Scope of CA Course and Salary of Chartered Accountants - Latest Updated
With a progressively complex and active economy, the value of highly skilled and experienced Chartered Accountants has never been at this peak. In different parts of the world, ethical and talented experts modify the way firms, people, businesses, and communities are acquiring their financial and strategic goals. Chartered Accountancy is a professional degree course that provides a big score for interested individuals.
As you may know, numerous private and government organizations offer jobs with an ideal package, CA is considered a highly booming career option. So, if you’re all set to become a CA, stay updated with the online CA Test Series.
Why is CA a Good Career Option?
This professional degree course offers you the flexibility to pursue higher education such as CFA, MBA, and more. Furthermore, there are no restrictions on study hours as you don’t have to visit a college to study. Also, you can easily control the pace of your study and preparations without stressing yourself.
Articleship is a compulsory feature of this curriculum because it provides you with practical experience and knowledge. Moreover, you can easily select the company you want to work with.
Though, most CA’s tend to become entrepreneurs after acquiring the needed experience as they like to be their boss. If you’re not interested in being an entrepreneur, then you can always become a tax adviser and consultant as well. One of the prime aspects of this course is that you can easily keep up with consistency. If you want a break, then you can surely afford to take breaks and offs. Also, you can come back after brushing up and enhancing your knowledge as per the current scenarios.
Eligibility Criteria
Interested candidates should pass their 10th and 12th qualifying examinations from a certified board of education or equivalent examination. Students qualifying for their senior secondary exams or an equivalent exam can register for their CA Foundation exams. The CA Foundation exam is the entrance level exam for becoming a CA. While there are no minimum marks criteria for scores in the senior secondary exam, students should have cleared the exam to apply for the CA courses.
After registration for the CA Foundation exams, the candidates will have to wait at least four months before filling the examination form to appear for an attempt. The ICAI mandates this period for the preparation of the exam.
Before you decide to take the Integrated Professional Competence Examination, you must pass the CA Foundation Exam.
Another route of being eligible for the Inter is the direct entry for graduates or postgraduates. Candidates having a graduate degree are exempted from giving the CA Foundation exams if they meet the minimum marks criteria of 55% for Commerce graduates and 60% for other stream graduates.
There is no upper age limit to register for the CA course, provided that the candidate fulfills the education criteria.
Aspirants will be required to clear three exams to become a CA. These are the CA Foundation exam, the CA Intermediate Exam, and the CA Final exam.
Role of a Chartered Accountant
A well-skilled Chartered Accountant plays an essential role and handles different financial duties in a firm. They perform Auditing & Assurance, Tax Consultancy, Accounting Services, Accountants & Finance Outsourcing, and Financial Reporting.
Almost every registered company or firm under the Company Act has a CA that ensures to manage different tasks like Financial Controllers, Finance Managers, Financial Advisers, or Directors and inspect their accounts.
After becoming a CA, there are multiple scopes and jobs for interested individuals pursuing the Chartered Accountant course. Moreover, aspiring professionals can either work in a firm or even start with their private practice if they like.
CA Scope in India
In India, the position of Chartered Accountants is a highly sought-after post. CAs have several options, ranging from entrepreneurship to working in private firms to working with government agencies. In addition, there is much security and scope for Chartered Accountants in India for many reasons, such as the provision that every registered firm is obligated under the Company Act to appoint a CA for managing various financial aspects.
The kinds of jobs in the private sector for CAs majorly depend on the company type and city. Large companies offer higher job opportunities in more nuanced and specialized skill sets. Keeping pace with new and upcoming technologies and practices also determines the possibility of expansion for Chartered Accountants.
Moreover, the scope for CA is expansive, and the job options are plenty. They are demanded in all industries and, as a result, have a wide array of options.
Career Options & Opportunities
According to the latest reports, the demand for CA's in the manufacturing and financial services industries has been rising rapidly. If you’re interested in making your Charter Accountancy career, find the best online test series for the CA final. Some numerous institutes and professionals are offering this course to aspiring individuals. All you need to do is find the perfect one and start with your studies.
There are a lot of areas that provide employment opportunities to CAs. For example, they can work in the ranks of financial reporters, financial strategists, investment advisors, advisors in mergers and acquisitions, etc. Some of these areas are discussed here.
1) Goods and Services Tax
Since the implementation of Goods and Services Tax (GST) in India, the job opportunities for a Chartered Accountant who is adept in the new tax system have increased considerably. GST service providing is a lucrative job for CA and can be easily set up as a business.
2) Internal Audit
The demand for Internal Auditors is on the rise because of the increase in rules and regulations for firms. There is a want for auditors to examine records, practices, documentation, and verification of assets and liabilities. Jobs in Internal Audits firms are a lucrative area for CA.
3) Taxation
There is a large number of CAs that assist individuals and firms with their taxation. They review their client’s businesses and provide an efficient tax structure based on their review. This area continues to witness growth as the number of income taxpayers increases in India.
4) Wealth Management
Wealth Management is a service that provides financial and investment advice, tax services, accounting, and retirement planning. Wealth management as a profession has seen a rise in demand and can be easily provided by CAs who are well-versed with finances and management.
5) Start-ups
With the growing numbers of Start-up firms in India, there is an increasing demand for handling the finances of these new companies. CAs can work with these start-ups and find new and unique opportunities for growth in these new concept firms.
6) Mergers and Acquisitions
CAs manage their client's mergers and acquisitions cases as advisors. Their roles include evaluating the viability of acquiring or selling off businesses based on assessing their performance. The position is a high-ranking position that can provide a lot of new growth opportunities.
