The equity theory stands to haunt everyone, no less the aspiring, strong-headed CA candidates! Lets admit it! You asked questions like Is doing CA worth it?, is CA a good career option for me? What are the advantages of CA?
Why not? Afteralll,l 94% of the aspiring candidates are martyred every year.
Nevertheless, we shall explore some myths and see the hard realities in this post, and hopefully bring you to peace!
Key Takeaways
1: The accounting profession has grown by 9% between 2021 and 2022
2:CA difficulty is comparable to other premium degrees like IIM or CFA
3: MBA Is a management qualfication,CA is an accounting qualfication( both poles apart)
4: CA entry level salaries average art 8 LPA
5: Many alternatives and employable skills should be pursued alongside CA
Is doing CA worth it- List of Myths
The CA profession is dying- Myth Number 1
This is the most funny question or rather a thought, which has made its way into the student community. I am not sure, whether this question was a bad dream of a CA inter-student awaiting result, who suddenly thought ” Who cares if I pass, if the profession itself dies?”
EY,PWC,Deloitte,KPMG added more than 400 partners during covid pandemic, making the total partners to 2100. The average salary of of these directors were atleast ₹1 Crore.
Economic Times
The big 4 saw the maximum number of promotions happening during pandemic. The big 4 together generate ₹16k crore in revenues.
Looking at the Deloitte revenue for FY 20 & FY 21, the payment has actually grown by 9%
According to the bureau of labor statistics(BLS), the accounting profession would grow by 11%. This is higher than the national average of 7%
CA is very, very difficult- Myth Number 2
What’s worth which is easy? and nothing precious is cheap!
Getting into IIM- success rate 2% ,Becoming CFA ,charterholder- 6%,Becoming a CA – 6%,Becoming a Para SF- 1%,Becoming a navy seals – 1%
Difficulty is relative, not absolute and never interpret the difficulty based on these numbers but the interest.
If you are not passionate about accounting and finance, then its very very difficult. However if you like numbers, you like logic then CA is very easy.
Most of the candidates applying for CA, are clueless why they exist there! Hence its imperative, that pass rate are going to be low.
I’ll leave you with a question. Would you consider doing a qualficiation or degree, which has a pass rate of 100%?
MBA is better than CA- Myth Number 3
I have seen a lot of people blatantly claiming that, they sucked at CA & then they gave CAT earning a big fat package. Look at these quora discussions:
This course not worth of hardship involved like you have to attend morning evenining classes of 3.5 -3.5 hours each plus have to go to office for 8–10 hours. You have to give up all your social life & your physical & mental health also degrade thats why many CA students get bald during course
Quora
Many such discussions are privy to the internet, most of them written without any industry reference. MBA is management qualification, designed with a very different function in mind.
Check the placement report of IIM B – IIM Placements 2021. Did you notice the kind of roles they get into?These roles include Product management, Consulting, Ecommerce,not specialist roles like accounting. When i say specalist, doesn’t mean better or special in the emotional sensse but the function itself.
So the answer is neither is better than either, both are seperate qualfications for their respective need of the industry.
CA Salaries are low- Myth Number 4
The average salary of fresher chartered accountant in India, is 8.35 Lacs P.A.
These are preety believable numbers and I have seen this even with our placement record at mentor me careers. For a fresher a salary of 6 LPA, is by no means low!
Moreover the salary growth needs to be factored in too, meaning the salaries can easily double with around 3 years expereince under your belt.
A good benchmark is to multiply your years of expereince x 2 Lac to get your average salary targets.
For eg a person with around 6 years of expereience should be in the range of 12-15 LPA
Life Ends if you fail CA- Myth Number 5
Another myth or delusion is that CA is risky because if you don’t clear at the advanced stages then you are stuck. I would disagree again!
Whether someone is stuck or thriving depends on his strategy. Ask your self this,” Are you stuck becuase you lost the interest?” or are you stuck because you lack something?
If you lost your interest or so to say the love for the field then its time to find what you love. At the same time if you are stuck due to some subject that you don’t like, then its time you raised your spirits and deal with it.
Life can end only when you want it to end, not because of CA. CA qualfication doesn’t have the time or intention to target you personally, its you who is the maker of your destiny.
There are many IIM Graduates, who don’t get hired likewise there are many chartered accountants who are unemployed.
So the exams outcome is a reflection of your preperation, passion and hardwork, nothing less nothing more.
At the same time the world doesn’t stop you from buidling your skills and pursuing additional qualifications and certifications.
You can pursue CFA, ACCA, CPA, IFRS and many such skills which can give you a fighting chance in survival.
You can read more about the best certifications for CA students in this post: 10 Best Certification Courses & Qualficiations for CA Students
is doing CA worth it?
Finally the golden question is here! Is it worth it? A 200% Yes in my opinion, no questions asked. Moreover,CA ‘s are a premium bunch of people in India and across the world. Leaving aside their technical competencies, a CA is symbol of perfection, hardwork & perseverence.
Hence if you are in a dliema about this question then first ask yourself whether you are passionate about this field and work. If the answer is yes, then the value is there. Else its time for search to continue.
