Clearing the CA exams can be hard, really hard. As per statistics,

“Roughly, only around 5% of CA entrants actually clear the exams to become full-time CAs.”

If you didn’t clear the CA exam, you fall in the 95%. There’s nothing to worry about. You can always bounce back with a clear goal for the future.

However, not having a defined plan of action for the future can be a big issue.  You do not want to end up doing nothing just because one thing didn’t work out.

This is why we have collated some options for you to follow as a back up to CA. This list presumes that you are pursuing/completed your B.Com/graduation while writing your exams.

1. MBA

Although you can select any field of your interest, an MBA in finance would be recommended for you. Candidates who didn’t clear the CA exam often go for an MBA to expand their career prospects.

Since you already have a strong foundation, it would be easy for you to crack the competitive exams and get into a good school.

However, if you’re not too confident about your knowledge in finance, you can always take up a course, like the FLIP Finance and Banking fundamental’s course, to brush up.

If an MBA is not something that you wish to get into for now, then you have the following career options:

2. Equity Research

If you’d like to work for an investment bank, then this can be the perfect opportunity for you. The middles offices of investment banks recruit research analysts.

They analyze stock performance, create reports and provide the front office traders with buy or sell suggestions.

Equity research analyst roles are available in brokerages, captive KPOs, and third-party KPOs. Brokerages, however, prefer experienced candidates.

So if you didn’t clear the CA exam and are pursuing your graduation, you can easily switch to equity research.

To enhance your chances of getting placed as an equity research analyst, you can opt for the following certifications:

NISM Research Analyst certification

3. Credit Analysis

In simple terms, credit analysts assess the creditworthiness of an entity based on their past, current, and projected financial performance.

Credit analysts are typically recruited in private banks, middle offices of large investment banks, credit rating agencies, and private equity firms.

Generally, the processes of analysis vary among different entities, although the role might be similar. So make sure you read and understand the job description well before applying.

For example, you can watch this video to understand how the credit analyst role is different in banks and rating agencies.

You can do the following programs to add value to your CV while applying for credit roles:

NISM Certified credit research analyst certification

4. Cost Accounting

Cost accountants record, classify, summarise, and analyse an organisation’s costs to help the management make the right decisions. The purpose of cost accounting is cost control and reduction to increase profit margins.

Cost accountants are mostly hired in accounting or consulting firms. Cost accountants are also hired in retail and manufacturing corporations directly.

So if you didn’t clear the CA exam, you can opt for the following courses that are similar to CA and become a cost accountant:

ICAI management accountancy certification
IMA cost management accountant certification

5. Risk Management

Risk managers identify and evaluate financial risks and take the necessary steps to mitigate them.

They help the company avoid adverse impacts on its financial standing due to irrelevant expenditures or losses.

Similar to cost accountants, risk managers are usually hired in accounting or consulting firms. But large corporations and middle offices of investment banks also recruit risk managers directly.

To enhance your chances of becoming a successful risk manager, you can opt for the following programs:

GARP Financial Risk Manager (FRM) certification

So if you didn’t clear the CA exams, there is nothing to worry about. You have a number of other options that are just as good and lucrative as becoming a CA.

Good luck!

Top 5 alternatives for you if you didn’t clear the CA exam

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