Read More, How to Cover the entire Syllabus of CA Foundation in 3 Months
Moreover, this professional course offers various career options and opportunities with the best salary in hand; some of the excellent career options are mentioned below:
GST Service Providers
Advisor to the Government
Accountant
Manager-Management Audits
Financial Officer (CFO)
Manager- Internal Audits
Training
Manager- System
Hence, it takes excellent training, experience, and complete knowledge of this field to ace any of these job opportunities.
CA Scope in the Government Sector
Chartered Accountants are highly qualified professionals in the fields of management, accounting, and auditing. All levels of government need professionals who have the above skill set. CAs are therefore indispensable and can obtain high-ranking jobs in the government sector.
A few areas that CA work in the government sector are discussed here. CAs can serve as tax specialists for the Indian Revenue Service, which is an entry-level officer role. A CA may also have the opportunity to work with the Enforcement Directorate, which conducts raids for money laundering and other financial offenses. CAs have a wide range of applications in forensic accounting. CAs can also find work as advisers, strategists, and financial reporters.
Apart from that, many ministries demand CAs. In addition, a CA can work as a specialist officer in Public Sector Banks and Regional Rural Banks as government banks require a specialist. Because of this, the career opportunities of CA in the Government sector are many.
Salary & Package Offered In India
With high potential and options, CA and related jobs offer a handsome salary or package. Though a master's degree increases your chances of getting a higher-paid job in accounting, having only a bachelor's degree still attracts multiple options. The salary and package for an accountant vary from company to company, skills, and the location where you live and work.
However, the average salary for an employed qualified CA ranges somewhere between Rs 7 to 8 lacs in India. As a CA can work in any field, including private, public, and government organizations, there are never fewer options for them. Moreover, as an employee, CAs can enjoy many benefits.
If you think you’re eligible to follow your career in this industry, keep track of the CA Test Series Schedule so that you can register at ease. With comprehensive and insightful mock tests, you will get feedback from professionals to improve the parts lacking and get conceptual clarity.
The pay of Chartered Accountants varies on a lot of factors. Major influencing factors are the city, company type, industry, experience, skills, and gender. These factors are also affected by market demand. Nonetheless, most CA job profiles pay highly and have plenty of room for growth. As time passes, Chartered Accountants’ package will also increase as Government keeps adding more responsibilities on CAs due to the transparency of the profession. Chartered Accountants have promising prospects in prime industries such as Finance, Banking, Tax, etc.; they can look forward to a variant pay package offered in each of these industries. Mastery over specific skills will result in different wages as well, and Variations in salary range based on differences in costs of living in prime cities also exist.
Which Area is Best for CA?
Investment banking is one of the best sectors for chartered banking due to the increasing demand for investment opportunities in the Indian economy, knowing chartered aspects, and various other skills.
The top-paying areas for CAs to work also include insurance, management of firms, and taxation.
What is the Primary Job of CA?
A Chartered Accountant will advise accounting, financial statements, audit of various institutions, and financial matters.
Apart from these core jobs, a chartered accountant can be involved in forensic audit, financial planning, corporate finance, etc. As a result, the career of CA requires good management and decision-making skills.
CA Scope Abroad
The scope of Chartered Accountancy in foreign countries has only increased in recent years. CA is an internationally recognized and acknowledged credential that is widely recognized around the world.
The Institute of Chartered Accountants of India has MoUs with several nations that allow CAs to join the ICAI counterpart in those countries. ICAI currently has MoUs with Australia, Canada, England, and the United Arab Emirates.
The scope of CA shifts based on the country you work in. The specializations that receive more importance in each country are different, and similarly, the salaries and cost of living also differ.
In addition, CAs working for MNCs and the country's central banks have excellent chances abroad. Their job necessitates a lot of travel. Finance directors and CAs working on Mergers and Acquisitions initiatives routinely travel abroad for work. CAs can choose to also work in Indian operations abroad.
All in all, there are a lot of opportunities for CAs wanting employment abroad.
According to the U.S. Bureau of Lab. of Statistics (BLS), the median annual wage for accountants and auditors was $74,560 in May 2022.
Will the Demand for Chartered Accountancy Die?
Technology innovation has changed many aspects of our lives and has changed the market and industry in necessary forms. The advancement in automation provides a context where chartered accountants constantly adapt to innovation and practices to stay functional in the industry.
Acquiring new skill sets is a vital capacity required for future professionals. This does not indicate that the demand for CA will die out; rather, those pursuing courses in CA will have new and unique opportunities for growth in their respective fields. Keeping pace with upcoming changes in industries is a necessity, and CAs should stay mindful of it.
But, the demand for Chartered Accountancy is not going to disappear as their employment opportunities are diversified and varied. It has also been proved that field professionals have adapted to drastic changes such as digitalization and new forms of analytics.
Conclusion
To sum up, the scope for taking a CA course is plentiful. Moreover, it is a well-reputed profession in India and abroad, and as a result, it offers high-ranking and high-paying job opportunities to those with the credentials.
The primary factor contributing to this is that CAs can design their careers according to a range of options, including starting up their independent practice and clients, taking up jobs in the private sector, or working in the various agencies of the government sector.
Chartered Accountants can choose to specialize in various functions that will allow them to work in any industry and even upcoming companies like start-ups.
The demand for CAs is only increasing, and, likely, their options will only improve. Pursuing a course in CA is lucrative and will open up a lot of career paths for you.
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