This article is written by Anindita Deb, from Symbiosis Law School, NOIDA. Through this article, she discusses the scope of CA as a career option and the wide range of opportunities available to Indian Chartered Accountants within India and abroad.
Table of Contents
Introduction
Chartered Accountant (CA) is emerging as one of the most well-paying and reputed professions in India and abroad. All the big institutions and business organisations need a team of Chartered Accountants to handle their transactions and accounts. It is widely claimed that CA is an institution in itself. After becoming a CA, you not only get a good job yourself, you also become a job provider. You become a member of the Institute of Chartered Accountants in India (ICAI) after passing the CA Final exams and completing the required training. You can now add the CA prefix to your name. As a Chartered Accountant, you have virtually unlimited options when it comes to career opportunities. This article provides you with various opportunities that open up once you officially become a Chartered Accountant.
Functions performed by a Chartered Accountant
Chartered accountants are fully qualified accountants who have a wide range of responsibilities. They evaluate and give information on financial records, which generally include financial reports, taxes, corporate finance, business recovery, and insolvency. They are often in charge of reviewing accounts and providing financial advice that the client can use to save money or boost profitability.
A chartered accountant is a crucial pillar in a country’s economic development. Because of their experience and skill in the fields of finance, taxation, stock market, and company law matters, FOREX, and other financial issues, Chartered Accountants have a unique perspective on how to address financial problems. They assist even the average citizen or nation’s resident in comprehending the rules and regulations. Thus, Chartered Accountants are rightfully referred to as ‘partners in nation-building’.
Career scope for CAs in India
Chartered Accountants (CAs) are in high demand in India, with a variety of career opportunities ranging from entrepreneurship to working in private enterprises and government organisations. Furthermore, Chartered Accountants have a sense of job security and various opportunities in India for a variety of reasons. The types of jobs available in the private sector for CAs are largely determined by the company type and location. Job opportunities in more refined and specialised skill sets are more plentiful in large companies. Chartered Accountants’ ability to expand is also determined by their ability to keep up with new and emerging technologies and practices.
Furthermore, the scope of CA is broad, and there are numerous work opportunities. They are in high demand across all industries, and as a result, they have a diverse range of possibilities.
Career options and opportunities
CAs can find work in a variety of fields. They could serve as financial reporters, financial strategists, investment advisors, mergers and acquisitions advisors, and so on. Some of them are as follows:
Goods and services tax
Ever since the Goods and Services Tax (GST) was implemented in India, the number of job prospects for a Chartered Accountant, who is familiar with the new tax system, has expanded significantly. Providing GST services is a lucrative job for a CA and may be easily turned into a business.
Internal Audit
Because of the increase in rules and regulations for businesses, the demand for internal auditors is increasing. Auditors are needed to check records, procedures, paperwork, and asset and liability verification. Internal auditing is a profitable field for CAs.
Startups
With the rising number of startup enterprises in India, there is a greater demand for the financial management of these new businesses. CAs can engage with these startups to identify creative and new growth potential in these new concept companies.
Taxation
There are many CAs who help people and corporations with their taxation. They examine their clients’ enterprises and recommend a tax structure that is efficient based on their findings. As India’s population of income taxpayers grows, this sector continues to expand.
Mergers and acquisitions
As consultants, CAs oversee their clients’ mergers and acquisitions cases. Their responsibilities include determining the viability of procuring businesses depending on their performance. The position is a high-ranking one with numerous prospects for growth.
Wealth management
Financial and investment counselling, tax services, accounting, and retirement planning are all services provided by wealth management. Wealth management as a career is in high demand, and CAs that are well-versed with finances and management can effectively provide it.
Opportunities for a CA in the public sector
Chartered Accountants are highly qualified management, accounting, and auditing professionals. Professionals with the above skill set are required at all levels of government. As a result, CAs are in high demand and can land high-ranking government positions.
