Alright. Let's talk straight. Chartered Accountants, as professionals, should set-up their own practice and work as professionals, instead of seeking work in other areas, where apparently, they don't hold much of an expertise.
Most freshly minted Chartered Accountants would love to work for themselves, in a professional capacity. However, most, don't have the adequate resources, which includes money, clientele etc. Make no mistake. Most of them have an adequate knowledge to do the work of a Chartered Accountant, which can be demonstrated by their abilities developed from their articleship(which, while another story is too long a period. We're enslaved by existing CA's, since we're cheap labor. We get paid a minimum stipend, while do quite the work. Sure we take a couple of months to learn, but after that, we're just made to work. I've been through the experience, and I'm still going through it. I've learnt most of the work. Not to say that I can replace my Principal, but there isn't any more to learn, and I'm being honest. And I'm working for a mid-to-large size firm)
Don't you think ICAI should incentivize new Chartered Accountants by alloting them work, amongst other things? Correct me if I'm wrong, and do point out if my suggestion is ludicrous, but can't it be possible for ICAI to allot Statutory Audits to fresh Chartered Accountants? Now I know that's against the Companies Act, but can't ICAI develop some sort of a scheme to allot work to new Chartered Accountants to give them an initial boost, in their otherwise struggling career? And just an initial boost. I'm not suggesting that ICAI should become responsible for their whole career, but just the "initial boost". And, in all honesty, a simple Statutory Audit of a Company would bring a whole new line of work, including Tax Audits, Management Consutancy, etc., which would then depend on the calibre of the Chartered Accountant.
I'll soon become a Chartered Accountant, but looking at the industry-wide hiring curve for Chartered Accountants, I don't expect to be paid on par, or even close to it, with other high-calibre graduates from IIT/IIM, despite putting in more or less the same efforts. We're different from them, we're not some general graduate in finance or marketing. We're supposed to have an expertise in our line of work, which otherwise nobody else can render,
Any other ways you can think of, that ICAI can assist in establishing new Chartered Accountants? I'd seriously love to work for myself, and I know most of us have the ability of doing it, but we're just pushed away because of inadequate resources.
Some will justify 5yrs on account of being talented.The demands will keep coming & the truth is that you cannot satisfy everyone.
CAclubindia
