This article would reach to readers at the time when the CA final examinations results (Old/New, foundation, CPT) are just declared . At the outset Hats off to who cleared the examinations under old/new scheme ,foundation/CPT and special word of appreciations to whose who emerged as rank holders under both schemes. Now It is time where by qualified CA 'S are to complete respective procedure to get membership of ICAI. On enrollment, entry fees is to be paid and on yearly basis annual fees is to be paid before 30/9 to keep membership active. CA is a course which is best finance course in the country which covers wide /diversified fields like Accounting (Accounting standards) Auditing (standards on auditing) Law (corporate, labour, economic), Taxation (direct tax, Indirect tax) Financial management (including management theories) costing. Apart from the theoretical education articleship is backbone of CA course which bridges the gap between theory and practical. It helps to know about various business, and get exposed to various work exposure. CA course also has management skill course (15 days for 2 courses) which helps to be at Par with MBA's. Through this course one develops art of communication , soft skills and becomes proficient. The course also provides ITT (information technology training programme) for 15 days at two levels. This course builds technological skills as well as it helps in facing challenging technological oriented problems. CA by whatever called tough challenging by people but now as successfully qualified CA's it is how the qualification is made use of in a right way. It is important to remember safe guards as well as following code of ethics of CA Act 1949. The society gives a lot of respect, recognition and Trust. Deciding on whether to practice /service depends on own interest, passion, strength.
It is very important to remain updated be modern while serving in the profession. It is important to read the CA journal for members, (monthly issue) publications of ICAI ,and other reference books . The learning should be done consistently not with a view of writing exams but with view of rendering services, giving advices, and addressing top officials. Remember When one is in practice he is covered under 22 clauses (12 clauses and 10 clauses). Practice has its own pros but sometimes even prone to risk. Due to emergence of CA 2013 reporting is at higher level there by subject to difficulties. Audit of PSU and banks are also subject to appointment by CAG, RBI. The appointment is made on several conditions and subject to further review. It must be strongly noted that few members have been found guilty in practice and caught under disciplinary action. It is thereby advised to exercise due diligence and caution also think of some modern areas of practice. In service to satisfy requirement of management it requires consistent performance. It requires use of skills at right time in right way. With performance improving it can definitely take to top level of management. To meet challenges of young members a non standing committee is formed Young members empowerment committee five years ago. For women members to meet the challenges, constraints faced women empowerment committee has been constituted a decade ago. A common message for youngsters is being ethical , sincere , updated can take to great heights . CA qualification is accepted anywhere everywhere and with a less than a year time the other qualification can be done at most of two years.
Which field to work /practice, also considering the area of interest
CA course for the two letters to prefix might have taken at a minimum of 4.5 years but with other qualifications mentioned below are to provide edge and by shorter route can be done in just a year time due to steps taken by institute. ICAI has so many MRA (mutual recognition agreement) and Mutual understanding agreement (MOU) across the globe. This is reason Indian CA's are global CA's and many accounting bodies in other countries have adopted ICAI education system, training, and other principles. Here are the courses provided but the exam pattern, syllabus, period of conducting exams , Venue of exams have to be checked from the official website of respective courses.
1. CFA (Chartered financial Analyst)
This Course is suited for those who intend to build a career in field of investment banking, Stock market analysis treasury management, corporate finance , portfolio management , Credit risk management. The aspirants should work in NBFC (Non banking Finance company), Foreign banks, private /public sector banks which deal in this field. The course if studied will act as edge in these areas. The subjects in this course is an extension of Financial services and capital market of elective paper (6 b).
2) DIRM (diploma in insurance and Risk Management)
This course is useful for those who want to build a career in Insurance sector. It exposes to calculation of premium, reinsurance and many insurance related. This Course is a post qualification course conducted by ICAI. It is organized by Banking financial services insurance committee. The course is basically covers extension of Risk management (6A).
3) Civil services course
Those who want to get Government Jobs should do civil services. Because of CA
Qualification some exemptions are there. This is suitable for those who have interest in law, politics. This job is suited for those who want the job to be secured and safe but it is subject to job transfers. It can get positions at senior level in Income tax departments, Central board of indirect tax and customs and other government departments.
4) ACCA (associate Chartered certificate course)
This course because of CA qualification has got exemptions Only few papers need to be completed. This course provides opportunity for those want to get job in Multinational companies, Big 4's. It covers substantially IFRS also US GAAP. It can also be done if one wants to get into core area of audit as practice. (company audit IND AS compliance). For those want to practice INDIAN CA The license of practice OF ACCA cannot be obtained, also cannot get into another ACCA practicing professional. This portions is somewhat an extension of GLOBAL FINANCIAL REPORTING STANDARDS.
5) CPA (certified public accountant)
CPA known as certified public accountant. It is a slightly a higher body than ICAI which has its presence particularly in different parts of America , Australia.. Because Of CA qualification CPA Canada ,Ireland ,(other country as may be available ) only one paper needs to be completed. This is suitable for those who want to work abroad. (mostly Europe Australia , America) or settle there . For those want to practice INDIAN CA The license of practice OF CPA cannot be obtained, also cannot get into another CPA practicing professional.
