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Nov 2017

Does Number of Attempts Matter in CA – A Discussion

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Lets have a fair discussion – Does Number of Attempts Matter in CA?

“Number of attempts does not matter. The value of a CA always remain the same” – do you agree with this line ? If yes then you are from the millions who never had an interview in past.

But the fact is totally different. NUMBER OF ATTEMPTS DOES MATTER (Atleast for the first Job) AND I CAN PROVE IT LATER.

Yesterday a member on WhatsApp asked me a question “Sir 40 days remaining for the exams and i have not prepared for a single group, Please suggest me what i do?

On the basis of my past experience i suggest him to prepare for May 2017 both groups. But may be he was not satisfied with my answer and he asked same question in Our whatsapp group. when i read the suggestions i feel that i need create a fair discussion on that topic. I personally believe that this is a matter which need to be discussed.

As i cleared my CA in May 2016 itself, I faced many problems to getting a job and one of the basic reason i found ATTEMPT ATTEMPT ATTEMPT !!!

I Cleared my CA Final in two attempts and the first i gave in Nov 2015 by the suggestion of my friends that ” Abey yaar de de koi baat nahi.. kam se kam experience to milega”   i know very well that i have  not prepared for exams and not confident, still i appeared. And believe me that experience i have facing till now. Even the company in which i wanted to get a job “Larsen & Toubro” i got rejected on the basis of Attempts.

Did you know?
If you appeared for Exam for single group then it will be counted for one attempt. For instance if you are going to appear your CA finals group 1 exam in upcoming May and the group 2 exam in November this year then you CA Final Would be counted as two attempts.

One of my friend got a call from Deloitte India. Fact that he has cleared CA Final first group in May 2015 and second group in May 2016. Nov 2015 he was not appeared due to coaching classes. During the telephonic interview by Deloitte with my friend he got rejected because only he dropped Nov 2015 attempt and appeared for second group in May 2016. Thereafter i got to know that they counted his three attempts instead if two.

So if i not prepared much for exam do i drop that attempt ?

No. there is a very thin line difference of Confidence and Over Confidence. I personally believe that if you do study regularly, taken coaching classes, done practice manuals, appeared for mock test, then no one stop you to score with good marks. You should evaluate yourself. Ask question yourself instead of asking others. You know much yourself than others. Not only for marks, you should prepare for Rank. check it out : How to get a Rank in CA?

 You are only know what is best for you. But i suggest you don’t appear for exams if you think i can get exemption in one paper and will clear rest of the papers in next attempt.

Does the Attempt Matter.. insights

It’s not a doom of career, but for the first few years you will have to keep calm with low pay jobs. Later as time passes, you get experienced, then only the experience matters the most. I am a recently qualified Chartered Accountant, so I am answering from a practical perspective and as per recent trends in Profession.

What says Saurabh Toshniwal, CA, CMA, Bcom, Businessperson, Business Consultant

When I went to Campus Interviews, I understood that the Companies sort resumes on the basis of Attempts criteria. Every company according to their requirements use to filter on number of attempts generally 1, 2 or maximum 3 attempts passout CAs are usually considered for interviews!

Many other candidates’ resume is not even considered worth reading. This is evident from the fact that every form that you fill whether for Campus placement or company’s own forms it contains columns for Number of Attempts. So, it is not myth that Attempts don’t matter. People who have passed in first attempt, would definitely must have felt the difference from those who passout in multiple attempts during Campus placements.

In case of Freshers / First Job Salary –

  • Yes, only Chartered Accountants who pass out all levels in first attempt get the high packages. Those days are gone when, there were only very few CA who could do not.
  • Nowadays the number of students who passout all through in first attempt has increased, thus companies now prefer only CA who pass all through in first attempt. Even for low pay jobs, there are restrictions on number of attempts.
  • However, every Chartered Accountant gets a decent salary. Decent Salary here for a Fresher means 3 to 8 lpa. However, the people who passout in first attempt have highest chances & do get offers from 8 to 15 lpa.
  • You need to distinguish between decent job & nice job! Decent job means the average job. Every Chartered Accountant irrespective of attempts gets a decent job. But only people who passout in first attempt or fewer attempt get nice jobs!
  • But this is 21st century, no one wants a decent job. Even the Chaiwallas / Street sellers are earning decent job equivalent-pay!

