACK and PLAN 1 as NORMAL. PLAN 3 is not advisable as it is more tough and contains difficult and core subjects at Module C and D level thus increasing chances of failure. PLAN 1 is advisable for students who do not want to take risk and are not sure whether they would be able to work really hard for 2 modules at a time.

CA FINAL:

The last two modules E & F constitute CA FINAL. The total duration of CA Final can be 3 or 3.5 years.

3 years:       When both Module E & F are passed in first attempt

3.5 years:    When student fail any one or more subjects of Module E & F in first attempt

The duration of training for those students who are ACCA Qualified is only 3 years independent of the above scenarios.

Only when module A to D is completely passed then students can start their training with an auditing firm. Although usually auditing firms induct students for training even when all their subject are not passed but such training would not be considered for 3 or 3.5 years training and it would just be taken as Internship and not as Article-ship (Article-ship is the word that CA students use for the 3 or 3.5 years registered and recognized training period). Students would be paid the STIPEND when ARTICLE-SHIP is started and not during internship.

Students join a recognized (with ICAP) auditing firm for their training. Induction in auditing firm is usually through written test and interview (In the more professional firms there may a 2nd interview as well) Written tests may not be required in small firms.

SUMMARY

So the total time taken for completion of CA Qualification can be any of the following:

5.5 years:     PLAN 1 and 3.5 years article-ship

5 years:        PLAN 2 and 3.5 years article-ship

4.5 years:     PLAN 3 and 3.5 years article-ship

5 years:        PLAN 1 and 3 years article-ship

4.5 years:     PLAN 2 and 3 years article-ship

4 years:        PLAN 3 and 3 years article-ship