The quality of any professional course depends upon the syllabus, the opportunities, and the passing ratio. The institute of chartered accountants of India was established in the year 1949. It supports the quantity and quality of the professional course popularly known as chartered accountancy course. ICAI in India is increasing the passing ratio gradually from 2 percent to 10 percent in recent days. The syllabus of ICAI requires practical incorporation of real-life challenges. Let me see the advantages and disadvantages of practicing chartered accountants in India.
Career benefits of chartered accountants in India
In the job market, it is visible that the chartered accountants receive prolific results. Chartered accountants manifest high value in the business and finance. Let me discuss the career benefits of chartered accountants in India.
Chartered accountants worldwide
The Chartered Accountancy course has global acceptance. The knowledge and experience of a chartered accountant are globally valued. They know about treating complex matters, industry work, and face difficult circumstances. ICAEW is the Institute in England which announced its operations with carbon neutral. This change is to support global recovery in times of pandemic. The chartered accountants, Ireland has 640,000 members and 200 countries. These are globally operated institutes for chartered accountancy that are accepted and respected globally.
Career choices for chartered accountants in India
There is a wide range of choices after completing chartered accountancy in India such as internal auditing, forensic auditing, managing treasury function, tax auditing, a career in accounting and finance, SAP specialist, a statutory audit under applicable statues, taxation advisory, preparation of financials of companies, consultant and finance controller. Chartered accountants can work with company secretary in practice, architect professional, chartered accountant in practice, advocate from bar council of India, Cost accountant in practice, and Engineer.
Entrepreneurial skills development for CA professionals
CA profession creates entrepreneurs. Unlike the other professions, CA professionals start their own offices and become their boss. This independent working skill is not possible in other types of professional courses. In modern business, no risk and no gain has been the mantra. The giant players JPMorgan and Steve jobs shared a common thread for entrepreneurship. India is picking a high place in entrepreneurial rankings with companies like Flip kart, redbus, and snap deal. So, the skills of entrepreneurship are essential for the growth of India. Chartered accountants can start own auditing firm, investment banking, and data mining company. The service-oriented mindset and entrepreneurship oriented mindset of Chartered accountants is a part of Indian economic growth.
Chartered Accountants as Problem solvers
Accountants are problem solvers, as they are entitled to work across different industries. The problem-solving skill is what many accrediting bodies and universities search for during interviews. Six sigma, Appreciative Inquiry, and A3 Lean are the business models that incorporate problem-solving skills into the business. In the accounting profession, the syllabus promotes rational thinking and also everyday thinking to solve multiple business problems.
Help in the improvement of society
Chartered accountants are the persons who transform the various fields in India. They contribute to capital budgeting, tax planning, financing, and budget forecasting. After the implementation of new amendments like GST, there is a good demand for Chartered accountants in different fields.
Growing field
Accountancy is a growing field, as the rigorous training of the chartered accountants is used in all trades and finance. Chartered accountancy is the core area for all the other trades, be it small or big. The opportunities for chartered accountants are predicted as increasing pattern in the coming years. As per the statistics from the Bureau of Labor Statistics, the percentage of professionals demand in the accounting field will move upward from 2014 to 2024. So, there is consistent growth with job opportunities in the coming years of the future.
High salary
Chartered accountants get a high salary when compared to the national median salary. The other career benefits like healthcare, retirement plans, and vacation time make it a unique career.
Disadvantages of Chartered accountants in India
The chartered accountancy profession is perceived as the best profession by many. Yet it has challenges as automation is not making the finance functions to work at its own pace. So, let us throw light on the disadvantages in the chartered accountancy profession.
Syllabus
The syllabus of CA represents the tier I type of companies. And it is not showing much about the tier II companies, and tier III companies. The pass percentage is low for the new syllabus when compared to the old syllabus. The report says that after the 2018 syllabus change, the number showing the pass reduced to 14 percentages from 17.48 percentages. The syllabus needs to have a more practical element is the charge placed against the CA course by market analysts.
Busy schedules
The chartered accountants keep their clients’ accounts and tax in order. During tax filling in April, they work tirelessly. To fulfill their duty, they work for long hours. The chartered accountants manage the heavy workloads.
Risk
As Chartered accountants start their own business, there is a high risk associated with it. So, it is essential to have the risk-taking ability.