31,946 New CAs qualified in 2024: ICAI aims for 30 lakh CAs!

• ICAI’s CA Final November 2024 results were out on Dec 26 at 11 PM! 🎉
• A massive 11,500 new CAs qualified—time to add “CA” to their names! 🏆

Record-breaking numbers 

In 2024, 31,946 new Chartered Accountants qualified from the Institute of Chartered Accountants of India (ICAI).

This includes:

• November 2024 Exam: 11,500 new CAs
• May 2024 Exam: 20,446 new CAs

Guess what? It was the highest number since the Covid period!

The ICAI membership now stands at 4.25 lakh, making it the world’s second-largest accounting body.

November 2024: CA final exam performance

• Group I: Out of 66,987 candidates, 11,253 cleared the exam, with a pass percentage of 16.8%.
• Group II: 49,459 appeared, and 10,566 passed, resulting in a pass percentage of 21.36%.
• Both Groups: Among 30,763 candidates, 4,134 succeeded, with a pass percentage of 13.44%.

All India Rank (AIR) holders 

• AIR 1: Heramb Maheshwari (Hyderabad) and Rishab Ostwal R (Tirupati), share AIR 1 with 508 marks (84.86%).
• AIR 2: Riya Kunjankumar Shah (Ahmedabad), All India Second Rank, with 501 marks (83.50%).
• AIR 3: Kinjal Ajmera (Kolkata), All India Third Rank, scoring 493 marks (82.17%).

Also read: ICAI Elections – Is it still about the Profession Or Money, Fame, Power-Play?

May 2024: CA Final exam performance

• Group I: Out of 74,887 candidates, 20,479 passed, achieving a 27.35% pass percentage.
• Group II: Out of 58,891 candidates, 21,408 passed, resulting in a 36.35% pass percentage.
• Both Groups: Among 35,819 candidates, 7,122 cleared both groups, recording a 19.88% pass percentage.

All India Rank (AIR) holders 

AIR 1: Shivam Mishra (New Delhi) – 83.33% with 500 marks

AIR 2: Varsha Arora (Delhi) – 80.00% with 480 marks

AIR 3: Kiran Rajendra Singh Manral (Mumbai) & Ghilman Saalim Ansari (Navi Mumbai) – 79.50% with 477 marks

ICAI campus placement 

While qualifying as a CA is a monumental achievement, as they say, “The real struggle begins after qualifying as a CA.”

Securing the right job is the next big challenge.

The ICAI’s 60th campus placement program saw remarkable growth:

• 241 companies participated, up from 140 in the 59th cycle.
• 4,782 candidates were placed, a 60% increase from 3,002 in the previous cycle.
• The highest domestic salary was ₹26.70 LPA, while the average salary dipped slightly from ₹13.24 LPA to ₹12.49 LPA.

Also read: Forensic Auditors in India may soon need to be Chartered Accountants?

Reality check

While the qualification numbers look promising, the job market tells a different story, not for all but a few!

The Big 4 firms and industries aren’t hiring at previous scales.

A mentor from a renowned CA coaching institute mentioned that many CAs from tier 2 cities are reportedly stuck with offers as low as ₹4–6 LPA, which barely meets the rising cost of living.

Several students who cleared earlier attempts are still waiting for placements.

While ICAI strives to add 30 lakh new CAs by 2047, ensuring good job opportunities for all remains a concern.

But with a CA qualification, your struggle will be short-lived – success is just around the corner! 🚀

Also read: Desi Big 4s: Government & ICAI revamp rules to build India’s Big 4

ICAI student registration

ICAI registrations saw a big decline, dropping nearly 75% in 2019. However, as per the latest report, they have picked up significantly but yet to match the levels earlier.

Moving on…

To all the newly qualified CAs, congratulations, your hard work has paid off, and it’s time to celebrate.

But for those who didn’t clear this time, remember: failure, though painful, is not the end.

What is the job market like for newly qualified CAs?