Chartered Accountancy Profession in India and Your Career Prospects

A career in chartered accountancy is for the people who have a penchant for numbers and accounts. The demand of CA’s has been growing in between 10 percent to 15 percent over the last three years and the trend is expected to continue in the coming years.

Chartered accountancy is one of the highest paying careers in the country. It is not only remunerative but is considered to be one of the most respected professions in India. As per the news published in one of the leading newspapers, in ICAI campus placements 952 Chartered accountants were placed with an average annual salary package of around Rs 7.28 lakh. This is a clear indication of high demand for accountancy professionals in the market. ICAI has organized this placement drive across different cities in India like Ahmedabad, Bangalore, Bhubaneswar, Chennai, Coimbatore, Hyderabad, Indore, Jaipur, Kolkata, Mumbai, New Delhi and Pune.

Some of the high-profile recruiters of chartered accountants in India are Reliance Industries, Tata Consultancy Services, Federal Bank, ITC, ICICI Prudential Life Insurance, L&T, Wipro, Bharat Petroleum Corporation, Engineers India, GAIL, etc. Some other good paymasters of CA are E&Y, Deloitte, ICICI Bank and PWC.

Where are the CA jobs available?

As per the current job trends, CA’s are in high demand not only in the core sectors like banking, financial services, or manufacturing but even in new age sectors like Information Technology, telecom, risk and assurance services, infrastructure and retail. High earning potential jobs are available in banks, PSU’s, auditing firms, finance companies, mutual funds, portfolio management, stock broking firms, legal firms and so on and on. Financial inclusion is the next high potential job generating sectors.

The work of a CA is mainly involved in auditing financial reporting, creating and maintaining accounting systems, corporate finance, and tax management, among others. A fresh chartered accountant can earn somewhere in between INR 5 to 7 lakh per annum. With the increase in the years of experience and expertise, the salaries can go as high as INR 18-24 lakh per annum.

Here are the top career options for the chartered accountants, take a look-

· Audit and Taxation

· Finance Advisory

· Investment Banking

· Banking and Financial Services

· Outsourcing

· Academics

· Corporate Sector

Chartered accountants are one of the most rewarding career domains to be in. The courses required are common proficiency test (CPT), Integrated Professional Competence Course (IPCC), CA final and Articleship.The modern age CA is technically armed to serve as management consultants and play a pivotal role in helping business and industry to optimize the use of resources, increase their efficiency and accomplish their targets.

People in this occupation must work strategically and maintain utmost amounts of precision. There is a huge scope for the budding CA’s. To conclude, it would be good to say that CA jobs are financially rewarding and personally gratifying.

Chartered Accountants Course in India

A Chartered Accountant holds prestige in the society and earns handsomely. The role of a CA is moving away from the traditional activities of audit and tax management to becoming consultants and advisor in the true sense. After acquiring the membership one can either choose to do public practice or join any organization at the public sector or private sector. Numerous career options open up.

Chartered Accountants are compulsory to assess the risks of the companies and can help them in designing control system to counter those risks. They could provide new assurance and working measurement services. They can cooperation change management at the ownership, structural and operational levels. They can be the serious advisors for stakeholder value making and strategic management. They can provide support in financial administration, financial regulation and matters related to insolvency and corporate recovery. They can become management consultants, mercantile bankers and privet equity investment advisors.

The chartered accountants course as structured by the Institute of Chartered Accountants of India is a good blend of theoretical education and practical training. Syllabus is revised and updated to keep pace with the rapid changing needs of the local and global economic environments. The CA programme has three sections, Competency Professional Test (CPT), Integrated Professional Competence Course (IPCC) and the Final examination. Examinations are held double a year in May and November and it is necessary that a student must register at least ten months before the examinations. After passing the Group I of the IPCC examination, candidates are eligible for registration as articled clerks/audit clerks for practical training.

The Institute of Chartered Accountants of India believes that there is a growing requirement of CA professionals in india and it has a tough time keeping pace with the demand. The valid point is therefore not whether or not you should do an MBA or a CA, but that you better know why you should do so. As in every profession, the most important thing is what you do with the degree you get.

