We understand the dilemmas of a CA aspirant and therefore, we have gathered few points for you all. These facts will help you understand the importance of Chartered Accountancy course and also, where you can see yourself as a successful person few years down the line.
Scope of Chartered Accountancy
Chartered Accountancy has been one of the most sought after profession in India. The demand for CAs has been growing at a speed of around 10% to 15% over the past 3-4 years. A Chartered Accountant has to go through a rigorous training wherein, both – the theoretical and practical aspects of finance are taught. As more and more opportunities are coming up in the job industry, the need for a Chartered Accountant is also growing giving ample of jobs in the market.
The Scope in India
The CAs work as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance) and watch over the finances in the day to day management of companies. Their main areas of work include Accountancy, Auditing, Cost accountancy, Taxation, Investigation and Consultancy.
Much of the reputation of CAs is due to the fact that their rigorous training (both theoretical and practical) makes them practically jack of all trades as far as the domain of finance is concerned. In spite of the sea change in global trade systems and practices, the requirement of CAs has remained steady.
The demand for CAs has been growing between 10% to 15% over the past 3 – 4 years. The demand however depends on the state of the economy and there is direct bearing on the demand of CAs when the economy is in downtrend. But the statutory clause for mandatory appointment of CAs provides substantial cushion support to the CA fraternity as compared to other comparable peers.
Advantages of being a Chartered Accountant
• The job is highly paying.
• Chartered Accountancy as a career is highly rewarding and respectable.
• There is a lot of scope of growth in the organization.
• A Chartered Accountant can be a decision-maker in any organization.
• There is an imbalance between the demand and supply of chartered accountants and this means that there are less candidates for the number of vacancies to be filled. This serves as an opportunity for those candidates who are looking forward for joining chartered accountancy as a career.
• A Chartered Accountant is required in all types of industries irrespective of the nature of business because, certain functions like audit, accounts, taxation, statutory compliance, finance, etc. are carried out everywhere.
Disadvantages of Chartered Accountancy as a Career
• Chartered Accountancy can be very stressful as the job involves taking care of a lot of functions in an organization.
• A chartered accountant is expected to be updated of knowledge in the industry otherwise it may lead to stagnation in career.
• The profession may require the involvement in the organization round the clock and this leaves less time for oneself.
Traits required in a Chartered Accountant:
• Leadership & analytical skills
• Good communication
• Professional competence – awareness of technical & professional standards/ developments
• A good listener
All the Best!!