1. Forensic Accounting
Forensic accounting is the three-tiered practice of accounting, auditing and investigation. It is a specialized field of accounting that describes engagements that result from actual or anticipated disputes or litigation. The objective of forensic accounting and fraud investigations is timely detection of financial frauds and taking the measures to hold back the same from occurring within due course. Forensic accounting can, therefore, be seen as an aspect of accounting that is suitable for legal review and offering the highest level of assurance.
Forensic Accountants has huge opportunities in this field as the demand of such professionals is high as compared to the supply. Forensic Accountants are required in most of the major accounting firms for investigating mergers and acquisitions, specialized audits and in other kinds of civil litigation support, economic crime investigations, tax investigations and even in terrorist investigations. A majority of cases which require involvement of these professionals are divorce disputes, business carelessness investigation claims, and personal injury claims.
2. International Taxation
Tax laws in India are becoming more and more complex. Globalization of economies, signing and review of free trade agreements, increase in the number of cross-border transactions, mergers, acquisitions, tax treaties, transfer pricing etc. have added to these complexities.
Keeping pace with growing complexities of businesses, cross border investments, acquisitions, trade and technological innovations, tax laws are becoming more and more complex. Globalization of economies, signing and review of free trade agreements and tax treaties coupled with more rigorous application of anti-avoidance measures by various jurisdictions, add to these complexities. Undoubtedly, this will widen the scope of practice for our chartered accountants in the area of international taxation.
International tax professionals must have a good attention to detail. Staying up-to-date with new tax regulations and laws is also very important for a successful career as an international tax consultant
3. Data Analytics
Almost every major IT company has presence in analytics and they need domain experts. There is a huge shortage of domain experts in analytics field of IT companies. Analytics is application of data mining and related techniques to a business problem. That business problem can be from any field. IT companies are providing solutions to various domains including banking, insurance, telecom, healthcare, etc. The software specialists can only create IT solutions. They need inputs of that particular field and this is provided by domain experts. Gradually, domain experts also pick up necessary skills and move into software related roles. As a CA, you will be in great demand as domain expert in the areas of financial accounting, financial analysis, modules in banking products such as Finacle, etc. BFSI (banking, financial services and insurance) is the biggest revenue sector for almost any major IT company in India. CAs with analytics skills will be well rewarded in IT sector.
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