What is written below may not necessarily be personal opinion of author – but summary of opinion heard in various circles of students and members
Many consider CA course to be tough and difficult course – yet students want to do it. Often students join CA course because of peer pressure without giving much thought to their career objectives. Unless you have die-hard ambition to be in CA practice – if you are one of those contemplating to join CA course – then think again.
CA – Do you Really Need it?
1) A CA is primarily an auditor and a consultant. Also the way the laws have developed, CA is a localised qualification. Your audit qualifications will be of no use in foreign country – as you would not be able to do CA practice in any other country other than India. The course is not primarily meant for those who want to take up employment in industry. There are other courses for that like MBA and CWA that specifically target the industry. Also, eventhough you can be in employment anywhere – but then, for employment does one need CA qualification (except for being Internal Auditor)?
This is also evident that even as recent as 2011 ICAI is able to get only 34.9 % (1876 in number) of students placed through campus. In contrast, institutes like IIM have on an average two or more companies in offer for each students
Badly Drafted Study Materials
2) While it is universally known that CA course is tough – one of the main reasons is that ICAI course materials are badly drafted study materials. There text matter does not have clarity or continuity, and their practical problems are not laid out step by step (as they want in exams) – and moreover in many places even the formula are given wrong or with wrong notations. (At times one can even find that some solutions provided even for Final exams are wrong!) The guidance from ICAI is nearly non existent. Many times, the guidance cell of ICAI does not respond – eventhough they have an impressive array of emails from which such guidance can be sought.
Rapid Changes in Subject Matters
3) The Exam syllabus – even while it may remain the same – the content changes drastically. This is because of continuous changes in Accounting Standards, Audit Standards, and Tax and other Laws. And the subsequent exams often require new sets of books – at least 30% or more of the content requires to be updated on a regular basis. While one can understand amendments in laws, but even standards of accounting and standards of audit keep on changing / updated. The books come costly, and keep getting updated (with increased Price) every six months. The option of coaching is equally costly – some coaching classes charge ridiculous high fees of Rs. 20,000 or more for one subject!
Unprofessional Evaluation System
4) The papers are not evaluated by Professional Academics or even by CAs who are in the Academic Dept. of ICAI. There is no consistency and no transparency as to what is the basis of giving marks. 
The problem happens, that one may feel that one has done a paper extremely good, and wrote answers as per the ICAI study material. Yet, one can end up getting poor marks. (Some years back there was allegations, that the coaching institute run by a serving ICAI president was giving Toppers in exam!) The papers are not checked by professional academics, but by practicing CAs ! And there have even been allegations at times that students doing articleship with such CAs are the ones who are actually checking the papers!
Articleship: Trainee or Resource?
5) The ICAI recruits students for its own members. ie. to say – the Articled Assistants work as cheap labour during the three years of their articleship training. But while the intake rate at CPT stage is around 35,000, those passing the Final exam is around 1,000 (May 2010 exam figures). In this context its interesting to note that even after more than 60 years of India’s independence, there are around 150,000 CAs in India – but the number of candidates appearing in CA Final is around 85,000 – and those enrolled for the course are in lakhs ! Needless to say, after a few attemps, many of these students either drop out, or just join CA firms where they did articleship, or client of their Principal at low wages.
Add to all this- in most cases, the Articles have to do three years of heavy work in very low stipend.
Moderation of Results?
6) The CA Act provides for moderation of marks of students for the purpose of regulation of number of entrants to the CA profession. Simply, it means that ICAI does not want more CAs – it only wants a very limited number of new CAs so that the ‘demand’ of CAs in the market remains (if members of ICAI have their way – they would not let anyone to pass CA exams!). That means CA profession in anti-competition – it does not want to compete with itself. It would also imply, that if you join it – even if you have better brains than existing CAs – you wont be able to compete, because you cannot advertise your services because of various Professional ethics restrictions (this is quite unlike the Medical Profession).
