CA(CHARTERED ACCOUNTANT) CAREER GUIDANCE

Chartered Accountant (CA) is an institution in itself. After completing your CA, you are not only qualified to get  a decent job for yourself but also you become a job giver. And the choice is always yours what you want to become.

Chartered Accountants are members of the Institute of Chartered Accountants of India.After clearing CA Final exams you become a member of Institute of Chartered Accountants in India (ICAI). Now you can use the CA prefix in your name. As you are a chartered accountant, you have almost all the choice on earth when it comes to a choice for a job .

A Chartered Accountant who is so interested in practice should explore the following areas and each partner in the firm should have specialization in one area. A certificate of practice is mandatory.

1) Taxation

• International taxation (along with direct tax) consultancy like for companies involving foreign party (associate, joint venture, subsidiary)

• GST/customs consultancy.

• Project Financing

• Mergers acquisition

•  Valuation

• Preparing consolidated financial statements for companies. (doing IND AS consultancy)

• Statutory audit of Companies (governed by rotation )

• Internal /management audit of companies

• Cooperative audits

• Forensic audit

2) Auditing

In a very competitive environment one can mostly do services for reputed corporate clients (substantially corporates) and last resort as Trust, individuals, Firms. The traditional areas like doing individual return filing , bank audit, tax audit of Individual, firms, Organisation involving political leaders are so traditional and mostly CA are already engaged in those areas hence newly qualified chartered accountants should think of some unique areas.

3) Becoming a partner of big audit/consultancy firms

Global audit/tax /consultancy firms are mostly the interest of the current generation. But to become a partner of global firms one should work in that organization with consistency and attain various positions from manager to senior manager to associate director and thereafter become a partner. This journey is very long also considered as a great challenge much difficult than clearing CA examinations.

The current generation leaves their job after few years unable to cope up the pressure and thereby shifting elsewhere. But if they pursue a journey with interest, commitment, zeal then they can become a partner.

Only while admitted as a partner in audit division need to obtain a certificate of practice from institute if in other divisions need not require a certificate of practice as they are registered as a company. In other firms, while doing any service whether Auditing, taxation, consultancy certificate of practice is mandatory as registered as a firm/limited liability partnership.

4) Pursue Government /civil services

This is the most flexible suited job for people interested in government-related jobs.They can aim for doing Civil services courses and then attain positions like the president of the ITAT tribunal (income tax appellate tribunal), SEBI (securities exchange board of India) chairman. This position can be achieved only by working in a government organization for a longer number of years.

5) Be an entrepreneur

Becoming a successful entrepreneur is certainly the dream of every individual. An entrepreneur has to be focused dedicated to take his business to great heights. Being an entrepreneur one needs to have innovative ideas and skills, creativity, analytical mind, broad mind business tactics. In order to start a business in one industry, one needs to initially built a work experience.

The mind of an entrepreneur should be unique and think about expansion diversification and should aim for growth of business and not merely survival. A successful entrepreneur should be a well-established industrialist.

6) Career in industry

This is probably the most common choice that the current generation prefers at the initial stage of a career. There are a diverse range of industries namely manufacturing, Information technology, automobile, steel, and so on. Here the key challenges are to satisfy employer needs and objectives of management. You have to be aware of “Corporate challenges What the employer expects”. But satisfying management needs, investors needs they can attain top positions like a chief financial officer. But only consistency in performance can help in attaining such positions.

7) Investment Banker

This is certainly one of the prominent choices among the newly qualified chartered accountants. Those having an interest in the stock market, forex, derivatives the choice would be to work for banks and NBFCs (non-banking finance companies). With respect to banks, one should aim big, instead of going for public and private sector banks, the aim should be to go for foreign banks. Foreign banks offer wide exposure, global clients, and growth. More than that an international level working will be gained in the areas with respect to the portfolio, credit rating etc.

8) A career in the Insurance sector

This is certainly the most welcome option for those interested in the field of risk management, the policy of insurance, and other insurance-related matters. Here the finance knowledge is very vital and essential.

Skills required:

• A disciplined attitude for hard work
• Good understanding of socio-economic environment in which organisations operate
• Numerical ability
• Logical and methodical approach
• Ability to take stress
• Attentive to detail
• Ability to deal with different types of people
• Necessary skills in applying theoretical knowledge to practical situations
• Ethical values
• Analytical mind
• Good verbal and written expression
• Business acumen
• Patient and industrious

Job in a CA firm:

A Chartered Accountant can pursue career in following firms:

1. Tax auditing
2. Careers in Accounting and Finance
3. Internal Auditing
4. Tax Advisory
5. Statutory Audit
6. Forensic Auditing

How to Become A Chartered Accountant:

After passing intermediate, you need to enroll yourself for CA foundation institute approved by ICAI and have to clear CPT(Common Proficiency Test) exam. After completing foundation exam, you will be promoted to CA intermediate course(IPCC).

There in the intermediate level you have to clear examination of two groups (group1 and group 2) having eight total subject four each group.
Only by clearing one of the group you are eligible for the CA article ship under CA firms, but before awarding the Articleship you must have cleared both the groups.
After clearing the both Group exam and Articleship then you need to clear CA final examination. after that ICAI will award you a degree and you will be eligible to use CA as a suffix your name, in minimum five years you can be a (FCA) Fellow Chartered Accountant.

Conclusion:

This is one of the best career options for commerce students to get high paying commerce stream jobs. Students often find themselves in a dilemma to select the best curriculum for their career plan. Courses after 12th commerce are plenty but choosing the right makes or breaks everything. 

With various options in Accounting, Finance, Marketing, or Business Administration, you should first work on your interest, decide the career path and then select the course that agrees well with their plan onward. Before selecting commerce courses, find the salary range, eligibility, skills required and institution.

Any suggestions or information please comment me I will help you as my best. Thanks.