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Future Scope for Chartered Accountants in India

Leah Spencer
 


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Chartered Accountants are one of the most sought after as well as the most elite professionals in India. If we take into account India’s economic growth in the last 5 years, we need about 7,500 to 10,000 fresh CAs every year. Commerce and trade rule the 21st century, and only Chartered Accountants can control the matters related to them. So there is an increasing demand of Chartered Accountants. The multilateral growth of the Indian economy and the vast demand for 2nd tier accounting professional for varied enterprises has created a need for Chartered Accountants at the operational level.

The country is currently witnessing the introduction of innovative financial instruments, and CA profession is in the forefront in the initiation of these financial products. Business promoters and owners employ Chartered Accountants to conduct their business. Due to the increasing demand, the average remuneration packages of Chartered Accountants have increased in the recent past.

There are a lot of career options for a CA in the current economic scenario. They play a prominent role in risk management, corporate governance, financing and taxation. That’s not all. They can be their own boss. A CA can choose to set up their own independent practice and develop their clients on merit. The number of women CAs has grown phenomenally in the last decade. This is mainly because more private companies and MNCs have started hiring CAs.

Despite witnessing a sea change in global trade systems and practices, the requirement of CAs has remained steady. In the last four years, the demand for CAs has been growing between 10 percent to 15 percent. CAs will continue to be in demand mainly due to their rigorous training (both theoretical and practical), which makes them an authority as far as finance is concerned.


SCOPE OF A CHARTERED ACCOUNTANT CAREER


• CAs can set up their own independent practice.
• Apply for job at an existing firm of Chartered Accountants.
• There is a huge demand for CAs in the manufacturing and financial services sectors.
• CAs can work as Chief Accountants, Chief Financial Officer (CFO), Chief Manager- Internal Audits, Head –Training, Lecturer/Professor, Chief Manager-Management Audits, Chief Manager- System
• Advisor to the Government
• Can act as a lawyer and appear before various appellate authorities of direct and indirect tax departments
• Work in the fields of Finance, Corporate finance, Management consultancy, Tax compliance
• Do market research, budget planning, planning of policies and management of working capital of an organization

New Opportunities

Newer areas for CA professionals have opened up like insurance, IT, public finance, risk and assurance services, etc. CAs are in demand currently for varied management advisory services. The CAs can advise in the following areas:
• Developing a negotiating strategy
• Conducting feasibility studies
• Strategic planning to determine suitable acquisition criteria
• Developing a negotiating strategy
• Assisting with post-acquisition integration
• Preparing the necessary financial projections
• Identifying potential finance sources
• Preparing and presenting finance applications
• Assisting with negotiations

Check out Virtus Academy, a best coaching centre for CA in Coimbatore & Chennai . We provide intensive coaching for CA course covering all subjects such as Accountancy, Costing, Financial Management, Direct taxation, Indirect taxation Law & Information System etc.

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