Future Scope for Newly Qualified Chartered Accountants (CAs)

All across the world Chartered Accountancy (CA) qualification is highly respected especially for those who have passed the CA exam recently the constant journey of study, examinations, and practical training culminates in a moment of enormous pride and accomplishment. Here the question emerges what is to be done after the completion of the qualification? For newly qualified Chartered accountants, career opportunities are vast, proposing various paths that fulfil various interests.

You would have numerous opportunities as a newly qualified CA and your scope of the future is bright. Some effective avenues are to be regarded-

The CA May 2024 Final and Intermediate results on July 11 have been released by the Institute of Chartered Accountants of India (ICAI). On the official ICAI website, icai.nic.in. these results have been available. Under the new CA education and training scheme introduced in 2022, it was the first set of exams that has been conducted which comprises of the updated syllabuses and revised question patterns. 

The latest scheme has directed to effective results compared to the former years. The pass percentage has surged with over 20,000 new CAs qualifying this session, compared to just 8,650 in the previous session.

Also in this guide, you will see distinct courses and professional paths available for the CAs, especially for the newly qualified ones who are looking to expand their learning.

Through exploring distinct courses and opportunities you could take your CA qualification to reach new heights of success. The article explains the career opportunities available for newly qualified CAs and discusses the scope of the future in this fast and evolving field.

Career Options After Chartered Accountant

CA is a self-contained degree program. Take consultation with someone who has finished Chartered Accountancy. CA degree opens the door to an extensive range of options.

In this list, some of them are contained. See the below examples –

1. Internal Auditor :

• It is a fact that certified public accountants (CPAs) are the only individuals allowed to audit an organization’s financial statements.
• Consequently, there is always an effective requirement for CA in the audit industry and the same is indeed the field where a CA obtains the most influential compensation increases. 
• While the pressure of work in this job profile is higher. Post finishing the CA Inter a person could work as an internal auditor for a corporation. 

Various firms and institutions have policies that express that merely a certified Chartered Accountant may work as an Internal Auditor and not a CA Inter passed applicant.

2. Direct and Indirect Taxation:

• Sometimes CAs might be referred to as “Taxation Experts” in some sectors. In either direct (Income Tax) or indirect taxation (GST and other laws), many Chartered Accountants started practising.
• The scope of a Chartered Accountant in this field becomes wide with the start of the new tax ruling in our country.

3. Banking and Insurance Sector:

• As a general accountant, you must not expect to be liable for the bank’s essential accounts or make its financial statements as per the norms of the bank and the industry’s best practices. 
• Someone who has experience with the banking norms along with their compliance with them and the additional industry standards can handle the banking accounts.
• They must be skilled in taking part in the bank’s financial affairs and working on their financial strategies, control, funding, forecasting, and other corresponding tasks. 

Read Also: Why CA Should Invest in Website for Strong Online Presence

4. Finance Management :

• To get an advantage from a Chartered accountant’s comprehensive understanding of the financial sector, a growing number of organizations are looking for Qualified Chartered Accountants to handle their financial matters.
• The same job profile is highly regarded and requires the possession of a broad range of technical abilities.
• One should learn industry trends, learn the most lucrative investments, expect the company’s business, and then advise the company on such forecasts and investments.

5. Work as a Teacher:

If a person is employed in the field of education, one can also teach part-time.

• Teaching is a good profession with high ethical norms. It does assist you with money and with a good reputation, similar to CA. Parveen Sharma Sir, CA. Vinod Gupta Sir and CA. Bhagwan Lal, sir.  
• Some Chartered Accountants are teaching with their jobs or setting in their own practice time.
• In educational institutions for CAs, commerce graduation coaching programs, and teaching positions are available just select post-graduate colleges, and the Indian Chamber of Commerce and Industry.
• Also, it needs to be a full-time job. Parallel to your work or practice you might opt to pursue academics.

Hence in conclusion

The initial stage might not be profitable however in the future it is effective. It is just for the individuals who are aware of issues that students face and who want to continue their education.

6. Business:

Selecting a self-employed career or working for a family business is a preferable choice in most of the matters. While there is nothing better compared to starting your own business.

It represents that whether it is trade or manufacturing starting your own business is much better than any other career option. 

Some Chartered accountants join their family businesses to assist them in expanding however, beginning your firm if you have no previous experience is quite difficult.

