No reference, Just Merit : My CA story Ft. Abolition of Rank in CA exams

I am here to address a strong issue. Be with me till the end. 

I am from a middle class business family; lost sole bread earner of our family, my father at the age of 10. My mom showed agility and started working to feed her 4 kids and to make up for their school fees. Thankfully, I was well in studies and worked hard to be the class topper from class 4 I guess; thus was given a fee waiver by school management (one). Even my coaching fees got waived off maybe because i was their next potential poster boy. I am not against that, wait, rather happy that it gave me opportunity to study with best coaching classes. (two)

I prepared well for my boards and topped district in Class XII and thus got an opportunity to study at prestigious St. Xavier's College, Kolkata (three). I moved to this metro city full of hopes and dreams. It was financially difficult for me to survive in a metro city but my marks and credentials helped me avail merit scholarships and thus survive out there. (four)

Even though my constant source of motivation to study was to secure a Rank at All India level, i missed that chance both in Class XII and CA Foundation. Finally, i was in IPCC and rank was the sole motivation to continue with Chartered Accountancy course. My attempt was due in May 15, due to exposure to chicken pox in April, I deferred my term to November 15. Even though my preparation was well within line to clear exams, i was sure that this will not fetch me a rank. I gave exams in Nov 15 and finally my dream of securing a rank at All India level came true. It was All India Rank 18. I was on cloud 9 (or 10 or 11 or whatever you say). That motivation thing worked out for me (five). Now come the articleship part. It is a general trend that if you want to do articleship in Big 4, either you should have a good reference (sure shot shortlisting) or a rank (may get shortlisted). So in this world of Nepotism, with no one into corporate in my family, i sent my resumes to all Big4s. I got calls from two basis my merit and was finally shortlisted into one where generally everyone else get through reference. Merit also not pure merit, I had to approach someone to get my resume in and he did it just because I had rank. (six)

I was a small town college going kid till date who now got an opportunity to work with one of the big 4 accounting firms of the world and that's just because i had an All India Rank. Without rank, i would be just another IPCC cleared candidate with no reference and thus no entry into big articleship firm. 

Now after 2 years, i went for Industrial Training. I applied to all big companies and landed up in my dream company and yes here also, I had no reference but rank that worked out for me. (seven)

Now with all of these stretched working hours during Internship, i couldn't complete my final studies but still in those three months of leave i studied like 14 hours a day just to fulfill another dream of getting a rank in Finals. I did it again. I was among top 10 students in India in Finals. I was in space now(even above cloud 9). I got shortlisted by many companies not because i had reference but All India Rank in Finals with strong internship background. (eight) All India CA Rankers is considered at par with IIM grads when it comes to hiring for leadership programs at big corporate. I feel privileged that I got into one of those dream Job. I was finally getting paid for all the hard work that i put up, not only mine but hard work that mom put up for me. 

I am here because i worked hard to secure a rank. I am here because there was a criteria that people who work hard or did things differently than others can get a distinction certification. If this wouldn't have been the case, i am sure even with good marks and no reference, I would have done articleship with some small firm ending up with some good marks in finals but no calls from big corporate just because no corporate exposure in internship and no insider reference. I would have been a good Chartered Accountant for sure but may not be that proud which I am today.

I am proud because ICAI recognised me, my hard/smart work with a distinction certificate at all the levels and i think that has made all the difference. 

So, finally coming back to the point. Why i am saying all of this now? Just got to know that ICAI has abolished ranks for foundation and intermediate in November 2020 exams (will share link in the end), God knows it is temporary or permanent. For Finals, though ranks will be published but who knows this is the start with Foundation and Intermediate and they will come for finals too in future. 

I personally feel Rank should not be abolished because if you go through the article above, you will see there were 8 incidents where rank helped a student like me with zero background and connects, reach a place I used to dream once. I have literally seen non rank-holder with big family connects getting through interviews throughout my lifetime and if rank system will be done away with, it will be an easy escape for corporate to hire reference based candidates only. I feel rank give at least 50-60 odd students to fight against these whole nexus of references and strong connections. Not only this, but now corporate finds it easier to shortlist rank holder for their leadership program. If rank system is abolished, deserving Chartered Accountant might not get opportunity in such programs in future.

So what's the point that i want to make. 

1. Rank at Intermediate and Final should never be abolished. Either include more deserving candidate in this list - by increase ranking number from 50 to let's say 100 or start giving distinction certificate to students securing above specified %

2. Ranks in Foundation can be done away with because personally i haven't seen that creating much impact anywhere in resume but still can serve as a form of appreciation for hard work one puts in. 

3. Instead of playing with rank criteria, ICAI can work upon removing attempt thing. I have seen people with really good marks or rankholders not even getting shortlisted just because they have done it in second/third attempt. Merit should be the sole criteria.

With this, I have tried to address concerns that may come up from readers in advance:

1. Why shall only Rank holders get preference in selection at corporates? 

Answer : In a single term, around 7000 students clear CA Finals. There are some 10-15 creamy layer companies who hire Rankholders. There is a huge mismatch in Demand and supply. Let's suppose ICAI stops giving rank, corporates will not have any other better shortlisting criteria which can be quantified and then again they will start going for reference bases candidates because no HR would like to do shortlisting from a list of 1000 applications for just 1 post.

2. How does IIMs conduct placement, why can't ICAI do the same? 

Answer : Single IIM batch size is around 300, around 14000 students clear CA Finals each year. ICAI vs IIM fees is also not comparable. I think this comparison doesn't have any common base.

3. If someone doesn't secure a rank in intermediate, is he not capable of working in Big firms?

Answer: The question is not about capability. The question is about shortlisting process. Normally, non rank holder without reference doesn't get selected. So if someone with zero reference can get entry through merit, what's the issue? 

4. I am working at Big 4, non rank holder and no reference. Why creating myth? 

Answer: I am not trying to create myth. I am writing the general trend. Btw, if a non rank holder without a reference is getting selected vs a rank holder without reference or a non rank holder with reference , i think that's a good sign. That means corporate are improving on their shortlisting criteria. 

5. Do you want to say that a non rank holder Chartered accountant doesn't deserve to be placed in leadership program at par with IIM grads? 

Answer : Apologies if you felt it somewhere above. I know many of friends who know things much better than me but couldn't secure a rank. That doesn't mean they are less deserving in any way. But you need to admit that securing a rank in itself is a task and somewhere or the other, ranker has done some things differently and thus secured a rank. So he is being awarded for doing those things differently.

And let me say it to you, it might happen that rank holder gets an edge over non rank holder as a fresher. But once the career journey starts, no one remembers the rank. All my ex-managers or current managers are non-rank holders and they are doing much better than many other in their field. What is different about them? They didn't lose hope and kept working hard to reach this high. 

I rest my case here. Please don't consider this post as some personal agenda, this decision of ICAI will not impact me but can impact juniors who can be in similar situation like I was.

Looking forward to add ons, suggestions, clarifications etc.

Link below; Click on guidance note and then go to point 22 in Intermediate and Foundation notes