In the competitive landscape of commerce education in India, students often find themselves funnelled toward professional exams like Chartered Accountancy (CA) and Company Secretary (CS) as their default career choice, frequently unaware of the numerous alternative pathways available to them.
Recent results of CA clearly brings to light the difficulty and low success rate of the exam, the CA Final November 2024 examination had pass rates of just 16.8% for group I, 21.36% for group II, and a mere 13.44% for both groups combined.
"While India has a rich landscape of professional qualifications in finance and commerce, most students gravitate toward CA and CS simply because these are the most well-known in traditional Indian society," explains Mr Kamal Chhabra, Founder and CEO of KC GlobEd, an Edutech Company, who is himself both a US Certified Public Accountant (US CPA) and a Chartered Accountant (CA).
The challenge of limited awareness
Despite the prestigious nature of the CA qualification, which typically takes 5 to 6 years to complete, many students remain unaware of equally viable alternatives that might better suit their aptitudes and career aspirations.
"There is less exposure towards the outsourcing assignments flowing into India from various parts of the world. Newer and niche options of globally recognised professional education like US CPA, US CMA, US EA, or ACCA are still undiscovered," Chhabra points out. "Career counselling in schools is still underdeveloped with respect to academia and industry connections."
Comprehensive Overview of Alternative Pathways
Association of Chartered Certified Accountants (ACCA)
This globally recognised certification is accessible to students from various educational backgrounds, including 10th pass, 12th pass from any stream, graduates, and CA Intermediates. ACCA opens doors to careers as budget managers, auditors, financial analysts, and tax consultants.
Chartered Financial Analyst (CFA)
Described as an "elite course" that creates "financial masterminds," the CFA is available to bachelor's program students (second-year students can appear for CFA level I) and non-graduates with 4,000 hours of work experience. CFA holders frequently secure positions as Business analysts, research analysts, portfolio managers, and investment strategists.
Financial Modelling and Valuation Course (FM)
As one of the shorter-term options for commerce students, this qualification prepares graduates for roles as portfolio managers, fund managers, investment bankers, and data scientists.
US Certified Management Accountant (CMA)
Open to 12th pass students from any stream, graduates, postgraduates, and CA Intermediates, the US CMA prepares professionals for high-level positions including Finance Director, CFO (Chief Financial Officer), Senior Financial Analyst, and Tax Consultant.
Chartered Institute of Management Accountants (CIMA)
With over 250,000 members operating in almost 180 countries, CIMA is the largest professional association for management accountants worldwide. It leads to careers in risk management, business analysis, management consulting, and financial control.
Certified Financial Planner (CFP)
Requiring just six to twelve months of commitment, this certification is accessible to students with a minimum of 50% overall in any stream in 10+2 from an accredited Board. It prepares graduates for roles as research analysts, wealth managers, and financial advisors.
US Certified Public Accountant (CPA)
This internationally recognised credential boasts over 670,000 active license holders globally. Eligibility in India varies based on educational background, with commerce graduates from NAAC-A colleges typically meeting the requirements, while others may need additional bridge courses.
Making the right choice
"Each of these professional qualifications leads to distinct career outcomes shaped by their core focus areas," explains Chhabra. "A CA typically works in accounting, audit, taxation, or corporate finance, with a strong foundation in compliance and financial reporting. In contrast, a CFA is more investment-focused, leading to roles in portfolio management, equity research, and financial analysis, often within banks, global investment firms, or consulting firms. While a CS professional specialises in corporate law and governance, a CWA is critical to cost management and internal financial strategy, especially in manufacturing and operations-heavy sectors. "
For students feeling overwhelmed by choices, Chhabra recommends starting with self-reflection. "The starting point should always be self-awareness. What kind of work excites you? Do you enjoy deep financial analysis, taxation, legal compliance, or strategy and business management?"
He notes important differences in the nature of each qualification: "Courses like CA blend both theory and practice. On the other hand, qualifications like CFA or CWA are more directly application-oriented, focusing heavily on real-world financial decision-making and analysis, while CS tends to be more theory-based, with a strong emphasis on legal frameworks and regulatory compliance."
The reality of commitment
The time investment varies significantly across these pathways. The CA program can take 5-6 years with notoriously low pass rates which are as low as 5-10%, while the Company Secretary (CS) qualification generally requires 3-5 years, with freshers typically earning even as low as Rs 5-6 LPA.
"There's no sugarcoating it—these are tough qualifications," Chhabra admits. "Pass rates are low not because the exams are unfair, but because they demand consistency, discipline, and a lot of self-study." He emphasises that mental resilience is crucial, describing these journeys as "marathons, not sprints."
Adapting to a technology-driven future
As finance and commerce roles evolve with automation, data analytics, and AI, traditional qualifications must adapt. While professional bodies are incorporating technology into their curricula, Chhabra advises students to be proactive:
"Complement your core qualification with skills like Excel and financial modelling, Power BI or Tableau, basic programming in Python or R, data analytics and visualisation, and communication and soft skills," he suggests. "The combination of a traditional qualification and future-ready skills is what makes a candidate stand out in today's market."
For current commerce students weighing their options, the message is clear: explore the full spectrum of pathways, align qualifications with personal interests and aptitudes, and prepare for an evolving job market that rewards both specialised knowledge and technological adaptability.