CAs can work with the Indian Revenue Service as tax specialists, which is an entry-level position. A CA may also be able to assist the Enforcement Directorate, which executes money laundering and other financial crimes raids. In forensic accounting, CAs can engage in a variety of ways. CAs can also serve as financial advisers, strategists, and reporters.
In addition, several ministries require CAs. Furthermore, because government banks require a specialist, a CA can serve as a specialist officer in public sector banks and regional rural banks. As a consequence, there are several job options for CAs in the government sector.
Salary offered
CA and associated job profiles offer a great salary or package due to their high potential. An accountant’s income and benefits vary depending on the company, qualifications, and area where you live and work.
In India, however, the average salary for a hired qualified CA is between Rs 7 and 8 lacs. There are never fewer alternatives for a CA because they can work in any industry, including commercial, public, and government companies. CAs can also benefit from a variety of perks as an employee.
Chartered Accountants’ compensation is determined by a variety of criteria. The city, firm type, industry, experience, skills, and gender are all major determining factors. Market demand has an impact on these elements as well. Nonetheless, most CA jobs pay well and offer lots of opportunities for advancement. As time goes on, the package of Chartered Accountants will grow as the government continues to impose more responsibilities on CAs as a result of the profession’s exposure. Chartered Accountants have bright prospects in high-growth businesses like finance, banking, and tax, among others; they may expect a diverse benefit package in each of these fields. Different incomes are associated with the mastery of various skills, and pay levels vary based on variances in the cost of living in big cities.
International opportunities available to a Chartered Accountant
CAs from India are in high demand all around the world. Indian Chartered Accountants are in high demand in West Asian countries, Singapore, and Australia. Every year, these countries attract numerous Indian CAs. Several nations have signed MoUs with the Institute of Chartered Accountants of India, allowing CAs to join the ICAI counterpart in such countries. ICAI has signed Memorandums of Understanding with Australia, Canada, England, United Arab Emirates and many other countries.
The scope of CA varies depending on the country in which you work. The specialisations that are valued highly in each country differ, as do the salaries and costs of living.
CAs who work for multinational corporations or the country’s central banks also have tremendous opportunities abroad. Their position involves a great deal of travel. Finance directors and accountants who work on Mergers and Acquisitions projects frequently travel abroad. CAs can also work in Indian companies whose operations are carried outside India.
Overall, there are numerous chances for CAs seeking work abroad. In May 2020, the average pay for accountants and auditors was $73,560, according to the United States Bureau of Labor Statistics (BLS).
Conclusion
To summarise, the benefits of taking a CA course are numerous. Furthermore, it is a well-known profession in India and internationally, and as a result, it provides high-ranking and high-paying work chances to individuals who possess the necessary qualifications. The fact that CAs can build their careers in a variety of ways, including beginning their own practice and setting their own clientele, working in the private sector, or working in various government agencies, is one of the main factors contributing to this.
Chartered accountants can specialise in a variety of roles, allowing them to operate in a variety of industries, including startups. The demand for CAs is only going to grow, and their options are only going to get better. Taking a CA course can be rewarding and lead to a variety of career opportunities.
Join us for an exclusive 3-day boot camp on – International Opportunities for Chartered Accountants / Company Secretaries in US Corporate Law from 9th to 11th October, 6-9PM.
Click here to register.
References
- https://www.catestseries.org/blogs/scope-of-ca-course-in-india-and-salary-of-chartered-accountant.php
- https://timesofindia.indiatimes.com/home/education/news/career-opportunities-after-ca/articleshow/75310500.cms
- https://madhavuniversity.edu.in/role-of-charted-accountant-in-nation-building.html
- https://www.club4ca.com/formats/accounts/best-country-for-indian-chartered-accountants/
LawSikho has created a telegram group for exchanging legal knowledge, referrals, and various opportunities. You can click on this link and join:
https://t.me/joinchat/J_0YrBa4IBSHdpuTfQO_sA
Follow us on Instagram and subscribe to our YouTube channel for more amazing legal content.
