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Why to become a Chartered Accountant?[/ux_image_box]
In last decade, several opportunities have opened up for students of Commerce but still profession of Chartered Accountancy still holds its place as number one option for most of the students. Chartered accountancy offers job opportunities in the areas of accounting, auditing, corporate finance, company laws, business laws, taxation, corporate governance and many more fields. The multi-faceted knowledge possessed by a Chartered Accountant is what the business and industry needs in the advent of liberalization, privatization & globalisation of the Indian economy.
India is presently considered as the possible emerging superpower of the world due to the unprecedented economic growth and stability it has been able to achieve in the last decade or so. With economic growth touching as high as 9.4% in 2006-07, India has announced itself to be one of the strongest economies in the world.
Services sector contributes about 40% of total employment in India. Being a distinguished part of services sector, Chartered Accountancy is an exciting and highly regarded profession. Whether in public practice or employed in industry, the contribution of Chartered Accountants in India and world over cannot be undermined. The CA designation is the standard for accounting excellence - the one businesses look for first. No other accounting credential carries the same weight. No other educational background commands the same respect. No other designation can open as many doors. CAs create more than just financial statements, they create wealth and lead the way to the prosperity. They are policy-makers, strategists, and advisors. As a CA, you'll provide the insight and direction companies need to stay on top
All organizations and businesses need accurate financial information in order to grow and prosper. All organizations, therefore, need accountants. The ultimate qualification in accountancy is that of Chartered Accountant. They play a leading role in success of most organizations. Their success in this tough financial world is no accident.
- Strengths of CA profession
In the advent of globalisation and liberalization worldwide, CA is being looked at as the most sought after qualification in India and abroad. Chartered Accountancy promises to be a fantastic career choice due the major traits inherent in the profession some of which are discussed below:
- Analytical abilities, systematic and logical process thought
In CA profession, a person comes across different situations wherein his analytical abilities are tested such as the applicability of various laws affecting the business may it be Income Tax Act, Companies Act or indirect taxes; tax planning in case of individuals or HUF; use of information technology in accounting and audit, etc. He is also required to follow a systematic and logical process in order to take apt decisions under various circumstances. These exposures over a period of time help in attaining proficiency in analytical as well as decision-making abilities. Your career as a CA will take you far beyond numbers and balance sheets. Applying a range of analytical, investigative, and accounting skills, you may find yourself working directly with company presidents and CEOs. You'll have the opportunity to step into the world's most influential boardrooms, and have your voice heard. A Chartered Accountant attains the ability of identifying the weak areas of a business by reviewing its financial statements and can effectively design a systematic and logical approach in overcoming the inherent weaknesses. With the new scheme of CA profession involving subjects like ‘Quantitative Aptitude’, the analytical abilities are bound to be supplemented.
- Good communication skills
CA profession has an inherent need for interaction with people. A Chartered Accountant would interact with clients and other people at various stages of the profession. The profession teaches the manner of an effective interaction and business communication. May it be dealing with clients, tax authorities, addressing forums or the like; a CA needs to possess good communication skills. The success of most successful people has been their command over effective communication. Consultancy is one of the most popular areas in which CA’s operate. This aspect is totally based upon the interaction and communication with different categories of clients.
- Leadership abilities
A Chartered Accountant is a leader for life. During the process of acquiring the qualification and even after becoming a Chartered Accountant, a person faces different demanding situations wherein during the course of audit he might be required lead his team or the team of the auditee to work in a certain manner so that they are able to perform in the right direction for desired results.
- Business and professional ethics
Business ethics are aimed at inculcating an ethical approach in professional interactions and a sense of personal, corporate and social responsibilities. CA’s are governed by a professional code of conduct. The code recognizes that the objectives of the CA profession are to work to the highest standards of professionalism and attain highest levels of performance. The objectives of the code are mainly four fold:
- Maintaining credibility in information;
- Professionalism in service delivery;
- Quality assurance in rendering all types of services; and
- Confidence of end users of services.
The profession clearly lays down the acts of misconduct from which members are expected to refrain.
- Trust, Respect, Integrity and Competence
The profession of Chartered Accountancy is considered to be a symbol of trust, respect, integrity and competence. While engaging a Chartered Accountant, a client generally feels assured of the above-mentioned traits. Any certificate issued by a Chartered Accountant is heavily relied upon by various agencies such as banks, financial institutions, governmental agencies, investors, business community, etc. This high degree of reliance placed on him by numerous groups earns a Chartered Accountant, a highly respectable position in the society.
- Information Technology skills
The CA profession has been designed in such a fashion that every qualified CA possesses adequate knowledge and expertise in systems and information technology which him to excel in the areas such as development of advanced IT systems for organizations. Inclusion of a 100 hours Information Technology Training (ITT) in the CA scheme is an excellent measure in assuring that a Qualified Chartered Accountant possesses the latest IT for accounts and audit.
- Campus Placement Programmes
Many Chartered Accountants hold respectable positions in industries such as that of a CEO, Managing Director, Director (Finance) and Chief Financial Officer (CFO). The Committee for Members in Industry of the institute organizes Campus Placement Programmes for newly qualified Chartered Accountants.
- Low fees and decent earnings: The twin benefits
Last but not the least, CA profession promises scope for decent earnings. The profession does not involve a huge sum of money to be invested in the form of fees while pursuing profession or training as in the case of MBA or IIT institutes. Also, once qualified, this profession may yield high to very high earnings depending upon circumstances. Practicing Chartered Accountants have no limited earning scope in view of wide variety of opportunities available in the market with CA consultancy being sought after in more and more management services areas. At the same time, the campus placement programmes show that many reputed companies are offering hefty pay packages to newly qualified Chartered Accountants anywhere between Rs 5 lakhs to Rs 40 Lakhs p.a.
During the campus placement held in March 2010, Arvinder Pal Singh Ahuja, one of the former students of CA JS JOHAR has been given job offer by the Singapore based multinational company named OLAM INTERNATIONAL, with the pay package of Rs. 75 lakhs , which is the highest in the history of ICAI
- Chartered Accountant: Career Paths & Rewards: Kind of a doctor
No other career offers the mobility that a CA qualification does. Today’s CAs takes on the role of a business advisor, who makes high-level strategic decisions, aimed at driving business, improving profit margins and increasing market share for their clients / employers. Many CAs also use their expertise to form their own businesses, becoming highly successful entrepreneurs. Along with the technical skills mentioned above, CAs generally have a solid foundation in economics, marketing and management information systems. As well as dominating public accounting practices, CA are found at the highest level in virtually every sector from healthcare to the music industry. The very name ‘Chartered Accountant’ to a common man brings in vision an image of a person possessing multiple capabilities for solving all business and tax related problems. He is not only regarded as master in accountancy but a professional having knowledge of all the laws, stock markets, banking business, IT and other business related issues.
CA profession is more comparable with an MBBS doctorate degree. Just as in case of any physical ailment a person is reminded of a doctor, similarly, for all business and tax related problems a person is reminded of a Chartered Accounantt
Chartered Accountancy is the fastest growing global accountancy profession. The demand for CA’s is growing globally day-by-day. In India too, more and more companies wish to hire Chartered Accountants as employees which can be seen from fact that the number of companies participating in Campus Placement Programmes organized by the institute has been increasing over the years. It is because of these reasons more people are opting CA as a career rather than other similar professional courses such as CS or CWA.