we face during the day Being a slave on the telephone

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New Challenges facing Chartered
AccountancyProfession

• CA. Rajkumar S Adukia
• B.Com(Hons.) FCA, ACS, MBA, AICWA, LLB ,Dip
  IFRS(UK) DLL LW
• rajkumarfca_at_gmail.com
• www.carajkumarradukia.com
• 09820061049/09323061049

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ATTITUDE
He is able ,who thinks he is able.-Buddha
PAUL CATTS
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Agenda for the Session

• Scenario of Challenges Yesterday
• Scenario of Challenges Today and Tomorrow
• What are the Challenges
• How to face the Challenges?
• Professional Goal Planning
• Additional Guidelines on professional
  opportunities
• Balancing Work, Society and Family

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• The ultimate measure of a man is not where
  he stands in moments of comfort and convenience,
  but where he stands at times of challenge and
  controversy. - Martin Luther King, Jr.

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Meaning of Challenge

• A call to engage in a contest, fight, or
  competition
• An act or statement of defiance a call to
  confrontation
• A demand for explanation or justification a
  calling into question
• A test of one's abilities or resources in a
  demanding but stimulating undertaking
• Law A formal objection to the inclusion of a
  prospective juror in a jury.
• A sentry's call to an unknown party for proper
  identification

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Nature of Challenge

• Challenges for the profession as a whole
• Challenges for the different groups within the
  profession

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• There is never time in the future in which we
  will work out our salvation. The challenge is in
  the moment the time is always now.
• - James A. Baldwin

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• Challenges
• Yesterday,
• Today,
• Tomorrow

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Challenges Yesterdays Scenario

• The scope of the profession has been restricted
  to traditional areas of practice accounts,
  auditing and taxation
• Some of the other challenges where
• Meeting deadlines
• Allocation o Resource
• Dealing with issues of internal concern
• Dealing with few competitors
• Governmental Regulations

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Changing Business Scenario

• One of the constants in the rapidly developing
  21st century economy is the constant escalation
  of international economic activity.
• Change Management becoming the key area of focus
  concerning Changing Business Scenario
• The points of focus are
• Key Issues Driving the Business
• Issues of National and International Significance
• Globalization of Taxation and Corporate Law
• Focus on Non Financial Measures
• Competitive Performance
• Resource Performance
• Process Performance
• Environmental Performance

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Change in Scope of Professional Services

• The range of professional activities of CA's has
  expanded over the past few decades to include
• Auditing,
• Financial Reporting,
• Taxation,
• Personal Finance,
• Corporate Finance,
• Financial Management and
• Information Technology
• E Commerce
• Cross Border Investments
• Professional Indemnity

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Todays Scenario

• The emerging areas of opportunities and risks
  call for different skill sets, knowledge and
  delivery mechanism.
• Competing with multinational entities, corporate
  bodies and experts in the field of management
  consultancy
• Division of Services offered into
• Traditional Practice
• Consultancy
• The need to show a mark of expertise in both
  statutory or traditional practice areas and
  consultancy field

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Professional Prospects in Future

• Growing need for financial experts across borders
• Professionals present in the panel of decision
  makers across business and technology
• Innovation and Empowerment the need of the day
• Quality Management at its very best
• The need for a high level understanding of
  Information Technology
• Challenging a Competitive Environment
• Increased Management Consultancy Services
• Knowledge Management
• Resource Management

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The Fact

• CA's undergo lengthy and rigorous training
• Must pass numerous examinations to qualify for
  membership.
• They are required to maintain high standards of
  professional conduct and
• Their competence is supervised by their home
  institutes

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• The only use of an obstacle is to be
  overcome. All that an obstacle does with brave
  men is, not to frighten them, but to challenge
  them.
• - Woodrow Wilson

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• What are the Challenges?

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Wide Spread Challenges

• With open markets on each of the continents,
  accountants with international expertise have
  become increasingly necessary to almost all
  businesses.
• Social pressures for greater accountability
  worldwide continue to force governments
  businesses and the profession to be more
  responsive to the needs of the public and
  stakeholders.
• Expansion of the power and availability of
  information technology both globalizes commerce
  further and raises the need for accountants to
  become "knowledge managers."

