What other options do I have after dropping the CA? I am 25 and a CA final student who failed 5 times.
Success is just not about completing CA. It’s about being satisfied with the efforts put in to achieve it. I am a teacher with more than a decade of experience in teaching. In my years of experience, I have met, taught and guided thousands of students pursuing CA and many other domestic and international courses like CS, ACCA, CMA(USA) and CPA(USA).
Over the years, I have noticed students failing mainly CA and also failing in their life due to the following reasons.
Kindly note that any student who are into CA Final cannot be concluded as weak or not worthy of passing CA Final since they have proven their mettle by passing IPCC or Intermediate.
Reasons for failure:
Time planning: Student forgets that right preparation is all about right planning. You need to plan time well.
Right books: You need to plan the books that you are going to refer to. Trust me, the best books for CA Final are the ones that comes complimentary. But since it looks free, importance is reduced. You must refer to the following books for right preparation.
Practice Manual (get old PM since it’s been discontinued or download from The Institute of Chartered Accountants of India.
Solve at least 5 years RTP’s
Ensure that you solve suggested answers, at least 3 papers to ensure that you are exam ready.
And lastly, take up mock exams conducted by ICAI for self assessment.
The referred books may be difficult for theory papers, but these are amazing fir practical subjects like Accounts, SFM, AMA, IDT and DT.
Hard work vs. Intelligence: To become CA, you don’t need to be hard working, all you need is to be consistent and regular. Have a great “no giving up attitude”.
Now coming to your question about the alternatives. Let me tell you that there are many alternatives to CA. However, these alternatives are to be complimented with CA rather than substituted to CA. You must opt for these while doing CA and not while getting caught with failed attempts.
Every student pursuing CA must necessarily look for the following combinations to ensure that success is never elusive to you.
Alternative Courses: When joining CA, always mix a short term course with CA. Since CA takes a long time, mixing CMA(USA) or ACCA makes a lot of sense since these takes substantially less amount of time.
Complimentary Courses: You can also go fir complimentary courses such as Company Secretary or CMA(INDIA) since the syllabus at least till executive and intermediate are extremely similar and common barring a few uncommon subjects which are not difficult to crack.
Portfolio is Important: Success is never an accident. You need to plan a right portfolio of career options choosing professional courses which may compliment each other. Failing in one and passing in the other is the only way to defeat complete failures. It is also the only way to save time and attempts and most importantly continuing to remain confident and motivated.
Time planning between exams and results : Loosing time just after the exam and till results are declared is the worst mistake. Since putting yourself back to study mode after the disaster itself takes huge toll on your moral and confidence. It would always be wise to study for the other exam during this period. It will ensure that you continue with the rhythm and write alternative exams. It will also ensure that you do not have to retrain yourself to sit with books again after the last failure.
Passing percentage: Though CA is very much possible, yet not every one passes it. For you more than anything, securing career is most important. You must plan for alternative career based on your strength and passing percentage in those courses.
Now again coming to other options still open to you.
You can opt for any of the short term courses available today. But remember, you are just 25 years old and still have long way to go in life. You should not get into the group of people who believe in giving up.
You may also explore many possibilities in the other domain if you really wish to discontinue such as MBA in Finance, Banking Courses and other not so difficult courses like
Certified Financial Planner
Chartered Financial Planner
Chartered Wealth Manager
But remember, doing any of the aforesaid courses is not going to give you so much recognition as doing CA, CMA(USA), ACCA or CPA would give.
Now it is up to you to decide which path should you choose to take. But remember, what ever you do today will have reflection in your life for years to come.