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. 

“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.” 

BIG RECRUITERS MISSING 

He added, “The big recruiters like KPMG, PWC, Ernst & Young and Deloitte are missing from the placement scene. Even if small recruiters show interest in hiring us, what pay are they going to offer? My career is ruined.” Jainik Vakil, chairman of ICAI Ahmedabad chapter, said, “We do not deal with placements. It is taken care of by Delhi.” Subodh Kedia, vice chairman, said, “The bleak placement scene can be attributed to slowdown in the industry. 

Also, I think students in the city are expecting too much, maybe because this year Ahmedabad falls under metro category in the placement application form.” 

‘WE CAN’T WAIT ANYMORE’ 

Said an outstation student, “I opted for Ahmedabad thinking we’ll get good opportunities here. After all, Gujarat chief minister has been talking a lot about industrial development in the media. I am devastated to learn that only one company is interested in recruiting students. I also learnt that John Deere Pvt Ltd backed out on the first day of placements on Thursday.” 

“I should have opted for either Mumbai or Chennai. Why, even a city like Indore had three companies visiting ICAI campus. I am told that a second round of placements is in the offing. But I don’t believe anyone anymore. Many of us are from Madhya Pradesh and Rajasthan. We can’t wait for the institute to conduct placements at their leisure,” said a student. 

He added, “The institute should have first asked the companies to select the centres and then told us to do so. That would have made the placement process transparent and easy. Now, we are just equal to BCom and MBA grads.”