Want to Become a Chartered Accountant in India: 5 compelling reasons to make the leap!

The increasing enigmas surrounding the global economy—including financial frauds, economic collapses, and political shams—are contributing to the growing appeal of an accounting profession.
 
Changing global reporting standards, such as US GAAP, increased business complexity, and the introduction of technologies such as cloud accounting and big data all contribute to the field's appeal and potential for professional growth.
 
Those with an aptitude for problem solving and numbers should consider pursuing a professional trajectory in Chartered Accountancy.

What is a CA Course after all?

The acronym CA stands for Chartered Accountant. Final, Intermediate, and Foundation are the three tiers comprising this course.

Every tier entails successfully completing a CA exam administered by the Institute of Chartered Accountants of India (ICAI). Students who pass the Intermediate level are required to complete three years of practical training (Articleship) under the supervision of a practicing CA. Including practical training, the CA program lasts for four to five years.

In India people aspiring for a professional career in finance, accounting, auditing and taxation consider the Chartered Accountant (CA) course on account of the status attached to the qualification.

These are renowned specialists respected in their field with marvelous pay and proper career promotions. Studying under the CA program makes students ready to be placed in a vast field of employment opportunities such as consulting firms, multinational companies, and public accounting ventures, among others. It removes the CA graduate earning an average of INR 8. 5 LPA in salary.

Skills Required for Success as a Chartered Accountancy Graduate

To be successful in one's chosen profession as a CA graduate, one must possess a multitude of skills. Certain skills that fall under this category are:

• Financial and Accounting Knowledge
• Teamwork and Collaboration
• Adaptability and Resilience
• Problem-Solving Abilities
• Ethical Conduct
• Communication skills
• Time Management

Consider the following five reasons for pursuing a profession as a Chartered Accountant:

1. It is a challenging academic journey

Possible trajectories towards obtaining the CA designation vary depending on one's academic foundation. The curriculum consists of a foundation course, an intermediate-level course, and a culminating examination.

An "Articleship," a three-year practical experience, is also a requirement. This is additionally linked to four-week integrated courses on Information Technology and Soft skills (ICITSS) at both the introductory and advanced levels, which must be successfully finished at designated time intervals. Specific exemptions may be obtained on the basis of one's country of residence, academic background, and professional experience.

Upon the satisfactory fulfillment of the aforementioned requirements, the Institute of Chartered Accountants of India (ICAI) bestows upon you the esteemed designation of Chartered Accountant. Certain candidates additionally pursue credentials such as Cost Accountancy (ICWA) and Company Secretary (CS) in order to gain a competitive advantage.

2. Access to a universe of roles

Donning the prefix CA in one's name confers numerous additional advantages. You possess expertise in pertinent soft skills and accounting (management, costing, and financial), law, business ethics, taxation, auditing, and information technology. One may choose to specialize in these fields through employment.

Consider that you performed exceptionally well on the introductory CA exams of your Chartered Accountancy program. Suppose that you did very well on the initial CA tests of your course on Chartered Accountancy. An additional career-enhancing opportunity would be to secure an articleship with one of the Big Four accounting firms, KPMG, Deloitte, Ernst & Young, or PricewaterhouseCoopers.

In addition to this, the ICAI offers placement services that can assist individuals in commencing their professional careers. Also, the following options are available to you:

• Employ Independent Practice.
• Employ a company.
• Obtain membership in a government agency.
• Alliances with private companies.
• Management advisory services.
• Develop into a professor or coach.

As a result, it can be deduced that obtaining the CA designation offers unparalleled career security, autonomy, and opportunities for continuous education.

3. Excellent pay packages

Having persuaded you that becoming a certified CA virtually guarantees employment, I would like to inform you that operating a business is highly lucrative.

In India, a CA earns an average of INR 7-8 lacs annually, with the potential to earn up to INR 30 lacs depending on experience and area of expertise.

If you are fortunate enough to be offered the opportunity to work overseas, your bank account can quickly become fat, as the annual salary range can soar to 60-70 lacs. If you choose to establish your consulting practice overseas, you may bill your clients on an hourly basis.

4. Globally recognized profession

Globally, the standing, growth potential, and demand for the CA profession are comparable to those of physicians, engineers, and information technology specialists.

For it to be considered, you may be expected to obtain supplementary certifications and accumulate relevant local experience. Other courses that can be useful when relocating include those provided by reputable international bodies such as the AICPA, CIMA, and ICAEW. However, there is no loss of anything that you would have earned until that point in time.

Transitioning career trajectories and countries will become increasingly accessible in the coming years due to the government's initiatives to modernize academic curricula to a global standard and the expanding affiliations of professional accounting bodies around the world. Therefore, if a favorable opportunity presents itself outside of your home country, seize it without hesitation.

5. Individual Metamorphosis:

Your path to becoming a CA has the potential to induce a profound personal transformation. You pass through a series of tests and experiences which moulds you into a gem.

By the time you wash your final CA exam, you have already gained exponential knowledge, dealt with countless people, owned multiple skills and are set to take on the world.

This is one of the most sought-after qualifications to help you survive the tides of uncertainty, career stagnation and job dissatisfaction. The esteem and standing that one acquires through membership in an elite community are without comparison.

Therefore, ask yourself if you have the aptitude and attitude to become a CA? If yes, then go ahead and stumble upon an exciting journey now.

And if you're not sure where to begin or which institute to attend, consider Skoodos Bridge, your one-stop solution for everything related to coaching institutes to competitive exams. Have you logged on yet?