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What are some good Career backup plans if a student is not able to complete CA course?

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by Saurabh Toshniwal
It's a Disaster Management Strategy -
  • Join this course at your own risk.
  • I think ICAI should add the above  statement on the top of Admission form for CA course, so that students realize that backup plans are important.
  • The disaster management theories always emphasize on keeping backup plans in case of emergency situations. Not being able to clear CA course, especially after investing 2-3 years in this course is as good as a disaster. Yes, backup plans are always recommended.
  • However, balancing between your backup plan and at the same time keeping high confidence in your studies - something that every Chartered Accountant learns as student.
  • We must not totally concentrate on our backup plans. This creates negative vibes in our mind, which are not good for studies. On the other hand, one must also not be over-confident about his/her studies.
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Backup Plan Scenarios -

I. Planning to be done before starting CA course -
The Orthodox Ways - The backup plans at this stage should not be very high or complex, since you have not tested yourself in this course, therefore, you cannot regard yourself that you cannot complete this course.
  • Bachelor Degree - Always do a bachelor degree along with CA course. Some points which are important in this regard -
    • Prefer Regular college over Correspondence.
    • The College timings should not clash with Articleship office hours
    • There must be suitable alternatives for not attending regular classes, though it is a regular college.
    • Prefer a college which fulfils above criterias, if a reputed college doesn't, then leave that option, because fulfilling above criteria is highly important
    • IGNOU courses are not recommended.
    • Prefer a college where very year Campus placements take place, against a college which doesn't have frequent placements.
    • Choose bachelor degree wisely - instead of going for Bcom, one must think of doing other courses like BBA, BBM, etc.
    • Choose your Specialization subject wisely. Generally these have to be selected at second year.
  • Choosing Law as your bachelor degree - This would be very stressful if you select, but if it is possible for you to manage, then instead of other bachelor courses, select LLB as your degree career. Outrightly I am making this disclaimer, it won't be easy and it is also not a recommended course, because you many land nowhere, if you are not able to manage both courses & flunk in both.
  • Don't pursue, but just keep an eye on allied courses - Be aware about allied professions like CS, CMA, CFA, ACCA, etc. I totally reject the idea of pursuing these courses along with CA at this stage. Unless you are a Bachelor degree holder, don't go for these courses, just have information about them. First preference is always Bachelor degree courses, because they are a degree and it opens up avenues like MBA or Mcom i.e. Master's degree.
The Unorthodox ways - E.g. Popatlal from 'Tarak Mehta ka Ulta Chashma' is also a Chartered Accountant. Something that students really don't think of, but can be very highly helpful, I am speaking from experience, becoming a good person, from non-academic point of view, is also a quite enough to have a decent career -
  • Your Hobbies can also be a career - Something that nobody talks of, something that nobody thinks of, your hobbies can become a great career, if you excel at them and keep improving in them. Painting, Singing, Dancing, Acting, Sketching, Writing, Instrument playing, etc. these are just the popular ones, whatever be your hobby, just don't leave it because you are into professional courses.
  • Have strong Areas of Interests - Areas of interests means the news that you love to follow like technology, economy, politics, sports, entertainment, beauty, health, etc.Even being a movie buff is also a great area. Keep yourself updated with the trends in these areas, never ever miss anything, become a pro in some area - it can be even Cricket or Bollywood, but the thing is - more unique it is, the better it will be for you. This helps in two ways -
    • Your social life improves, since people will start seeing you as "Yes, that boy knows everything about Indian Politics, if you have any query just ask him."
    • When your main career fails, you can build on your area of interest by way of journalism, articles, writer, expert, mentor, public speaker, poet, critic, judge, etc.
  • Extra curricular activities - Being a part of NGOs, Playing some sports, Voracious reading, Public Speaking, Writing, Networking with people & having large social groups, etc. are also some great extra curricular activities that can help in building a career in future.
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II. Planning to be done during CA course -
These are in addition to what has been already mentioned above, additional backup plans that can be planned at this stage are -
  • Registering for ATC - Accounting Technician Certificate is another course offered by ICAI. It is a separate course & recognition, but it is equivalent to IPCC Group I passed student. One can register for ATC after passing foundation course side by side to IPCC. So in case, a student is not able to clear IPCC Group II, he/she can become an ATC on completion of 1 year of articleship. In a nutshell, to become an ATC, a person has to - Clear CPT, Clear IPCC Group 1 and complete 1 year of articleship training. This course can help you in becoming an accountant in small organization and with experience one can become accountant in larger organizations as well.
