THE financial meltdown is expected to bring new opportunities for chartered accountants as companies will seek better control over their finances. So, if BSchools are a worried lot and preferences are fast changing from finance to consulting, the CAs are in demand like never before. Also, as per the ICAI top brass, while the financial sector has been in a turmoil, there is no news of any CA being sacked by any company.
“We feel that the demand for CAs will increase further in ongoing turmoil. Companies will require better control over their finances and adopt stringent practices that will make CAs’ role indispensable,” ICAI president Ved Jain told ET. Speaking on the sidelines of ongoing three-day international conference on ‘Accounting Profession: Shining Bridge Between Global Economies’ in Jaipur, Mr Jain added that awareness about hiring a CA has increased manifold.
The ICAI witnessed the trend during the placements in September where over 1,000 students were placed in the industry at an average salary of Rs 6.13 lakh. This is an improvement from the Rs 5.94-lakh average package awarded during the campus placements, earlier in September 2007, where about 1,151 CAs were placed. However, while the going has been good so far, the institute says, the acid test lies in March 2009 campus placements.
In September, the highest offer made to a CA candidate by an international firm was Rs 21 lakh per annum while highest package offered by domestic recruiter was Rs 11 lakh. Last year, in September, foreign recruiter offered highest Rs 12 lakh per annum. In the last couple of years, CAs have been getting fat pay packages, almost at par with MBAs from ivy league B-Schools.