Why Chartered Accountancy Right Option For Today Scenario?

• CA Pravesh Rathi


• 14 Apr 2017

Finance professionals are in tremendous demand with rapid growth in economy and changing statutory requirement. Chartered Accountancy is the one of the most prestigious career option in the field of finance and accounts. Chartered Accountants (CA) have gained more popularity over the period and are in continuous demand in Industry. In recent times, accountancy has become popular profession. 

Chartered Accountancy is a dynamic, challenging and rewarding profession. All the countries have their own Accountancy Association which regulates the process and curriculum of the professionals in this field. Chartered Accountancy Course is a professional course in Accounting introduced in India in 1949, with the enactment of the Chartered Accountants Act. Moreover according to the Company’s Act only CA in professional practice can be appointed as auditors of companies in India.

Chartered Accountancy is a good career opportunity. No business organization can do without a CA. Even if some business organization fails in its venture and sacks more than 90% of it employees, it will have still to employ Chartered Accountant to implement the liquidation proceedings. Moreover budgeting, financial planning, taxation and above all costing exercises which are taken up the CA’s will never loose their sheen and every business, small or big, will require the services of CA to file their tax returns and comply with tax laws in vogue.

READ Too: Learnings For A CA Student During Articleship Period

Why Chartered Accountancy ?

• Articleship is a mandatory part of the curriculum, and it gives practical experience while doing preparation and study. An aspirant can choose the organization as per field they want to work with.
• Most of the CA’s end up being entrepreneurs. They are their own boss. They can choose to become tax advisers and consultants also.
• Maintaining continuity in career is easier for a Chartered Accountants, as they can afford to take breaks and sabbaticals and make a comeback after little brushing up of knowledge.
• It is not necessary that a CA has to work only on number crunching and excel sheets. A CA employed with a firm can also contribute towards decision making and enhancement of profits for the firm.
• As per a report by the Economic Times, there is a huge demand for CA’s in the manufacturing and financial services sectors.
• Chartered Accountancy is emerging as a good career option for women also as it allows work to be done at one’s own pace and time, and also allows one to control the money flow. Besides, a CA is free to take break in his / her profession.
• This professional degree course gives people flexibility to go for higher education like MBA, CFA and other professional courses.
• There is no constraint on study hours – that is, you do not have to go to college to study and also you can control the pace of your study.

Chartered Accountancy – A Global Qualification

The qualification of CA is globally recognized, industry outlook for CA’s is bright indeed. Much recognition for CA degree is due to the fact that CA course keep pace with changes in industry scenario. If looked at statistics, then out of 2 lakh students of ICAI, 14% is placed and settled abroad. Exactly like in India, the demand of CAs in foreign markets is at a rush,  so the dream of a life abroad can be pursued taking up CA course. To begin your international career, you can think consider CA as a lucrative option.

ALSO READ: Avoid Common Mistakes In Preparing CA Exam

Scope For A Chartered Accountant

• CA’s can choose to set up their own independent practice and develop their clients on merit.
• They can apply for job at an existing Chartered Accountants firm.
• They can offer their services in the field of Capital market.
• A qualified Chartered Accountant can join the Government Service, Public Sector or even in the Private Sector.
• Institute of CA of India is also well recognized abroad like in England, Wales and Australia so one can even work in these countries as well.
• Professional Opportunities for Chartered Accountants : Consultancy, Audits, Large NPOs qualified accountants, Advocacy/Lobbying for Accounting Standards, Laws, Member in Governing Board of NPO/NGO, Member of Advisory Board etc.

Articleship

The CA course involves around three year articlship that other professional courses do not have. This allows the students to have direct contact with the professional world and also have an understanding about practical working. The basics that a CA student learns from the articleship span are – systematized auditing, detailed accounting, understanding business terminologies and transactions, work load and over pressure plus skilled communication.

Affordable Fee Structure

Unlike other professional courses, the fee of becoming CA is very less which is ~ INR 50 K (including CPT Registration fee, IPCC / DIRECT ENTRY (Both group) Registration fee etc).

READ ALSO: CA Scholarship For CA Students, Apply Before Last Date

Reservation Free Opportunity

Best thing about ICAI, which conducts CA exam, is that it does not have any reservation. CA is a professional exam and ICAI gives this opportunity equally to everybody . Hard work is important for being a CA. For the good professional ethics of CA exam, ICAI does not have any reservation for SC/ST/OBC like other exams.

ROI of Chartered Accountancy (India)

The average salary for a Chartered Accountant is around INR 7 lacs per year. The highest paying skills associated with this job are Budget Management, Evaluation and Management Auditing, Financial Advisor, Strategic Accounts, and Accounting. To state an example, INR 21.50 Lakh p.a. was offered by one of Indian global telecommunications services company to two CA Candidates for their New Delhi branch.

My Opinion

Chartered training combines innovative education with mentored work experience, to produce accountants who possess a greater ability to analyse and interpret business problems and develop dynamic solutions. Perhaps that’s why Chartered Accountants have the edge over their counterparts: they rise further and faster into more diverse and important roles in organisations.

So, if you are considering to become an accountant, chartered accountancy provides the ability to choose an exciting career path towards the industry of your choice, anywhere in  the world.

If you have any queries or comments regarding Chartered Accountancy and above article, please post on our Aftergraduation Forum and we would be happy to discuss.

(Image Courtesy: Education)