Let’s answer the big question..What after Chartered Accountancy???

Becoming a certified Chartered Accountant is the only incentive that drives young aspirants to survive the rigorous course involving both practical and theoretical training for five long years. However, after passing the Chartered Accountancy exams students are petrified to answer the big question.. What after CA? Every year close to ten thousand qualified Chartered Accountants enter a state of panic seeing themselves competing against other job seekers. Unable to gain perspective into their own career path, they run in every directions and take up any job opportunity that crosses their path.

With the prevailing regulatory changes in India such as Goods and Service Tax (GST) and Income Computation and Disclosure Standards(ICDS) we can expect to see a rise in the demand for Chartered Accountants. Students have the opportunity to sit for the in-campus placement conducted by Institute of Chartered Accountants of India or apply for jobs in the open market. With the help of a good articleship experience, strong technical foundation and Industry research, it is easy to find a place in the job market. The number of CA final examination attempts is one of the essential criteria for recruiters to hire Chartered Accountants. A Chartered Accountant can choose a career from a myriad of options available such as risk advisory services, regulatory compliance, accounting/ tax Consultant, Corporate Consultant, Valuation Projects of property/construction, financial due diligence, Forensic accounting, accounting system and processes. Let us throw light on these job specializations so it becomes easy for young Chartered Accountants to understand their area of interest.

The strategic roles of Chartered Accountants are:

Accounting

Implementing and reviewing accounting manual, advising on the application of accounting standards, US GAAP and IFRS.

Audit and Assurance

Statutory, internal, stock and bank audits are a few roles through which Chartered Accountants aim to offer financial stability and facilitates client’s decision-making processes. It includes fraud investigation, accounting compliance, and reporting.

Risk Advisory

With the help of risk analytics, Chartered Accountants can help their clients foresee hidden risk and make intelligent and prudent decisions to mitigate those risks in areas such as Corporate Governance, Cyber security, and Government regulations. 

Tax Compliance and Advisory

Apart from providing consultancy for various tax representation (Income tax, Value added tax, Excise duty etc) Chartered Accountants help in tax planning, assessing and filing returns, transfer pricing, cross-border tax advisory, tax accounting and performance, implementing tax policies, its changes and resolving controversies. Firms have dedicated departments for each tax authority to increase the focus of work and ability. With the emergence of GST in 2017, the reliance upon Chartered Accountants for its implementation has increased.

Transaction and Finance Advisory

Chartered Accountants can assess market trends and recommend clients about hidden opportunities from the finance point of view. Roles include preparation of project report, debt syndication, business valuation, project finance, financial due diligence, M&A advisory, joint ventures/ collaborations, corporate restructuring and brand valuation. Chartered Accountants often face competition with MBAs in this department owing to its skill-set required for these projects. As this forms a leg of Investment Banking, it is difficult for fresher Chartered Accountants to get placed in mainstream markets. They might find jobs at the back end offices of MNCs and global banks like Goldman Sachs, Morgan Stanley, etc.

Management Consultancy

Chartered Accountants are sought by companies and business houses for reviewing operations and Management Information System, business planning and developing strategies of expansion, ERP implementation, supply chain management, corporate and business restructuring.

Legal Advisory

Many companies require Chartered Accountants in matters relating to the formation of companies and their registration, advice on legal matters relating to Companies Act, SEBI, FEMA. If a Chartered Accountant is interested in corporate law, they could also look for employment in law firms and advise clients on matters pertaining to corporate litigation and adherence to all the laws application to companies. Patent and Trademark companies also hire Chartered Accountants for legal discussions. A Chartered Accountancy and Company Secretary combination is favorable to apply to law firms/ legal department in CA firms.

Foreign Exchange Management and Collaboration Advisory

Chartered Accountants also find their place in matters relating to companies with global transactions. They provide consultancy relating to Foreign Direct Investment, Reserve Bank of India – External Commercial Borrowings approval and The Foreign Exchange Management Act (FEMA) .

Business Process Outsourcing for large MNCs, Import-Export advisory, Society & trust consultancy, Actuarial Valuations are also some of the domains which Chartered Accountants have entered.

It is not necessary that Chartered Accountants are absorbed in conventional domains of Audit, tax, and advisory. The versatility of Chartered Accountants allow them to touch numerous fields of the economy and has found its growth in places like NGOs, UNESCO (Ethics Committee, brand management), CBI (Forensic accounting and ED violations), etc.

With the recent changes in our Indian economy such as the emergence of GST and ICDS, the role and importance of Chartered Accountants in every field of business has heightened to its peak. We shall see the impact of these regulatory changes on accounting and business practices spill over the next 5-7 years. With that more and more companies would require experts like Chartered Accountants to interpret the new tax regime and explain how it’ll affect their business practices.

If you still have doubts about pursuing Chartered Accountancy, then here are thought provoking questions that may spark CA strivers:

1. Do you have the passion to take up such a rigorous course and survive articleship along with under-graduation studies?
2. How to secure jobs as a chartered accountant?
3. Do you need to take an aptitude/personality test to understand the right career match for me?
4. Do you need career guidance from an expert who can give me insights into different career options and connect me to working professionals from that industry?