Blog & update

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CA vs MBA

During one of my interaction sessions with students, someone asked the following question:

 

What do u think of chartered accountant career in terms of rewards it carry? Kindly suggest

This is what I answered: CA is a good and rewarding career although, like in medicine, building a practice from scratch takes time. Of course, there is the option of working for someone else -- CAs are in demand in the industry like never before. 
KPOs, equity analysis and accounting firms employ a lot of CAs at very good salaries. But remember, it can be a very boring profession if you don't like working with numbers. So don't make a choice based only on the job potential!

 

The ABCD of CA :

Ask most engineers why they did a BE and they'll tell you: "That's what all bright students who opt for science do... unless they want to do medicine."

 

The situation is something similar with CA. "That's what all bright commerce students do... unless they want to do MBA." Of course, the situation is a bit different. Even those doing the CA may eventually top it off with an MBA.

 

The difference between the CA and MBA is a bit like the difference between a five day test match and one day cricket. Acquiring a CA takes a lot of plodding and perseverance; at the end of the day, a result may prove inconclusive.

The MBA, like one day cricket, is quick, glamorous and performers get faster recognition as stars.

 

In case of CA and MBA, both may join the same companies, but their job profiles would be completely distinct. This is not to say that one job is 'superior' to the other.

 

The fact is that, starting as a CA -– practically -- you can expect to climb up the ladder upto the CFO position. While an MBA's career path could -- in theory – you may lead upto CEO. There can be notable exceptions but, generally, this holds true.

 

Why MBAs are preferred

The reason is simple: being CEO is about vision and leadership. This would require you -- at times -- to take a leap of faith, even when the numbers are against you. For example, you diversify into a new area of business. This may mean investing a lot of money, literally burning cash in the initial phase. It may look very bad on the balance sheet for a while, but there is a gameplan and eventually it pays off.

 

MBAs are exposed to all aspects of the business -- their role is to take a bird's eye view of the organisation. On the other hand, CAs are trained to look at the eye of the fish. And they do a damn good job of it.

 

But should a CA decide to throw down his accounting and auditing arrow and don a different hat, it is not easy. The mobility into general management and consulting that comes with an MBA from a premier institute is missing for CAs. Even though the CA has battled equally hard; a rank holder in particular would be one among several thousand aspirants.

 

Overall, it appears that MBAs score when it comes to communication skills, presentation and customer orientation. The 'soft skills' so crucial for success in today's corporate world.

 

The bottomline is that certain jobs are purely in the CA domain: Statutory & Regulatory compliance, Consolidations, Taxation, International Accounting (GAAP), Internal Audit, Systems Audit, Transaction Advisory -- to name a few.

 

Other profiles are available to both CAs and MBAs: MIS, Budgeting forecasting, Business Planning, Equity Research, Treasury, Investment Banking, Mergers and Acquisitions, Portfolio management, Fund management, Sector Analysis.

 

However, these are diversified roles. Many employers prefer to hire MBAs from premier institutes for these roles, as it is felt they are more equipped to provide insight and analysis.

 

Does a CA + MBA combination provide an extra edge? Well, it never hurts to have a double degree but there's no sure fire formula to become a finance whizkid. An engineer + MBA or a B Com with a degree from a top 10 institute stands an equal chance!

 

So, how do you decide?

 

Reasons to do a CA include:

 

1. Dad owns a CA firm, it makes sense to join the business

2. Professional qualification chahiye. CA is a good one -- nothing stops you from doing an MBA later.

3. You genuinely like accounting. It's what you've always dreamt of doing in life. As few 17 or 18 year olds know what they want in life.

 

Reason 3 is rare. But Reasons 1 and 2 are perfectly valid.

 

If lucky, you may find that you enjoy the subjects and become an excellent CA. If not so lucky but smart, you may not like what you study but still become a competent CA. If neither smart nor lucky, you will probably remain a frustrated 'trying to clear my CA' student.

