Five reasons to become a Chartered Accountant in India

As the global economy becomes a threatening web of mysteries like financial scams, economic meltdowns, and political scandals, a career in Accounting is gaining popularity. Also, enhanced business complexity, changing global reporting standards like US GAAP, and the advent of technologies like cloud accounting and big data make it an exciting and promising career option. If you have a knack for numbers and problem solving, then a career in Chartered Accountancy is waiting.

Here are the top 5 reasons for considering a career as a Chartered Account:

1. It is a challenging academic journey

Depending on your academic background, you can take a couple of routes to becoming a qualified Chartered Accountant. It begins with a foundation course followed by an intermediate-level course and a final examination. 

You also undergo a 3-year practical experience known as an ‘Articleship’. This is further tied with basic and advanced level Integrated courses on Information Technology and Soft skills (ICITSS) of 4 weeks each, which must be completed at specific intervals. Certain exemptions can be availed based on your academic background, experience, and country of residence.

Upon successful completion of the above, you are honoured with the title of Chartered Accountant by the Institute of Chartered Accountants of India (ICAI). Some candidates also supplement this with qualifications like Company Secretary (CS) and Cost Accountancy (ICWA) to get an edge over others.

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2. Access to a universe of roles

A prefix of C.A. in your name comes with many other privileges. You hold prowess in accounting (Management, Costing and Financial), Law and Business ethics, Taxation, Auditing, I.T. and related soft skills. You can opt to work in these areas and develop your speciality.

Suppose you have managed to excel at the initial examinations of your Chartered Accountancy course. In that case, you could bag an articleship at the Big 4 accounting firms (KPMG, Deloitte, Ernst & Young and PwC), which will further boost your career.

Apart from this, there are placement services provided by the ICAI to help you kickstart your career. Moreover, you have the following choices

• Practice Independently
• Work with a company
• Join a government entity
• Tie-ups with private firms
• Management consulting
• Become a professor or coach

Therefore, we can conclude that becoming a Chartered Accountant is the best career insurance as it gives you the freedom, exposure and learning you want along with way.

3. Excellent pay packages

Now that you are convinced that it is nearly impossible to stay unemployed once you become a qualified Chartered Accountant, let me tell you it pays well to be in business. An average salary of a C.A. in India is INR 7-8 lacs per annum, going up to 30 lacs with your experience and area of expertise.

If you are lucky enough to get a chance to work abroad, your bank balance can get fat in no time, as the salary range can shoot up to 60-70 lacs per annum. If you decide to start your consultancy abroad, you can charge your clients per hour.

4. Globally recognized profession

The profession of Chartered Accountancy is no less than that of doctors, engineers and I.T. professionals in terms of demand, reputation and growth prospects from a global standpoint. You might be required to pursue additional certifications and gather some local experience to make it count. Courses offered by reputed international institutes like the American Institute of Certified Public Accountants (AICPA), Chartered Institute of Management Accountants (CIMA), and Institute of Chartered Accountants of England and Wales (ICAEW) can come to your rescue when moving abroad. But it does not take away anything you have earned to that point.

With growing affiliations amongst the professional accounting bodies worldwide and the government’s efforts to upgrade academic curriculums to a global standard, changing career paths and countries will only get more accessible over the coming years. So, if you find a good opportunity outside your country of origin, do not hesitate to take it up.

5. Personal Transformation:

The journey of becoming a Chartered Accountant can bring about a sea change in you. You pass through a series of tests and experiences which moulds you into a gem. By the time you wash your final examination, you have already gained exponential knowledge, dealt with countless people, owned multiple skills and are set to take on the world.

This is one of the most sought-after qualifications to help you survive the tides of uncertainty, career stagnation and job dissatisfaction. The respect and reputation you earn being a part of an elite community are unparalleled.

Therefore, ask yourself if you have the aptitude and attitude to become a Chartered Accountant? If yes, then go ahead and stumble upon an exciting journey now.