Some Evidences:

(a) Big Four Company but requirement maximum 3 attempts

Does Numbers of attempt matters for CA Exams

(b) Executive Accountant in Some Company paying 2-7 lakhs but requirement maximum 2 attempts

Does Numbers of attempt matters for CA Exams

(c) Finance & Accounting Team in some Telecom Company paying 2-7 lakhs but requirement 1-2 attempt.

Does Numbers of attempt matters for CA Exams

(d) L&T Recruitment Requirement for Chartered Accountants.

does-numbers-of-attempt-matters-for-ca-exams

In case of Experienced People / After First Job Salary –

  • If you are talking about after first job salary then let me tell you Experience becomes the key factor.
  • Your area of expertise becomes key factor. You overall resume/profile becomes key factor. How good you are at work matters for all future promotions.
  • It may happen that a person who passed out in two-three attempts gets promoted first before a person who passed in one attempt, that’s only because of hard work & intelligent work that you do for the organization
  • Become their key asset & they will pour money on you!
What says Suyash Mal, Student

Good CA’s are likely to get a decent salary in the long run. I’m still a student but let’s think about it. I will be talking in future indefinite tense.

Rankers and First attempt pass outs MIGHT get an edge initially. Their work experience during the articleship period will also be considered.

The firm where I work has 5 audit incharges. Some are first attempt CA’s, some multiple attempt CA’s and some are yet to pass CA Final. When it comes to playing in the open it’s a whole different ball game than charting out the game-plan. In real life simulations, the possibilities are endless. The first attempt CA MIGHT have practiced the PM thoroughly and done well in the exams but handling new situations require common sense, clarity and a lot of R&D. One who took multiple attempts might see a particular problem and investigate it thoroughly, look out for material in the web, and come up with a solution.

This approach, whosoever follows it, will succeed in the long run. The bottom line is, hard work is required, whether you do it for passing the exams in first attempt or for surviving in the long run.

First attempt CAs MIGHT get preliminary advantage but the increment in salary over the years will always be decided by perseverance and common sense. One who keeps himself/herself updated with the changing laws will survive. Then the number of attempts will hardly matter.

What Says Arnav Ray, Chartered Accountant

There are a number of ways to get in a top MNC post clearing your CA. The best way is to get in through campus placements, where the selections are immediate and based on the selection process. However, to get through the selection process, you will have to mention the number of attempts taken for clearing the CA exams at every level. Some companies have a strict policy of hiring only first attempt candidates eg, ITC, HSBC, RIL etc. Other companies such as Kotak Mahindra Bank, Vedanta group, ICICI Bank, and the Big 4s accommodate candidates with multiple attempts but usually not more than three attempts. Further, the salary offered to first attempt cleared candidates are higher than those who are not.

You may also get placed in a top MNC by going off campus through referrals and applying on their websites. However, this is a tougher route since you are competing not only with fresh CAs but also CAs with some experience, MBAs, and lateral candidates.

Remember, when you are called for an interview despite the number of your attempts, it shows that the company is interested in your candidature, although they may ask you the reason for multiple attempts.

Clearing in the first attempt may help you only in securing the job. To get to the top, it’s a different ball game and you need to perform well vis-a-vis others.

Further, clearing in the first attempt definitely has its advantage of jumping the queue, but at the end, performance in the interviews matters. After the first job, attempts do not really matter and it is all about the knowledge gained post qualification and profile of the previous job. So one can shift jobs later on.

Note: Names of companies mentioned are only indicative and should not come as a surprise if the companies modify their hiring policies.

I am cutting down the Conclusion as you are invited to discuss the Article “Does number of attempts matter in CA”

Please Participate and show your views on this.

Conclusion: For first few jobs or years of profession, your number of attempts matter, slowly it’s importance starts withering away and Experience & expertise takes it place! I am not trying to dishearten anybody, but it’s a fact of practical life. If you are one such person who has failed to pass in single attempt, remember, hard work & dedication can help you leap faster and get an edge over others!

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2 Comments on Does Number of Attempts Matter in CA – A Discussion

  1. I agree with you Dushyant. I faced the situation of not getting selected by even a single comppany for the Campus placement and the only reason I can think of is taking 3 attempts to clear the CA Final Exams.

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