 

The perception is that the CA success story is 'all or nothing'. Either you clear the exam  -- rather, three different exams -- or you get left behind. Whereas, in the case of an MBA, while only a few make it to the top 10 institutes, there is always the hope of the next 10 and then the next 10.

 

However, things are changing on that front. In the recent past passing percentage has risen dramatically. 'Gone are the days when the pass rates were 2-3 percent. Now, if you consider both groups at the final level, these are at 25-35 percent. In a single group, it is often as high as 30 percent.

 

The basic problem

ICAI can shout itself hoarse over the great new career opportunities a CA degree brings -- and rightly so. It can hope to attract some of the very bright students who become CAs first and MBAs later. 

The very nature of the profession -- exacting, detailed and dealing with numbers will put off many students. And there is nothing that anyone can do about it.

That is all I meant when I made my original statement -- that CA can be a boring profession. That does not imply that all those who become CAs are either bored -- or boring.

But just like you can't become a doctor if you faint at the sight of blood, you can't become a CA if you are unable to make sense of numbers.

 

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UNKNOWN FACTS ABOUT UNION BUDGET

We have compiled some little known facts about the history of Indian Budget. We hope that you will like to read them with keen interest.

  •  Indian Budget was introduced on April 7, 1860 by the East India Company and the first Budget was presented by James Wilson on February 18, 1869.

  •  The first budget of Independent India was presented by the then Finance Minister, RK Shanmukham Chetty on November 26, 1947.

  •  Initially, Budget was printed only in English language, but from 1955-56, budget is printed in both languages, Hindi and English.

  •  In the British Era, the Budget was presented at 5 PM. This practice was ended in the year 2001 by presenting the Budget at 11 AM.

  •  Until 2017, the ritual was to present the Budget on the last working day of the February. From last 2 years, Budget is now presented on the first working day of the February.

  •  KC Neogy and HN Bahuguna were the only two Finance Ministers who did not present any Indian Budget.

  •  Employees involved in printing process of budget are kept in absolute isolation for approx. one week before the presentation of budget.

  •  The record of presenting maximum number of 10 Budgets was held by Morarji Desai.

  •  The President of India fixes the date of presentation of budget by the Finance Minister.

  •  First woman Prime Minister of India, Indira Gandhi was also the only woman Finance Minister in the history of India who presented the Budget while serving as the Prime Minister.

  •  For the first time in 92 years, the Rail Budget, usually presented separately, was merged with the Union Budget of 2017.

  •  The Budget presentation is preceded by a Halwa ceremony wherein a sweet dish is served to the officers and staff involved in the printing of the budget documents.

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Asset Allocation –A Basic tool of investing

In the process of personal financial planning an individual must select assets that will generate adequate returns to meet the financial goals, and at the desired levels of risk. This is known as asset allocation.

 

Asset Allocation decisions are critical to one's financial plan. Very few actually understand and consciously keep in mind while making an investment decision. 

 

Asset allocation decision is about dividing the investments between asset classes such as equities, cash or money markets instruments, bonds, insurance, real estate, derivatives, Commodities, art, international financial instruments.

 

The principal reason for diversifying investments across different asset classes is to minimize the risk of a portfolio. It requires one to avoid investments whose returns tend to move too closely with one another. Given this, the common flaw with investing in "growth stocks", "value stocks", "small caps" and "mid caps" is that their returns are all highly correlated, making them all members of the same asset class, "domestic equities".

 

Within Debt category, bonds can be further divided into Short term, Long term, Government Bonds, Corporate bonds. While all these are fixed income instruments, they can still be divided into three asset classes viz. cash and money market equivalents like commercial papers, treasury bills etc., inflation-indexed bonds (that provide protection against inflation) and investment grade bonds (GOI as well as corporate bonds).

 

Another asset class that many do not consider is life insurance. It must be noted that life insurance should be considered as a unique asset class in itself, given that it creates an asset in case of an eventuality like death or disability of the individual. This ensures that the goals are met in case of his absence also. 