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Characteristics of Challenges

• Change Management
• Global Service
• Critical Strategic Management
• Information Technology
• Marketing Approaches
• Marketing Partnerships
• Research Development
• Ownership and Control
• Organizational Change
• Retain Client Base

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Categorization of Challenges - Professionals

• Growing Stage
• CAs in the age group 20 to 35 yrs
  learning
• Accomplishing Stage
• CAs in the age group 35 to 50 yrs -
  performing
• Accomplished Stage
• CAs in the age group Above 50 - guiding

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Categorization of Challenges Professional
Establishments

• Small Firms
• Medium Firms
• Large Firms

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• Small Firms

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Small Firms

• This includes Chartered Accountants working in
  public practice, in sole practice or in the
  smaller firms.
• Most of these firms have operated exclusively in
  local markets.
• Approximately 34 of Chartered Accountants work
  in sole practices or small firms

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Challenges facing Small Firms

• Traditional services accounting, auditing and
  taxation
• Managing Change
• Information Technology
• Tuning to Professional Development
• Competition from other firms
• Manpower management
• Client management
• Perpetual existence of the professional firm
• Specialization
• Marketing management
• Resource management
• Overseas Opportunities

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• Medium Sized Firms

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Medium Sized Firms

• This includes the so called 'second tier firms'
• Many of these firms operate both nationally and
  internationally.
• About 3 of Chartered Accountants belong to this
  segment.

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• Large Firms

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Large Firms

• The large firms, currently referred to as the
  'Big Five', all operate globally.
• This sector employs about 13 of Chartered
  Accountants

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Challenges facing Medium and Large Firms

• Managing Changing Requirements
• Risk Management
• Research and Development
• Globalization of Business Activities
• Competing with peers and its advantage
• Technological challenges
• Specialization
• Responsibility and Accountability
• Leadership
• Manpower management

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• How to Manage these Challenges?

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The Professional Advantage

• CA's have a keen understanding of the new
  challenges facing businesses in the global
  marketplace.
• They are uniquely poised to serve and advise
  clients in need of international financial
  expertise.

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Competencies Required to Face Challenges

• High Level Information Technology skill set
• IT based business application skills
• Develop IT knowledge and application essential
  for practice development
• Utilization of IT for overcoming structural
  problems
• Strategic Planning and Management Skill
• Knowledge Management
• Extensive Corporate Knowledge
• Pro Active Approach
• Ability to lead the process of information
  management and evaluation
• Handle Competition

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Competencies Required to Face Challenges

• Marketing Approach - Develop understanding of
  Clients Business and Industry
• Go for strong International Links to compete on a
  global basis

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How to manage Practice effectively?

• Management is the art of making effective use of
  resources to achieve your goals.
• It concerns planning, coordinating and
  implementing all aspects of an organization's
  operation in a manner which fulfils the
  organization's aims.
• The essential ingredient for success is for every
  firm to know its own strategythe path that
  principals and employees wish to travelso that
  the firm meets the needs of its owners
• Good management will keep the firm commercially
  viable and professionally competent.

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• Don't just "work smart", work smart on the
  right things.

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80/20 Rule For Effective Management Of Practice

• The Pareto Principle says that in most cases,
  80 of production comes from 20 of producers or
  80 of the sales come from 20 of the sales force
  or that 20 of customers are responsible for 80
  of profits.
• In our regular day to day work, 80 of the
  subjects are well known to us, but there are a 20
  of subjects, we dont know either due to lack
  of time or the lack of effort to understand the
  subject.
• 20 of the left out subjects are the ones that
  will give us more opportunities for practice and
  thereby increase our level of knowledge and
  skills.

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80/20 Rule For Effective Management Of Practice

• You need to identify the 20 of areas of practice
  you have not considered till date, but which will
  most likely give you the profit and satisfaction
  that the balance 80 of the practice gives you
  now.
• Pareto's Principle, the 80/20 Rule, should serve
  as a daily reminder to focus 80 percent of your
  time and energy on the 20 percent of you work
  that is really important.

