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CA. Amit (Querist)

27 November 2007 Hi,

I hav just given a CA fnl Gr-II in NOV Gr -I is already cleared. I received one offer from a good CA firm having 2 FCA, that if i joined them now they r ready 2 admit me as a partner in 2 yrs. Meanwhile i m employing there as an employee.
Whether i should go for that? if yes what type of precautions i hav 2 take? Can i get offer in writing?

R.V.RAO

R.V.RAO (Expert)

27 November 2007 WITH DUE REGARDS TO ALL YOUR SENIOR PARTNERS, OBVIOUSLY , NO SENIOR PROFESSIONAL MAY GIVE IN WRITING THAT HE WILL ADMIT ANY BODY AS A PARTNER AFTER 2 YEARS.EVEN IF GIVEN, THE LETTER WILL BE CONDITIONAL LIKE GOOD PRERFORMANCE ETC.. WHICH HAS NO DEFINITION.BE ALWAYS PREPARED FOR DISAPPOINTMENTS IF ANY IN LIFE AS YOU START YOUR CAREER JUST NOW.
AT BEST ,IT IS A PROMISE DEPENDING ON YOUR GOOD PERFORMANCE, THEIR SOUNDNESS, CONTINUITY OF EXISTING PARTNER(S) AFTER TWO YEARS, AND HOW MUCH YOU CONTRIBUTE TO THEIR GROWTH ETC... AND MANY OTHER IFS AND BUTS.
PL. DO NOT THINK IAM DISCOURAGING YOU FROM PRACTICE.
IF YOU WHOLEHEARTEDLY LIKE TO PRACTICE, JOIN THEM. DONT EXPECT ANY THING IN RETURN. REWARDS ALWAYS FOLLOW RISKS AND EFFORTS.
I WISH TO KNOW WHAT IS IT THAT YOU WANT TO BECOME AFTER 5 YEARS FROM NOW?
APART FROM A GOOD BANK BALANCE, COMFORT OF OWN HOUSE, GOOD FAMILY LIFE AND PEACEFUL SOCIAL LIFE ETC.IAM SURE YOU HAVE A BURNING DESIRE TO SHINE IN PRACTICE .
PL. KEEP IN MIND THAT YOU NEED TO WORK HARD AND NOT BOTHER MUCH ABOUT FINANCIAL TERMS OFFERED NOW IN THE C.A FIRM .
AFTER YOU ARE MADE A PARTNER , PERHAPS THE FINANCE AND OTHER TERMS MAY IMPROVE. YOU MAY SETTLE IN AS A PRACTICING C.A WITH GOOD STANDING.
THIS IS ONE SCENARIO.
THE OTHER SCENARIO WHERE MOST NEW C.As PREFER IS JOIN AS EXECUTIVE IN A COMMERCIAL ORGANISATION, GET A FEW YEARS EXP. CHANGE JOBS ,REACH HIGHER POSITIONS, HAVE FINANCIAL STABILITY AND ALL THE MATERIAL BENEFITS LISTED ABOVE.
THEN THEY DECIDE WHAT TO DO THEN ON THEIR OWN. PRACTICE OR BUSINESS ETC.
SO THERE ARE TWO SCENARIOS BEFORE YOU. DECIDE WHAT YOU WANT . IF THE ANSWER IS FRANK , THE RIGHT CHOICE WILL EMERGE BEFORE YOU.
GOOD LUCK.
R.V.RAO