6) DIIT (diploma in International Taxation)
One of the dynamic , modern ,challenging area of practice is International taxation. For those who are keen to practice can consider this as one of significant areas to get into. They can Lead International tax division of firm and make firm grow big. Another Alternative is to those are keen to get into multi national audit firms (transfer pricing division). But it takes Time to become partner. The Way out for above is pursue DIIT ( Diploma In international taxation). This is an extension of International taxation paper at CA final elective 6C. This course exposures to transfer pricing , double taxation relief. It can be very useful for doing tax audit /transfer pricing audit, assessment Tax planning and many assignments for companies (multinational).
7) MBA (master in business administration)
This course is useful for those want to pursue finance related field of work or even Human resource. In Industry Human Resource is considered as dynamic area for Chartered accountants. CA qualification helps to get MBA degree from Reputed top Universities from IIM (Indian institute of Management) and even other foreign universities. The Orientation and GMCS course for 30 days will be a higher extension there. Also higher level soft skills and more financial management and economics is taught at higher level. If MBA is done from B schools it can be useful for those who want to be entrepreneurs .
8) DISA (Diploma in Information system audit)
This is perhaps the most needed course for those who want to do audit as core area of practice. It covers the content which is with respect to technology audit. It is immensely useful while doing Bank audits, Large PSU Audit. Moreover it has now become mandatory with respect to bank, PSU audit as appointment done by RBI, CAG that atleast one partner/paid assistant should have DISA qualification. This course was launched way back in early 2000. Nearly 5000+CA have qualified this course.
Law can be considered as one of course, But it should be done only through regular college . And after qualifying One has to decide whether to practice law or CA. There are diverse fields in law.
10) PHD (philosophy of doctorate)
This is perhaps the course where by another two letters can be prefixed 'DR' . As per council decisions it is up to the individual to decide whether to prefix CA or DR first. However if only thing is to be prefixed it can be DR. This is pertaining to a research in area of any field . Till date there have been CA's who have obtained doctorate in fields like Accounting standards, Indirect taxes, Income tax , economics and many other fields . This easily takes half a decade. It is very difficult than that of CA as it based on research work. while doing this course it is better to work /practice CA. It is useful for those who want to get for handling expert advisory issues, and other any reason as may be decided . It requires patience, perseverance.
After successfully achieving the dream of becoming CA, now it is to make use of it in a productive optimum way . The opportunities are plenty in number. They are available across the globe. In general it is advisable to pursue a career of one field and achieve great heights in it.
On the other hand it is to be noted as different career field opportunities are there , it can be done in different phases of career which is explained through the following example
A famous person CA (triplet) started his career in NBFC company where he worked for 8 years. Then Moved on to practice in one of large audit firms for 9 years. Subsequently joined IT based industry and converted a loss making entity into profit making entity. Played the role of CFO (chief financial officer) like a dynamic leader and working till date for 12 years. During his career span, he was one of best faculties for accountancy for CA course. He produced good results in every batch. His style of delivery made him as "GOD of accountancy". During his tenure with Industry (IT) due to his expertise in Accountancy he was Co opted for accountancy standards board. Another major milestone was that he being a person from Industry got elected in CENTRAL COUNCIL (2016-2019). Another time also he got elected with highest no of votes (2019-2022). This reveals a message that a person being from industry has played the role of faculty, being very active in Institute activities, serving to the level of central council , besides authored books of professional interest. So people joining industry should also be active in Institute activities and make significant contributions to Institute. In today's trend Both industry and practice are good and it should be the dream of a newly qualified chartered accountant to make contributions to regulator irrespective of industry / practice. It should also be noted that from the above he has been an exception that a person from industry has been faculty for CA students , also being active in various industry forums. It is true that he is epitome of character.
To meet youngsters needs Young members skill innovation development committee which helps young members to overcome initial hurdles they face and overcome challenges as well achieve great heights. It is up to newly qualified members of the profession to utilize such opportunities.
As a newly qualified member it is very important to make full use of steps taken by ICAI . The Young member Empowerment committee programs are so important that it helps to spark out the skills of youngsters groom them and achieve great heights in Career. An Interesting fact is to be noted that while attending any program by a member who is less than 30 years of age, they have concession in terms of programme fees. Even for women members special programmes are conducted . For those who want improvement in communication and managerial skills a residential course programme is organized for 15 days those willing can attend it like GMCS.
Above all “Change is inevitable and that is only thing which remains constant “. To adopt to changes it is important to update and upgrade on regular consistent basis. The level of updation must be exponential.
"Be happy to be part of CA fraternity". As Abraham Lincoln rightly said, "your resolutions to succeed is more than important than any one thing".
Before I pen down this article I wish all the newly qualified Chartered Accountants a bright , promising , prosperous , glorious career.