Emerging Opportunities For CA’s In The Industry

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Emerging Opportunities For CAs In The Industry
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A Chartered Accountants profession is generally
considered to be very prosperous but is also
stressful. With globalisation, technological
advancements, complex regulatory framework,
evolution of exciting business models and
emergence of entrepreneurship as a viable career
option, the options for Chartered Accountants
today are wider and more exciting.
Times have changed, right? Gone are the days when
almost every Qualified CA spent his/her initial
years with an audit firm believing that this was
needed to strengthen their basics and gain the
requisite experience before they make their next
moves as well. Remember jobs were also not easy
to come by and the ones with the entrepreneurial
bug would almost invariably slip into practice.
There were others who opted for industrial
training in their formative years where they
trained with a large company, continued with the
company to move up the ranks.
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Boring, money-minded and obsessed with
numbers are few of the epithets that are often
used to describe a chartered accountant. In fact,
more often people associate a CA with people who
help them file returns, plan taxes auditors or
with people working in accounts department of an
organization.
The growth in the domestic economy has lead to
growth in almost every sector and the emergence
of new age sectors. With the entrepreneurial
boom, the ecosystem now looks at the role of
Chartered Accountants from a different dimension
including Chartered Accountants themselves. The
opportunities have opened up in not only once
considered traditional sectors like Banking,
Insurance, Manufacturing but also in new age
sectors like modern retail, Healthcare,
Information Technology, Education, E-Commerce,
Logistics including segments like Investment
Banking, Venture Capital/Private Equity.
Chartered Accountants are also partnering with
businesses like never before to increasingly move
up the corporate ladder to occupy positions of a
Chief Financial Officer (CFO) or a Chief
Executive Officer (CEO).
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An increasing number of CAs today are willing to
take the risk and join new age, exciting
businesses which are not brands as yet joining
them to purely satisfy their urge to try
something new and quench their entrepreneurial
thirst by being close to how things work in an
entrepreneurial set up.
This category of people are willing to give a few
years of their life to build and scale these
businesses knowing fully well that they can get
back to established companies if things dont
work out. Venture Capital/Private Equity once
considered to be the domain of management
graduates from Ivy league schools is also seeing
a fair share of Chartered Accountants evaluating
deals, raising funds, working with entrepreneurs
and being a part of company boards.
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A stint with a large accounting/audit firm itself
today has undergone changes with areas like
Mergers Acquisitions, International Tax,
Consulting, Risk Management, Corporate Finance
opening up new vistas for CAs. Many CAs
consider entrepreneurship itself as a viable
career option today.
The Institute of Chartered Accountants of India
(ICAI) needs to take a large part of the credit
since they have managed to retain the standards
of the course fairly high, which has ensured that
largely the quality of the Chartered Accountants
is good and they are sought after by prospective
employers.
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The number of people who are registering for the
course has gone up significantly over the years
students and parents are able to see the
opportunities that a career as a CA offers.
However, with the increase in demand, the
institute needs to ensure that the supply of CAs
is not a bottleneck while ensuring that it works
closely with companies to ensure that the gap
between academics and expectations from companies
is narrowed down.
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