November 4, 2021

Career as a Chartered Accountant

If you choose to become a Certified Chartered Accountant, you will not be able to get power signing/certification authority.

Who is a chartered accountant-

The duties of a chartered accountant are in several departments such as finance & business, which include auditing, taxation, finance, general management etc. A chartered accountant might work in public service, a chartered accountant may work in the private sector, a chartered accountant might also get employed by government agencies and so on.

Specifically in India, a chartered accountant is regulated by the Indian Institute of Chartered Accountants (ICAI), established in 1949 by the Chartered Accountants Act. ICAI Associates reserve the right to add the prefix CA, in short- chartered accountant, to their name. After practicing full-time, a chartered accountant who has completed 5 years of practice can use the FCA.

Being a Chartered Accountant has become one of the most popular career choices in India. Becoming chartered accountant is not easy, but if you can become a chartered accountant, it offers a good career path, salary, and respect among people. One of the reasons to admire a chartered accountant is not by designation and payment, but mainly because becoming a chartered accountant is not easy.

Reasons to become a chartered accountant-

1) Job Portfolios:

The chartered accountant course does not have a single closed course. It is ready to deal with the various aspects involved in commerce. This helps when changing the profile of work from a chartered accountant to other. You’ll start at the bottom of the ladder as an accountant and go progressively, perhaps, to be able to run a business.

A chartered accountant has started to remain in high demand in the government, and the private sector too. Various large business houses employ services of a chartered accountant as business consultants.

2) Dynamic Career Paths/Options:

A certified chartered accountant promises satisfaction in your work. You, as a chartered accountant, can grow professionally while feeling the sense of accomplishment as a profession. A certified chartered accountant can be a ticket to enter the “large” business world. In today’s world, a certified chartered accountant plays an important role in helping businesses succeed in the lead.

Another career path for a chartered accountant is of a business advisor. Not always at the forefront, yet in an important position that is an essential part of strategy and planning in the business environment. As a business advisor, the responsibility rests on the shoulders of a chartered accountant to drive his/her business to a high level, thereby increasing their profits, thus increasing their market share and dividends. As business consultants, their job is to help business houses develop financial strategies that improve global growth. The experience and skills they achieve over the years can help establish their own Chartered Accountant firm.

3) Prosperous Overseas Opportunities:

ICAI (Institute of Chartered Accountants of India) is globally recognized, which means that an ICAI graduate & a budding chartered accountant can work abroad if he/she meet visas and other criteria. Countries that recognize ICAI qualifications are Australia, Bahrain, Canada, Djibouti, Dubai, Ireland and therefore the UK among others. The available statistics are encouraging. Over 14% of ICAI graduates work abroad. And while some countries relax visa regulations, a migrant chartered accountant will be opened to opportunities for a better overseas future.

4) Fantastic Pay & Other Perks:

The new takeaway package for a chartered accountant costs very much, depending on the size and location of the organization. There are various chances for a young chartered accountant to get bigger packages from various companies. The income potential of anyone who chooses to become a chartered accountant is limitless. Being a chartered accountant is a profession where the remuneration to gain experience increases exponentially.

5) Mobility:

During your chartered accountant course, you will be able to experience a variety of jobs. You can switch jobs later as needed. During your hands-on experience of being a chartered accountant, you should accumulate as much experience as possible, and who knows- you can become an entrepreneur, after being a chartered accountant, in your life. A chartered accountant is very much needed for all kinds of jobs these days. Also, because of the high demand for a chartered accountant, the funding available from various organizations is also increasing. A certified chartered accountant plays an important role as business consultants in various large organizations.

And so on!!!

Pros of becoming a Chartered Accountant:

Some of the benefits of becoming a chartered accountant are:

1) Consistently growing profession/domain:

Being a chartered accountant cannot be easily outsourced. The chartered accountant jobs are always in vogue as business organizations are in a constant need for a certified chartered accountant to perform company financial reports, bookkeeping, tax advisors, and more. Therefore, career opportunities in the chartered accountant field are being developed to improve in the future.

2) Choosing several career opportunities:

A Certified Chartered Accountant (CA) qualification can open up many opportunities for a career as company secretary, auditor, accountant, etc. In addition, a qualified chartered accountant can work at the highest level in accounting, finance or business as well. From Financial Centres to Chartered Accountant Enterprises and Government Agencies. It’s like, being a chartered accountant, you can choose your success. If someone has the corporate muscle, CA provides the perfect foundation for starting a business.

3) Well-Paid Profession:

A chartered accountant career as well as work consistency can keep you on a high salary. According to the Indian Institute of Certified Public Accountants (ICAI), the maximum wage of a chartered accountant can range from Rs 1 lakh per year to Rs.25 lakh or above. However, a chartered accountant, starting his/her own business after several years of experience in reputable chartered accountant companies, can earn higher returns.

4) Secured Domain:

Businesses of all sizes mostly remain in need of a credible & successful chartered accountant. Therefore, Chartered Accountant is recognized as one of the most depressed professions in India. If you choose to become a chartered accountant, your career can be stable in strong demand for your skills. Many people are not aware of the framework of services and taxes, and they need the help of a tax/chartered accountant. So, the job of a chartered accountant is very safe and the chances of losing it are very low.