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• Time Management

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• The way you manage your time can influence the
  type of day that you will have.
• I recommend you take care of the minutes and
  the hours will take care of themselves.Earl of
  Chesterfield

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Importance of Time management

• Stay organized If time is managed well, you
  can organize your life and schedule. Everything
  has its set time and everything goes in its
  place.
• Improved personal life Time management can
  improve personal life, you can give your time to
  family, friends etc..

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• More work done If time is managed properly, can
  get a great amount of things accomplished. With a
  set schedule, can complete the most important
  tasks first, and can take care of any needed
  activities next
• Keeps you healthy and fit can use free time to
  exercise
• Reduces Stress By having a well-planned schedule
  for your time, and making room for spontaneous
  events or emergencies, can reduce the stress in
  life.

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• Lost wealth may be replaced by industry, lost
  knowledge by study, lost health by temperance or
  medicine, but lost time is gone
  forever.------------Samuel Smiles

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Quit Making Excuses
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Obstacles to effective time management
Unclear objectives
Disorganization
Inability to say no
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Obstacles to effective time management
Interruptions
More interruptions
Periods of inactivity
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Obstacles to effective time management
Too many things at once
Stress and fatigue
All work and no play
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What can be done?
Recognize that obstacles exist
Identify them
Employ strategies to overcome
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Need for Time Management

• Prioritize Effectively with Multitasks
• Manage and Control Crises
• Increase Productivity
• Balance Work and Personal Priorities

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Minor Time Wasters

• Interruptions we face during the day
• Being a slave on the telephone
• Unexpected/Unwanted visitors
• Needless reports/Junk mail
• Meetings without agenda

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Interruptions

• 6-9 minutes, 4-5 minute recovery five
  interruptions shoots an hour
• You must reduce frequency and length of
  interruptions (turn phone calls into email)
• Blurting save-ups
• E-mail noise on new mail is aninterruption -gt
  TURN IT OFF!!

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Cutting Things Short

• Im in the middle of something now
• Start with I only have 5 minutes you can
  always extend this
• Stand up, stroll to the door, complement, thank,
  shake hands
• Clock-watching on wall behind them

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Major Time Wasters

• Procrastination
• Afraid to Delegate
• Not Wanting to Say "NO"
• Low Self-Esteem
• Problems With Objectives/Priorities

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What can stop you?

• Negative Thoughts
• Negative People
• Low Self-Esteem
• Fear of Failure
• Fear of Rejection / Criticism

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Steps For Time Management

• Great time management skills will make you
  successful in your endeavors.

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Steps For Time Management

• When using time management to plan your day, ask
  yourself a few key questions
• What is the goal Im trying to accomplish?
• What is the deadline for that goal?
• What are the outcomes of not achieving this
  deadline?

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Steps For Time Management

• Steps
• Setting goals
• Prioritizing
• Learning to say No
• Organizing your work and meeting deadlines
• Avoiding procrastination

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• Stress Management

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Stress Management
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What is Stress?

• "Stress is simply the adaptation of our bodies
  and minds to change."Peter G. Hanson, M.D.

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The Truth is

• "Men for the sake of getting a living forget to
  live."Margaret Fuller

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The effect of Stress

• "One moment of patience may ward off great
  disaster, one moment of impatience may ruin a
  whole life."Chinese wisdom

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LEVELS OF STRESS
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EUSTRESS

• Eustress or positive stress occurs when your
  level of stress is high enough to motivate you to
  move into action to get things accomplished.

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DISTRESS

• Distress or negative stress occurs when your
  level of stress is either too high or too low and
  your body and/or mind begin to respond negatively
  to the stressors.

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Probable Symptoms of Stress

• Insomnia
• Loss of mental concentration
• Absenteeism
• Depression
• Substance abuse
• Extreme anger and frustration
• Family conflict
• Migraine, Headaches and back problems.

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STAGES OF STRESS
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ALARM STAGE

• As you begin to experience a stressful event
  or perceive something to be stressful
  psychological changes occur in your body. This
  experience or perception disrupts your bodys
  normal balance and immediately your body begins
  to respond to the stressor(s) as effectively as
  possible.

