Two warnings before I begin:
- I am not telling you to read this answer. But if you choose to read it, then you should read it fully.
- Rest assured, I am going to be very pragmatic and ruthless in this answer. You're warned.
Many people have asked me this question, either directly or through messages. Hence I felt the need to answer it.
I am going to tell you exactly what you should do; whether you want to do it or not - is completely your choice.
You had invested a lot of time and money into this course, studied very hard and had a clear strategy to appear in the exams and you thought all was well, but then the result completely shocked you - it was totally opposite of your expectations. So, where did you go wrong?
The situation you are facing is quite common and many CA students know how it feels. There are multiple thoughts in your mind right now, such as -
- I don't understand why I cannot pass. Where did I go wrong?
- Nobody is telling me exactly what I should do, I'm doing the same thing again and still expecting different results!
- Because I don't know where I went wrong, all my enthusiasm is lost
- Opening the same books, solving the same questions is becoming such a pain and frustration that I would rather not study
- Since I have no Plan-B, the only option left is to keep trying until I succeed and hope for the best!
- All the expectations from family and friends is getting on to me, I cannot keep up with this torture, I need peace!
Let us see what you should do to get out of this situation.
IGNORE THE TRAFFIC
When you have to travel from one place to another, traffic is taken for granted. Once you have decided that the road is full of traffic, you ignore it and focus on the path. In the same manner, the first thing you should do to get out of this mess is to ignore what other people say.
Your relatives keep on pestering you about your CA course? The family has a lot of expectations from you? All your cousins keep asking you when you're going to clear the exam? Your school friends have gone on to get married and one of them even has kids? Many of your other friends already have degrees and it is making you feel miserable?
All this is like traffic. None of this is relevant for your decision. It will not determine your choice and it should not. Please understand that for any rational decision making, all traffic has to be ignored. So, here is what you should do
Take a cardboard box and write "traffic box" on it. Whenever you have such distracting thoughts, write them on a chit of paper and drop it in the traffic box. So the next time that aunty asks you, "When are you going to clear this CA, beta?", just write her name on a chit of paper and drop it in the traffic box. If you feel sad because other people have cleared the exam, just write their names on a chit of paper and drop it in the traffic box.
Remember - if something is in the traffic box, you ignore them.
Make a traffic box, write all such feelings on a chit of paper and put them in the traffic box. Ignore the traffic
I'm serious. Ignore the traffic.
Did you hear what I said? Ignore The Traffic.
In the following sections, I am going to take you through certain harsh truths. The only purpose of bringing this up is to ensure that you don't get carried away in emotions. You can always make your own choice, but it is important to take an informed decision.
Fact One - NUMBER OF ATTEMPTS MATTERS
The most prominent question CA students ask me repeatedly is - I am not able to clear the exams even after repeated attempts; should I quit?
Let us see some facts -
- Chances of a good job decline with every attempt
- Chances of clearing the exam reduce with every attempt
People say that number of attempts does not matter. I disagree. Most of the other answers to this question have been naively ignorant of this fact. So let me deal with the elephant in the room. Make no mistake: the chances of getting into a nice job reduce significantly after every subsequent attempt.
Companies shortlist candidates based on the number of attempts in CA Final. In fact, the probability of clearing the exams itself reduces, considering that there are frequent changes in the syllabus that you have to update yourself with.
I may sound very rude, but I warned you. I'll be honest - it makes no sense to give you a rosy picture and trick you into appearing for more attempts, for the sake of dicey promises that something good may happen. If at all you decide to continue in CA, remember that chances of getting those outstanding jobs are slim.
Take an informed decision. You may want to give it another shot, but remember that number of attempts matters.
Fact Two - RESULTS ARE INCONSISTENT
Another very important fact that we conveniently ignore is that the pass percentage in CA Final is highly inconsistent. One could argue that it depends on the nature of the question papers, or the quality of students. But I refuse to believe that these factors can cause variations ranging from 30% to 3%
Look at the pass percentage of CA Final (both groups) over last 26 attempts -
The point I am trying to make is: the results in CA Final are not consistent. Thus it becomes difficult to have confidence whether our own capabilities will give the desired result. Some numbers are pretty shocking. In Nov-13 for instance, the pass percentage was 3%. Does this mean that only 3 out of 100 students were eligible to be CAs? Do you really believe so?
I can write very good motivational thoughts here to make you believe that you can make it to the top 5%. But in that case I am not being completely honest with you. It is better to write an uncomfortable truth rather than writing a beautiful lie.
CA Results are unpredictable and inconsistent. Sometimes, you will not be able to understand why you failed, and this is a miserable feeling.
Fact Three - CHANGING CAREER BECOMES TOUGH LATER
All the buck stops here. Till when should you continue giving further attempts? When should you quit? I understand that it is very tempting to finish what you started. Maybe it will irk you if you did not finish it. The biggest thought coming to our minds is: "I have come this far... it's just one more step!"
From your perspective, you have two choices -
(1) Wait for six months, try once more. Hope to succeed
OR
(2) Quit, and go for another career choice.
