With the growing importance of trade and industry in a liberalised system like ours, the improtance of Chartered Accountants has grown enormously. A qualified Charetered Accountant (CA) has the option of joining the Government Service, an attractive job in the Public Sector or a lucrative assignment in the private sector. The CAs can also join any financial institution or even have their own consultancy. Whether it is a salaried job or private practice/consultancy, CAs receive very high remunerations for their services. A person choosing this career, has, however, to be careful to ensure that he/she is comfortable with the figure work, as aptitude for figures and accounts is a pre-requisite for the job of a CA. Hence, only such candidates as may beat ease with figures should venture into this specialised career.
The growing importance of trade and industry along with the rapid growth of capital and money markets in an economically developing nation like ours, has increased the importance of Chartered Accountants enormously. Moreover all the companies registered under the Companies Act, are required to get their accounts audited only by practicing Chartered Accountants. A qualified Chartered Accountant has the option of joining the Government Service, Public Sector undertakings or taking up a lucrative assignment in the private sector. The duty of Chartered accountant is to ensure that the financial transactions of an organisation are maintained according to the law, they also keep track of cost of management of the company and manage tax matters.
The accounting department prepares, analyses financial reports and documents of an organisation. Auditing involves checking the accuracy of the financial statements, ensuring that the accounts presented are drawn up on correct accounting principles. Cost Accountancy involves maintaining cost auditing records, compiling cost information, installing cost control and performing cost audits. Taxation involves dealing with direct taxes, like income tax and wealth tax, assessment of taxes, filing returns and providing advice on indirect taxes. Investigation include expert examination of specific aspects of businesses for the information of interested parties on new issues of share capital, the purchase, sale or financing of a business and for reconstruction. The various areas of consulting include Management accounting and internal audit, corporate law advice, project planning and finance, business advise, systems design and information consultancy. Chartered Accountants also act as directors, arbitrators for settling disputes, handling work related to insolvency, bankruptcy etc. and also as executors under a will or trust in order to carry out the administration of an estate or settlements. They are also engaged in activities like markets research, budget planning, working capital management, inventory control, policy planning, securities consultancy, registrar of issues of securities etc.
Some of the opportunities available for Chartered Accountants are in capital markets, business houses and industry. They can also have their own consultancy or private practice which could be more lucrative and satisfying. With the country liberalizing its policies and approach, opportunities are expected to grow further.
They are also well placed in government sector as director finance, chief executive or the Head Of the Department of the accounts, information technology etc. They help the government for proper implementation of accounting system.
Career prospects for the CAs are very bright. Chartered Accountancy has emerged as a specialised professional field to which no one can get without becoming an associate member of the Institute. All the companies registered under the Companies Act, Public Sector Undertakings, Institutions and specified Business Houses are required to get their accounts audited by the practising Chartered Accounts, who receive handsome remuneration for this. In addition, all such organisations require the full time services of CAs as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance), etc for keeping a close watch over the finances in the day to day management. Opinion of a Chartered Accountant, whether working on full time basis or acting as a part time consultant, is valued immensely in every business organisation. CA is considered to be a professional of exceptional and high order and cannot be substituted by any other professional.
With the growing number of export houses, advent of numerous multinational corporations, expansion of trade and industry, rapid growth of capital and money markets and expansion of business, the need for CAs is increasing. Competent professionals, with pleasant personality, practical approach and natural instinct to deal with figures, are expected to do extremely well in this profession. Finance is one of the most important functional areas in any business organisation and a competent CA heading this division is expected to be the king-pin of the entire organisation. The openings in the field of private practice and consultancy are even more lucrative and satisfying, as one does not have to work under any boss and the amount of business entirely depends upon the quantum of hard work and effort put in by CAs. The career, thus, can truly be termed as challenging and rewarding in its own right.
Prospects Abroad : Institute of CA of India is well recognized by Institute of England, Wales and Australia. The members of ICAI can do practice or they can go for employment in these countries. ICAI is not approved by several countries like United Nations of America. Since ICAI is a member of the international Federation of Accountants committee and also international federation of Accounting Standard board, one can do their services in these countries. But for practicing they should undergo a particular examination conducting by the respective countries. The examination conducted by UNA is called CPA, Certified Public Accountant Examination.
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