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EXAMPLES

• Cardiac - increased heart rate
• Respiratory - increased respiration
• Skin - decreased temperature
• Hormonal - increased stimulation of adrenal genes
  which produce an adrenal rush.

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RESISTANCE STAGE

• During this stage your body tries to cope or
  adapt to the stressors by beginning a process of
  repairing any damage the stressor has caused.
  Your friends, family or co-workers may notice
  changes in you before you do so it is important
  to examine their feedback to make sure you do not
  reach overload.

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EXAMPLES

• Behavior indicators include lack of enthusiasm
  for family, school, work or life in general,
  withdrawal, change in eating habits, insomnia,
  hypersomnia, anger, fatigue.
• Cognitive Indicators include poor problem
  solving, confusion, nightmares, hyper-vigilance.

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RESISTANCE STAGE MORE EXAMPLES

• Emotional indicators include
• tearfulness
• fear
• anxiety
• panic
• guilt
• agitation
• depression
• overwhelmed.

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EXHAUSTION STAGE

• During this stage the stressor is not being
  managed effectively and the body and mind are not
  able to repair the damage.

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EXAMPLES

• Digestive disorders, withdrawal, headaches,
  tension, insomnia, loss of temper.

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Types of Stress

• Work Stressors
• Body Stressors
• Mind Stressors
• People Stressors

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• 5. Seems like I have a lot more work than
  roommate, friends
• 6. I have to work harder than roommate and
  friends to get the same results
• 7. My job takes up too much time I cant afford
  to cut back
• 8. My stress is complicated by commitments I
  cant get out of

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Body

• Insufficient sleep
• Frequent colds, sickness
• Negative effects from caffeine, nicotine,
  alcohol, etc.
• Uncomfortable chair, poor posture, excessive time
  hunched over book or computer.

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• 5. Eye Strain (wrong glasses, poor lighting,
  computer screen overload)
• 6. Inadequate nutrition, missed meals, reliance
  on junk food
• 7. Lack of exercise
• 8. Aversive environment

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Mind

• Worry about what people think?
• More time spent thinking about what can go wrong
  than what can go right
• More time spent thinking about what DID go wrong
  than where you can go from here
• No time to think, always having to do

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• 5. Motivation problems, difficulty getting
  started
• 6. Tendency to get too worked up when under
  pressure or in a crisis
• 7. Tendency to get down, dwell on how bad things
  are
• 8. Often feel guilty

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People

• Tension with family, friends or romantic partner
• Incompatibility with roommates habits, schedule,
  lifestyle
• Change in relationship love lost/gained new
  romantic partner
• Death of a close friend or family member

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• 5. Parents divorce, separation or conflicts.
  Adjustment to parents new partner.
• 6. Interpersonal conflict trouble expressing
  needs or standing up for rights
• 7. Reluctant to ask for help
• 8. Trouble saying no

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Causes of Stress
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Possible Causes of Stress

• Job Insecurity
• High Performance Demand
• Bad Boss

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Possible Causes of Stress

• Workplace Culture
• Personal or Family Problems
• Technology

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Positive Stress
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Negative Stress
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The cost of ignoring stress

• Work-related stress can result in high levels of
  employee turnover.
• Employees experiencing stress are more likely to
  make poor decisions and casual errors.
• Workplace relations and customer service may
  deteriorate

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If Thats Not Enough.Then Hold Your Breath

• Stress causes Aging
• Stress has proven to be Fatal

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ABC Strategy for Stress

• A Awareness
• B Balance
• C Control

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• Become Aware of Your Stressors and Emotional and
  Physical Reactions

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Solution

• Build your physical reserves
• Maintain your emotional reserves
• Eliminating Stress From Your Environment

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Improve The Productivity Of The Organization

• Library there should be a well equipped library
  in the office
• Office Manual - Every organization should have
  its office manual containing the policies of the
  organization, procedure for maintaining client
  confidentiality and complying with ethical rules
• Attending Conferences - This will help them in
  staying up-to-date with the law and latest
  technology.
• Regular Office Training - Regular office training
  will empower employees to increase their personal
  effectiveness while striving to exceed set
  organizational goals.