Most of us think that it is easy to continue and hope to succeed (regardless of what we talked about pass percentage and number of attempts); and therefore we don't even think about a Plan-B. However, this choice is a sham. What you should also think about is - If I continue now, but I am still not able to clear, it will be much more difficult to switch the career in the future.
In other words, the choice may be something like this -
(1) Give one more attempt, fail, and then switch career.
OR
(2) Quit now, and go for another career choice.
Once again, I apologise for being ruthless, but you should probably change your perspective and think accordingly. Sorry to break the news to you, but consider these facts once again -
- CA Final results are inconsistent
- It is difficult to clear after every attempt
- Chances of a good job decrease after every attempt
- Switching careers becomes difficult after every attempt
Give me one reason why you should keep on giving attempts after attempts to continue in the CA exam? What are you going to achieve?
Fact Four - THERE ARE PLENTY OPTIONS
Another doubt that many of us have is that there is no option other than Chartered Accountancy. We feel that this is the only thing we can do, and that's why the only course of action is to keep trying until you succeed. In this whole mess, we often forget that there are plenty of options.
- Completing post graduation and/or Ph.D
- Other professional courses: CS, CWA, CFA
- Alternative degrees: MBA, LLB
- Tax practice (based on your CA knowledge)
- Seek a job and start working
You may think that none of these options are as attractive as CA. But that's not entirely true. There are many Chartered Accountants who don't have good jobs, especially if the number of attempts is high. If you compare those jobs with the pay structure of an MBA from second tier colleges, you are roughly the same. So why should you continue in CA when you will ultimately end up being paid the same money as any other graduate or MBA?
However, it is true that you can practice as a Chartered Accountant. That route is open always. But that's a completely different ball game and it is not easy to get into practice (especially for those who need earning in their initial stages). Therefore, it makes much more sense for most people to pursue their careers in fields other than CA, where there is at least stability and predictability.
I understand that you will be afraid of changing now. Further, you may feel dejected, disheartened and sad for investing so much time in CA but still having to quit it later. To be honest, I cannot ease that pain. But the best I can do is to be truthful with you and prevent any further pain.
Don't live under the illusion that Chartered Accountancy is the best! Open your eyes and look around. It is only natural to be scared; but just look around yourself and you will realise that there are plenty of career options available that you can pursue with much more ease.
SHOULD YOU QUIT?
The previous sections of my answer were brutally biased towards leading you to discontinue CA. My intention of writing those facts was that you should be able to take an informed decision. Let me clarify some things -
- Number of attempts in CA does not define your character
- When you decide to let go, you do not become a quitter
It is right that the number of attempts in CA matters insofar as getting a nice job is concerned. But at the same time, it does not mean that you cannot get a nice job if you're not a CA. At the end of the day, your personal competence matters. However, you will need to struggle in the initial days.
Remember: ignore the traffic
Don't think about what your relatives and cousins and friends are going to say about this. They are not going to come and live your life for you. Most of your relatives will only call you on the date of the result and forget that you exist otherwise. Why should you be bothered about what they say? This is your life; and since you have to live with the consequences of your actions, it is imperative that you should decide for yourself.
Secondly, changing a career choice is not about quitting. It is about being smart. You should not stick to something for emotional reasons. Approach this problem in a rational manner. What is your ultimate aim? If your aim is to just clear the CA Final exam, then you should continue and never stop. But if your aim is to settle down in life and start earning, then there are plenty of other options.
Let us also deal with the other major issue -
I don't want to leave now, otherwise I will regret it for the rest of my life. How will I live with myself! I will be a coward. I will not be able to respect myself forever! This is about my ego, and I want to keep on fighting until I satisfy my ego that I can also pass this CA exam! When other people can clear that exam, why should I not be able to do it? In fact, I want to prove to the world that I am one of those "5%" people who clear CA Final. After all, it will be so nice to clear the "toughest exam in the world"
Fair warning: if this is the reason you want to continue in CA exam, then STOP. Just stop right now. You are not going to hurt anyone but yourself. There is no point is taking so much pain only to satisfy some lame ego that you should pass one examination in life. This is just not done.
And what is the point of clearing "the toughest exam in the world" but still not getting a nice job or still getting paid equal to any other graduate? Don't you think this is outright stupid?
Kritika has mentioned a very good example in her answer to this question - You are behaving just like Yuddhisthir in the Mahabharata. He too thought that he can win by playing one more shot. And in the hope of that one victory, he put everything at stake, including his life and his wife's dignity.
You don't want to make that mistake. You are more mature than Yuddhisthir. Choose wisely. Don't get swayed away by emotions.
MAKE AN INFORMED CHOICE
There are certain moments in life where we have an existential crises. I may sound philosophical, but it is very important to deal with such questions. Many CA students go through an existential crises in this time of their career.
What is the meaning of all this? Why should I work so hard in life? Why did I even sign up for CA course? Is it right to continue in this course only because my parents want me to do it? Will I be able to live with myself if I give up now? Am I a coward if I quit at this stage? Is this the biggest mistake of my life? Why do bad things happen to good people?
