While the 21st century has seen a plethora of professional options, some professions remain dominant and much in demand. Despite changing trends in opportunities, education and interests, professions like doctors, chartered accountants and lawyers remain leading choices.
As of today, over 1 lakh students appear for CA Foundation exams every year. These are all Millenials – being born in the years after the 1990s. This generation is much-studied, for its consumerist, behaviourist and trendsetting activities.
So, what do these young and upcoming CAs bring to the table? Here is a look at some major world economy trends that give us an idea.
Globalization enters a new phase: Globalisation is the watchword for all things pertaining to economy and development. With travel and disposable incomes, Millenials have the opportunity to experience and learn from diverse cultures and markets. They are now the custodians of an economy that is seeing services growing at a 3x rate, in comparison to goods trade. This gives Millenials a platform to witness power in the hands of more service-oriented markets than just manufacturing or trading ones.
India as a Digital Goliath: India’s digital consumption can out-beat any other nation, with the deep penetration of digital awareness and usage. Millennials not only ace the social media and gadget consumption rankings but are also a digital-ready generation that can bring in many welcome changes to the world of finance and chartered accountancy.
Innovation and Creative Thought: With automation rendering many jobless, the Millennials’ young and upcoming CAs bring to the table the ability of innovation and creative professional thought. Closely following a generation of start-ups and entrepreneurs, Millenials are not afraid to try, test the waters and create unprecedented opportunities. They are born into a disruptive ecosystem, which works to their advantage.
Gender Benders: Millenials can be credited with being a more aware and responsible generation in this regard. This is most welcome in the world of CA professionals. Growing up with both genders being at par with each other has ensured that “gender” is now almost out of professional equations. Moreover, they are also actively involved in the inclusion of alternate gender identities in the workplace, when compared to previous generations.
Increased Social Calling: With newer academia dictating more social and cultural awareness, young and aspiring CAs are keen on earning on the goodness front as well. This brings an added dimension to their professional and personal characters. It will also change the general perception of CAs being just money or profit-driven professionals who are unaware of larger issues being faced by humanity.
To conclude, Millennial CAs are on the brink of great potential change for the world of chartered accountancy. They are at an advantage with technological development, innovative thought and social callings. One can expect a boost to the CA fraternity with these Millennial minds.