Due to high growing need and practical exposure, in the country India, Chartered Accountancy profession comes in the top notch choices of individuals. Varied areas are dealt in this profession like corporate finance, taxation, project evaluation, auditing, business and corporate laws, accounting practice etc. Numerous numbers of candidates wants to become a Chartered Accountant but amongst them, very few numbers of students pass out the rigorous exam series, which is about less than 1% of the total entrants. Since a long time, Chartered Accountancy has been one of the most reputed, respected, prominent and admired profession.
Although due to the advent of liberalization and subsequent globalization, it was sensed that Chartered Accountancy was missing its glamour and enchant, as several jobs related with the accountancy were transforming as of company secretaries. In fact, there has been a constant requirement for specialized services. Keeping in mind, the unexampled and new modifications done in the business surroundings and obstacles faced by the area, ICAI (Institute of Chartered Accountants of India) and other reputed institutes all across the world like in USA, UK and Australia have brought a new scheme of education and training.
In the previous time, Chartered Accountancy has been linked with only accounting, auditing type services, but due to globalization, it has exposed up arenas like technology risk consulting, MIS and management consultancy. In addition, with the increased demand of multinational companies, the profession and job prospects of Chartered Accountancy have been increased. Along with this, the profession of Chartered Accountancy renders a lot of flexibility in employment. You can either work with public sector, private sector, government organizations, with management consultants, accountants and even can go abroad. You can practice by your own as well as with some institute.
Job opportunities for employment are available in the government departments, in the public sector, in the co-operative sector, in universities/ research bodies and in the private sectors. Besides this, professional practice is always a good choice to do. The areas of professional practice are -assurance and certification services, tax consultancy and allied services, financial and management services, accounting and secretarial work, and information technology and computer software related services.
Along with the rapid advancement of money markets in developing nations like India, Chartered Accountancy significance has been growing tremendously. A qualified and certified Chartered Accountant has the choice of joining the Government Service, Public sector or private sector firms. Along with keeping a track of cost of management of the company, it’s the duty of a Chartered Accountant to assure that the financial transactions of a firm are maintained as per the laws and norms.
Along with watching finances in day to day management of companies, Chartered Accountants work as financial controllers, advisors, directors and managers. The main arenas of work comprise Taxation, Consultation, Auditing, Accounting, Investigation and Cost accountancy. In addition, some other things that Chartered Accountants can do are in the business houses, capital markets and industry. In fact, they can have their own consultancy and private practices, which could be more satisfying and remunerative. Having the country liberalizing and its policies and practices, opportunities are anticipated to grow further.
After clearing the exam of Chartered Accountancy, one can go for management accountancy course or some diploma like diploma in Insurance or diploma in IS Auditing.
Institute of Chartered Accountants of India (ICAI) is not approved by several countries like United Nations of America. In fact, it is well reckoned by Institute of Chartered Accountants of England & Wales and Australia. One can really do their services in these countries as ICAI is a member of the international federation of accounting standard board and international Federation of Accountants committee. Conducted by the respective countries, CA practicing must undergo a particular examination.
For an example : The examination conducted by UNA is called CPA, Certified Public Accountant Examination. In nutshell, there are lucrative job opportunities for Chartered Accountants in abroad like USA, UK and Australia.