Chartered Accountancy is one of the most reputed and diligent courses in India. For years people pursuing commerce aspire to become a Chartered Accountant. Unlike any other profession, it is a course offering numerous career options and opportunities with the best salary package. Below some of the most common and beneficial career options under the CA field are given:
- Chief Accountant
- Chief Financial Officer (CFO)
- Chief Manager- Internal Audits of the company’s balance sheet
- Department Heads
- Lecturer/Professor in the Accountancy field
- Chief Manager-Management of Audits
- Chief Manager- System checker
- Advisor to the Government
- GST Service Providers
Role of a Chartered Accountant
A Chartered Accountant plays a vital role in handling various financial duties in a firm, namely, Auditing & Assurance, Tax Consultancies, Accounting & Finance Outsourcing, and Financial Reporting. Almost every incorporated company or firm under the Company Act, 2013, has to have a CA that ensures the management of different tasks like Financial Controlling, Finance Management, Financial Advising, etc. After obtaining a CA degree, there are plentiful scopes and jobs for interested individuals.
Career Scopes in India for the CA:
Chartered Accountants are the members counted under ICAI (Institute of Chartered Accountants of India) with the option of either working in private firms or be placed in the accounts & finance department of big companies & corporations. If the aspirer works in a private firm, career scopes are largely influenced by the size and place of practice whereas while working for large practicing firms with higher specialization and standardization of individual accountants, the career scopes are relatively higher.
With the advancement and development in the Indian economy, latitudes for CA professionals have also expanded. Concurrently with the amplification of career opportunities for CAs, the upcoming economy is bringing up challenging tasks for the CAs such that they have to upgrade their knowledge & skills in all fields, related to which they are assigned duties. Specialized roles of CAs are as follows:
- Financial Accountant– As a Financial accountant, a CA must carry out the following functions:
- Operate and study Company’s Accounts
- Perform Internal audits
- Deal with the salaries and wages to be provided
- Tax management of the firm
- See various accounts payment and invoice dispensation
- Focus on the financial and investing decisions made by the company.
- Cost Accountant – As a Cost Accountant, a CA is held responsible for the following duties:
- Budgeting & budgetary control, such that the company obtains maximum customer satisfaction along with high profits with minimum cost.
- Forecasting and preparing the company for future ordeals
- Track Expenses to ensure optimum utilization of resources
- Tax Manager – A CA is an expert when it comes to tax management and he duly optimizes the financial structure of a company in order to provide the company its financial statements. They check the tax implications of the new agenda and bring changes in the company’s financial structures. They also play the role of advisors in order to keep a check on debt-share ratio, leverage ratio, etc.
- Auditor – By the process of auditing, it means analyzing a company’s financial statements and checking its errors. CAs exercise internal audits to monitor the management processes as well as check internal controls to ensure the accuracy of records and appropriateness of controls. They check adherence to corporate policies & procedures keeping the Accounting standards, principles, and concepts in mind. As a tax auditor, they check the tax liability of the taxpayer, such as his credit score.
- Consultant – A CA acts as a consultant in the following fields:
- Inspection of share valuation, issue of shares and debentures, collaboration with other organizations
- Secretarial practice & processes
- provide law advice about the company’s financial structure, liquidation, etc
- provide advice on financial resource
- Recommendations on business expansion, profit enhancement, collaboration programs, and so on.
- GST Service Provider (GSP)– This is an emerging job after the fusion of GST( goods and services tax) in India. They can help millions of small companies, vendors, shops, and business establishments to make business incorporations and have themselves registered, upload electronic invoices/files on a tech platform, and help them understand terms and procedures network. It is well known that though GST is implemented for years now, the majority of people are still not aware of the different segments of this taxation method. Hence, CA opportunities as a GSP by introducing all the norms and tools of GST.
These are few others coming under the same head:
- Auditor
- Share Value determiner
- Financial Reporting
- Management & Corporate Consultancy
- Tax Advisor
- Management Accounting
- Cost Accountant
- Company Liquidator
- GST Expert
- Corporate Financing
CA in the Industry
In general, CA works at superior positions of the accounting & finance department in the industry, thus acting as the last line shows. Apart from their fundamental roles, they also play an important role in the planning of financial strategies, plans, and budgets, governing inflow and outflow of cash, funding of long-term and short-term investments, unification or takeover with or of other companies, etc.
Employment Opportunities for CA
The various employment opportunities for Chartered Accountants include – Independent professional practice i.e. opening self-owned firms, joining chartered Accountants firm, Capital market as well as money market services, Consultancy companies, large organizations, financial companies, insurance houses, etc. More than 80,000 members associated with the Institute of Chartered Accountants of India are there; among them, 70% of workers serving in the public sector, and the rest are engaged in trading and other industrial services.
Salary & Package Offered
With high potential and scopes, CA and related jobs offer an attractive salary or package. The salary and package for an accountant surely vary from company to company, his skills and techniques, and the location where he lives and works. However, the average salary for an Indian, working as an employed qualified CA ranges somewhere between Rs. 7 to 8 lacs.
Current Salary Package for CA in India ( Specified)
Although the Chartered Accountant’s salary is majorly dependent on the experience and skills he/she possesses, the average salary of CA in India starts from 6-7 lakhs and may go up to 30 lakhs. As per the statistics of last year, the average annual salary of CAs working in India resulted out to be approx 7.36 lakhs. The salary may even go higher to 75 lakhs when multi-national companies are concerned. It should be noted that Rank Holders (AIR) and Single attempt winners are given more priority. However, there are many CAs who gain expertise and experience and become Excellencies by working in organizations, or by starting up their own business. In such cases, there is no limit set for the turnover as well as their financial and professional growth.
Current Package for CA in Abroad
The highest salary packages paid to Chartered Accountants, according to the U.S. Bureau of Labor Statistics (BLS), is around $ 40,370 up to $ 113,740.
You get to work in diverse fields in the finance sector in India as well as Abroad.
After you become a Chartered Accountant tonnes of employment opportunities open up for you making your years of time spent studying for the CA course worthwhile.
Join Mittal Commerce Classes today and embark on the journey to become a CA.
Chartered Accountant Exams 