Post qualifications, newly qualified Chartered Accountants usually have a dilemma either to enter practice or Join the industry.
Apart from the above there are other opportunities for a qualified Chartered Accountant.
1. Forensic Auditor or Accountant
Forensic Accounting and Auditing is a new stream of career which is gaining a lot of popularity in India and other countries.
A certified professional can take up positions in auditing firms like the Big 4, industries and also in the Government sector. The major scope of work shall include indentification of fraud, investigation of merger acquisition, specialised audits, investigate economic crimes, evasion of tax, money laundering, and sometimes investigation of terrorism.
2. Knowledge Processing Organisation
Many CAs are unaware of the KPO industry in India. The KPO is unlike the conventional call center. This sector is growing rapidly and India is the major game player of this industry. The scope of this sector is very dynamic unlike other sectors where the job becomes a monotony. The sector has a scope varying from Taxation to Auditing which shall depend on the need of the hour. Raman Roy, fondly known as the "Father of the BPO industry in India." is also a Chartered Accountant.
3. Banking Sector
Many Nationalised and Private Banks are hiring Chartered Accountants especially in corporate banking as relationship managers, Credit Analyst, Treasury management.
4. Wealth Management And Advisory
Chartered Accountants are in high demand for advisory ,retirement planning and counselling in wealth management. Since CAs also specialize in Finance.
5. Stock Broker
A Chartered Accountant who fulfills the criteria of the Stock exchange can be a stock broker. A practicing Chartered according to the code of Conduct of the ICAI shall surrender the Certificate Of Practice if the practicing CA wishes to be a Stock Broker. Career of Stock broker is advantageous for a CA because of the specialization and understanding of the financial analysis of financials. 30% of the stock brokers who are Chartered Accountants are successful Stock Brokers.
Opportunities Outside India
Chartered Accountants have great demand in African Countries, UAE countries, Singapore, United Kingdom, Australia, New Zealand, Thailand, Malaysia. Institute Of Chartered Accountants has signed various MOUs with countries which recognizes the Indian CA degree.
The ICAI has also started the Overseas placement drive.These countries are more towards corporate employment rather than individual practice, except in UAE where Indian Firms in the country hire CAs for their audit works.
The average salary paid for a new Chartered Accountant in UAE countries is Rs.1,80,000 to Rs 2,50,000 per month.
To conclude "The dynamics in the career opportunities for a Chartered Accountant shall not fade until the time of the universe shall be no more."