Writing this article is like "Comparing an Apple with Orange where both are fruits but different in taste". The topic of this article is debated on every professional podium placed by ICSI from lavish Corporate Seminars to Management Skills Orientation Programme but the real reasons are kept away from the members and true image is still a daydream for many.
The members often feel to be on "Horns of dilemma" where there is a boring job with a good salary or an interesting job with low salary. In this article we will find out the real reality rather than a virtual reality.
In Practice:
Pros:
- A Practicing Company Secretary can be a director (whether independent or executive), secretarial auditor, Legal Consultant etc. for various companies simultaneously and can be engaged in various other businesses and is not bound by employment agreement.
- He is the king of the jungle and decides his or her area of specialization.
- Can start his or her practice even from home depending upon constraints faced by the person.
- Working hours are directly proportional to the revenue of the firm in short straight to the ultimate beneficiary.
- You are your own boss and the rules and regulations are decided as per your ethics.
Cons:
- BAD DEBTS it reminds of famous idiom "A bird in the hand is worth two in the bush" in simpler words means what you have is worth more than what you might have later. In recent years the top professionals in the business have agreed to a certain fact that the bad debts extend to almost 30 Percent of the revenue so accrued.
- Clients are not willing to pay as compliance of laws in our country is yet to reach its golden era.
- Time lag extends to a couple of months as instant payment is like a jackpot in the industry which only the lucky ones get.
- The revenue of the firm is not constant and reaches its peak at the time of annual filing which is ad hoc.
- It's not a cup of tea for everyone as setting a practice requires set of skills e.g attracting a client which only a few people possess. There is a real struggle to earn your bread and the return on investment may not be pleasing.
In Job:
Pros:
- When you are hired your are a Key Managerial PPerson highest in a company and dream of many lower management employees.
- Your reporting is to the top most officials of a company and you further act as a representative on behalf of the company to the regulators (SEBI, ROC etc.)
- A company provides steady growth in terms of skills and salary and not prone to to unprecedented risks.
- A job of a cs in a company accrues when a company has reached a definite milestone, makes them a member of creamy layer and have an established name in the industry.
- It fetches income from the beginning and does not require an investment to be made.
Cons:
- The increase in the revenue may not be proportional to the increment in the salary.
- The employment agreement is strictly applied in the job.
- Area of specialization is not a choice in the job.
- The company may not fully value the talent and bounds the employee in well defined roles.
- Politics among the directors may not be visible to the world but the heat is surely felt by the CS who acts as an agent to the Board of Directors.
Note: The Institute of Company Secretaries of India observes the strict level of compliance of code of conduct and the liability of CS whether in job or in practice for any false certification may attract a disciplinary action from the committee constituted by the Institute.
From above we can conclude in a perfect idiom "Different folks for different strokes" what suits one person may not suit another. You may feel superior in either of the fields but remember that there is always a choice between power and money where some people pursues the former.
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