FINANCIAL ANALYSIS OF CA FOR FINANCIALLY WEAK STUDENTS

BUDGET

Chartered Accountancy is particularly charming for those students who are financially weak. Cost of study is not very high as compared to other fields. Further they are able to earn enough pocket money (stipend) during the course of their training that they become self sufficient. If they are living with their parents (some students live in hostels out of their home town) then the stipend can be saved to pay for the tuition fee of Module E and F, although some students are able to study for E & F themselves without requiring any tuition. Before the initiation of training, the total cost for CA Inter (Module A to D) is around Rs. 160,000 (One hundred and sixty thousand) over a period of 2 years (for 4 modules of 6 months each). Cost for CA Final is just Rs. 24,600 assuming that classes for Module E & F subjects are not attended and approach of self study is opted. The following points should be kept in mind for the costs:

1. Cost of CA Inter is calculated assuming that classes are attended for all subjects of Module A to D at a RAET. Attending classes is not held mandatory (by the Board - ICAP) and is purely at the discretion of students. Further classes for all subjects is not even necessary. There are certain subjects which students can study at home like:

 - Functional English (Module A),

 - Introduction to Economics (Module B),

 - Mercantile Law (Module B),

 - Tax (Module C),

 - Business Communication & Behavioral Studies - BCBS (Module C),

 - IT (Module D),

 - Company Law (Module D)

Once students start their CA education and attend classes at a RAET, they can identify students within their class with whom they can have a group or combine study arrangement at home for the above subjects. This, in my opinion, can easily help them pass these subjects without requiring any classes.

2. Once students start their training at an auditing firm, they can easily start teaching subjects from Module to A to D to other students to earn a sizeable amount. They can ask someone to finance them from Module A to D and then repay them through this tuition fee that they earn. This tuition can easily be managed and would not affect their training.

3. ICAP also has a Student Loan policy for needy students

4. The attached budget has been prepared keeping in view that classes would not be attended for Module E and F subjects. This in my opinion is quite feasible. The only subjects that require classes are Advanced Accounting and Financial Reporting (Module E) and Business Finance Decisions (Module F) but they too can be passed through self study. During the training students can easily be friend with senior students and seek their guidance on difficult issues in these subjects and pass them.

NOTE: THE ABOVE ARTICLE AND BUDGET HAS BEEN PREPARED AND PRODUCED FOR FINANCIALLY WEAK STUDENTS. OTHERWISE CLASSES FOR MODULE A TO D SHOULD NOT BE SKIPPED AS FAR AS POSSIBLE.