Cracking commerce and accounting certification courses are often considered as a Herculean task. Well, in fact, it is not. Despite the myth of difficulty, professional accounting certifications are increasingly popular. Here’s a look into our conversation with Orwell Lionel, a young and dynamic business leader and the founder of Indian Institute of Commerce Lakshya (IIC Lakshya). IIC Lakshya https://lakshyaca.com/ is an institute that has been in the forefront of commerce education, providing students with quality coaching for courses including CA, ACCA, CMA USA, CMA India and CS.
Professional accounting certifications are known to be incredibly difficult to achieve. What fuels this perception and why does it discourage students from considering the courses?
It's often amplified more by perception than reality: exam rigors, the complexity of the contents, and the time management required for study. Mainly, the fear of failure is what dissuades students from considering these courses. Ultimately, hard work and dedication in any field lead to success. Students with a passion for commerce and finance naturally gravitate towards commerce courses and accounting studies. Stereotypes should be dispelled by proving that these courses can lead to certifications if students are properly focused and adequately supported by teachers, peer groups, and those around them. With the right guidance, they can achieve their goals. Earning these certifications opens doors to exciting career opportunities with excellent salaries and job security. The sense of accomplishment and professional recognition serves as a powerful motivator. The journey itself is a transformative experience. The dedication and discipline required to overcome these challenges will build confidence, resilience, and a strong work ethic that will benefit individuals in all aspects of life. Regardless of the chosen field, every subject area demands its own commitment and focus.
How many students do apply for these professional accounting certifications?
The total number of students appearing for exams in these courses is increasing steadily. Speaking of our academy specifically, we currently have a thriving community of around 13,500 active students. The extensive network of over 75,000 alumni stands as a testament to the influence we have made on the professional journeys of individuals. This significant number itself demonstrates the growing popularity of these courses. According to the ICAI, on an average of more than one lakh students have applied for CA Inter and CA final respectively in the last November 2023 exam.
What is the pass percentage for these professional accounting certifications?
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A large number of students are opting for these accounting courses and are also showing a keen interest in them, which has resulted in a higher pass percentage. It is basically according to the courses they choose. Last year, a total of 2812 students appeared for the ACCA exam at IIC Lakshya, achieving a pass percentage of 74%. Similarly, 1250 students attempted the CA Foundation exam, with a pass rate of 70%. For CMA US, 1040 students appeared, and the pass percentage was 63%.
How do these courses hold significance in the professional field, and what career opportunities do they unlock?
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The finance industry has transcended its traditional focus on banking and investments, now offering a diverse array of positions and exciting possibilities. From corporate finance and fintech to sustainable finance, the spectrum of options caters to professionals seeking careers aligned with their values and passions. This diversification is fueled by the evolution of professional commerce courses. Programs like ACCA, CA, CMA USA, CS, B.Com + ACCA, MBA + ACCA, B.Voc + ACCA, and CMA IND empower students to become well-rounded professionals capable of handling the opportunities and crises in the current commerce industry.
Can you debunk the myth that science students can't succeed in commerce courses?
A recent survey conducted at our institute revealed that 22.9% of students entering professional commerce courses have a science background, alongside 73.8% from commerce backgrounds. This clearly demonstrates that these courses aren't just for commerce experts. With some dedication and a genuine interest in the subject, science students can absolutely thrive in commerce. Essentially, their aptitude, adaptability, and analytical skills are what matter. They can pursue commerce if they have the willpower and dedication to succeed in this field.
The increasing number of women choosing commerce courses is a noteworthy trend. What are your thoughts on this phenomenon?
The increasing preference of women for commerce courses marks a noteworthy milestone. A survey conducted by our team revealed that of 664 students only 33.3% were men, while 66.7%
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were women. This shift indicates a growing interest and active involvement of women in the field of commerce, potentially influencing and enhancing the sector. The importance of financial and accounting courses is recognized, and women are more actively seeking knowledge about finances and aiming to manage the commerce sector for future independence and growth. This preference for commerce also demonstrates their desire to adapt and be flexible in their career choices.
