Chartered Accountancy is one of the most alleged and meticulous courses in India. It is a professional course bearing numerous scope, career options, and opportunities with the best salary package in India as well as abroad. Below some of the most common and favorable career options under the CA field are given:
- Chief Accountant
- Chief Financial Officer (CFO)
- Chief Manager- Internal Audits of the company’s balance sheet
- Department Heads
- Lecturer/Professor in the Accountancy field
- Chief Manager-Management of Audits
- Chief Manager- System checker
- Advisor to the Government
- GST Service Providers
Career Scopes in India:
In India Chartered Accountants commonly have two options, namely – joining a private or public firm or opening their firm. There are several other options too, besides dealing with CA chores. If the accountants work in a firm under a superior, career scopes are largely influenced by the size, location of the market, and geographical location of the firm whereas while working for large practicing firms with higher specialization and standardization of individual accountants, the career scopes are relatively higher.
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With the improvement and development in the Indian economy, the height for CA professionals has also elongated. Concomitantly with the extension of career opportunities for CAs, the future issues in the economy are bringing up challenging tasks for the CAs for which they have to upgrade their knowledge & skills in all fields, related to which they are assigned duties. Specialized roles of CAs are as follows:
1. Financial Accountant –
Financial accounting is an explicit branch of accounting including a process of recording, summarizing, and reporting the monetary as well as non-monetary transactions of a business unit from its operations over some time. These transactions are noted and shown in the financial statements – the balance sheet, income statement, profit and loss account, and cash flow statement. As a Financial accountant, a CA must carry out the following functions:
- Manage and study the Company’s Accounts
- Carry out audits within the organization
- Deal with the compensation to employees
- Look after-tax management of the firm
- Study all accounts, payment, and receipts
- Focus on the financial, investing, and dividend decisions to be made by the company.
2. Cost Accountant –
Cost accounting is used internally by management to make fully informed business decisions. Cost accounting adheres to the accounting standards and principles and forms statements based only on monetary transactions. All receipts and payments are counted into this. As a Cost Accountant, a CA is held responsible for the following duties:
- Perform Budgeting & budgetary control, such that the company obtains maximum customer satisfaction along with high profits with minimum cost and effective and efficient utilization of resources.
- Forecasting and preparing the company for future circumstances
- Track Expenses to ensure optimum utilization of resources.
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3. Tax Manager –
A CA is an expert when it comes to tax management and he duly optimizes the financial structure of a company to provide the company its financial statements. They check the tax implications of the new agenda and bring changes in the company’s financial structures. They also play the role of advisors to keep a check on debt-share ratio, leverage ratio, etc.
4. Auditor –
By the process of auditing, it means analyzing a company’s financial statements and check its errors. CA’s exercise internal audits to monitor the management processes as well as check internal controls to ensure the accuracy of records and appropriateness of controls. They check adherence to corporate policies & procedures keeping the Accounting standards, principles, and concepts in mind. As a tax auditor, they check the tax liability of the taxpayer, such as his credit score.
5. Consultant –
A CA acts like consultants in the following fields:
- Inspection of share valuation, issue of shares and debentures, collaboration with other organizations
- Secretarial practice & processes
- provide law advice about the company’s financial structure, liquidation, etc
- provide advice on financial resource
- Recommendations on business expansion, profit enhancement, collaboration programs, and so on.
6. GST Service Provider (GSP) –
This is an emerging job after the fusion of GST (goods and services tax) in India. They can help millions of small companies, vendors, shops, and business establishments to make business incorporations and have themselves registered, upload electronic invoice/file on a tech platform, and help them understand terms and procedures network. It is well known that though GST is implemented for years now, the majority of people are still not aware of the different segments of this taxation method. Hence, CA opportunities as a GSP are introducing all the norms and tools of GST.
These are few others coming under the same head:
- Auditor
- Share Value determiner
- Financial Reporting
- Management & Corporate Consultancy
- Tax Advisor
- Management Accounting
- Cost Accountant
- Company Liquidator
- GST Expert
- Corporate Financing
Employment Opportunities for CA
The various employment opportunities for Chartered Accountants include – Independent professional practice i.e. opening self-owned firms, joining chartered Accountants firm, Capital market as well as money market services, Consultancy companies, large organizations, financial companies, insurance houses, etc. More than 80,000 members associated with the Institute of Chartered Accountants of India are there; among them, 70% of workers serving in the public sector, and the rest are engaged in trading and other industrial services.
Average Salary & Package Offered
With high potential and scopes, CA and related jobs offer an attractive salary or package. The salary and package for an accountant surely vary from company to company, his skills and techniques, and the location where he lives and works. However, the average salary for a CA, working as an employed qualified CA ranges somewhere between Rs. 7 to 8 lacs. As a CA can work in a wide range of fields, they are well off how to derive money, and also there are not fewer options available for them. Speaking of abroad, the highest salary package paid to Chartered Accountants, according to the U.S. Bureau of Labor Statistics (BLS), is around $ 40,370 up to $ 113,740.
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