Finology
Finology

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Everybody talks about one thing, I have to clear my CA exams but have you ever thought beyond CA course i.e. what will be your core area of interest once you become CA!

There are n number of options like accounts, Finance, Banking, manufacturing, Service sector, Financial institution etc. how will you decide that in which field you are more interested? Not easy! Agreed? So I am here to make it simplified to you:-

Manufacturing:

• There are “N” number of companies into this sector so scope wise no issues there are lot of scope

• Manufacturing companies generally ask for ICWA as well so better you also prepare yourself for CWA to get additional advantage

• You should be well versed with Excise and Custom rules

• These companies generally involves lot of accounting knowledge mainly on SAP (now a day’s most of companies are implementing SAP as accounting package as it is well integrated and secured software compare to other available software’s)

• You should have ability to built good contacts into departments as whenever any inquiry comes you have to your sources to settle the matter with excise and customs authorities

• Sometimes you should be ready to travel a lot as generally factories are based out of city

• You should keep yourself ready to get good opportunities from remote locations

• Remember that there are few standards which are common in every manufacturing concern so be ready to join a small/medium size concern in case there is delay in offer from big size company. Though it may not appeal to you initially but later it will help you to get good scoring.

• If you want to open your own company then better you join a small size company because in smaller companies generally one staff handles multiple responsibilities

Service Sector:

• This is my favorite sector to work

• Pretty straight forward and not so complicated like manufacturing sector

• The companies in service sector generally do better margins then manufacturing as service companies have lesser cost of delivering

• Comparatively there are few items for revenue generating

• There are defined line of business which is very few i.e. in a manufacturing company there could be production of multiple items however on the other side in service companies the only product is “service”

• If you are in media industry (I am into Media) then you are surely going to enjoy your work as generally they have casuals allowed all work days, Saturday and Sunday off, lot of parties and you enjoy your work as media is now a days on top of our minds.

• There is no much complex tax regulation‘s  though for each service sector there is one regulation body

Banking & Financial institution:

• This field is growing rapidly. Sanction of 2 banking licenses (Mudra and IDFC) indicates the growth to come into this sector

• Challenging sector to work as lot of hard cash transaction involved

• Lot of control required as RBI is regulatory body for banks and even a little fault may lead to major penalties or even cancellation of banking license

• There are various post’s in banks which are totally different e.g. Relationship manager, wealth advisory, Loan officer, Auditing, accounting etc. so choose your area of interest wisely

• Looking at current scenario you may not expect a good pay as compare to other sector there are fewer no. of entities

• You should have domain knowledge of banking and finance

• Generally you will have greater responsibility in private banks then government banks

• Better to enroll for good course specific to banking and finance in order to improvise your banking skills

Politics:

• Best business in India but really difficult to manage as there are no rules in politics. It seems easy to been into politics but it’s really hard to reach at top or come in lime light of common people. There are risks and there are big rewards.

• Please don’t feel offend if I call politics as business as in general it’s a money making machine only (refer MLA, MPs etc. salary and compare that with their total assets, I am sure that even a 15 digit calculator will not be able to accommodate their income which is getting doubled as the year passes).

Hope that above mentioned guidelines will help you to choose your career post you become CA. I wish you luck for your career. Somebody has rightly said “Choose a job you love, and you will never have to work a day in your life. Best attitude to grow is “if you are free then free somebody else i.e. if you have free time then look into newer areas and improve your learning’s”. Lastly whenever you are looking out for change or seeking first job keeps in mind that “you are what you do; Sow well and Reap well”. Whatever you do in your career always keep in mind that “Family is your top most priority”.

:) A helping hand! :)


 

Published by

CA CS CIMA Prakash Somani
(Landmark Group)
Category Students   Report

8 Likes   76 Shares   21513 Views

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