As per the 2019 CA results, the pass percentage for the new course stood at around 20.85% while for the old syllabus it was 7.63%. Chartered accountancy is one of the toughest courses in India to crack, which these numbers show.
Candidates have to invest around 4.5 years after class XII and 3 years after graduation behind this course to become a certified CA. And, those successfully qualifying are welcomed with some of the most high-paying career opportunities.
While some prefer to join a firm, others establish a firm. The quick availability of loan for CA from NBFCs has also made it convenient for those pursuing the latter.
The following includes some of the most inspiring success stories of CAs –
- J Rajasekhar Reddy – First visually-challenged CA
J Rajasekhar Reddy of Guntur, Andhra Pradesh belongs from a humble family, his father works as an electrician. He lost his vision at the age of 11 to a brain tumour.
Rajasekhar thought of quitting his studies but was otherwise pursued to not do so by his grandmother. She came across the Devnar School of Blind, a special school for blind pupils located in Hyderabad. After finishing school, Rajasekhar completed his B.Com Osmania University.
After that, he enrolled in a CA coaching institute and started pursuing the course. However, it was challenging for Rajasekhar to study as study materials for the visually challenged were rarely available. It was an NGO and the faculty at the coaching institute that converted the materials into audiobooks.
Rajasekhar successfully cracked the CA examination at the age of 23 in 2013 after two attempts.
- Sumit Dawar – Qualified on the 8th time
Summit Dawar cleared the CPT and IPCC exams in the first sitting. However, it took him 8 attempts to qualify the CA final.
Summit was a topper in his school and failing repeatedly was a setback. He was always short of 1 or 2 marks from qualifying. All of these failures also took a toll on his health due to stress.
However, Sumit’s parents were exceptionally supportive. He qualified the examination in 2014, 10 years after passing standard XII.
- Prema Jayakumar – Daughter of an auto-rickshaw driver
Prema Jayakumar lives in SB Khan Chawl, Malad in 280 sq. ft. house. Her father, Jayakumar Perumal, is from Tamil Nadu and is an auto-rickshaw driver in Mumbai. Her mother also worked in a private company, which she quit after Prema started earning during her articleship days from a CA firm.
Prema graduated in B.Com from the Nagindas Khandwala College ranked 3rd. She then completed her M.Com from the University of Mumbai.
In 2012, Prema qualified all the CA examinations in the first sitting and was placed in the 1st spot.
In addition to the above, the story of Kailash Narayan Purohit from Jodhpur also deserves special mention. He qualified the final exam after 32 attempts and 20 years.
Financing options for CAs
For chartered accountants, NBFCs bring loan for CAs, customised financial solutions catered to meet multiple financial needs.
These loans can cater to home purchase/construction, commercial or personal needs of such individuals. CAs only have to keep in mind the eligibility criteria and documents needed to apply for these loans.
Additionally, availing such professional loans can help newly-qualified CAs to establish their own firm. Applicants only have to refer to the checklist for a CA loan before applying. CAs can avail either a loan against property or a personal loan for that purpose.
Bajaj Finserv is an NBFC that offers such Loans for Chartered Accountants. Products available under a loan for CA include home loans, loans against property, business loans, and personal loans.