5) You decide your working environment:

In many fields, the working environment is industry-specific and requires moving to a specific place or country. However, the fields of finance and chartered accountant are completely different from meeting general needs. From farmhouses to the software development industry to a variety of corporate organizations, everyone can benefit from the services which a chartered accountant provides. So, you can choose your own work environment as a chartered accountant, giving you flexibility in the amount of work you want to deliver.

Cons of becoming a Chartered Accountant-

Some of the cons of being a chartered accountant:

1) No Power:

If you choose to become a Certified Chartered Accountant, you will not be able to get power signing/certification authority.

2) Possible Under-Utilization:

A chartered accountant might be limited to a particular field or subject area, and it also dissipates the commitment of a chartered accountant.

3) The growth is a bit slow:

As a chartered accountant, your career growth mostly is limited to a particular field or region, and changes seem to be seasonal.

4) Less Freedom:

As long as a chartered accountant does not work in his/her own business, he/she has no freedom.

Various Dynamic Skills required to become a Chartered Accountant-

Here are some of the essential skills necessary to become a prosperous chartered accountant:

1) Robust Analytical Skills- A must-have for a Chartered Accountant:

To be successful, a certified chartered accountant needs to possess strong analytical skills. It is important that the chartered accountant has the ability to properly analyse numbers for handling large numbers. Analytical technology is an intelligent approach that helps solve complex problems through logical and informed decision making.

2) A successful Chartered Accountant fully understands any concept:

Of course, only a conceptually–thorough chartered accountant can succeed in the industry. To progress, a chartered accountant must have a deep understanding of the various conceptual practices and methodologies involved in CPAs.

3) Teamwork & Communication Skills:

Many a times, a chartered accountant participates in large companies / organizations to handle a variety of financial / accounting / auditing activities etc. He/she often forms an integral part of a company’s strategic best team and require good teamwork skills as a chartered accountant collaborates across teams in different departments and disciplines. As a chartered accountant/a cluster of chartered accountants, teammates need good communication skills to communicate complex technical information / financial data in an easy-to-understand manner in order to communicate effectively with customers.

4) Tech Skills:

Technology is around us in this digital age. Therefore, it became necessary to develop superior technology for everyone, including Chartered Accountant experts. To be successful, a chartered accountant needs to be in constant contact with and adopt to the latest technologies related to his/her work.

5) Commercial Awareness:

A certified chartered accountant must possess good commercial recognition in order to be successful. Commercial recognition is an important skill as it helps a Chartered Accountant understand himself/herself
(or his/her organizations) and the business environment in which his/her clients operate. This also allows a chartered accountant to understand and take advantage of the various departments of business, competition and related issues.

Where can you work as a Chartered Accountant-

These are some of the top industries for you to work & grow as a chartered accountant:

1) Public Sector Undertakings (PSUs):

PSUs like BSNL, ONGC, BHEL, GAIL etc employ a chartered accountant who is a fresher too. The number of candidates who have passed more than one attempt as a Chartered Accountant might get selected by the PSUs.

2) IT Companies:

There might be a huge demand for a certified chartered accountant in large IT companies such as TCS, Wipro and Infosys. These companies may hire a fresher and more experienced certified chartered accountant to offer nice payroll packages for their business. If they do so, it also minimizes the workload of these companies.

3) Chartered Accountant Firms:

Opening your own Chartered Accountant office or working in a mid to large Chartered Accountant office is a career path choice for many CPA career paths. For many professionals, Chartered Accountant companies are the starting point of their professional careers where they gain the practical skills and exposure they need so much. A chartered accountant sharpens his/her hard-working skills to deal with business customers and other stakeholders. A company in CA usually offers a salary of 38 racks. Candidates can also start their own Chartered Accountant company.

4) Teacher:

Many students prepare for different levels of Chartered Accountant exams, so even a certified chartered accountant can attend lectures. However, this work is driven by passion and deep knowledge, and a chartered accountant, who believes that teaching is his/her mission, can open his/her own coaching school or be placed in a large school to help students take exams.

And many more!!!

Different Universities to study for a Chartered Accountant-

Here are some of the top universities/colleges to study CA in India:

1) ICAI- The Institute of Chartered Accountants in India, Delhi-

2) CMS Professional Academy For CA, Hyderabad-

3) Indian Institute of Finance and Accounts, Pune-

4)FTMS Global Academy (India) Private Limited, Chennai-

5) ATM Global Business College, Delhi-

6) FINPLAN- International Institute of Management, Mumbai-

Therefore, as a chartered accountant, you will be able to step into a job that allows you to nurture yourself & grow in the Chartered Accountant ‘World of Work’. So, you might be wondering, what kind of person would be interested in becoming a chartered accountant? A chartered accountant is sound in finance, business, accountancy, technology, communication, analytical skills, teamwork etc. These are the kinds of people who make an excellent chartered accountant.

Hence, this was all about ‘Career as a Chartered Accountant’.

Scope for a Chartered Accountant in India is growing with more & more aspirants coming up. If you are someone who is interested in finance, business, accountancy etc, then you must give this profession of Chartered Accountant a shot because it is your best bet to be successful in becoming a successful chartered accountant.

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