 

Once an individual has identified these asset classes, he/she needs to know how to divide his/her investments in these asset classes. The key considerations in choosing the asset classes are the level of return and the risk. Liquidity, transaction costs and ease of investment are the other considerations.

 

The factors that one should consider in choosing exposures to different asset classes are as follows:

 

1. Risk Tolerance: The degree to which one can tolerate risk varies for different people, and depends on the following:

  • Life Cycle Stage: A younger person, having a safe livelihood and few dependents, has time on his/her side can take more risk while choosing a portfolio.
  • Net-worth: If one owns lot of assets and have few liabilities i.e. have a high net worth one can afford to take more risk as one has a cushion of assets that can safeguard one from short-term losses occurring in due to market fluctuations.
  • Experience with investments: If one has prior experience in investing in financial markets and one is comfortable with short-term fluctuations then one can take more risk and hence more exposure to equity/real estate.

 

2. Investment objective: This entails deciding the purpose for which the investments are being made. Different objectives would demand that one should tailor his investment portfolio to meet these goals. Objectives could be: 

  • A person nearing his retirement would want a regular stream of income from the investment, while preserving the capital value, and should hence choose a safer portfolio.
  • If one is looking at growth along with preservation of capital, and is investing for a goal that is very important, such as saving for one's child's education, then one can take some more risk in pursuit of higher returns, but not at such a high risk that it might erode one's capital.
  • If one is looking at high growth and investing for a goal that is not very important then one can afford to take more risk.

 

3. Time Horizon: The time for which one would like to hold an investment also impacts the level of risk that one can undertake. If the goal for which the investment is being made is occurring after a long time, then one can pursue higher returns by investing in a more risky portfolio as over the period of time the risk reduces. However if one needs the money in the near future then one must invest in a safer portfolio.

 

Once an individual has decided on his asset allocation, the next step many ask is which securities within those asset classes one should select, and whether one should change the allocation from time to time based on market conditions. The simple, clear answer is -- No!

 

Research studies conducted from time to time have shown that over a longer period of time (about ten years), one attains very little or nothing by market timing and security selection as far as portfolio management is concerned.

 

An investor must maintain discipline and invest systematically without trying to time the market. In this way he can take the benefit of Rupee Cost Averaging and Power of Compounding.

 

JASSPRIT S JOHAR

(CHARTERED ACCOUNTANT, TAX CONSULTANT AND FINANCIAL PLANNER)

 

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INCOME TAX CONSULTANT

Income tax law is the most widely and commonly used, among many fiscal laws enacted by the parliament of India. The field of Income Tax is distasteful for every tax payer. The complex nature of Income Tax Law makes the task even tougher for tax payer who not only has to understand it but also have to apply it in their personal life.  Due to this, every common tax payer - an ordinary businessman, an industrialist, a doctor or a scientist gets frightened on hearing the words ‘Income Tax’. 

                                                                                                                                                        

The most widely interpreted fiscal law is compendious & complex in nature and its understanding is difficult and we need to hold expert’s finger, who understand its complexities, to guide us through. These experts are income tax consultants.

 

Though In India there is no formal qualification for the income tax consultant but Chartered Accountant and income tax lawyer are experts in the field of income tax.

 

CHARTERED ACCOUNTANT AS AN INCOME TAX CONSULTANT: The CA brand is instantly recognized as the elite of the financial profession. This brand quality is derived from the CA's steadfast commitment to the highest standards of integrity, professionalism and education, which make the qualification of CA worthy of the name Chartered. Words CA offers a guarantee that the candidate has practice, experience and the skill set to deal with tax issues in a commercially focused manner. The course of CA rigorously teaches skills of tax planning through interactive and practical learning grounded in tax law and real life tax planning issues

                                                                

LAWYER AS AN INCOME TAX CONSULTANT:  Law Graduates have cutting edge learning capacity as they are skilled readers and interpretators of language of the law. This ensures that the core competency and commercial problem solving skills are achieved by them, which make them successful income tax consultants. Moreover law graduated can represent their clients in courts, in the matters of litigation which CA can not do. This gives Lawyers to fill in the gap which is left by the CA as Lawyer can serve his client to the highest dispute solving authority i.e. Supreme Court.

