Analysis of CA Final Results May 2019

As usual the CA Final Results created a bell curve of happiness for the candidates.

Interestingly, Ajay Agarwal, AIR -1 under Old Scheme, has scored highest marks ever in the history of ICAI. His brother Atul Agarwal was AIR-1 in May 2018.

Like commodity prices, there is often a spike in CA Final Pass %. The trick is to stay invested and swim with the tide

Its 14,969 new CAs, ~15k CAs in a term since last 2 terms as compared to ~ 8k-10k usually earlier

Is 15k CAs a term the new norm, that only time will tell!

CA Foundation Level

The results for CA Foundation fell from 18.58% from 44% last term. It’s far more rational to have pass % at these levels and filter out candidates at the entry stage itself. After a strict filter process, once you are part of the system, you have a higher chance of eventually becoming a CA.


In ICAI Campus Placement for Feb/Mar 2019, there were 3,815 offers and 3,180 acceptance with 139 companies participating. (Highest CTC of INR 22.5 lacs p.a. for Domestic and INR 36 lacs p.a. for International and average of INR 7.43 lacs p.a.) A chunk of this demand came from behemoth in the banking sector like ICICI Bank.

So, if we extrapolate that to the current lot, ~20% of the cohort can be placed through campus.

The rest, who opt for industry, are absorbed in the off campus processes through direct applications and through agencies like

If you are seeking to recruit through domain specialists like on a ‘success fee’ basis, you can recruit quicker and without the fixed fee that ICAI charges

125+ companies in India have used in the past for hiring CA freshers and laterals.

Trend in CA Final Pass % for Both Groups

Thus 3,500/14,185 = ~25% of the CAs who qualified this term were those who took both groups and cleared them in single sitting. The ones who achieved this feat in the first attempt will be a tad lower than this.

This term saw a shift of examinees from Old Scheme to New Scheme.  The former is now being phased out over the next 1 year.




The new normal is 2 list of rankers – New Scheme and Old Scheme

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