Practice vs job in industry..suggestion plz..

Hi all

I have given CA final in May 2013 and most probably would clear the same. I have a good academic record including 94% in 12th, Rank in CS Foundation, cleared each level in 1st attempt all groups together.

Training Details ;-
Did 2 years of articleship in small firm & had learn variety of work including Income Tax, Audit, Company Formation & e-filing, VAT.

My dad is a practicing lawyer (not related to Income Tax).

Currently doing last year of Industrial Training in a Corporate Office of a Bank in Mumbai.

Now I'm in a fix.

Should I start my own practice in my HOMETOWN (may be supplemented with CA coachings for CPT initially) or should I permanently move to MUMBAI & continue in Industry after getting CA degree.

Please if anyone can let me know the prospects of both the options keeping in view good future in mind for long term purpose. Give advantages & disadvantages of both & which will be better for long term.

Thanks

Practice Vs Industry

Relative advantages	Relative disadvantages
Leadership and independence	Independence is subject to ones position in the industry
Multifaceted knowledge of subjects	Departmentalization limits ones exposure to various areas
Continuous knowledge gain	Knowledge is limited to the areas which one is responsible for
Wider interaction leads to networking and personality development	Interaction is with the same set of people in the office
Flexibility	Lesser flexibility
Future growth in practice is uncertain and dependent on potential, opportunity and knowledge	Future growth is relatively certain
Irregular income in initial stages	Regular income
Initial capital outflow	No capital investment
Long gestation and transition period	Promotions are based on yearly reviews

Initially industry is better off, but there are possibilities of stagnation. Where as in a well established practice, the rewards are long term and larger compared to industry.
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By CA. Nilesh S. Vikamsey