7. Additional Study: Courses after CA:

7.1. ACCA (Association of Chartered Accountants)-

In more than 180 countries an accountancy profession is been recognized, the ACCA (Association of Chartered Accountants) is a globally recognized organization.

Since 1904, it has been providing the Chartered Certified Accountant (CCA) Qualification. ACCA has 208,000 members and 503,000 pupils, as per its website.

• This course would furnish you with an understanding of UK GAAP and rules and certification to practice as a Certified Accountant (CA) in a variety of countries.
• While a CA degree is mandatory for operating in India, obtaining an ACCA certification in addition to your degree can provide you with exceptional advancement opportunities if you aspire to work for a multinational company or specialize in international accounting.

Follow the link to secure an understanding of the differences between ACCA and CA

After completing the CA the benefits of pursuing ACCA are that it considers the CA certification and grants exemptions for nine out of fourteen exams, which consequences in an Indian CA taking only 5 papers to widen their professional opportunities.

7.2. CISA and DISA

You have learned that the CAs are not allowed to do the system audit until they hold a CISA or DISA certificate in India. 

ISACA proposes the CISA, an internationally recognized course, while the Institute of Chartered Accountants of India (ICAI) proposes the DISA, a locally recognized degree.

You must register for this course after completing CADISA may only be received by applying through a competent Chartered Accountant if you wish to do an information technology audit in the forthcoming time. 

7.3. CFA (Chartered Financial Analyst)

The CFA program is an incredible alternative to pursue after completing your CA degree if you have an interest in finance.

Areas such as investment Banking, Hedge Funding, and Portfolio Management would be an effective career option for individuals who have finished both the CA and CFA programs.

The CA scope might be limited to auditing the balance sheet and furnishing present-day perspectives on historical events. Till now the CFA scope is widened to comprise analysing the financial statements.

Therefore the CFA is a globally renowned course that can be proposed as a part of a graduate-level program. One can apply for the CFA program post graduating from High school.

7.4. After Qualification Courses Offered by ICAI

In addition to post-qualification courses like-

• Diploma in Insurance and Risk Management
• International Trade Laws and the World Trade Organization
• Management Accountancy Course, Corporate Management Course
• Tax Management Course
• Diploma in International Taxation and other related programs are offered by the Indian Council of Applied Finance (ICAF).

One could pursue any path of study that they wish in accounting after becoming a Chartered Accountant. 

Following the finish of one’s CA course, one could opt for a few different courses.

Despite CA being a stand-alone qualification such courses support rectifying your learning and raise your chances of getting selected for distinct positions based on your field of interest.

What to do After Chartered Accountancy?

There are 5 types of career opportunities after CA in the present competitive world that you could explore-

1. Practice CA
2. Entrepreneurship
3. Join any CA Firm
4. Work As Teacher
5. Further Studies

If you wish to place your CA skills into practice then you could do the below-mentioned things-

• Because of the competition and pressure from the clients practicing the law as an individual or as a sole proprietor is an effective opinion in the existing days.
• Consequently, it is suggested that you form a partnership business with a minimum of four CA. In compliance with the LLP Act 2008, you can also establish a limited liability partnership (LLP).

Start practising as:

• Company Secretary in Practice
• CA in Practice
• Cost Accountant in Practice
• Architect professional
• Engineer (Chartered)
• Actuary Professional
• Forensic Accounting

Making a consulting business or becoming a partner in a large audit firm

• It is not an easy undertaking to be the owner or a partner in a large audit business. To obtain the partner’s position in an audit company, you are required to first work as an employee in that business.
• You would then rise through the company’s ranks, from manager to senior manager to associate director and, eventually, to the position of partner.

Job opportunities in CA Companies

In the following organizations career opportunities for Certified Chartered Accountants are unrestricted as mentioned previously-

• Internal Auditing
• Tax Auditing
• Forensic Auditing
• Career in Accounting and Finance.
• Taxation Advisory (Both Direct and Indirect)
• Statutory Audit under applicable statutes
• Managing Treasury function
• Others like Bookkeeping, Finance Controller, Preparation of financials of companies, etc.

Thus,

• Do not comply with the recommendations of other people to pursue CPA, CS, CMA, or other professional designation.
• Every person is unique and secures a unique set of talents, therefore what works for others might not be effective for them. 
• You must choose the one career opportunity that suits your interests and abilities.