General Tendancy

This query is : Resolved

CA Suresh Choudhary (Querist)
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07 May 2009 Why even the successful practicing CAs are not encouraging the new CAs to go in to the Practice.

Is individual practice failure these days? because one of senior CA i met few days back he told me you will not be able to exist in the market unless and untill you join any experience CA like him.
Please express your views specially practicing CA's.

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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08 May 2009 its depend on your other qualifications too.
Dear frnd, today, practicing is not as easy as upto 90s.
To stay competitive, one has to get some other qualifications to solicit work.
like these are certain skills required in an Indian Chartered accountant solicit work from outside India:
1. Accounting procedures followed by companies in USA, UK or other countries.
2. Knowledge of accounting related software like, Quick Books, MYOB, SAGE, SAP and other accounting solutions in addition to Tally.
3. Skills in using tax return softwares i.e. Ultra Tax or Irish. These are few of the softwares which are used in preparing Tax Returns and annual accounts for individuals, corporations or private organizations in America and Europe.

There are some other qualification (to solicit Indian work) like post qualification courses by the ICAI. CS, ICWA, etc..
and there are some softwares, of which knowledge is required, like some Taxation Softwares and utilities, some Indian accounting softwares, in depth knowledge of Excel and Word etc..

If you these skills, you can not only survive but get a lot of work...

**DM

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 May 2009 You must act upon his advise if you are really interested in Practice. Individual Practice is having a limited scope whereas if you go alongwith other CA(s), sooner or later you would be admitted as a partner in the firm. Firms having experienced CAs are preferred by Banks, PSUs, Corporations etc. for alottment of their various audits and other professional assignments through Empanelment or otherwise. Some of those are quite lucrative.

To have an experience and exposure it is always advisable to join a firm having a good variety of prof. engagements. You may find more challenging jobs(naukari) today but Practicing as a CA is the most challenging task. You will be able to exploit all your capabilities and intelligence, Upgradation of knowledge will also become a process for you.

The most important thing required in practice as at initial stage is PATIENCE as you may earn lesser than your friends (getting attractive packages) but later on sky is the limit for you. My dear friend, if you can manage to do so initially, Practice- not as an Individual or in Prop. Firm Name but in a PARTNERSHIP is the best opportunity to grab.

LLPs may also be considered after A FEW MONTHS

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