THE DARK REALITY OF SEMI QUALIFIED CHARTERED ACCOUNTANTS !!

INTRO

I Have given CA Final both groups exams in May 24 and hunting for jobs for semi qualified CA on various online platforms i.e. LinkedIn, Indeed, Naukri.Com and also visit on many CA Firms & Companies website for the vacancy but what I found there was seriously shocking and disheartening with the jobs available for a semi qualified CA.

 

FACTS

As per ICAI key statistics report, there are in total 1,97,988 CA Final students as on 01/May/2024.

As per ICAI 74^th Annual report data related to examination statistics of CA Final Students;

May/June 2022; Out of 29348 only 3695 were pass i.e. 12.59%,

November 2022; Out of 29242 only 3243 were pass i.e. 11.09%

It means the opposite % is of students fails in CA Final exams who are semi qualified chartered accountants. So in May 2022 there are 25653 and in November 2022 there are 25999 were semi-qualified chartered accountants.

Link of Annual Report; https://resource.cdn.icai.org/76521annualreport-icai-74th-english-hindi-version.pdf

 

PROBLEMS WITH CA FIRMS

Majority of job requirements for a semi qualified requires a minimum 3-5 years of working experience in a CA Firm along with the good exposure in accounting, auditing, taxation (DT & IDT) & other areas as per the requirement of employing firm, offering starting salary of Rs.10000 per month. This situation is even worst in small size CA Firms where they are offering starting salary of Rs.8000 per month with same experience. In my opinion this is not justified salary as it is not matching with the experience requirement, the amount they are offering is similar to what a CA Article gets as stipend.

Few CA firms don’t even consider our article ship experience as working experience rather they are treating us as a fresher like a CA Article. With these also, the salary they are offering are similar with 2^nd or 3^rd year article or 10% higher. I mean how can a CA Article and a semi qualified CA be treat at par in terms of salary or knowledge.

Entry in top CA Firms are becoming very challenging because their first priority are CA Articles and then they require qualified CA with major experience in a particular field. When it comes semi qualified CA, firstly they require having working experience and secondly they offer salary within a low range and thirdly when it comes to taking leaves for CA Final exams, it becomes very difficult to get the same.

As we all know the amount of stress and pressure in a CA Firm, no Sundays, no holidays if work is there you have to work even on holidays. Also there is working week from Monday to Saturday with minimum 8-10 hours. These can be extended during peak hours i.e. due dates of ITR’s, Tax Audit, Transfer Pricing Audit, GST Audit with no maximum limit, you have to work until its get completed.

Despite of all these facts, what you will get in hand is very low or not commensurate with amount of hard work we are putting.

 

 PROBLEMS WITH COMPANIES & MNC’S

In case of Companies or MNC’s offering jobs requires specific field experience with minimum of 2-5 years from a reputed CA Firm, or having sound knowledge of SAP, Oracle, or other similar soft wares. According to my observations, majority of CA Students pursue their articleship from small size or mid-size CA Firms which do not have clients using such kind of software’s and not providing experience in single field rather they would involve in multiple domains.

The job description is also very vague or not very clear in terms of exact working responsibilities, e.g. Companies requiring Finance Associate or Finance Analyst are required to perform daily basis accounting entries (sales & purchase invoices posting), TDS & TSC return filing etc. A finance analyst should be required to perform analysis of past year financial statements to prepare budgets, reports that help management to decide future actions.

Another problem is there after taking interview there is no proper confirmation within a stipulated time whether you are selected or not, even when your interview was good you are not selected. Seriously it is a waste of time for candidates, it the employer tells about the final decision whether the candidate is selected or not and about his performance in interview, so that he can move further and improve himself or herself for next opportunity.

In the corporate world, the discrimination with a semi qualified CA is at its peak, we can see either they requires graduates, articles as a fresher or qualified CA with minimum amount of experience. If somehow they requires a semi qualified CA, then there is exceptional requirements of marks, attempts, ranks, other certifications, articleship from top CA Firms. I mean how an average CA Student who comes from lower or middle class family background having experience from a small size or mid-size CA Firms can compete here. I know many of you can share examples who overcome with this but before giving these examples, please think that what % these real life examples constitutes of total semi qualified CA’s. In my opinion it is very low.

 

GENERAL

We all know in CA Course the passing ratio is very minimum that means majority of students fail. So the numbers of semi qualified CA’s are very high and very few of them would be fit into the criteria of above job requirements.

When our institute has not discriminating between us in terms of degree, knowledge, papers or articleship exposure, then why these some employers are doing that with many of us.

Everyone of us undergoes with the same process, same subjects, same levels, same passing rates, having same degree then why these employers are judging us on the basis of a particulars experience, marks, attempts i.e. If a person has qualified in 1^st attempt, I will offer job or let say if such person having particular field of experience only then I would select him/her.

It is not possible for everyone of us have to clear in first attempt, or having exposure of listed clients or experience in specific domain or field, then why the employers are not understanding these things.

I think ICAI has to rethink on these matter, if the employer is asking for a top CA Firms articleship exposure then why we have small & mid-size CA Firms. The institute has to allow only registration of CA Firms having minimum no. of partners, specific clients with minimum turnover.

In the last, I want to say that I have written this article not to defame or disrespect any person, firm or institute in any manner, it just that I want to express my opinion and concern over the semi qualified chartered accountants. We all know what kind of hard work, efforts, time it takes to become a chartered accountant or a semi qualified chartered accountant, so he is deserving a reasonable good amount.

In case if you have any suggestion or feedback or any opinion on this matter please feel free to write and share with me.

Thanks For Your Time & Patience.