We tell you about the huge scope for Chartered Accountant professionals. As we know that there are many government and private companies that are providing jobs with a good package. The aspirants can become employed in a firm as an employee or can start their own private practice.
There are many scopes or jobs for those students who are pursuing Chartered Accountant Course. The CA played an important role in the organization and duties of CA like Auditing & Assurance, Tax Consultancy, Accounting Services, Accountants & Finance Outsourcing and Financial Reporting. Every registered firm or organization under the Company Act have a CA that manages various tasks like Finance Managers, Financial Controllers, Financial Advisers or Directors and audits their accounts. After becoming a CA, there are various job opportunities.
- Job opportunities in India with the current package
- Job Scopes in Abroad with the current package
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Job Opportunities in India
Charter accountancy is a professional degree course that offers a lot of career options and opportunities with the best salary in hand. Below describes career options. The GST Service Provider (GSP) is an emerging job after the implementation of the GST in India. The company or person having some taxation knowledge and even if he/she is not a CA can join this field. They can help millions of small companies, vendors, shops, and business establishments to make business registrations, upload an electronic invoice, file on a technology platform, and help understand things and procedures related to the GST network. It’s a ground reality that though the GST has been rolled out but the majority of people are still not aware of the different segments of this taxation framework. Hence, in this commotion, where there is a lot of hue and cries about GST and its procedures a well knowledged GST Service Provider can be their rescue.
- GST Service Providers
- Chief Accountant
- Chief Financial Officer (CFO)
- Chief Manager- Internal Audits
- Head –Training
- Lecturer/Professor
- Chief Manager-Management Audits
- Chief Manager- System
- Advisor to the Government
Career Scopes in India for CA’s
Chartered Accountants are ICAI’s (Institute of Chartered Accountants of India) members with options to either work in private or get placed in the accounts & finance department of big companies & firms.
If working in private, career scopes may vary largely based on the size and place (city) of practice and when working for large practising firms with higher specialization of individual accountants, the career scopes are still higher.
With the advancement in the Indian economy, scopes for CA professional is also becoming broader. Simultaneously with amplifying the career opportunities for CAs, the upgradation in the economy is summing up challenges for CAs to upgrade their knowledge & skills in the exclusive fields of tasks. Specialized roles of CAs are as follows:
- Auditor
- Financial Reporting
- Management & Corporate Consultancy
- Tax Advisor
- Management Accounting
- Cost Accountant
- Company Liquidator
- GST Expert
- Corporate Financing
Financial Accountant– As a Financial accountant, a CA can carry out the following activities:
- Operate Account
- Do Internal audits
- Deal with salaries & wages
- Tax management
- Accounts payment and invoice dispensation
Cost Accountant – As a Cost Accountant, a CA is responsible for the following activities:
- Budgeting & budgetary control
- Forecasting
- Tracking Expenditure to ensure that costs are under control
Tax Manager – CAs are experts in tax management and duly optimize the financial structure of a company. They check the tax implications of the new agenda and alter the company’s financial structures. They also play the role of advisors on the tax impacts on performance objectives.
Auditor – CAs execute internal audits to monitor the management processes as well as internal controls to ensure the accuracy of records and appropriateness of controls. They check adherence to corporate policies & procedures.
As a tax auditor, CA checks the tax liability of the taxpayer. Government organizations have tax auditors.
Consultant – The consultant’s role in CA relates to the following fields:
- Secretarial practice & processes
- Corporate law advice about a company’s structure, liquidation and financial facets
- Project agenda & advice on financial resource
- Recommendations on business expansion, profit enhancement, joint venture programmes and so on.
CA in The Industry
In general, CAs work at tip-notch positions in the accounting & finance departments in the industry. Apart from the fundamental roles, CAs also play an important role in planning & financial strategies, governing pension, funds & long-term investments, controlling prospective investments, unification or takeover, etc.
Employment Opportunities for CA
The various employment opportunities for Chartered Accountants include – Independent professional practice, Chartered Accountants firm, Capital market services, Consultancy companies, Large organizations, Financial companies, etc. More than 78,000 members of the Institute of Chartered Accountants are there, among them 70% work in public practice and the rest are engaged in trade & industry services.
