A Chartered Accountant is an individual who is an expert in the field of accounting, auditing, and taxation. Simply, they are responsible for managing all financial matters of an institution or organization. Furthermore, these professionals are the only individuals who have sole authority to conduct a company audit.
With the consistent growth in the Indian economy, career options in finance and accounts have also witnessed a steady rise. Undeniably, it is one of the most popular choices for a commerce graduate in India. Chartered Accountancy (CA) is a challenging professional course and is highly in demand. It is a dream profession for many and is quite rewarding too, as it offers various advantages apart from a range of options to choose from.
The Institute of Chartered Accountants of India (ICAI) is a statutory institution in India that governs the profession of Chartered Accountants. A candidate can enroll in the Chartered Accountancy course through the Foundation Course or the Direct Entry Route. If one pursues the course after completing class 12th then they have to undergo the CPT and IPCC exams including 3 years of internship under an experienced Chartered Accountant (CA), whereas, candidates who have completed their graduation can join the course via the direct entry route where they do not need to give CPT exam and they can directly go for IPCC exams and 3 years of internship.
The CPT route will allow one to become a certified Chartered Accountant in 4.5 – 5 years whereas the direct entry route will allow one to finish the course and become a professional certified Chartered Accountant (CA) in 3 years.
In India, Chartered Accountancy certification is required to practice professionally as a CA. The candidate must complete three levels of training developed by the Institute of Chartered Accountants of India (ICAI) to become a certified Chartered Accountant.
Here are five reasons why you should choose CA as a career.
- Consistent & Expanding Field- With the ever-expanding Indian economy, job opportunities in accounting and auditing are expected to surge at a rapid pace. According to the Bureau of Labour Statistics (BLS), employment in the accounting and taxation field is expected to move forward by 11% from 2014 to 2024. This growth rate is much higher than the national average growth rate of 7%. Thus, CA as a career will always be in demand with the growing Indian economy.
- Lucrative Opportunities both in India & Globally- After successfully completing the course, candidates get lucrative opportunities at top firms. The most popular ones are auditing and accounting roles. Apart from that, one can also choose to work as a finance consultant, tax consultant, or SAP specialist and can even practice independently after gaining more experience. Both in India as well as abroad, CA course graduates get amazing work opportunities that help them lead a stable life. The demand for CAs in the foreign market is very high and at a peak right now. If you have always dreamt of settling abroad when you grow up then this is the right choice for you. Do you know that out of 2 lakh alumni of ICAI, 14% of them are placed and settled abroad?
- Huge Earning Potential- A career as a CA can make one’s life secure with a generous salary amount. According to recent reports, the median salary of a Chartered Accountant in India during the initial phase of their career is near to 5 lacs per annum. With a great amount comes great benefits as well, which include sponsored vacations, retirement plans, subsidized healthcare, and much more.
- Extreme Professional Growth- After completing the CA course, one can pursue a career as an entry-level associate. The job roles include junior auditors, staff accountants, and assistants at the office of the controller. By gaining experience and required skills, one can elevate their career with additional education or certifications and increase their sources of income.
- Builds Entrepreneurial Skills- In the profession of accounting, the dream to start one’s own venture is always alive. It is quite easy for CAs to start their own firm by approaching small businesses first and later large firms. Although during the initial years, there is a huge risk amongst the accounting firm, it is an opportunity that is always staying with the individual.