CA Program - Ask questions, get answers! (new and improved) (3 Viewers)

[seremify007]

After the last thread went down with the server, I thought I'd create a new thread for people who are interested in the CA program to ask a question and get an answer. There are a couple of guys on BoS who are currently undertaking the Chartered Accountants program (i.e. GradDipCA) or have already completed this program and have the qualification. Happy to help new guys out if they want to know anything or just to discuss.

 

[RDX]

Few Questions.

How many subjects is it all up?

Usually how many subjects do you undertake per year?

In terms of subjects, I hear that they cross over so you start one and are still studying for the exam for the previous one. Is this true?

 

[seremify007]

1. Five 'modules' all up- four are technical (FIN, AAA, MAA and TAX) which can be completed in any order and the final one which can only be done after all the others is EBA (ethics).

2. You can do 3 modules per year as it's a trimester timetable. The technical modules are usually offered in pairs (e.g. FIN/MAA are offered at the same time, and AAA/TAX offered at the same time) so you can choose one or the other. In theory you should be able to finish the technicals in 4 consecutive trimesters assuming you don't fail (i.e. 1 and a bit years).

3. The subject 'times' cross over in that the next module could commence before your current subject's examination. That being said, when we say 'module commencement', that just means you have enrolled and know when your focus sessions (similar to tutorials) will be- your actual studying or attendance at focus sessions won't commence until a week (or so) after you have finished your examinations. Refer to the timetable below- particularly look at the gap between the 2nd and 3rd trimesters with when an exam starts and when "FS 1wk" actually is.

Note that EBA starts sufficiently later in the year compared to the normal technical modules so that you can get your results first before commencing EBA (since it's a requirement that you have passed all four technical subjects- in any order).

For timetable information, refer to http://www.charteredaccountants.com.au/Candidates/The-Chartered-Accountants-Program/Timetable and click on the first link to the "Chartered Accountants Program".

 

[seremify007]

Re: CADETSHIPS 2012 Discussion Thread

Pretty much this.

Also slightly off topic - Seremify have you finished your CA yet?

Nope Assuming I passed FIN111, I have the final EBA (ethics) module to go.

 

[Azure]

Re: CADETSHIPS 2012 Discussion Thread

Almost there - very exciting.

How have you found it so far? I've heard people mention that if you like studying before undertaking it, you will almost certainly hate it afterwards. I suspect (and hope) that is an over exaggeration though.

 

[seremify007]

Re: CADETSHIPS 2012 Discussion Thread

Almost there - very exciting.

How have you found it so far? I've heard people mention that if you like studying before undertaking it, you will almost certainly hate it afterwards. I suspect (and hope) that is an over exaggeration though.

Moved your posts here since it's more relevant

I've found it alright to be honest. It's challenging at times but it's infinitely more useful than uni ever was. I had to write a technical analysis a few days ago which required me to reference and quote various accounting standards and interpretations, and the knowledge I had gained from my most recent CA module (FIN111 - financial reporting) was extremely useful.

I never really "enjoyed" studying that much and even now I still don't, but I appreciate that I'm learning things which I need to know for my career/job and that at least my friends are all going through similar things to me. It's lame that in the week leading up to the exam I was studying at my local McDonalds at night with some friends but hey, it does make it a bit more enjoyable when you've got mates.

 

[Azure]

Re: CADETSHIPS 2012 Discussion Thread

I've done much worse than studying at Maccas - as long as the job gets done in the end.

That's a giant relief. The stories I've heard didn't sound right when there are people studying things like Master's and still surviving I guess.

Career wise, I think the ICAA GradDip is what I'm probably looking forward to the most in the next few years. That's probably when any career in accounting really takes off, and opportunities really begin to unlock themselves. I'm not sure which firm you're with, however I've heard of firms doing some pretty generous things upon completion of the CA (mainly the big 4). Makes me almost regret not taking up a cadetship there!

 

[seremify007]

Re: CADETSHIPS 2012 Discussion Thread

Career wise, I think the ICAA GradDip is what I'm probably looking forward to the most in the next few years. That's probably when any career in accounting really takes off, and opportunities really begin to unlock themselves. I'm not sure which firm you're with, however I've heard of firms doing some pretty generous things upon completion of the CA (mainly the big 4). Makes me almost regret not taking up a cadetship there!

Biggest tip for anyone considering this path is to try and do it with a Big4 firm. All of the top firms spend big on ensuring the guys pass with additional tuition services, teachers who respond to email queries right up until exam day, mock exams (held in exam environments), "Critical file" notes/flowcharts/diagrams to assist in the exam (exams are all open book), "Project tips" to assist you in completing the assignments, etc...

There is a huge contrast with uni whereby the facilitators of your focus sessions (equivalent to tutorials) are there to facilitate discussion but don't really offer much in terms of 'teaching' or explaining things beyond what is required in that session. At the end of the day it's your job to learn the content yourself and research as much as necessary... thus making the additional resources very invaluable.

