Scope and Career Opportunities in Chartered Accounting

Only 15% and 16% candidates appearing in the old course and new course of the CA examinations were successful in cracking it back in November 2018 according to ICAI.

Chartered accountancy is a well-respected discipline in India with not many individuals opting for it. As of now, there are only 2.3 Lakh fellow and associate CAs who are either practising full-time or part-time.

Setting up a practice is the most common role of a chartered accountant. The majority of CAs look to establish their own firm and provide an array of services.

Scope of CA firms

CAs can take advantage of various opportunities with their firm other than performing taxation and auditing services. The quick availability of Loans for Chartered Accountants from companies like Bajaj Finserv has also made the process of growing a CA firm convenient.

 Some of the scopes of CAs and firms include:

    1. Corporate governance

The processes and mechanisms involved in controlling a business are known as corporate governance. CAs contribute to corporate governance not only by providing auditing services but also being a promoter, stakeholder or shareholder, or member of the board of directors.

    2. Valuation of intellectual property

Intellectual property (IP) valuation is another unconventional role of a chartered accountant. IP includes trade secrets, trademarks, goodwill, technology, know-how, etc.

IP valuation is the process of finding the monetary value of intellectual property or any other intangible asset. It is necessary when licensing, selling, or exchanging such assets.

    3. Forensic accounting

Forensic accounting is one of the areas which redefine the role of a CA. CAs providing these services are investigators of financial offences. Commercial frauds, debit card frauds, credit card frauds, insurance frauds, trademark and patent infringements, etc. are some of the cases that CAs investigate.

    4. NRI, expatriate, and foreign national services

Providing services to NRIs, expatriates and foreign nationals is another one of the superb qualities of an accountant. Consultancy, PAN allotment, taxation, remittance services of sale proceeds, capital gains tax services, etc. are some of the servers that CAs render to such individuals.

    5. Outsourcing services

One of the exceptional chartered accountant practice opportunities is providing outsourcing services to companies. Some of these include employee payroll management, accounts management, etc. Firms accept these services both from domestic and international clients.

Another outsourcing service that CAs provide is Virtual CFO (Chief Financial Officer). Small businesses that don’t have the resources to hire a CFO outsource the job to a CA firm. A partner from the firm plays the role of a CFO to offer services including:

  •     Fund raising
  •     Operational support
  •     Business process improvement
  •     Support for business decision making
  •     Creating business plans, etc.

    6. Auditing for the CAG’s office

The Comptroller and Auditor General (CAG) selects and empanels CA firms to conduct Government audits. The chartered accountant fees details for such audits are either up to Rs. 1.5 Lakh or above it for major audits.

Every CA firm needs to have a full-time partner to become empanelled with the CAG’s office. The criteria for selection of CA firms with fees below Rs. 1.5 Lakh and above Rs. 1.5 Lakh are different.

Auditing for the CAG’s office is one of the prestigious opportunities that chartered accountants can achieve.

Other career opportunities
The skills required for accountant are immense, and they can use the same for career opportunities other than establishing their own firm like:

   I. Working for financial services and manufacturing sector.

   II. Foreign career opportunities in countries like Australia, Wales, and England. These countries recognise ICAI.

   III. Actively participate in the capital investment market.

A role of a chartered accountant can encompass all these sectors other than a firm. Opportunities for them are abundant with each sector guaranteeing strong career opportunities.
Scope and Career Opportunities in Chartered Accounting Scope and Career Opportunities in Chartered Accounting Reviewed by Bella Jonson on October 22, 2019 Rating: 5


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