 

INCOME TAX CONSULTANT WHO HOLDS BOTH QUALIFICATIONS, CHARTERED ACCOUNTANT AND LAWYER: This is the rare and most desired combination that one income tax consultant can have. Person holding both qualifications, being a CA and a Lawyer will be like having power & charisma of lion and smartness & cleverness of leopard. Apart from holding technical skills and intelligence of CA with the benefit of on job training, he will also hold shrewdness and smartness of a lawyer and which will serve the society for the good.  

                                                                                                                          

 

A person who hold above qualifications can serve the society with providing services of Chartered Accountants rendering services of auditing, VAT, company registration, accounting, investment advisory & planning, maintenance of accounts, income tax, FEMA matters, RBI related services, financial advisory & tax consultant, to name the few.

 

JASSPRIT S JOHAR

(CHARTERED ACCOUNTANT, TAX CONSULTANT AND FINANCIAL PLANNER)

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WHY TO BECOME A CHARTERED ACCOUNTANT

In last decade, several opportunities have opened up for students of Commerce but still profession of Chartered Accountancy still holds its place as number one option for most of the students. Chartered accountancy is a challenging profession that offers practice and job opportunities in the areas of accounting, auditing, corporate finance, company laws, business laws, taxation, corporate governance and many more fields. The multi-faceted knowledge possessed by a Chartered Accountant is what the business and industry needs in the advent of liberalization, privatization & globalisation of the Indian economy.

 

Introduction

India is presently considered as the possible emerging superpower of the world due to the unprecedented economic growth and stability it has been able to achieve in the last decade or so. With economic growth touching as high as 9.4% in 2006-07, India has announced itself to be one of the strongest economies in the world.

 

Services sector contributes about 40% of total employment in India. Being a distinguished part of services sector, Chartered Accountancy is an exciting and highly regarded profession. Whether in public practice or employed in industry, the contribution of Chartered Accountants in India and world over cannot be undermined. The CA designation is the standard for accounting excellence - the one businesses look for first. No other accounting credential carries the same weight. No other educational background commands the same respect. No other designation can open as many doors. Chartered Accountants are leaders in business - respected professionals who are essential to the success of the country's foremost organizations. CAs create more than just financial statements, they create wealth and lead the way to the prosperity. They are policy-makers, strategists, and advisors. As a CA, you'll provide the insight and direction companies need to stay on top

 

All organizations and businesses need accurate financial information in order to grow and prosper. All organizations, therefore, need accountants. The ultimate qualification in accountancy is that of Chartered Accountant. They play a leading role in success of most organizations. Their success in this tough financial world is no accident.

 

Strengths of CA profession

 

In the advent of globalisation and liberalization worldwide, CA is being looked at as the most sought after qualification in India and abroad. Chartered Accountancy promises to be a fantastic career choice due the major traits inherent in the profession some of which are discussed below:

 

Analytical abilities, systematic and logical process thought

In CA profession, a person comes across different situations wherein his analytical abilities are tested such as the applicability of various laws affecting the business may it be Income Tax Act, Companies Act or indirect taxes; tax planning in case of individuals or HUF; use of information technology in accounting and audit, etc. He is also required to follow a systematic and logical process in order to take apt decisions under various circumstances. These exposures over a period of time help in attaining proficiency in analytical as well as decision-making abilities. Your career as a CA will take you far beyond numbers and balance sheets. Applying a range of analytical, investigative, and accounting skills, you may find yourself working directly with company presidents and CEOs. You'll have the opportunity to step into the world's most influential boardrooms, and have your voice heard. A Chartered Accountant attains the ability of identifying the weak areas of a business by reviewing its financial statements and can effectively design a systematic and logical approach in overcoming the inherent weaknesses. With the new scheme of CA profession involving subjects like ‘Quantitative Aptitude’, the analytical abilities are bound to be supplemented.

