Chartered Accountancy (CA) is a professional accounting, auditing, taxation, and financial appraisal practice for an organization.
Auditors are recognized as the foundation of all companies, whether large or small. The duties and activities of auditors include financial planning, accounting, taxation and auditing. As an auditor, you face challenges and rewards. Auditors have a bright future ahead of them.
The Chartered Accountant (CA) appointment is an institution in itself. Not only are you qualified to find decent work after completing your CA, but you are also qualified to give work to others. And it’s always up to you to choose who you want.
Due to intense competition, customer demand, and ability to provide business services, one cannot practice as a sole proprietor after completing a CA program in today’s competitive marketplace. The sole proprietorship concept is completely out of date. Setting up an independent practice costs a lot of money to set up an office and is not worth it at all.
A chartered accountant can help new entrepreneurs start their businesses as well as existing companies grow their businesses. This requires hands-on knowledge of the sector, its legal framework, land and building requirements, market research, product knowledge, technical breakthroughs in the industry, financial agreements, work arrangements, etc.
All businesses need capital and who better to help them than auditors. To do this, you need to build a solid working relationship with bank management, study various loan offers and familiarize yourself with the loan document process. They can offer personalized credit advice tailored to the client’s business needs.
You have to be very passionate and clear about which career to end up in in the future. If you are entering a particular industry or training on your own, and if you are training on your own, which services should you focus on? CAs can take on other services in the industry and you have to make the right choice for them.
Look at the following career choices after CA:
CA practice: This is the first option available upon completion of the CA program. In today’s competitive world, due to intense competition, one cannot practice as a sole proprietorship, pressure from customers and the necessary capabilities to provide business services cannot be achieved. The term sole proprietorship is a completely outdated term. Another alternative is to establish a partner company with at least four auditors, where the range of services is often expanded.
Become a partner in a major audit/consulting firm: A global audit/tax/consulting firm primarily for the benefit of the current generation. However, to become a partner of a global company, one must decide on a consistent organization and first work in various positions from manager to senior manager to associate director and then partner. This path is very long and also considered as a great challenge, very difficult because CA exam has been passed.
Public Service Pursuits: These are often flexible jobs that are best suited for people interested in public sector work. You will try to study public service courses and then hold positions such as President of ITAT (Court of Income Tax Appeals) and President of SEBI (Indian Stock Exchange Board). This position is often only achieved through several years of collaboration with government organizations.
Becoming an entrepreneur: Becoming a successful entrepreneur is everyone’s dream. An entrepreneur needs to be focused and committed to taking their business to new heights. As an entrepreneur, you need to bring innovative ideas and skills, creativity, analytical thinking and comprehensive business tactics. To start a business in any industry, you must first gain hands-on experience.
Careers in Industry: This is probably the most common choice that the current generation prefers in the early stages of their careers. There are different industries, namely manufacturing, information technology, automotive, steel, etc. Here the main task is to meet the needs of the employer and the goals of management. The key to achieving higher positions in an organization is working smart, and every CA should do that.
Underwriter: This is often one of the most important decisions a new auditor can make. Those with interest in stock market, currency, bank and NBFC (Non-Bank Financial Company) etc. With regard to banks, one should aim for the big ones, rather than targeting public and private sector banks, the goal should be to travel to foreign banks. Foreign banks offer more engagement, customers and higher growth.
Career in Insurance Industry: This is certainly the best choice for anyone interested in risk management, insurance policies and other insurance related topics. Financial knowledge is very important and indispensable here.
So there are many options, but it all depends on the individual and the career goals they want to set. These challenges can be overcome by joining a good online portal that will take the candidate further into this professional arena.