 

[Azure]

Re: CADETSHIPS 2012 Discussion Thread

Oh wow. I know a lot of mid tiers really don't do much in terms of helping staff pass but are usually quick to put the boot in when they fail.

I'll definitely be aiming for the Big 4 for a graduate job for this and a multitude of other reasons. Unfortunately it's much easier said than done.

 

[sifnotme]

Re: CADETSHIPS 2012 Discussion Thread

which would you say is the easiest module?
Also is it true you can use prior work experience in an accounting firm (internship/cadetship/part time job etc.) to lower part of the CA work experience requirement? like instead of the 3 years u only have to do 2 since you worked at accounting firm before for around a year? I know CPA does this ..... i think HAHA

 

[seremify007]

Re: CADETSHIPS 2012 Discussion Thread

which would you say is the easiest module?
Also is it true you can use prior work experience in an accounting firm (internship/cadetship/part time job etc.) to lower part of the CA work experience requirement? like instead of the 3 years u only have to do 2 since you worked at accounting firm before for around a year? I know CPA does this ..... i think HAHA

Easiest is questionable to describe- I found audit the easier but I've been doing audit for so long as a job (nearly 5 years now since I started my cadetship; note I worked as a casual throughout the period I was FT uni).

If anyone in audit ever wonders what order to do them in, I'd say leave FIN (financial reporting) and AAA (audit) till last because they benefit the most from experience and have the least to do with what you studied in uni. TAX would definitely be the first I'd recommend because a lot of it flows from what you did at uni and hence you'd want to do it before things change too much (especially if they change the tax rate!! how damn hard it'll become to calculate 29% or whatever instead of 30%). MAA (management accounting and analysis) is probably the most basic/simplest of the lot and the waffliest since it's so broad and doesn't have any real rules to follow... but unfortunately it also has a high failure rate because it's so broad and open that it requires a specific study style to do well.

As for work experience, I believe they reduced the requirements considerably in recent years and they do recognise prior experience as long as it's in a chartered firm environment. You'll need to check ICAA to confirm but I was able to use my cadetship experience. Besides, it's only like 9 months or something now anyway.

 

[Minai]

Hey seremify - what does PwC offer for CA candidates? Internal and PLS or other things?

I'm just doing a bit of research and cross Big4 comparisons in my new role as "CA Champion" in my division

 

[seremify007]

Hey seremify - what does PwC offer for CA candidates? Internal and PLS or other things?

I'm just doing a bit of research and cross Big4 comparisons in my new role as "CA Champion" in my division

More than wiling to help share some information but would love to also hear the results of your analysis as well- happy to take this offline.

Basically we use CA Masterclass for everything (classes + notes), and recently they started an internal discussion around the projects (rather than relying on the tips provided by Kaplan or PLS). We also receive the Kaplan CFN as it makes for a more comprehensive reading than the CLP.

Leave is the basic 3 days per subject so most people end up using their time off in lieu.

ps. It's been a while Minai

 

[x.Exhaust.x]

Hey seremify, what kind of marks do you need at University to undertake a Chartered Accountant qualification? I'm guessing a WAM of 65+ (credit average), or possibly even simply passing through the University subjects that requires CA, but I'm not too sure. And how does the application process work? Cheers!

Edited: P.S. Do they accept people who failed an accounting subject during their first year?

 

[seremify007]

Sorry mate, been flat out with work and haven't been on BoS much this past month.

Hey seremify, what kind of marks do you need at University to undertake a Chartered Accountant qualification? I'm guessing a WAM of 65+ (credit average), or possibly even simply passing through the University subjects that requires CA, but I'm not too sure. And how does the application process work? Cheers!

Edited: P.S. Do they accept people who failed an accounting subject during their first year?

The Institute doesn't care what your marks are or whether you failed as long as you ended up meeting the accreditation requirements- i.e. you completed a recognised degree (e.g. B Commerce at UNSW) and that you passed all the required subjects (depending on whether you are a local or international student).

The only people who care about whether you pass/fail at uni and your WAM will be your future potential employers who will use this as part of screening candidates for a position, and trying to determine whether or not you are likely to make it through the CA program.

 

[seremify007]

Anyone got the EBA211 exam next week?

 

[CharlieB]

How was EBA?? Must be a relief getting your CA done!

 

[seremify007]

EBA wasn't too bad. Exam was a lot easier than any other CA module so far but I better *touch wood*!

 

[lyounamu]

Are you chartered accountant now? =D

 

[seremify007]

Hey Seremify. I will be working in CF role in Big 4 so I was wondering if CA is important or not...Is it?

I understand that 3 years of work experience is required for CA qualification and I would like to move into MC or IB after few years of CF. I am wondering if CFA is more useful or not...

EDIT: Congrats on getting your CA done haha =)

Are you chartered accountant now? =D

LOL not a CA until I:
a) pass
b) register

Congrats on getting the CF role. CA is generally important because at the end of the day, they're chartered firms and it's expected not just internally but externally too. That being said you can usually negotiate if you feel it's not really suitable and your counsellor/coach/mentor agrees.