As one of the highest paying professionals in the non-technical field in our country, Chartered Accountant is considered one of the most brilliant career options for people seeking opportunities in the commerce field. The course duration is almost 5 years, but it can take more time if candidates failed to clear the exams in one attempt. Maybe due to the wider area, scope, and tough exams, people consider Chartered Accountants (CA) as an institution in itself.
After Completing the CA Final exam or CA, candidates can use the CA prefix in their name. As there is not a single company or industry where CAs are not required so they can have top-class jobs in the private and public sectors. Additionally, Chartered Accountants can start their own firms/ businesses and can become job givers. So, all doors are open and the choice is always yours for what you want to be.
After successfully qualifying for the exam, most of the aspirants have to take a crucial decision about whether to be an employee of a firm or start their own firm. To start a firm and engage with some clients making a website and promoting your services is the best way. Additionally, Through online platforms, you can manage the whole work without any tension.
Thus the summary of all the above is that there are three types of opportunities a CA can explore.
- Practice CA
- Join any CA Firm
If you wish to do Practise as a CA you can do the Followings
Because of intense competition, and customer pressure, practising as an individual or sole proprietor is an old concept these days. Therefore it is advisable to start a partnership firm with a minimum of f4 CAs. You can also start an LLP firm as per LLP Act 2008. This option is more beneficial than going solely.
Services by Chartered Accountant
Along with the normal services, there are some New Services CA can provide to its customer
- Electronic Commerce: A CA can play an important role in solving the lack of confidence in the system. There are a series of potential projects -consumer to business, business to business, internet service providers, and other services.
- Risk assessment: CAs with their robust services and understanding will ensure entities have comprehensive business risk identification skills or measurements and evaluate whether the entity has an appropriate system in place to manage all the risks effectively.
- Performance measurement: Investors and Managers are always looking for a more comprehensive information base than just financial statements basically they want a balanced scorecard. This service will make sure that the entity’s performance measurement system contains relevant and reliable measures that can help entities to get more deep details.
- Systems quality: This service will take care of various aspects of the quality of Information systems and branding of services.
- Intellectual capital: It will measure the intellectual capital in terms of the agreed-upon measurement criteria and then provide assurance on the measurement.
- Continuous assurance: Investors and Managers want the latest, timely base and up-to-date information, and this service will provide that information without any delay.
CABs and Firms
- CABS: CAs who provide work in the business community, government, and academic organizations.
- Small and Sole Firms: CAs providing services in public practice, in sole practice, or in the smaller firms there are around 34% CAs working in such firms.
- Medium Sized firms: 3% of CAs are working in such firms. These firms are also known as second-tier firms. These firms work nationally and internationally.
- Large Firms: These all operate globally, around 13% of Chartered Accountants work in such firms.
Challenges for CABs Employed in Business Management
- Change management: Assist the employer organization in adopting a culture and implementing the change.
- Global service: CABs need to maintain appropriate ethical and professional standards and also identify the issues and understand global taxation and corporate law.
- Critical strategic management: Understand the business drivers and provide valuable input to the business.
- Finance administration: CAs take responsibilities of reposition finance and financial administration that give flexibility to the entities for their future actions.
- Non-financial measures: They also take care of Non-financial measures such as developing systems to measure the performance of the organization.
- Stakeholder expectations: Recognize, understand, and meet the perspective of the various stakeholders in the enterprise.
- Competencies: Ensure that proper standards of service are provided to the entities or enterprises.
- Professional standards: To ensure maintaining professional standards despite cost pressures on service delivery.
- Auditor: External professionals who are invited or hired or sent to companies/ firms to check their finances to ensure that the accounts of the companies are accurate are known as Auditors. Nowadays most companies choose to hire an internal auditor for all their auditing work.
- Accounts Clerk: Accounts clerks take responsibility for recording certain types of financial transactions. They can be more focused on accounts payable, accounts receivable, billing, or payroll.
- Business Services Accountant: Business services accountant is known for providing business and tax services to clients. They also keep track of preparing tax returns, depreciation of assets, generating financial statements, and advice & guidance on financial planning.
- Chief Financial Officer (CFO): Chief Financial Officer is a senior-level executive who takes the responsibility for the enterprise’s financial well-being and success.
- Cost Accountants: Cost accountants monitor and analyse the company’s Cost of materials, processes and products. They also have a responsibility of providing beneficial advice on the most effective options to streamline and maintain costs.
- Financial Controller: Financial controller works jointly with executive management teams, and plays an important role in the operation of businesses.
- Tax Accountant: Tax accountants deal with taxation. They handle tax returns, audits, and final audits for the business, firm corporations or individuals.
Top Recruiting Agencies for Chartered Accountants:
There are a number of top-class companies but some of the top Recruiting agencies or companies that recruit Chartered Accountants on a very good package in India are listed below: –
- Indian Oil
- Sri Guru Kripa
- SS Kothari Mehta & Co.
- Bhatia and Bhatia Chartered Accountants
- Real-time Taxsutra Services