Due to sheer complexity of the course, Chartered Accountancy is considered to be one of the most respected professions in the world. Moreover, ICAI has framed very strict code of conduct for its members and strict disciplinary actions have been taken on the defaulters. Every CA is expected to have ethical behavior and should also demonstrate high level of integrity throughout his life.
Career options after CA are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management.
The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India ( ICAI ), which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centres.
On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA. A member wishing to practice in India or abroad needs to obtain a Certificate of Practice from the ICAI, the yearly fee of which is Rs. 400. Once the membership is taken, the practicing member cannot work in any other business or occupation without taking permission from the council; they are only permitted to work in areas as specified in the CA regulations
The qualification of CA is globally recognized hence industry outlook for CA is bright indeed. Much recognition for CA degree is due to the fact that the CA course has been able to keep pace with changes in industry scenario. Several new modules and topics have not only been incorporated into the CA course but have been very effectively implemented to give increasing more power to the CA degree. In spite of the fact that several top-notch B-schools (including IIMs) have produced some of the most brilliant B-school grads, it is noteworthy that CA has been able to retain their prominence in present world order.
Being finance experts, CA usually handle the financial nerves of the organisation. Irrespective of industry, every organisation has several important functions like accounts, audit, taxation, statutory compliance etc. Either they can hire a team of people with multiple disciplines or hire a person who is good in multi-tasking. Needless to mention, many organisations prefer CA due to their versatile approach with highest level of integrity while performing such key functions.
Over the years, some CA have dared to dream big and even gone further to become business leaders by taking responsibility of actual operations of their companies.
There has been a steady growth in demand for CA and perhaps, there would hardly be any jobless CA in the history of the profession. ICAI has been regularly conducting campus placement programs for freshers across India and many large companies regularly participate in the same.In the last year, most of the CA were suitably placed, however, due to recession there had been stagnant growth in the packages offered by the companies. It is a temporary phenomenon and situation should be back to normal in the coming fiscal year.
Earning good salary is not a constraint for Chartered Accountants. Fresh CAs usually get an average annual salary of around Rs 5-6 Lakhs for domestic jobs through campus placement of ICAI. In case of foreign placements, salaries were offered more generously and have even crossed a milestone of Rs 1 crore.Many industries usually prefer to have young graduates over experienced seniors.
CA usually are offered top positions in the organizations and hence, they must have leadership skills to motivate the team and get the work done successfully. Further, they must also possess good communication and analytical skills to be successful in career. With these traits, they can quickly study various dimensions to find out solution for any given problem and also communicate it effectively to the senior management for taking subsequent actions.
Advantages and Disadvantages : –
• The job is highly paying.
• CAs command tremendous respect in the organisations and society.
• It can be a stressful job as the responsibilities are enormous and there is no scope for any errors.
• Regular updation of knowledge is a must otherwise it may lead to stagnation in career.
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