ICAI sees huge shortage of practising professionals

"Some students raise the question whether I would be selected if I appear before big 4. My instant answer is No. Because those students are not confident about their knowledge;specially practical knowledge. "

Yes, You are 100% Right....

             The Main reason is the Initial earnings of a newly qualified Chartered Accountant in Practice is low and they have to findout the clients.. But it is not an easy task....

           But in Case of employment  the initial earnings is high when compared to the newly qualified CA's in Practice..say Rs.25000 - Rs.50000 p.m.

           So, many newly qualified CA's are going for employment instead of starting their own practice...

Instead of keeping CPT exams every month and then producing CAs @ such young age ICAI needs to increase its passing % for students who are already appearing for CA finals. For entering into practice one should be a matured and polished person which comes by good experience gradually. 

Infact there have been various discussions earlier on CPT exams and its negative points which clearly shows that even if a CPT student who passes exam with in defined duration is not fit for profession and especially the knowledge and the maturity which a CA should have for practice.

So keeping CPT exam every month is not a good initiative.

If the family cannot support (due to financial problems etc.) then initially one can go for job.

After accumulating a satisfactory fund; he can start his practice.

But out of 100 persons who go for job; hardly 2-5 persons can switch to practice thenafter. Because when a person is habitual to get certain good amount at home every month; the patience is rare when he starts his own practice.

Still there are instances; when some members switched to practice and they are doing well - in all respect.

It is choice of the member what he selects - both are challenging.  One of my friend switched from practice to job  15 years back because the practice was not so rewarding. 

Now-a-days; the practice is not so tough because  number of areas are open for CA, CS and ICWA members. 

One can start internal audits for initial engagement which is rewarding. The persons who didn't get good exposure at the time of training; can have that exposure when they take such assignment. They can see each and every activity of the business house carefully because they have to report on each and every area. 

y anyone wanna go for practice...every one start with 2000-3000 stipend....3 yrs for articleship & again struggle in practice....this is all because of ICAI policies with respect to students...earlier they are not many people doing CA but situation is very different now...they have to increase passing % to 30-40% otherwise after few years they will not be seeing  Chartered Accountants working in India

most of the people who come for practice---they have established CA Firms of their families

their will be huge demand of Practicing CA in the coming 7-8 yrs but most of the people will be going out for Overseas Jobs.

Dear Faiz,

When a person asks whether I would be successful in my exams then my instant answer is No. When he asks why  no ? Then I say; because you are not confident. Without confidence if you appear for examination; the chances of passing is  dim. 

I ask all the students one equestion : Whether you are really confident at the time of appearing in CA examination ?  The answer would be No in most of the cases. Those who say why not ; are of category who will pass in most of the cases.  

I hope you got my point. 

If  a person wish to join big 4 then surely he has to rectify their deficiencies which occurred in their articleship training. Many times I have written that  most of students join any CA firm as soon  as they pass CPT (now rule has changed). 

If one has not taken good exposure during articleship period; then they should focus more on their studies and try to get highest marks at least in two subjects of their choice.  To get entry in big 4; one should have indepth academic knowledge of Indian GAAP, IFRS and Direct and Indirect Taxes.

He should join English Speaking Course or any other suitable mode (if he is not fluent in speaking) so that it will give him confidence to appear before the interviewer specially to appear before big 4.

Originally posted by : Prateek
	their will be huge demand of Practicing CA in the coming 7-8 yrs but most of the people will be going out for Overseas Jobs.

Absolutely  right. 

But to capture the market; one has to do work very hard.

And beware about one thing; those who think in job they are not required to do hard work are having misconcpetion in their mind.