If you have such questions, don't ignore them. Deal with these questions. Yes, I am serious. Talk to yourself, get to know yourself, discuss these questions with yourself and try to get an answer to these questions.
Clarification: There is a difference between these questions and traffic. Traffic means what other people think about you. But these questions mean: what you think about yourself!
Therefore it is important to deal with such questions and make a choice. Cry if you want, but don't ignore these questions. If you ignore them, they will keep coming back to haunt you. You don't want that right? So, deal with it. Pen down your thoughts, or speak aloud to yourself, or record it and listen to your own voice. Let your inner philosopher come out and delve deep into such fundamental questions. Don't suppress the urge to discuss these questions.
Remember: if you don't know the answer to these fundamental questions, you can never stay truly motivated in life. You can listen to one good motivational song and feel empowered to start all over again, but you will feel sad again when these questions come back to haunt you.
Ask yourself: what do you really want in life? Do you want to continue in CA? Why do you want to be a CA?
My purpose of writing these harsh facts is to give you the correct picture. When you tend to look at things in a glamorized way, it is likely that you can get swayed away. However, it is important to separate facts from fiction and then make a decision. I suggest you to decide wisely. Based on your decision, continue reading for the next steps.
UNDERSTAND THE SITUATION
Based on my answer above, you should be able to decide whether you want to continue or whether you should switch your career. Whatever your choice is, it is now important to make an action plan to get out of this mess. For this you need to understand your present situation correctly. Here are certain pointers to help you decide -
If you decide to continue in CA:
- If I continue in CA, will I be able to give the time?
- Am I strong with my conceptual clarity or I need coaching?
- What mistakes am I making in my existing study methods?
If you decide to change your career:
- Do I know anything about the other options?
- Are there any financial constraints?
- What are the eligibility criteria?
Once you understand your present situation correctly, you should then proceed to understand exactly what you want to achieve, along with the timeline.
If you are giving another attempt, please understand that you cannot continue doing the same thing as last time, and still expect different results. Therefore, it is important to know exactly what you want to achieve in the future? Do you want to work on your writing style? Do you want to improve your conceptual clarity? Do you want to focus on theory or practical?
If you are making a career switch, then think about your expectations in the near future. Do you want to clear any entrance exam in the upcoming months? Do you want to get an admission in some college? Do you want to start searching for part time jobs? Do you want to enrol for some other course?
In other words, understand your current situation and your desired situation.
MAKE AN ACTION PLAN
Once you understand where you are and where you want to go, then you are one step closer to solving the problem. Now, think about exactly what you need to do in order to travel from Point-A to Point-B. In other words, you should now make an action plan.
If you are going to continue with CA, your action plan should include exactly what you are going to do in order to achieve your objectives.
- Which books should you be referring to?
- Are you going to solve past examination question papers?
- Should you register for some crash course to revise the syllabus?
On the other hand, if you are going to change your career, then your action plan should include
- Discussing with friends and acquaintances about the steps required
- Register, enrol and study for other courses (if any)
- Draft your resume and circulate for seeking a job
- Should you join any coaching classes for any entrance exams etc.?
- Are there any particular books to achieve your objective?
Remember, life can be easy if you simplify it into little action points: What is your objective and how are you going to achieve it. The more detailed your action plan is, the better chances you have of actually achieving your objective. Take your time to fill up the How, When, Why and Who of your life.
EXECUTING YOUR PLAN
A gentle reminder -
- Ignore the traffic
- Remember that it is your choice
- Don't expect results without efforts
I am not going to write any motivational quotes here. However, I will write this one story which will help you decide:
Once, two frogs accidently fell into a pot of hot milk. They tried hard but could not jump out of it. After some time, one of the frogs gave up; he stopped swimming and died. The other did not give up and continued swimming in that hot milk. Because he was swimming frantically, the milk was getting churned. Soon, butter began to form on the milk. Then the frog stepped on that butter and jumped out. He lived
There are two ways of reading this story:
- Think of this as the story of Frog 2 - which says that if you keep trying, then you will be saved; OR
- Think of this as the story of Frog 1 - which says that if you stop trying, then you will definitely die.
I prefer the second interpretation.
You may think that if you quit CA, you will be like the first frog; but that's not true. In fact, when you quit CA, you take a bigger challenge. You start on a totally new journey, without knowing if you will succeed or not. You are just like the second frog, who keeps on swimming without knowing the future.
Regardless of whatever you choose, I understand that you will be very afraid at this stage of your life. It is only natural to be scared of the future. However, we must always work constantly like the second frog, and keep swimming. Just keep swimming. Because if you don't, you will die!
Remember this golden quote from Bhagvat Gita -
Your right is to act only; never to it's fruits. Let not the fruits of action be your motive, and don't be attached to inaction.
My purpose of writing this post was - (1) To bring out the facts which can help you to take an informed choice; (2) To help you in separating facts from fiction so that you have the correct picture in mind; and (3) To support you in actually doing whatever you choose to do.
I wish you well! Contact me for any clarification. I'd be glad to help.