…we would like to clear the myth caused by the rumours spread by various parties with vested interests with regard to release of results by ICAI based on demand and supply factors. It has never happened in the history of ICAI that a student, who is otherwise passing, has ever failed. Also, it is worthwhile to note that when economy was in the slowdown mode, the results were much better compared to the present when the economy is in much better shape. It clearly goes on to show that the results are based only on the performance of the students rather than any extraneous factors.CA. Amarjit Chopra
President, ICAI
July 27, 2010
Students – A Source of Revenue?
7) ICAI in many ways see students as an economic resource from which it can earn its income (apart from Course fee) through various courses like ITT, Orientation Course, GMCS, and thereafter, the fees and course updates for the different attempts that student gives whether in IPCE/PCC level or the final level. And it so happens that such money is not spent by ICAI on students – but on Cricket matches or Yoga camps for its members, and seminars at Five star hotels.
Articleship is Not Job Experience
8 ) The three years of articleship training does not count for experience. So, if you want a job – your articleship training would count for zero years of experience – even if you have done critical and vital works in that period. There have been many cases where the candidate before joining CA course was earning quite good – but after completing articleship, and unable to pass finals – there is no job market for him, or the offers are very low – lower than what such candidate got prior to joining the CA course! In a way, the three years of training without passing the CA Final is a total waste of time and resources. Apart from that in 99.99% cases, the articles are unhappy. This unhappiness can be due to their work or their principal or both. In contrast in courses like CWA, one can get exemption from training equivalent to work experience if one is working in specified areas in specified organisations (eg working in accountancy / tax related field in any Company / NGO / BPO / Govt / Bank etc) – simply meaning one can get the ‘job experience’ and the CWA degree together – whereas in CA one only gets the degree and no ‘job or work experience’.
CA – Not the Only Course for Success
9) Though CA is the only course that deals with audit – in India only. At global level there are other easier ways of doing audit related courses like those from IIA or CISA – even the US CPA is considered easier!. Also, it is not the only course that deals with accountancy. There are many others. And needless to say – they are easier than CA, and they have often some hidden positives. For example in the ICWA course the candidate does industrial training from day one – needless to say that such candidate would find it easier to get employment in corporates – and ICWA stipend is also higher then ICAI stipend. (Infact as outlined in previous point, in CWA one can go directly for job, and get exemption from practical training). Similarly, the CS course which is in much demand in market (even in profession) – the training period is only 15 months (and even this 15 months training can be exempted for Students who possess prescribed practical experience). Infact, the CS course has the option, that those who want to do practice- only they need to take up the training – those who want to take up employment need not do the training! And if you can do an MBA from IIM, then, it is still more lucrative than doing a CA in terms of payoff.
Success, CA and Income
10) Ever heard of people like Prannoy Roy (NDTV) or Shekhar Kapur (Film Director) – they are also Chartered Accountants – however they left their career in field of audit and accountancy for more creative (and lucrative) ventures. And even apart from these, many of the Bollywood film stars earn more than big audit firms of India! So, its not that CAs are highly paid or high income earners. Infact, many of the CAs depend on Bank and PSU audit for substantial part of their revenue – and often have to quote low on fees – as it is a matter of their survival. There have even been cases where CAs have done audit for a fees of Rs 20 (twenty) only per audit (years 2008-09)!
Conclusion
If you have read above, and still not convinced – then you are the die-hard type – the kind CAs are made of. If you think you can surmount the problems, and willing to work hard in a never say die attitude – then go ahead and join the CA course. Perhaps CAs are, more than anything else worshipers of Saraswati. As one of my friend once remarked – “It seems, more than the fees, CAs are more happy that they get to see the internal papers”. And in one instance in a seminar that I attended, a nationally reputed tax consultant spoke thus – “People have come to understand CAs as friend and counselors with whom they can even discuss family troubles and marriage of their daughters!”
Past CA Final Results:
I agree with your points.. but you must note that no one get their wonderful life without hurdles….
Eventhough bonded labour is vanished through law still it is exist in the name of article trainees.
Most of the principal wish to retain the trainees and forgot to teach them. Institute send the study materials to fulfill their obligation without considering students welfare. we cannot use this material to write the examination and we cannot get any updation material for particular exam.Most of the times applicability of amendments for exam comes very late…and we have to buy some other books at a high cost. All the journal send only at cost and no library facility available in the institute