Career Options for CA Dropouts: If a student struggles to pass the CA exams or loses interest in pursuing a CA degree, there's no need to stress. Becoming a Chartered Accountant is tough, and not everyone manages to finish the course. But, if you are CA dropout, remember it's not the end of the road. There are other courses similar to CA in India that can open doors to success in various global industries.
The real question is, "What comes next after dropping out of CA?" Are there other educational paths that can help build a career in finance and accounting? Are there good job opportunities that offer both success and a decent salary? We will discuss a few educational and employment options for CA dropouts so that they can use their finance and accounting knowledge and skills to succeed in their life.
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The Chartered Accountancy (CA) course is one of the toughest professional exams, with a low passing percentage. Many students drop out due to the sheer difficulty of clearing multiple levels—Foundation, Intermediate, and Final. The pressure of continuous studies, long preparation hours, and repeated failures can be mentally exhausting.
Another reason is the time commitment. Unlike other professional courses, CA requires years of dedication, and some students find it challenging to balance studies with personal or financial responsibilities. Lack of interest in the subject also plays a role; some students realize mid-way that finance and auditing are not their true calling.
Additionally, limited practical exposure in the early years makes it harder to stay motivated. The appeal of alternative career options that offer quicker returns and stability also leads many to switch paths. However, dropping out of CA does not mean the end of career opportunities, it’s a chance to explore new avenues.
There are plenty of career options for CA dropouts in the accounting and finance field only. below, we have mentioned the 12 best career options for CA dropouts:
The CMA degree focuses more on cost and management accounts than the CA degree, which covers every facet of finance, including audit and taxes. There is a CMA course for all students who have passed the 10+2 exams. Exemptions are available based on the extra course attended by students pursuing courses other than CMA. In addition, the CMA program offers a 15-month practical training component that enables students to comprehend how the course content is used in actual business settings.
After meeting the criteria, CAs can opt to pursue a CPA degree. Even CA dropouts or students who have just graduated may want to consider enrolling for the CPA course. A CPA degree is globally recognized and gives its holders the status of expert accountants in any industry. The cost of pursuing a CPA degree is much more than that of a CA degree. However, students can easily pay for the test and other course expenses if they work part-time.
The ACCA, or Association of Chartered Certified Accountants, is a globally recognized course for certified accountants that is established in the United Kingdom. Both students who passed the CA exams and those who are CA Dropouts can enrol in the ACCA course. Although the degree requires the completion of 13 subjects, several test exemptions are available based on the student’s prior academic performance.
While the CS course is also challenging, it is less difficult than the CA course. The three examinations for CS are Foundation, Executive, and Professional, similar to those for CA. Applicants may enroll in foundation courses after passing their 10 + 2 examinations, while graduates can enroll in executive courses. Only those who have passed the executive level can enroll in the professional course. Company secretaries are employed by all businesses to handle various legal tasks. A CS oversees a secretarial audit and ensures the business complies with all laws and regulations.
A CFP degree is ideal if you cannot complete your CA degree or are one of the CA dropouts but still want to be recognized in the financial industry. A CFP degree primarily focuses on wealth management, financial planning, and investments, compared to a CA degree, which covers accounting and taxes. Being eligible to participate in the CFP course requires passing your 10+2 examinations. Pursuing the course in addition to a normal graduate degree is possible. All you have to do is take the fifth paper if you already have a chartered certificate, such as an ICWA or CA.
Teaching is an alternative job path for individuals who have finished their CA degree and those who are CA dropouts. Having a Bachelor's or, in some situations, a Master's degree in education is a requirement for teaching. Without completing their master's degree, a certified CA can teach at private universities, schools, and even coaching centres. But to teach at government institutions, you'll need to have a Master's degree in education or a related field in addition to a NET or SET clearing certificate. The associate professor position in NET or SET is open to candidates of any age. In any college, you may become a full-time professor with experience if you pass the examination.
Those who desire to graduate in any field may pursue the globally recognized degree of the Chartered Institute of Management Accountants. Any company may benefit greatly from having a CIMA degree when hiring candidates for financial management positions. An alternate course for CA dropouts that can be pursued in place of CA is CIMA. A CIMA course, for instance, enables a candidate to work in any corporation as a CFO or business analyst. If the 10+2 exams are passed, one may pursue a CIMA degree. In addition to normal graduation courses, the course is also open for enrollment.
The subjects covered in the CA and CFA courses are quite similar. For this reason, passing the CFA exams instead of the CA exams may be easier for a CA student. A student may enroll in the CFA course upon graduation or the completion of their higher secondary schooling. A CFA degree is an option even for CA dropouts and those planning to quit CA preparation. A CFA degree offers more employment options and is recognized globally, as compared to a CA degree. After four years of practical training, there are three test levels. However, the expense of a CFA degree is more than that of a CA degree.
Upon graduation, all students are eligible to study for this advanced degree. The two-year program is available at several approved colleges. Students who do well in this course will have a better understanding of how businesses work, and they'll be able to land great jobs at big companies. In fact, the percentage of businesses employing newly graduated MBAs reached 91 % in 2021, up from 80 % in 2020.
This is one of the greatest courses to take for CA Dropouts but still interested in going into finance. The course CAIA focuses on asset management and hedge fund investing. There are no special requirements, unlike other courses. Any graduate with any kind of professional experience is eligible to apply and take the CAIA exams. Top companies nationwide as well as globally value applications with the CAIA certification.
M.Com is a two-year postgraduate program. For those who want to pursue additional higher financial degrees as well as those who are CA dropouts or already enrolled in CA courses, it is a reasonable academic option. Possessing an M. Com degree also makes it possible to pursue full- or part-time employment as a professor or instructor at any private institution.
Nowadays, there are plenty of fantastic opportunities in social media. You may have a successful career in social media even whether you have completed your CA or you are one of the CA dropouts. Students may use social media to share their expertise and even educate new students about subjects they are knowledgeable about. Additionally, students may partner with companies and get funding for future content based on their efficacy and consistency.
Also Check: |
Career Paths for Chartered Accountants After CA Exams |
CA Course Scope and Salary of Chartered Accountants |
Government Jobs for CA |
Chartered Accountant Salary In India |