Only those who passed out in May 11 are unemployed right. Not those who passed in the last 2-3 years.Right!!!
Which companies will come to campus by paying hefty amounts to ICAI? Most of the companies doesn't need 100's of CA's unlike engineers. When they just need a few CA's, then they won't come to campus. Even those who come out of IIM's/IIT's were jobless. Which IIT/IIM is assuring its engineers a 100% job placement in the country? Take for granted, which institute in the world assures its students a 100% placement? Not even a single institution.
You might have heard average salary of CA in campus placement is Rs.6,00,000 pa. But who told you that everyone got placed. In every campus placement, some 1000 students go for placement. Not even 30% of students get placed in the campus selections. Hardly 10-20% and in some case, there wouldn't even be a single company who interviews. In such cases, ICAI scraps the campus selections there. Never more than 30% of students got placed in ICAI placements.
There are 100's of people who got placed left their job for a much better job in the off campus. Not even joining there. There are still lots of cases where everyone in the campus has got placed in a bulk offer. When I have attended campus 2 years back, BEL and syndicate bank given a blanket offer to everyone in the campus to give the details and they will send the offer letter to everyone. Listen Guys!!! There is no interview. Direct selection. More than 25% of guys rejected the offer and settled in their own ways.
At the onset of recession in Nov 2008, some guys did't got jobs even in off-campus and no campus placements also. Some of those guys had to wait for 6-8 months without any job. Once the economy got picked up, everybody got settled in their own interesting careers. There isn't much difference between 2008 and now. The present onset of crisis is much worse than 2008. In 2008, few banks got bankrupted and at present, almost a line of countries are turning bankrupt......Greece, Portugal, Italy, in the ultimate analysis if everything turns up....France and Germany....Those 2 countries are worrying about their credit standing and Credit rating agencies are ready to downgrade their ratings anytime. It shows the gravity of the situation.
When the situation is so bad, you need to be prudent and take steps accordingly. Who will help when situations turns so bleak? How can ICAI predict it long back? It is just an accounting body and not a Investment bank to predict all the upcoming movements in the economy.
Yes, there is lot more demand for CA's. Now the Indian GDP is increasing at 8%. In such case, there would be additional demand upto 8%. Further, unorganised sectors turning into organised. So, it needs more CA's. Simply, every inch of GDP amount needs to be compiled by US and by US alone. So, for accouting every rupee and every point in GDP, Governement needs our support and our support alone. On a just stand alone basis, if FDI in retail has been released, there would hundreds of jobs opened up for CA's.
Understand the gravity of current situation and act accordingly. Professionalism will be there in handling things well and not in shouting at the problem. We are professionals and we need to go deep and understand the consequences and plan our future accordingly. You are going to the same who will praise the institute and for the prospectus a lot ahead.