How to start your own practice as CA/CS/ICWA

The question seems like asking a kid of 6 months:TELL me when you will WALK(when he is unable to TALK)!And we enjoy talking with them!Isn’t it?

The question is not of how he will RUN.Once he takes a correct step after falling so many times;it is sure he will walk within a week.

Similar is the case with a newly qualified person. But here so many alternatives are  available to him to start with.  

Fortunately there are more than 100 careers for a commerce student.

(For quick grasping one can refer my article:“Begin With Your Strength To Achieve The Excellence” published at caclub).

The big issue before him after qualifying is:In which field to enter and how to start in that field.

Till a student does not pass professional exams;his main aim is to pass it anyhow.The moment he passes; again he gets confused what to do now. Even a rank holder doesn’t find immediate solution to this problem. I have seen many times that such students remain at home for approximately 6 months!Some of such CAs are member of this site to whom I personally know.

Immediately after passing;qualified CA/CS/CWAs should regularly refer newspapers,Institute’s journal and financial magazines like Money, Business World, Business Today, Capital Market etc.  Read these magazines with your “analytical power.” These will update you  within a short span of time about the prevalent economic conditions of the world and performance of home companies.   

This is very important to develop insight about the profession.Now-a-days;new avenues of business are regularly opened.Whatever you have read before 3 years;may be of outdated version.

You should refer your text books again with an altogether different angle.Thank God that now there is no stress of passing!But looking to your  career it is a must so that you can really decide which subjects you like the most. After deciding that; start your practice in that area. Never find an entry in a field  which you dislike but people say it is rewarding.  Once the career goes to wrong direction to your strength;  life long penalty is required to be paid. And that penalty would be gradually increased yoy.  

Before deciding to start your own practice:Look around the whole profession.Find out: Who are the peers in the profession and to whom you like.Try to meet such professionals in a group of 3-4 persons.Believe me;they would be happy to note the entry of young professionals in the field.In profession like CA/CS/CWA;there is no tough competition for competent persons ! It might also be possible;that they themselves may offer some of their work either on spot or after sometime when they feel shortage of good staff (which  happens with all the firms;all the time).

To start with:If you “love” Accountancy and Auditing; then know methodology of big chartered accountancy firm.  Right now so many new qualified persons are in search of good opportunities.But don’t forget to update your knowledge about Accounting Standards, IFRS and Auditing Standards.

One of the easiest route  for new professionals to “beat” senior persons (who are old fashioned and never so quick to adapt new version of the profession)  by forming a big professional firm by entering into a partnership firm of 8 to 10 persons.Within 2 years; you will get good professional work from Banks when you apply for empanelment! Similarly CWA members can get work from Central Government for Cost Audit Assignments.

When you get some certification courses relevant to your professional field; it will add your competence and you would be preferred especially with government agencies.

Regularly see your institute’s website to know about latest developments and also participate in upcoming programs likely to be held in and around your city to make familiar with yourself who are the best in the profession in your area.

Try to find out the  strengths  of such professional(including their weaknesses – for example; poor communication skills).

From their weaknesses; you can “firmly” believe that when such types of professional can be successful then why not me!

Since initially nobody would be expert in any of the field; hence better take some assignments of big professional firms. That may not be good in terms of financial rewards. At these moments remember your “quantity” of stipend you received just one year back and be happy what you receive now.  This is much  better than before (future is bright – hence proved).

Also keep into your mind that you are in a much better position than science stream where no professional career is available till the age 21 or 22. This way your satisfaction would be doubled.

Take 3 years “practical training” in the “field” for self. When you can work for “others” during your articleship period; then I think definitely you would be happy to do this training for your own as a BOSS.   

SIXER ON LAST BALL :

In initial professional career; what you earn in a year; some years later; you "will" earn in a month. And after some more years; what you used to earn in a month; you "may" earn in a day !

(Condition for SIXER: The BALL of  “EXPERTISE”  should be there – and this BALL should never be a “WIDE” one  i.e. out of your reach).