What are the career options for CA dropouts? Read and know everything you need to know! One of the most common question getting viral on the Social Media “I am a CA Finalist but could not get passed, do I have other options?”. Of course, you have. You need to know, that the world is not limited to CA only.
Definitely, CA is one of the common choices among the commerce stream students, the entrance of which is easy but it’s hard to exit with CA degree. Only 5% of the entrants are able to become a Chartered Accountant. The corporate sector is demanding expert and specialized individuals who can make the higher profits in a smarter way.
Career Options for CA Final Dropouts
There are many career options for CA dropouts available which can pursue anytime either with CA or quitting CA. Here is the list –
Company Secretary –
CS has been hired to handle the legal matters of the company. CS is the only authorized person who can perform the secretarial audit of an organization.
CS is also considered easier than CA. If you are not able to complete CA, then CS can be a good option. Here you will learn about the Company Law and also the subjects are much similar in CA and CS which means you can easily complete CS.
Similar to CA, CS is also divided into three levels Foundation, Executive and Professional but if you have already passed the CA Foundation level or you are a graduate then you will be exempted from the Foundation route of CS.
Certified Management Accountant –
CMA is another good option for candidates who don’t wish to continue Chartered Accountancy. CMA studies and job profile are based on cost accounting and auditing.
Pursuing CMA can give you infinite opportunities, better incentives, and also increase your credibility. CMA offers you to be appointed on the job profile of Finance Manager, Financial Analyst, Financial Risk Management, Financial Controller, Cost Accountant, Chief Financial Officer etc.
Again, similar to CA and CS, CMA has three levels consisting of total 20 papers. The total duration of CMA is minimum 4 years.
Association of Chartered Certified Accountants –
Well, you have heard many times that pursuing ACCA after clearing CA can boost your career opportunities from National to International Level.
ACCA has been recognized in 180 countries and till now 4,00,000 members have become its part throughout the world. Subjects of CA and ACCA are much similar but CA is completely Indian Centric, however, ACCA is accepted globally. Therefore, it gives you an additional knowledge of UK GAAP, IFRS, and some other International Laws.
It is true that you cannot audit the Financial Statements in India without getting a CA degree but ACCA offers you to work with many National and International Companies handling the overseas clients.
The total number of papers in ACCA is 14, but if somebody has cleared CA Final then he will be granted 9 exemptions and CA Inter pass out has granted 5 exemption which means a CA has to appear in only 5 papers and CA Finalist has to appear in only 9 papers to pursue this course. The minimum duration of this course is 2 years.
Chartered Financial Analyst –
If you are looking for a career in Finance after quitting CA then you can go with CFA (Chartered Financial Analyst). CFA offers you countless career opportunities say it Equity Research, Research Analysis, Investment Banking, Portfolio Management etc.
Again, this is an Internationally certified course which gives you career opportunity globally. This course is divided into three levels and also need four years of practical experience. One can get himself register into the CFA after completing graduation or while pursuing the final year of graduation.
Although, CFA is much expensive as compared to CA and other domestic courses. The examination fee of CFA course is even far more than the registration fee of CA course. Hence, the course is not affordable for every person.
Conclusion – In the above article, we have discussed some of the best options for the students who have dropped the Chartered Accountancy or could not able to complete such. But let me aware you students, you will have to start again whatever course you want to go with after dropping out the CA.
Even after getting an exemption from Foundation level, CS will take minimum three years, CMA would take 3-4 years, CFA will take 4 years and ACCA will take 2.5 years. This is the minimum duration of all the courses. Follow the link to know the difference between CA and ACCA
So you are advised to do a good research of all such career options. Find their advantages and disadvantages then take your final decision and remember, this is the final stage of CA, you are just one step away from your dream so you are advised not to drop CA whether or not you have planned some other course.