 

Good communication skills

CA profession has an inherent need for interaction with people. A Chartered Accountant would interact with clients and other people at various stages of the profession. The profession teaches the manner of an effective interaction and business communication. May it be dealing with clients, tax authorities, addressing forums or the like; a CA needs to possess good communication skills. The success of most successful people has been their command over effective communication. Consultancy is one of the most popular areas in which CA’s operate. This aspect is totally based upon the interaction and communication with different categories of clients.

 

Leadership abilities

A Chartered Accountant is a leader for life. During the process of acquiring the qualification and even after becoming a Chartered Accountant, a person faces different demanding situations wherein during the course of audit he might be required lead his team or the team of the auditee to work in a certain manner so that they are able to perform in the right direction for desired results.

 

Business and professional ethics

Business ethics are aimed at inculcating an ethical approach in professional interactions and a sense of personal, corporate and social responsibilities. CA’s are governed by a professional code of conduct. The code recognizes that the objectives of the CA profession are to work to the highest standards of professionalism and attain highest levels of performance. The objectives of the code are mainly four fold:

  • Maintaining credibility in information;
  • Professionalism in service delivery;
  • Quality assurance in rendering all types of services; and
  • Confidence of end users of services.

The profession clearly lays down the acts of misconduct from which members are expected to refrain.

 

Trust, Respect, Integrity and Competence

The profession of Chartered Accountancy is considered to be a symbol of trust, respect, integrity and competence. While engaging a Chartered Accountant, a client generally feels assured of the above-mentioned traits. Any certificate issued by a Chartered Accountant is heavily relied upon by various agencies such as banks, financial institutions, governmental agencies, investors, business community, etc. This high degree of reliance placed on him by numerous groups earns a Chartered Accountant, a highly respectable position in the society.

 

Information Technology skills

The CA profession has been designed in such a fashion that every qualified CA possesses adequate knowledge and expertise in systems and information technology which him to excel in the areas such as development of advanced IT systems for organizations. Inclusion of a 100 hours Information Technology Training (ITT) in the CA scheme is an excellent measure in assuring that a Qualified Chartered Accountant possesses the latest IT for accounts and audit.

 

Campus Placement Programmes

Many Chartered Accountants hold respectable positions in industries such as that of a CEO, Managing Director, Director (Finance) and Chief Financial Officer (CFO). The Committee for Members in Industry of the institute organizes Campus Placement Programmes for newly qualified Chartered Accountants.

 

Low fees and decent earnings: The twin benefits

Last but not the least, CA profession promises scope for decent earnings. The profession does not involve a huge sum of money to be invested in the form of fees while pursuing profession or training as in the case of MBA or IIT institutes. Also, once qualified, this profession may yield high to very high earnings depending upon circumstances. Practicing Chartered Accountants have no limited earning scope in view of wide variety of opportunities available in the market with CA consultancy being sought after in more and more management services areas. At the same time, the campus placement programmes show that many reputed companies are offering hefty pay packages to newly qualified Chartered Accountants anywhere between Rs 5 lakhs to Rs 40 Lakhs p.a.

 

During the campus placement held in March 2010, Arvinder Pal Singh Ahuja, one of the former students of CA JS JOHAR has been given job offer by the Singapore based multinational company named OLAM INTERNATIONAL, with the pay package of Rs. 75 lakhs , which is the highest in the history of ICAI

 

Chartered Accountant: Career Paths & Rewards: Kind of a doctor

No other career offers the mobility that a CA qualification does. Today’s CAs takes on the role of a business advisor, who makes high-level strategic decisions, aimed at driving business, improving profit margins and increasing market share for their clients / employers. Many CAs also use their expertise to form their own businesses, becoming highly successful entrepreneurs. Along with the technical skills mentioned above, CAs generally have a solid foundation in economics, marketing and management information systems.
As well as dominating public accounting practices, CA are found at the highest level in virtually every sector from healthcare to the music industry.
The very name ‘Chartered Accountant’ to a common man brings in vision an image of a person possessing multiple capabilities for solving all business and tax related problems. He is not only regarded as master in accountancy but a professional having knowledge of all the laws, stock markets, banking business, IT and other business related issues.