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Improve The Productivity Of The Organization

• Regular assessment of performance - Evaluations
  should be held regularly and that expectations
  are clear and fair.
• Treatment of members of the organization -
  Everyone should be treated as valued
  professionals and should get to know them.
• Recognition of good work - Talented members
  should be rewarded with recognition and thanks,
  as well as appropriate salaries and financial
  incentives when possible. 

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Improve The Productivity Of The Organization

• Other areas of improvement
• Leadership
• Strategic Management
• Knowledge Management
• Revenue Enhancement
• Newer Opportunities
• Marketing the work
• SWOT Analysis
• Self Development Programs

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• Chartered Accountant
• Professional Opportunities

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List of Professional Opportunities

• Accounting Services
• Statutory Audit Services
• Specialty Audit Services
• Corporate Law Services
• Management Accounting Services
• Strategic Financial Management Services
• Internal Audit and Internal Assurance Work
  Services
• Financial Planning and Wealth Management Services

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List of Professional Opportunities

• Financial Market Services
• Direct Tax Law Services
• Indirect Tax Law Services
• Rehabilitation, Insolvency, Liquidation Services
• Corporate Governance
• Valuation Services
• Business / Commercial Laws Services

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List of Professional Opportunities

• Laws related to formation of various forms of
  business entity
• Drafting of documents and conveyancing services
• Laws related to financial institutions
• Sector / industry specific laws
• Laws relating to foreign exchange
• Laws Relating to International Trade

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List of Professional Opportunities

• Social Security Laws and Employee Ownership
• Takeover Laws
• Opportunities with State Legislations and
  Regulations
• Information Technology and Information System
  Audit
• Arbitration
• Climate change and Carbon Credit Mechanism
• International Professional Opportunities
• Education, Training and Publication
• Other Professional Opportunities

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About Rajasthan

• Rajasthan is one among the most business friendly
  states in India
• The state is committed to provide a hassle free
  and investor friendly business environment
• There are more than 300 industrial areas across
  the state
• Known for its Multi product SEZ, IT Parks, Export
  Promotion Industrial Parks and Agro food parks
• Human Capital well developed network of higher
  and technical institutions
• 183 Industrial Training Institutes
• 23 Polytechnic Colleges
• 47 private engineering colleges
• (as of 2007)

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About Rajasthan

• An Indian Institute of Technology, the premier
  institution, in the State
• Multi-pronged strategy to expand and improve the
  quality of education both technical and
  non-technical
• Two Integrated Textile Parks being developed.
• Business Development
• Manufacturing Sector automobile, cement,
  textile, agro processing, mineral, handicrafts,
  gems and jewellery
• Infrastructure Development Roads, Power, SEZ
• Hotels and Tourism
• IT Enabled Service

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Professional Opportunities in Rajasthan

• Marble Export
• Tourism Business
• Medical Tourism
• Financial and Investment Planning
• Real Estate Consultancy

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• Professional Goal Planning

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Professional Goal Planning

• It is a commitment of an individual to his
  profession
• It about emphasizing the performance level of an
  individual/firm
• Identification of possible obstacles in achieving
  goals
• It offers a source of inspiration during
  difficult times
• Goal planning is never a waste of time
• Personal goals should be adjusted with
  Professional Goals for better coordination
• It helps in making a unfamiliar goal familiar

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• Balancing
• Work, Family and Society

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The Trade Off

• Also called Work Life Balance, Lifestyle
  Balance, Life Balance
• It is about prioritizing between work and
  life ( personal life and social life)
• Men and Women have different levels of Work and
  Life Balance
• Attitude of an individual plays a vital role in
  balancing work and life. The share of attention
  towards work and life
• Role of an employer in setting right the Work
  Life Balance of their employees
• Without balance individuals fall into a dilemma
  of extremities

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Consequences of Work Life Imbalance

• Life in Shambles
• Depression ( leading to fatal consequences)
• Mental Disorders
• Health Disorders
• Temperamental Issues
• Failure in certain aspects of life
• Lack of performance
• Deteriorating efficiency
• Inconsistent approach towards professional work
• Lack of Reasoning

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• Don't just "work smart", work smart on the
  right things.

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Questions/ Suggestions/ Comments???
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THANK YOU