The professional courses such as Chartered Accountancy or Company Secretary or Cost Accountancy courses were designed in such a way that, in accomplishment of the goal, the student has to pursue the course. Just studying the course is insufficient to come out of them successfully. The course aspect both practical training (especially in case of chartered accountancy course) and academic brilliance. Manifestation of academic brilliance does not make the student a complete professional. Apart from being scholar, one has to have hands-on-experience in the relevant field of accountancy or corporate law or cost accountancy.
Article training with a chartered accountant or firm of chartered accountants having a fair practice is essential to become successful chartered accountant. One who lacks practical training will suffer greatly while performing his or her employment or profession and deliver the sub-standard services; this in turn mars the image of the Institute of Chartered Accountants of India (ICAI). Hence, completion of the course as contemplated by ICAI is very much essential. This has to be understood by all the students of ICAI and their parents.
Seek for excellence, the success will chase you
The pursuer of the course shall seek for excellence then success will chase him. It is just not a study between four walls, but a study of various practical issues of the business world.
The core competencies
The core competencies of these professionals include various field of a business such as designing a business model encompassing entire business process, advisory role in taxation, corporate lawyering, decision making between alternatives, make or buy decisions, role of a consultant in acquisition or disposal of an undertaking, internal / statutory audit, financial accountancy, cost accountancy etc. Apart from this, a professional also possesses a far insight on the market movements, trends of various business and commercial laws.
Fields of mastery
Being a mastery over various fields of business, these professionals play key of controlling functions. Finance function in an organisation ensures various activities of the organisation such cost of purchases, cost of manufacture, hiring of staff, overhead expenses etc., are within the permissible limits or as planned and ensures expenditure are compatible to the sales revenue. The other important roles of the professionals are general / cost accounting, auditing, taxation, consultancy, corporate law etc.
World of opportunities
These professionals being versatile persons, have a world of opportunities in employment as well as in profession. The opportunities are available with government, public sector, private sector dealing in manufacturing, service, banking, information technology, audit firms, consultancy firms, investment companies, legal firms, intellectual property firms, etc. There are tremendous opportunities both nationally and internationally.
The innate qualities
To rise towards helm of affairs of an organisation, the following important qualities are to be imbibed by a professional:
- Maintain utmost decorum and etiquette while in the office;
- Maintain good interpersonal relationships with functional as well as cross-functional personnel;
- Maintain the accounting data precisely;
- Study and understand both the external and internal environment of the organisation including study of external factors such as government policies, technology, demand and market share of the organisation, competitors, etc., and while studying factors internal factors make a SWOT analysis;
- Possess the leadership and analytical skills;
- Possess oral as well as written communication skills;
- Be polite and empathetic;
- Be ready to work extra hours in case of emergency;
- Maintain high moral and ethical standards for yourself and of your department personnel especially when your head of it.
Envoy to the government
Taxation being an important economic tool of the government is levied through various taxation laws. These professionals play a vital role in true interpretation of the taxation laws and ensures its compliance by the business world.
Specialisation or the principle of comparative advantage by Adam Smith
In the modern days of competition, the governments are playing a vital role of regulatory. Increasing the size of several regulations. Day by day by adding a new regulation without repealing the previous one. Such huge regulations though burdensome to the business, an opportunity to the professionals. In such a scenario, keeping abreast with all the matters is very difficult and cumbersome to any professional. One has to specialise a particular area such as Income Tax or service tax, accountancy or auditing or FEMA, or corporate law, costing etc. In the present regulatory scenario, it is highly impossible to master all the matters.
Specialisation further ramifies into smaller topics. For example, if we take income tax, the topics of transfer pricing, withholding tax, tax deduction at source, capital gains, salaries, formal law of income tax comprising of appeals, revisions etc. (most of the lawyers deal with it) are the separate specialised areas of practice.
Supreme excellence in an area that brings specialization to calling, career or vocation. The specialisation alone can bring comparative advantage as advocated by famous economist Adam Smith.
Make the seekers of the course successful
As per the regulations of the ICAI, the pursuer of the course has to register with a firm of chartered accountants or with a chartered accountant for practical training. The seekers of the course are thoroughly guided and inspired by the chartered accountants to complete this herculean course.
Role of the Institutes
The institutes are playing a very vital in imparting necessary skills to their students, members (CAs, CS, CMAs) by CPE programs, industry, etc. and helping the government in designing various matters.
Inspiring words of Ms. Indira Nooyi and Mr. Mukesh Ambani
NDTV organised an awards ceremony at the Rashtrapati Bhawan where the legends were felicitated by the President of India, Pranab Mukherjee and the event was named as “25 Greatest Global Living Indian Legends” among the 25 Ms. Indira Nooyi and Mr. Mukesh Ambani sends out wonderful piece of inspiration speech to the young Indians. Those words are:
Ms. Indira Nooyi, the current Chairperson and CEO of PepsiCo sends out a message to the young Indians after being honoured as one of the 25 Greatest Global Living Indian Legends at Rastrapathi Bhawan, New Delhi.
“First, please be a lifelong student. When we are kids we ask questions like why is the sky blue, why is the birds flying so high. But for some reason as we get older, that curiosity goes away and if you are happy with the knowledge we have then we actually gonna (going to) atrophy. So please remain a lifelong student and don’t lose that curiosity.
Second, what every you do, throw yourself into it. Throw your head, heart and hands into it. I love my job not as a job, I look at it as a calling and as a passion and I don’t care about the hours, I don’t care about the hardship. Because, to me everything is joy. So whatever you do, please look upon it as a calling and the passion. Not as joke, not something temporary.
The third, and most important one. Please help others rise. Greatness comes not from a position, but from helping build the future. All person, in positions of power have an obligation to pull other up. You know as I stand here today I look at my responsibility not as accepting an honour. I look upon it as accepting a challenge and responsibility. An obligation to actually make it possible for the people of younger to come up, achieve levels of greatness. So, they too can be on the state sometime in the future.
The words of Mr. Mukesh Dhirubhai Ambani, the chairman, managing director and largest shareholder of Reliance Industries Limited, a Fortune Global 500 company and India's second most valuable company by market value:
“…….Mr. Pranay had asked me share three of my life learnings, with next generation (young Indians).
My first learning, dream big, align your passion and purpose in life with a goal. If you focus on the goal, you will overcome all obstacles. If you focus on obstacles, you will never reach goal.
My second learning, there is no substitute to hard work. Even more important is to pursue excellence. Aim at being the best, not just the best in India, but the best in the world. Pursue excellence and success will chase you.
My third learning, it is very important to be positive and optimistic in life. Dismiss the prophets of doom. Have self-confidence. Believe in yourself and above all believe in India because this country gives every Indian an opportunity to realise his dreams and I think the best of India is yet to come.
“Pursue excellence and success will chase you” ……. Mr. Mukesh Dhirubhai Ambani
Dr. A. P. J. Abdul Kalam“ICAI partner-in-nation-building” ……