 

CA profession is more comparable with an MBBS doctorate degree. Just as in case of any physical ailment a person is reminded of a doctor, similarly, for all business and tax related problems a person is reminded of a Chartered Accountant.

 

Concluding remarks

 

Chartered Accountancy is the fastest growing global accountancy profession. The demand for CA’s is growing globally day-by-day. In India too, more and more companies wish to hire Chartered Accountants as employees which can be seen from fact that the number of companies participating in Campus Placement Programmes organized by the institute has been increasing over the years. It is because of these reasons more people are opting CA as a career rather than other similar professional courses such as CS or CWA.

 

 

Introduction

 

India is presently considered as the possible emerging superpower of the world due to the unprecedented economic growth and stability it has been able to achieve in the last decade or so. With economic growth touching as high as 9.4% in 2006-07, India has announced itself to be one of the strongest economies in the world.

 

Services sector contributes about 40% of total employment in India. Being a distinguished part of services sector, Chartered Accountancy is an exciting and highly regarded profession. Whether in public practice or employed in industry, the contribution of Chartered Accountants in India and world over cannot be undermined. The CA designation is the standard for accounting excellence - the one businesses look for first. No other accounting credential carries the same weight. No other educational background commands the same respect. No other designation can open as many doors. Chartered Accountants are leaders in business - respected professionals who are essential to the success of the country's foremost organizations. CAs create more than just financial statements, they create wealth and lead the way to the prosperity. They are policy-makers, strategists, and advisors. As a CA, you'll provide the insight and direction companies need to stay on top

 

All organizations and businesses need accurate financial information in order to grow and prosper. All organizations, therefore, need accountants. The ultimate qualification in accountancy is that of Chartered Accountant. They play a leading role in success of most organizations. Their success in this tough financial world is no accident.

 

Strengths of CA profession

 

In the advent of globalisation and liberalization worldwide, CA is being looked at as the most sought after qualification in India and abroad. Chartered Accountancy promises to be a fantastic career choice due the major traits inherent in the profession some of which are discussed below:

 

Analytical abilities, systematic and logical process thought

In CA profession, a person comes across different situations wherein his analytical abilities are tested such as the applicability of various laws affecting the business may it be Income Tax Act, Companies Act or indirect taxes; tax planning in case of individuals or HUF; use of information technology in accounting and audit, etc. He is also required to follow a systematic and logical process in order to take apt decisions under various circumstances. These exposures over a period of time help in attaining proficiency in analytical as well as decision-making abilities. Your career as a CA will take you far beyond numbers and balance sheets. Applying a range of analytical, investigative, and accounting skills, you may find yourself working directly with company presidents and CEOs. You'll have the opportunity to step into the world's most influential boardrooms, and have your voice heard. A Chartered Accountant attains the ability of identifying the weak areas of a business by reviewing its financial statements and can effectively design a systematic and logical approach in overcoming the inherent weaknesses. With the new scheme of CA profession involving subjects like ‘Quantitative Aptitude’, the analytical abilities are bound to be supplemented.

 

Good communication skills

CA profession has an inherent need for interaction with people. A Chartered Accountant would interact with clients and other people at various stages of the profession. The profession teaches the manner of an effective interaction and business communication. May it be dealing with clients, tax authorities, addressing forums or the like; a CA needs to possess good communication skills. The success of most successful people has been their command over effective communication. Consultancy is one of the most popular areas in which CA’s operate. This aspect is totally based upon the interaction and communication with different categories of clients.

 

Leadership abilities

A Chartered Accountant is a leader for life. During the process of acquiring the qualification and even after becoming a Chartered Accountant, a person faces different demanding situations wherein during the course of audit he might be required lead his team or the team of the auditee to work in a certain manner so that they are able to perform in the right direction for desired results.

