Chartered accountancy has been one of the most popular career choices in India. This profession is not easy to get into but if you manage to do so, it offers a great career path, salary, and respect among people. One of the reasons why people respect chartered accountants is not because of the designation or pay, it is mainly because it is not easy to become one. Class 12 Commerce Online Preparation – Live Classes by Success Mantra.
The path to becoming a chartered accountant or CA is tough and it can be easily said that it is one of the, if not the toughest profession. We like to keep our career guides very real and honest, so we had to open with the harshest truths about this profession. Class 12 Commerce Online Preparation – Live Classes by Success Mantra.
If you think you are determined and dedicated, then let us move into this career guide!
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What is chartered accountancy?
Chartered accountancy or accountancy essentially means the same. The profession involves management of finances for an entity. This includes managing financial accounts, budgeting, auditing, business strategy and taxation.
The difference between an accountant and a chartered accountant is that the latter has taken an in-depth training of years and has passed multiple exams in various aspects of accounting to earn the title of a chartered accountant.
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What does a chartered accountant do?
Chartered accountants are professionals who work in various sectors of the economy, managing the finances of an entity, providing financial advice and helping out with money management. This can be for a business, individual or government.
Why build a career in chartered accountancy?
The simple reason to build a career in chartered accountancy is that it is a very well paid and secured profession. The whole world runs on money and every business needs someone to manage their finances, help in filing taxes and do audits.
As a chartered accountant, the opportunities to work are endless. Regardless of the industry, every organisation needs finance management and chartered accountants are the solution.
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Scope of chartered accountancy
As a chartered accountant, you can work in the following sectors:
- Businesses and industries
- Chartered accountant firms
- Consultancy firms
- Capital market services
- Financial institutions
- Independent practice
Chartered accountants are always in high demand in the sectors mention above. You can either work for a business or an organisation and help manage their accounts, finances, taxation or auditing. You can also work independently and offer your services to anybody who seeks it. Class 12 Commerce Online Preparation – Live Classes by Success Mantra.
Financial institutions are always on the lookout for skilled chartered accountants, which is another opportunity of employment. Working for consultancy firms is another way to utilize your accounting skills. Consultancy firms assign chartered accountants to their various clients to help them with their short or long term financial goals. So, if you wish to work for multiple clients then a consultancy firm might be the right fit for you.
Demand for chartered accountants
According to Times of India, in the April of 2018, there were only 2.82 lakh CAs in India and out of which only 1.25 lakh were in full-time practice. This means only 44% of total CAs were actively working. Given the fact that there are 6.8 crores taxpayers in India and more businesses getting established each year, the demand for CAs is more than ever.
So, this is the perfect time to get on the CA bandwagon and pursue this highly fruitful career. The employment opportunities are immense. And they are more likely to grow as more startups and businesses are being established. Class 12 Commerce Online Preparation – Live Classes by Success Mantra.
Like anything, chartered accountancy also has its own pros and cons. So, it is really important to deep-dive and figure out whether this profession fits your personality or not.
Pros of becoming a Chartered Accountant
- Chartered Accountants are paid higher salaries.
- CAs enjoy tremendous respect in organisations and society.
Cons of becoming a Chartered Accountant
- Stressful job as responsibilities are enormous.
- Regular update of knowledge is must without which the career may lead to stagnation.
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