Here are some FAQS for better understanding of what CA is all about:
Recession has hit the market really hard. This has greatly affected MBAs around the globe. Have you observed any effects of recession in your field too?┬á
Not really. After clearing the final exam, CAs quickly get absorbed by the Industry. Having high skills in finance, accounting law and taxation, CAs are extremely versatile. They are grabbed by a large variety of companies and firms requiring professionals for their various profiles.
What options does a CA student have once he has qualified? Tell us pros and cons of each option in brief┬á ?
There are many options for a student having qualified as a Chartered Accountant. The very first option is, specialize in what interests you- tax or audit. Audit basically means checking the authenticity and verifying that the books of accounts represent a true and fair view and giving your opinion on the same. This makes your untidy scrawl of a signature, an audited report complete. Tax on the other hand has more variety, like filing tax returns, analysing the tax based┬áissues of transactions relating to property and otherwise, and you can have multiple clients.┬áVery widely,┬áA chartered accountant┬áhas the following options –
1) Join a CA firm – Generally this option is preferred by fresher’s who wish to hone their skills in audit taxation or consultancy.
2) Start their own practice – After gaining some experience in another firm, many entrepreneurs may aspire to start their own CA firm.
3) Join a company – One could join┬á a company to work in its accounting or financial division. As masters of finance, a wide variety of banking/insurance sector jobs are available for CAs. Many financial institutions including research and brokerage companies also welcome CAs with open arms.
4) Start your business – Some daring CAs may leave the comfort of their 7 figure salaries to start their own businesses. With the experience and network they got from their articleship, and the solid base in finance taxation accounting and Costing, they venture out to start a business which is completely different from a regular CAs work.
It is a common conception that CAs have very high salaries. Is this true in all the cases or just a common misconception ?
The definition of ‘Very high salaries’ is relative. The Package a CA gets is dependent on several factors. There is a very huge fluctuation in the starting salaries of Chartered Accountants. Before I say the figures one must remember all CAs ends up studying the same books and hence have the same source of knowledge unlike engineering or MBBS where the university matters. I believe the fluctuation is because of the pay package and one’s interest in the work profile is generally not in the same line. One may be offered the job which pays the highest but the work profile is not in line with his interests. While the work profile which interests him may not pay him a lot. Having said that, the starting pay varies between 3 lacs to 10 lacs.
┬á Name┬áthree best CA firms┬á in india?
This being a subjective question,┬áand hence┬ácannot┬á be answered in a fair manner. A lawyer can be judged based on how many cases he wins or an engineer based on how many patents they come up with. There is no way to judge a CAs performance. If it is measured on how much taxes they save their client, I doubt one can gather this information willingly from CAs. (I of course stress that tax planning is only one of the many things that CAs do). But there are various firms which are very good, like Deloitte, EY, PWC, KPMG which give a lot of exposure and a handsome salary with the same.
Who should pursue CA?┬á
This discipline requires a lot of hard work to pass the exams and ingenuity in excelling later on in their career. I might sound rude having said that but honestly, Dont pursue this course unless u have both.
Any advice you would like to give to young collegians who might be thinking of pursuing CA?┬á┬á
There is a three year articleship which one must complete before being eligible for the final exams. Make the bets use of the articleship period to try your hands on different types of assignments to know your own likes and interests better.