 

Business and professional ethics

Business ethics are aimed at inculcating an ethical approach in professional interactions and a sense of personal, corporate and social responsibilities. CA’s are governed by a professional code of conduct. The code recognizes that the objectives of the CA profession are to work to the highest standards of professionalism and attain highest levels of performance. The objectives of the code are mainly four fold:

  • Maintaining credibility in information;
  • Professionalism in service delivery;
  • Quality assurance in rendering all types of services; and
  • Confidence of end users of services.

The profession clearly lays down the acts of misconduct from which members are expected to refrain.

 

Trust, Respect, Integrity and Competence

The profession of Chartered Accountancy is considered to be a symbol of trust, respect, integrity and competence. While engaging a Chartered Accountant, a client generally feels assured of the above-mentioned traits. Any certificate issued by a Chartered Accountant is heavily relied upon by various agencies such as banks, financial institutions, governmental agencies, investors, business community, etc. This high degree of reliance placed on him by numerous groups earns a Chartered Accountant, a highly respectable position in the society.

 

Information Technology skills

The CA profession has been designed in such a fashion that every qualified CA possesses adequate knowledge and expertise in systems and information technology which him to excel in the areas such as development of advanced IT systems for organizations. Inclusion of a 100 hours Information Technology Training (ITT) in the CA scheme is an excellent measure in assuring that a Qualified Chartered Accountant possesses the latest IT for accounts and audit.

 

Campus Placement Programmes

Many Chartered Accountants hold respectable positions in industries such as that of a CEO, Managing Director, Director (Finance) and Chief Financial Officer (CFO). The Committee for Members in Industry of the institute organizes Campus Placement Programmes for newly qualified Chartered Accountants.

 

Low fees and decent earnings: The twin benefits

Last but not the least, CA profession promises scope for decent earnings. The profession does not involve a huge sum of money to be invested in the form of fees while pursuing profession or training as in the case of MBA or IIT institutes. Also, once qualified, this profession may yield high to very high earnings depending upon circumstances. Practicing Chartered Accountants have no limited earning scope in view of wide variety of opportunities available in the market with CA consultancy being sought after in more and more management services areas. At the same time, the campus placement programmes show that many reputed companies are offering hefty pay packages to newly qualified Chartered Accountants anywhere between Rs 5 lakhs to Rs 40 Lakhs p.a.

 

During the campus placement held in March 2010, Arvinder Pal Singh Ahuja, one of the former students of CA JS JOHAR has been given job offer by the Singapore based multinational company named OLAM INTERNATIONAL, with the pay package of Rs. 75 lakhs , which is the highest in the history of ICAI

 

Chartered Accountant: Career Paths & Rewards: Kind of a doctor

No other career offers the mobility that a CA qualification does. Today’s CAs takes on the role of a business advisor, who makes high-level strategic decisions, aimed at driving business, improving profit margins and increasing market share for their clients / employers. Many CAs also use their expertise to form their own businesses, becoming highly successful entrepreneurs. Along with the technical skills mentioned above, CAs generally have a solid foundation in economics, marketing and management information systems.
As well as dominating public accounting practices, CA are found at the highest level in virtually every sector from healthcare to the music industry.
The very name ‘Chartered Accountant’ to a common man brings in vision an image of a person possessing multiple capabilities for solving all business and tax related problems. He is not only regarded as master in accountancy but a professional having knowledge of all the laws, stock markets, banking business, IT and other business related issues.

 

CA profession is more comparable with an MBBS doctorate degree. Just as in case of any physical ailment a person is reminded of a doctor, similarly, for all business and tax related problems a person is reminded of a Chartered Accountant.

 

Concluding remarks

 

Chartered Accountancy is the fastest growing global accountancy profession. The demand for CA’s is growing globally day-by-day. In India too, more and more companies wish to hire Chartered Accountants as employees which can be seen from fact that the number of companies participating in Campus Placement Programmes organized by the institute has been increasing over the years. It is because of these reasons more people are opting CA as a career rather than other similar professional courses such as CS or CWA.