CA Day (Charted Accountants Day) is observed every year on 1 July to celebrate the establishment of the Institute of Chartered Accountants of India (ICAI) by the parliament of India. ICAI is the second biggest accounting organization in the world. ICAI is the sole licensing and regulatory body for the financial audit and accounting profession in India. The Institute of Chartered Accountants of India (ICAI) was established on, 1 July 1949.

CA Day is also celebrated to honor the Chartered Accountants across the nation. A chartered accountant is a person who gives direction to the financial condition of any country. To become a member of ICAI, it is important to clear the CA examination, along with three years of practical training. 

4 Common Myths about CA

Here are 4 common myths busted about Chartered Accountancy:

1.Aspirants must study 16 hours every day

It is believed that a CA student needs to study 16 hours to qualify for CA examinations. But this is not true. If you have studied well and all your concepts are cleared then no one can stop you from cracking the exam, but if you have given 16 hours per day for the preparation and still your basic concepts are not clear, it will be difficult for you to qualify any program of CA examination. Quality of study matter over the number of hours you invest in studies.

2. Graduation is Necessary

Many students have a misconception that to pursue CA graduation is important. The fact is students can pursue CA immediately after 10+2 only after registering with ICAI. The only difference is that undergraduate need to appear for CA Foundation level exam first and graduates can directly appear for Intermediate Level.

3. CA is all about Numbers

There is a misconception that CA is all about numbers, but dealing with numbers is a starting phase. CA also needs to have a good understanding of technical skills, negotiation skills, business knowledge, and expertise in finance-related subjects.

4. CA is Tough to Pursue

‘CA is tough to pursue’ is one of the most popular myths due to which many students are reluctant to pursue it. But this is not true, if you make your mind from the beginning that it is not hard and thoroughly understand the fundamental concepts than it becomes possible to crack CA.