Why to become a Chartered Accountant
Chartered Accountant as a profession gained prominence till now over late centuries. The profession is recognized as a lucrative occupation and as a great career choice with ample career opportunities with great forge ahead. The Chartered Accountants are governed by the Institute of Chartered Accountants of India (ICAI) which is a statutory body and came into existence through an act that was passed in 1949 by the Indian Parliament.
It is a well-defined job with opportunities in this particular field about finance and business within the country and abroad. It is an in-demand and respectable profession that also pays quite well.
For this profession, anyone can pursue this career with plus two and it is also one of the easiest professions to get into. Just assuming about this subject won’t be enough as you have to go through certain hurdles on your way to become a Chartered Accountant.
Make sure that you do not allow your fear of competition to discourage you because the perks of being a Chartered Accountant are far from successful from the very initial stage. The truth is that yes, to become a chartered accountant you have to pursue it after the 12th. That means this is the only early stage where the preparation starts. Well! It is a bit challenging at first, but then rewarding at the end.
Chartered accountancy promises you job satisfaction and it fulfills as an occupation that allows you to grow professionally. In addition, in today’s world Chartered Accountants play a prominent role in helping companies forge ahead and make success.
You may have heard of many usual reasons to choose a career in this field that includes a good and huge salary and also it is the fact that it is a responsible and respected profession. Not just this, but this occupation is also a very ever-changing one. So below are listed reasons that will inspire you to start your career as Chartered Accountant:
1.You don’t need to be a mathematics genius:
It is a common misconception that accountancy is all about math but being honest practical and high technological skills is more important as compared to written solving problems. In today’s accountancy firm software is a large number of crunching with team members that increasingly focus on guiding clients regularly.
2.You can work in any industry:
From entertainment to fashion, from nonprofits- to construction each industry needs a finance professional to help, manage and advise them. So, you can get a chance to work in any industry by going through this field and learning much about it. Being a professional you can help in finance and other books of accounts to advise and provide solutions to the industry.
3.It’s a great opportunity for being an entrepreneur:
Nowadays, all businesses need finance professionals. That makes sense because it is certainly economical plus it is a fundamental knowledge that how the finances of a business should be maintained and structured to keep the business profitable is a crucial point. So being a professional in finance and accountancy you have a great opportunity to be an entrepreneur.
4.Perfect for an adventurer:
It is a perfect field for those who are adventurers and want to live abroad. Chartered Accountancy is a portable qualification and not only the principles of this field are applied all over the universe but also the membership of this body that is known as ACCA (Association of Chartered Certified Accountants) is globally recognized and respected. So, if you have a road of ambitions to move abroad, the Chartered Accountancy qualification could be the passport to your dream city.
5.It’s a seasonal business:
The representation of the close financial year happens in late January, February, and March that are dreaded by accountants as ‘tax season. Agreed that it is the busiest time of the year for Chartered Accountants but on the flip side it means an easier side time of it during the other nine months and therefore, its predictability shows that Chartered Accountants can plan their holidays easily too.
6.You don’t need a degree:
Here comes the point: some accountants have degrees and some don’t. Having an accountancy degree enables you to skip your regular exams on the way to full qualification to achieve this respected position. It does not matter whether you have been to any university or not and there is nothing that can stop you from starting over for this course for beginners. All you need is to complete three exams and get certified as a Chartered Accountant.
7.Chartered accountants are always in demand:
If all businesses need advantages then there should be no shock that these advantages are always in demand and also it is not a career that is going anywhere out of reach. Increasing automation means less calculation on the accountant’s side and that generally means that accountants are spending more time on advising strategy and for the business, it’s the most profitable term that is the reason why Chartered Accountants are always in demand because every firm, every business wants the professional with high required skills and strategies.
8.Offers various career opportunities, options, and avenues:
Qualifying as a CA opens up various career options for candidates. They can start their independent phase of the journey by exploring their ideas like taxation, auditing, management, consultancy services, etc. as well as they can also become a partner of audit, tax or consultancy firms.
9.Chartered Accountant is a secured profession:
Being always in demand all over the world and irrespective of their size, chartered accountants are always important for every company to handle their accounts, finance, and auditing tasks that require skills and knowledge for the CA to manage the accounts and keep them secure. That’s why it is known as a secured profession.
10.Chartered Accountants are among well-paid professionals:
Basically, the starting salaries of the Chartered Accountant are pretty good and are also higher than fresh graduates in other fields. Fresher’s CA generally gets a mean salary around Rs 6 lakh per annum and experienced salaries are way much higher than imaginations.
Hence, the above are the best reasons why you should become a chartered accountant and choose it as the best career opportunity. As the advantages show us all how well developed this field is.
Now that after seeing the reasons you must be thinking of what could be the further career opportunities after becoming a CA. So, don’t worry, we are here to tell you what are the career opportunities after becoming a Chartered Accountant.
Career opportunities after CA:
One must be very clear on what career to choose whether practice or industry, then if it is practice then which line of service to choose and to focus on and even if you want to become an entrepreneur then what industry or venture you should choose. So below are some options:
This is one of the most challenging aspects for a qualified chartered accountant because in today’s world one cannot practice in a sole proprietorship firm. Well, the sole proprietorship concept is an outdated one but because of intense pressure from clients, the opportunity to practice cannot be performed. The scope of services is there where you can start with a partnership firm with 4 chartered accountants or you can even start an LLP firm.
Therefore, the chartered accountant can enter into practice with:
- Chartered Accountant in Practice
- Cost Accountant in Practice
- Company Secretary in Practice
- Actuary Professional
- Architect Professional
- Engineer (chartered)
However, a chartered accountant who is interested in practice can also be welcomed in the following areas where the certificate of practice is mandatory.
The areas are:
- Management consultancy services
2. Become a partner of a big audit/ consultancy firm
The interest of the current generation is mostly in Global/audit/tax consultancy firms because these are the organizations that are consistent and help in attaining various positions from manager to senior manager to associate a director and then become a partner of a firm legally.
To get admitted as a partner in the audit division one must obtain a certificate of practice. Thus, this is how you can become a partner of a big consultancy firm.
3. Pursue government/civil services:
This is the most suited and flexible job for those people who want to do government-related jobs. They can have a motive of doing civil services courses and then can attain a position like the president of ITAT that refers to Income Tax Appellate Tribunal or even SEBI chairman. By working in government organizations for longer terms will make you achieve a higher position.
4. Investment banker:
For newly qualified chartered accountants it is one of the prominent choices and for those who have an interest in the stock market, forex has the derived choice to work for banks and NBFCs. One should have a motive for big opportunities instead of going for public and private sector banks. As well as the aim should be of foreign banks as it has a wide exposure of global clients and growth. Becoming an investment banker will gain the area of respect and increase your credibility.
In today’s world, both industry and practice have great big opportunities and have their pros and cons. One important point is what would be the right field to choose the career in this field and one should not be influenced by a friend’s decision. One must have their chance and choice. However, choosing this field will be the best option for the current generation as it provides ample opportunities and gain respect.
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Looking for a Top Chartered Accountant in India? We recommend Best CA In India to consult with CA Divya Jain for tax consultancy and financial services.