  • Voluntary Articleship Training - This is not any scheme or course, it is just like summer trainings or internships. While a student is giving multiple attempts of IPCC, side by side he/she can start Articleship training. If he/she clears then this can be considered as legal articleship, if not cleared then this experience will help a lot in getting a job. Working/Internship in CA firm, is always considered an useful work experience.
  • Accounting Software Courses - A student can learn various Accounting software from external institutes, while side by side giving IPCC exams. This again, helps both ways - if he/she clears exams, then it is an impetus for getting articleship in good firms, if doesn't clear exam, then this knowledge is again very useful for getting jobs. But here, this is not about learning basic softwares like Tally ERP, one must learn about high end softwares like SAP. Only then it would be an edge in terms of prospects.
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III. Planning to be done after completing Articleship training -
These are in addition to what has been already mentioned above, additional backup plans that can be planned at this stage are -
  • Pursue allied courses that you had an eyed for - We discussed about keeping in mind the allied courses like CS, CMA, CFA, ACCA etc. This is the time by when you would have already completed your Bachelor degree and articleship as well. So now you can opt for the other courses. Being an Intermediate cleared student, you will get exemptions in many of these exams.
  • Masters Degree - A Masters degree is always recommended to have in pocket. Now MBA is the most common and reasonably better than most others. But it totally depends on your bachelor degree and your area of interest. While selecting a Masters degree, apply the same points as mentioned above in the Bachelors degree section.
  • Specialization Area - During articleship, although you might have worked in various areas, but there is always one area where you might have received the maximum exposure. This area is your specialization area, there might be two - three also, but you have to select one definite area. You can use your articleship experience and start working as a consultant in that particular area. This will be a low paying business, but then you will get a few work and balance time you can invest in studies. If interested you can study in this specialization area as well. If you doubt your knowledge in this area, you can simply learn by reading books or ask your senior friends or seek support from Chartered Accountants.
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IV. After being a Dropout
These are in addition to what has been already mentioned above, additional backup plans that can be planned at this stage are -
  • Grab a Job immediately - Yes, this might be shocking, but certainly something very highly recommended, unless you are dropout at CPT stage. Experience is the mother of all degrees. Therefore, get a job, whatever be the role, whatever be salary, don't worry about it. Your objective should be "It's okay I could not learn these things from books, but now I will try learning these practically through experience." This experience is always helpful and it saves you from a lot of blunt criticisms that you receive from people. Since you are earning, though less or more, you and your family may feel slightly better, because since you have a job, your career is not totally directionless.
  • Pursue another Course simultaneously - But degree also matters! If you want to grow your prospects, you need to pursue some other courses besides the regular Bachelors and Masters degree. You cannot give up job though. Now since your earlier years have partially gone in vain, you have to double up your efforts and therefore, by doing a job and course together, you will increase your speed and if you do well, at some point in future you will stand at par with your other friends and classmates who had moved ahead of you, though this is not competition, but we need to think that way.
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Recommended Dropout Trigger Points -
  • Failed thrice in CPT/Foundation
  • Failed twice in both groups in IPCC/Inter
  • Failed thrice in either of the groups, where one group is already cleared
  • Failed thrice in both groups of CA - Final
  • Failed five times in any one group of CA - Final, where one group is already cleared
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Conclusion: The greatest problem with CA students is, they come from academics as a toppers of school, so they never plan any backup, because of that high confidence. However, every student must know that CA course is a professional course, totally different from the other academics that we did till date.
"Accepting the problem is the first step to solving the problem."
"Keeping a backup plan, is the sign of wisdom and an act of wiser man!"
(Disclaimer: Since a student has joined CA course, I assume he/she is interested in Accounting & allied fields, and wishes to continue in the same area if is not able to clear CA course. Else he/she may choose a totally different area, based on interest, but then all of those I am not discussing here, since they are commonly known to everybody. Here, I am discussing options which are immediately related & doesn't require changing the path totally.)

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