What to Do If You Didn’t Clear CA? Here are Best Alternative Career Options

What is CA? (Chartered Accountancy)

CA or Chartered Accountancy is a popular certification programme conducted and regulated by the ICAI (Institute of Chartered Accountants of India). It is a professional programme that prepares the students with accounting, taxation, and finance knowledge. The course curriculum of CA (Chartered Accountancy) includes subjects such as Business Economics, Quantitative Methods, Auditing and Ethics, and Advanced Accounting.

Chartered Accountancy (CA) certification primarily consists of three levels, CA Foundation, CA Inter and CA Final. Apart from these three levels, students also have to undergo mandatory practical training. Eligibility for all three levels of CA are discussed below.

CA Foundation Eligibility

• Candidates must apply for the CA foundation examination
• They must have cleared their 10+2 from a recognised board in India.
• To successfully clear the CA Foundation levels, they must clear all the papers with 40 per cent aggregate marks, and 50 per cent in aggregate of all the papers combined.

CA Intermediate Eligibility

• Candidates must have successfully cleared the CA Foundation examination.
• They can apply for the intermediate level through the direct path by successfully clearing the bachelor’s degree from a recognised institute in India.

CA Final Eligibility

• Candidates should register for the CA Final course successfully.
• They must have passed the CA Intermediate course.
• Students should also complete 6 months of practical training before the CA Final examination.
• To successfully clear the CA Final level, they must have cleared all the papers with 40 per cent aggregate marks and 50 per cent aggregate marks of all the papers combined.

Alternative Career Paths for CA Dropouts

While Chartered Accountancy is a course that is in huge demand and offers lucrative salary packages and a promising career path, clearing the CA course is very challenging. However, CA dropouts must know that they can explore a variety of alternative career paths. Some of the popular ones are mentioned below.

Try Again With A Fresh Start

If the student is sure about becoming a CA, they can also reattempt the examination. Many successful Chartered Accountants have cleared the exam in several attempts. Some of the tips for candidates reappearing for the examination are mentioned below.

• Analyse Your Mistakes- Students should analyse their past mistakes and should focus on the subjects they find difficult.
• Take Coaching- Applicants can also enroll in a prominent coaching institute, it will help in streamlining the CA preparation process.
• Solve Past Year Papers- Solving previous year question papers will also help the students in understanding the exam pattern.

Certified Public Accountant (CPA)

CPA or Certified Public Accountants are professionals who provide accounting services to small-scale businesses, individuals and government. CPA is considered a good alternative to CA. While CA certification has a curriculum focused on the Indian market, CPA is perfect for those looking to work abroad, primarily in the USA. Both CPA and CAs are involved with management accounting, therefore CPA can prove to be a great alternative to CA.

CPA Course Curriculum:

• Financial Analysis and Reporting
• Regulation (REG)
• Tax Compliance and Planning
• Information Systems and Control

Why Choose CPA?

• Good International Recognition
• Higher Salary Packages
• Shorter time duration
• Career Advancements

Association of Chartered Certified Accountants (ACCA)

ACCA or Association of Chartered Certified Accountants is a professional global standard certification in accounting. ACCA is considered a good alternative to CA since the course structure is very flexible and is considered easy as compared to CA certification. Since it is a global accounting association and focuses on IFRS (International Financial Reporting Standards), it will be very beneficial for a global career.

ACCA Course Curriculum

• Management Accounting
• Financial Accounting
• Financial Reporting
• Audit and Assurance

Why Choose ACCA?

• International Recognition
• Comparatively easier curriculum
• Flexible Syllabus
• Focus on International Financial Reporting Standards

Company Secretary Course

Company Secretary course prepares the students to handle the legal aspects of a business. While CA focuses on providing in-depth knowledge of accounting and finance, CS provides knowledge of corporate governance and business law. Company Secretaries ensure companies run under the legal requirements of the government. While both CA and CS curriculum has accounting subjects, CS is more concerned with the legal part of the business.

CS Course Curriculum

• Business Law
• Corporate Law
• Financial Accounting
• Tax Laws and Practice

Why Choose the Company Secretary Course?

• Good opportunity in corporate firms and MNCs
• CS candidates can start their consulting firms
• Comparatively easier course curriculum
• Generally, a higher pass percentage as compared to CA

Also Read- How to Become Company Secretary

MBA in Finance

While there are various certifications available for CA dropouts such as CFA, CMA, CS, CPA, and ACCA, pursuing an MBA in Finance or Accounting can also be very rewarding. MBA in Finance has many subjects that are similar to those of CA. Apart from good finance knowledge, students will also gain good managerial skills.

MBA in Finance Course Curriculum

• Financial Management
• Investment Analysis
• Principles of Accounting
• Fixed Income Securities

Why Choose an MBA Finance Course?

• Broader Business Perspective
• Managerial Skills
• Diverse Career Options
• High earning potential

There is no doubt that CA is very exhaustive and challenging, however, there are various other options available for CA dropouts. First and foremost, students who are seriously aiming to become a CA should try again, many successful CAs have cleared the exam in multiple attempts. There are various certifications and postgraduate degree programmes available for the CA dropouts that prove to be a great alternative.