Chartered Accountant

If you own a corporation, are an investor, or self employed, I highly recommend that you hire a chartered accountant (“CA”). CAs are not bean counters. They provide valuable business and tax advice, helping you achieve your financial goals.

By reading this article, you can make a more informed decision on whether your business requires a Chartered Accountant, and more specifically, why hiring a Chartered Accountant in Toronto has added benefits.

Chartered Accountants – Years of Education

Becoming a CA is by no means an easy task. They spend years in school, must pass 3 qualifying examinations, and must have 30 months of practical experience, before they can obtain their CA designation.

With such rigorous educational requirements, Chartered Accountants have the knowledge to help you and your business.

Chartered Accountants – High Ethical Standards

Chartered Accountants must abide by a professional code of conduct. The code of conduct is very extensive and requires CAs to act ethically, maintain client confidentiality, be independent, and avoid situations involving a conflict of interest. It has been said that CAs have one of the most rigorous professional codes of conduct amongst the various professional bodies in Canada.

Where CAs fail to abide by the standards of the profession, they will likely be disciplined, and in some cases expelled from the profession altogether.

Non designated accountants may not belong to a professional body or have a code of conduct to abide by, which can be very worrisome for business owners. If your Accountant isn’t accountable to anyone besides himself, what assurances do you have that they will do the right thing?

Chartered Accountants – Tax Experts

Many accountants provide tax planning and tax preparation services to their clients. However, not every accountant is a tax expert. So what exactly is a tax expert and are CA’s tax experts? I’ll explain this below.

Firstly, tax experts have a great deal of knowledge, or expertise, in the area of taxation. There are different types of tax experts, such as: GST experts, Canadian Income Tax Experts, Estate Tax Experts, and so forth.

The Canadian Institute of Chartered Accountants (CICA) has the most rigorous and most comprehensive tax training program in Canada, know as the Canadian In Depth Tax Course. Many CAs have completed the CICA In Depth Tax Course and have practiced tax for many years, allowing them to hold themselves out as tax experts.

Before hiring a CA, you should find out whether he/she has completed the CICA In-Depth Tax Course and the type and years of tax experience they have. You want to ensure that you’re in fact hiring a CA that’s a tax expert.

Chartered Accountant – Fees

CAs are not always expensive. Many Chartered Accountants are pleased to provide their clients with a fixed fee, rather than bill by the hour. In addition, they will usually demonstrate that the value that you and your business derive from their services is far in excess of the fees that you pay them.

I recommend that you obtain a fee quote first, so there are no surprises. In addition, you should ensure that your CA always seeks your approval before rendering a bill. Finally, you should have a detailed engagement letter that specifies the services that will be performed, expected delivery date, and the fees for such services, in order to avoid any disputes.

Chartered Accountant Toronto

Toronto is the financial and economic centre of Canada and the Greater Toronto Area has a population in excess of 5 million people. In addition, Toronto has many diverse businesses and more small businesses than any other region in the country.

Because of Toronto’s large population and business composition, many Chartered Accountants in Toronto would have dealt with both a variety of businesses and a large number of businesses. This unique advantage afforded to Chartered Accountants in Toronto is likely not available to Accountants located in other parts of Canada.

In addition, Toronto has the most number of CAs practicing accounting than anywhere else in Canada. This creates healthy competition and more choice for consumers.

Finally, many of the largest CA firms are headquartered in downtown Toronto. If you’re operating a large business, it’s helpful to deal with the leading CA’s located in the heart of Toronto.

These are strong reasons to hire a Toronto CA as opposed to an accountant located in another region of Canada. Where else, other than a city like Toronto, will you have this opportunity?

Conclusion

Hiring a CA, specifically a CA in Toronto, can be highly beneficial to your business. They have years of education, high ethical standards, and reasonable fees. Many of them are also tax experts. In addition, they provide value for money and help you achieve your financial goals.

In encourage you to visit the CICA’s website at http://cica.ca for additional information. You may also want to visit the ICAO’s website, http://icao.on.ca which also provides very helpful information about CAs.