Chartered Accountancy is and has been for a long time, a highly reputable profession. Post the implementation of the LPG Act in 1991, the demand for Chartered Accountants has seen a hike. Especially during the last 2 decades, it has been in great demand and has hence, become a highly rewarding career option in India.
The hype is not in vain, as the profession does come with several benefits and rewarding aspects. Due to the same reason, it is not uncommon to come across a lot of people who'd want to pursue this career. Approximately 1 Lakh students enroll in the CA course and appear for its exam every year.
SCOPE OF CA
After becoming a registered Chartered Accountant (CA), one can either start their own practice or work for any existing organization that has been registered under the Company Act of 2013. The Act states that every registered firm or organization needs to appoint an accountant to oversee, record, and manage financial matters such as auditing, tax consultancy, financial reporting, etc. Hence, the current scope of CA is extensive.
In the future as well, with the advancement of technology and greater digitization, this career path will not become extinct but, there will undoubtedly be changes in the day-to-day. When computers were introduced, all CAs were rendered obsolete for a while and had to undergo training to adapt to the computer-driven environment. It resulted in the computerization of all books and records.
Any big technological changes in the future may lead to a change in the required skill set or a change in the auditing procedure. It will surely be a tiny hiccup, but will later prove to be more promising than ever for accountants who accept the change and receive sufficient training to adapt to the same. Accountants, on the whole, will never go extinct. For this line, the future is full of possibilities and exciting prospects.
For a self-employed CA, here is a list of seven sectors that have recently increased the possibilities for growth in India -
1. Goods and Services Tax (GST)
Following the implementation of the Goods and Services Tax in India in July of 2017, there has been a surge in the demand for Chartered Accountants who are proficient with the new tax framework and can provide consultancy on the same.
2. International Taxation
As the amount of international transactions has expanded since deregulation, so has the demand for professionals with knowledge in international taxation. A few of the crucial areas where CAs will be required to help consumers and organizations in the future are - Calculating a company's overseas tax credit, legal and administrative work for instituting a liaison office for international enterprises, and managing foreign payments.
3. Internal Audits and Reviews
Over time, the laws governing businesses and their financial records have become more stringent. This has led to an increase in the demand for qualified auditors to evaluate records, reports, and operating methods, as well as verify assets and liabilities by comparing them to documents as needed. As a result, the number of internal audit firms is increasing at an unparalleled rate.
4. Wealth management
Under this, Chartered accountants can choose to work for private or public companies, or they can provide their services to individuals. Financial and investment counseling, accounting and tax services, and retirement planning are all part of this fee-based professional service.
5. Mergers and Takeovers
This could include a CA's services, such as advising clients on whether to add more companies to their asset portfolio or sell divisions they no longer need.
6. Startup ecosystem
Many new startups have been emerging in India. They also require competent accountants to manage their finance. Hence, this is an excellent opportunity for aspiring CAs to grab, given that they are tech-savvy and proficient in the latest dealings of accountancy and financial management.
7. Tax Planning
A majority of people are completely oblivious of the complexities of taxes. More and more chartered accountants are now taking to assisting individuals and small businesses in this area, like selecting an efficient tax structure, and fulfilling administrative tasks in line with tax legislation.
The line of finance and accountancy has become more dynamic over the years and in the future as well, it shows great promise. The above mentioned are some of the highest income paying specializations that aspiring CAs can go for.
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