No Takers Of Chartered Accoutants

Economic slowdown takes a toll on ICAI placements. Fate of312 students
in limbo as only one firm comes forward for recruitments compared to 8
last year.

Chartered accountant, a designation that once guaranteed a cushy job and
a promising career, is now a victim of economic slowdown if the
placement scene at Institute of Chartered Accountants of India,
Ahmedabad chapter, is any indication. As compared to last year, when
eight companies recruited 60 CAs, this year only one company has
registered for placements, much to the dismay of 320 meritorious
students who have been shortlisted for placements.

Another firm that was to come on day one of placements on Thursday,
withdrew from the process. "Evolutionary System Pvt Ltd, an IT firm,
approached ICAI on Friday to fill 30 vacancies. Eight students were
offered Rs 5.8 lakh annual package. On Thursday, a company that was to
come for recruitments withdrew from the placement process at the
eleventh hour," said Jainik Vakil, chairman, ICAI, Ahmedabad.
Ironically this year, for the first time, Ahmedabad branch falls under
the metro city category for ICAI placements being organised for more
than a decade now by Committee for Members in Industry (CMII), ICAI,
Delhi.

Meritorious students of ICAI, Ahmedabad chapter, are surprised that even
Indore had three firms participating in placements.

"While Delhi chapter was approached by 16 companies and Mumbai by 11
for placements, a city like Indore too had three companies coming
forward to hire students. To make matters worse for our chapter, ICAI
makes it mandatory for students to choose just one metro and one small
town from across the country to appear for placements at," said a
student on condition of anonymity. While several outstation candidates
registered for placements conducted by ICAI Ahmedabad, apparently lured
by state's double-digit growth and industrial prowess, smarter
candidates from the city opted for Mumbai.

Meanwhile, in its annual report released on Thursday, the central bank
said that the Indian economy is unlikely to improve in the near term
because of "policy stasis". According to the bank's
assessment, money borrowed by companies from banks for new investments
has fallen sharply and the completion of existing projects is getting
delayed. A student said on condition of anonymity, "Last year, eight
companies arrived at ICAI for recruitment. This year, only one company
has approached so far. But it will only recruit 30 students at the most.
What about the rest? I haven't been more disappointed in life. After
having studied so hard to crack CA, this is what I get."