With a progressively complicated and dynamic economy, the importance of highly skilled and experienced Chartered Accountants (CA) is at its highest point. A CA is regarded as the king of the financial world as in order for any business to run efficiently, they require the help of a CA to effectively plan their finances. It is one of the most highly regarded careers that provides a great trajectory with lots of opportunities and a secure future.
For many, the question remains as to why is the CA course so popular despite the fact that it is a challenging course? In this article we will discuss in-depth the course, the career opportunity and much more.
Who is a CA and why is their job so important?
Chartered Accountancy is regulated by an accounting body – ICAI, Institute of Chartered Accountants of India. In the global domain, ICAI is regarded as the second largest professional Accounting and Finance body. It is a well established and recognized profession by all industries that primarily focuses on Finance, Auditing and Accounting. A Chartered Accountant is the sole person who enjoys the monopoly of auditing the Financial Statement of an organization. The value of a CA’s signature is so high that the financial statements of an organization cannot be presented to the AGM before the shareholders without it. Alongside this, a CA enjoys a high status in society besides fascinating incentives.
Depth of knowledge and skills
Unlike the popular misconception that the CA course is all about numbers, the program helps aspirants to get a better understanding of the business. They have a deep understanding of company laws and can even step into the role of a Company Secretary if needed. Their job is not limited to audits and accounts, they are well equipped with knowledge of taxation and can give financial consultancy.
Flexibility in the professional role
The role of a CA is so vast that they can pick and choose the domain they would like to pursue. They can look into Auditing & Assurance, Tax Consultancy, Accounting Services, Accountants & Finance Outsourcing, and Financial Reporting. The course prepares you to work either with an organization or you can start your own firm. Whether it is a textile factory or a movie production house, every business needs a Chartered Accountant, so get to cherry-pick the industry you wish to work in.
Wide scope in India and security
During the period of articleship, the CA students are put through a rigorous practical training process under a registered professional which prepares them for any challenge they may face in their career. As mentioned before one of the biggest perks of the CA profession is that the amount of opportunity for those working for an organization or someone who is starting their own firm is huge. As each registered company under the Company Act is mandated to have its books audited by a CA, there will never be a lack of work for a skilled professional. The gap disparity of taxpaying citizens to the number of registered Chartered Accountants is huge, for instance as of 2018, in India we have 6.8 crore tax paying citizens and we have only 3 lakh CA’s to service them as per the research conducted by Times. So you can clearly see that job security is a given when you pick this profession.
What are the career options when you pick CA?
Even though each and every industry has a large demand for Chartered Accountants, there has been a rapid rise in demand for CA’s in the manufacturing and finance sectors.
There are many areas and domains that will provide job opportunities for CAs. Some examples of this are: they will be able to work in the ranks of financial reporters, financial strategists, investment advisors, advisors in mergers and acquisitions, etc.
Let us dive a little deeper into each section and understand the roles.
1) Goods and Services Tax
As the Goods and Sevices Tax, also known as GST came into implementation in India, the job opportunities for a CA who is well versed with the new system of tax have increased rapidly. It is a very lucrative business and CA’s can make quite a living if they set up a business which focuses primarily on GST.
2) Internal Audit
There is a large demand for those who are focusing on Internal Audit as there is a rapid rise in the rules and regulations pertaining to this. The need for auditors to examine record, practices, documentation and verification of assets and liabilities are also seeing a rise. There is plenty of opportunity for those who wish to look into Internal Auditing firms, they are also very lucrative.
Taxation has always been one of the biggest areas for a CA, and there are a large number of CA’s who build their firms and businesses focused on this. They will review their client's business and will support them by providing sound tax structures based on the review. This is one area that will continue to boom as the number of tax paying citizens is constantly on the rise.
4) Wealth Management
Wealth Management is the area of service that will help clients with sound financial and investment advice, give tax services, and supports with accounting and retirement planning. Wealth management as a career path has since a rise in demand, it is a good option for CAs who are well-versed with finances and management.
The number of startups that have come into the market has seen a boom even compared to the past 10 years. Along with the rise in start-ups, also comes a rise in demand for handling the finances of these startups. For freshers, it is a great opportunity to work with these startups and as they will have new and unique growth opportunities
6) Mergers and Acquisitions
CA also plays the role of an advisor as they manage their clients' mergers and acquisitions. Their roles will include evaluating the viability of acquiring or selling off businesses based on assessing the performance. It is a high ranking position and will open up a wide array of growth opportunities.
Scope in Government Sector
If you are someone who wants a stable and secure government job then you would be happy to know that there are a lot of opportunities in that field as well. CA’s are very indispensable across the various levels of the Government sector, and they constantly need skilled professionals to take these high ranking jobs.
Let us look at a few areas where a Chartered Accountant work in the Government sector. CA’s can serve as tax specialists for the Indian Revenue Service, which is an entry-level officer role. They can also work with the Enforcement Directorate, which conducts raids for money laundering alongside other financial offences. CA’s can also find work as advisers, financial reporters or can even be strategists. They can also work in public sector banks and in regional banks.
The salary package of a CA in India
Another vital reason why CA remains an indisputable king is because of the hefty remuneration it offers. Unlike other professions where you need a higher degree to solidify your career, CA’s can start their career right after they have completed the course. The salary and pay structure of a CA would differ from organization to organization. But the average pay package for a CA would be between 7-8 LPA (these are for skilled professionals).
In short, CA is a profession that you can step into with confidence as it offers job security, growth opportunities, wide career opportunities, flexibility and good remuneration.
If you wish to know more about the course, or how to enroll into our classes, please feel free to reach out to our career specialists who will give you a detailed break down of the course.