In Intermediate, the registrations were recorded at 63,693 in 2017-18, 53,654 in 2018-19 and 87,949 in 2019-20. The applications for final course have also seen a drastic rise from 14,056 in 2017-18 to 27,966 in 2018-19 and 67,090 in 2019-20.
Highlighting the reasons for the significant rise in the number of applicants for the CA course, Nihar N Jambusaria, president, ICAI says, “The role of a chartered accountant is evolving day-by day to assume new responsibilities in a dynamic global business environment. Today qualified CAs are adept to easily solve the most complex and intriguing business problems covering the whole spectrum of business and industry. ”
The traditional role of financial reporting, accounting, auditing and financial analyst has undergone a remarkable shift during recent times, says Jambusaria. The expectation of industry from CAs is continuously increasing to match the economic and technological changes taking place globally.
The course is attracting students despite the low pass percentage at the three levels in the course. In 2020, around 35% of candidates had qualified the CA Foundation, 25% cleared the Intermediate New Course (Group 1), 21% cleared the Intermediate (Group II). The pass percentage in CA Final New Course was 12.84% (Group 1), 30.97% (Group II) and 14.47% for both groups.
Explaining the concerns regarding the low pass percentage of candidates in CA exams, Jambusaria says, “The remuneration of a CA professional is not affected by the attempts taken to clear the CA exam. Very rare occasions are seen where recruiters offer more pay to candidates who pass the examination in the first attempt as compared to repeat attempt candidates. Once a CA is employed at whatever pay, he has an equal chance of going up the ladder with his dedication and skills. ”
During the last campus placement organized by ICAI in August-September, 2020, the highest salary offered for domestic posting was Rs.23.28 lakh per annum and the average salary was Rs.8.91 lakh per annum, he says.
Further explaining the opportunities that the profession offers, Jambusaria adds, “The scope of CA profession is quite different from that of other professions such as doctors and engineers. Chartered Accountancy is a dynamic, challenging and rewarding profession and is growing progressively to include various value-added services. The practical industrial training offered during the course provides the much-needed industrial exposure that helps a student to become CEO from CFO of a company, in the future. It is the most economical professional course and can be completed within a minimum amount of Rs 75,000. ”