Job Opportunities Abroad
There is also a good opportunity abroad for the aspirants, whereas the Institute of Chartered Accountants of India has tied up with its Canadian, Singapore and Irish counterparts to permit the Indian professionals to work on various assignments in these nations. Multinational firms hire Chartered Accountants on an excellent package or offer jobs abroad. Well-qualified candidates who have good experience and skills in their field can easily get jobs abroad.
Current Salary Package for CA in India
Although the Chartered Accountant’s salary relies on the experience and skills he/she possesses, the average salary of a CA in India starts from 6-7 lakhs and goes to 30 lakhs.
As per the statistics of last year, the average annual salary of CAs in India came out to be approx 7.36 lakhs in the campus placements programs by ICAI. The highest salary package offered to a Chartered Accountant is 7 lakh to 30 lakh, according to the performance and skill.
This average salary goes even higher to 75 lakhs when salary packages by international companies are concerned. It should be noted that Rank Holders and Single attempt qualifiers are prioritised over multiple attempts qualifiers. However, there are many CAs who gain expertise and experience by working in an organisation, followed by starting up their own business. In such cases, there is no upper threshold for their financial and professional growth. Sometimes, they end up shutting down their own small startup due to heavy competition and sometimes they became big companies to give professional CA services.
Based on the Job Profile of a CA, How Much Do They Earn?
CA does not only poses knowledge about accounting and tax. Indeed he secures the kind of learning which helps in running a successful business. A CA would be hired as a Finance manager, Account Executive, Financial Controller or CFO. Relying on the profile towards which he has been hired, there would be some fluctuation in his salary also
| Job Profile of a CA | Average salary per annum |
|---|---|
| Finance Officer | 30-35 lakh |
| Account Executive | 20-25 lakh |
| Accountant | 20-25 lakh |
| Finance Controller | 18-19 lakh |
| Finance Manager | 9-10 lakh |
| Chartered Accountant | 7-7.25 lakh |
| Financial Analyst | 5-6 lakh |
| Assistant account manager | 4-5 lakh |
| Senior Account Executive | 3-4 lakh |
| Senior Accountant | 3.5 lakh |
| Business Analyst | 3-4 lakh |
| Account Assistant | 1.75-2 lakh |
Current Package for CA in Abroad
The highest salary package according to the U.S. Bureau of Lab or Statistics (BLS), most Accountants or Auditors earned money $ 40,370 up to $ 113,740.
Chartered Accountant Job Scope in the Govt. Sector
- They could act as an accountant who handles the information in the records book of the company.
- They could act as a General Manager in the Finance Department.
- An audit of the government can be conducted by them.
- In the Government banks, they could act as Finance Managers.
- They were enabled to act as Assistant Administrative Officers.
- They will be in charge of Loans and Advances in Government Banks.
- They could act as Financial analysts.
- In the credit management department, they could play their role as a professional.
- They could act as a tax expert.
- They shall act as a specialist officer in the Rural Regional Banks and the Public.
- They could enter into the internal audit department of the public sector undertakings
CA Job Profile Scope After 10 Years
A CA who secures an experience of more than 10 years would be paid more than Rs 20 lakhs per annum and above the age of 20 years would be 50-70 lakh per annum.
A finance officer who would pay Rs 35 lakh per annum is the highest job profile.
Other Scopes for CA
- CA can choose to start up their own independent practice or make their clients on the basis of merit.
- They can also apply for the job of Chartered Accountant in an existing firm.
- They can also give their services to the capital market.
- The qualified CA can apply for a government job, public or private sector.
- The CA can also play an important role in the firm in taking quick decisions and making profits for the firm.
- Various people now have initiated investing in the stock market and for that, they need investment advisors, hence as an expert either you could work in the advisory firm or run your own firm as several startups are moving in that direction.
- The coming generation is heading towards doing business and they want to initiate on their own by taking support of the experienced people for the taxation objectives along with the additional services like project reports preparation, and others, so that you can work for in a recognized firm or start your own company.
- Since government focuses on startups and furnishes loans, also in the banks there is a demand for CA experts with the objective of analysis.
- In various fields a CA is been expertise thus a CA can also start providing coaching on the digital platform.
- To file the taxes there are lots of online websites or portals being launched with the objective of the taxation, they just require some guidance, thus we can say that the scope for the same would be increasing.
- For the Indian economy, a CA plays a critical role, they provide multiple financial services that are all essential for the businesses, it could be accomplished through an authorized chartered accountant.
