The world is still reeling through the Covid 19 pandemic and the shadow of this will have a considerable impact in 2021 and predicted to have a lasting adverse effect for times to come. The world has to live with this and as they say it is the new normal.
As all the other economies of the world the Corona 19 has dealt a severe blow to the Indian economy.
India is seeing the worst recession since Independence. As per a study,the FY Q1 there was a substantial contraction by 23.9% as compared to the earlier year.
However, the recent results indicate that there are signs of recovery. The increases in Auto Sales, GST collections, digital transactions, petrol sales etc. are indications of a recovering economy.
The recent boom in the share market is also a positive signal.
FDI s increase is noticed by 15% to 30 Billion in Apr to Sept 20 half year as against the earlier period.
As per Bloomberg, FDI investment equity into India crossed 500 billion strengthening its credentials as an investment destination and stood at 500.12 Billion during the above period.
The job market outlook has to be understood in the above context. Due to the turmoil caused by the pandemic, it is only logical there would be unemployment, retrenchments, and restructuring in most corporates. But new opportunities are thrown up as well, hence skilling and reskilling, learning and unlearning /relearning with coaching institutes are essential from the Finance perspective.
Status of existing CAs
As of now there are about 3 Lac CAs in India and out of which 130,000 are full time practitioners and rest in service.
The CAs have a role in guiding businesses to interpret the complex tax laws, liaise with Govt authorities and ensuring smooth business operations.
The Finance Professional should seize the opportunities and keep abreast of changing times with training.
Additional Skill Sets:
The CAs and other financial professionals would do well to upskill to add Finance Risk Management (FRM) CMA USA, CPA etc. through online classes and thereby provide more value to their clients, as well as themselves for the battles ahead.
The Continuous Professional Education (CPE) and similar programs of other Institutes hones the skills sets and upgrades knowledge. This in turn would enhance the perception and image of the Finance Professionals.
Certifications like FRM, CPA and CMA USA have global recognitions. Hence, the Indian professional can look globally for opportunities-namely Middle East, Africa, Europe, Canada, Australia and USA.
Further,the MNCs that are coming into India would also be comfortable to recruit professionals, who are equipped as per their regulatory bodies.
Rather than mere book keepers, modern day Finance Professional is expected to play a cutting edge role in today’s businesses. In fact in some companies their functional head is designated as Chief Value Officer. This is largely because they bring great value to their function and also provide valuable inputs to the Top Managements and decision makers.
Overall with the positive signs in the Economy,the Finance Job market looks very good except in the Tourism/Hospitality, which may take a little more time.
Finance, Insurance, Real Estate are having bright prospects and hence good opportunities for Finance Professionals.
Monster and Manpower Survey says “We have seen significant growth in job postings over the last few months, foreseeing a positive start to 2021.”
Further, the survey states nearly 65% of the employers reported that
they may return to the pre Covid hiring within the next 9 months for all jobs. This will hold true for Finance jobs too.
All said and done, with the vaccines being administered now and a general sense of well-being prevailing, economy is showing green shoots, all is well, for the Finance Professional in 2021.
Author – G.SRIKUMAR, FCA. INDEPENDENT DIRECTOR