CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 14 September 2010

Chartered Accountants to be much in demand: ICAI



December, 01st 2008
In the wake of the global meltdown and slowdown affecting the country, the profession of accounting would take lead in ensuring financial discipline at all levels of management, Institute of Chartered Accountants of India (ICAI) President Ved Jain said today. "It is our profession, which can guide and take the lead in ensuring financial discipline to the profession of accounting," he said in a release issued by the Institute as part of the first convocation ceremony held here. Jain said a Chartered Accountant is not only best suited for finance but could excel at all levels, including human resources, policy making and a complete business solution provider. On the occasion, over 800 students received their certificates, the release said. ICAI is the second-largest accounting body in the world. It operates through five regional offices and 117 branches across the country and has 21 overseas chapters, the release added. Source : https://www.cainindia.org/news/12_2008/chartered_accountants_to_be_much_in_demand_icai.html

CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 14 September 2010

CA as Career option

There is no dearth of jobs for Chartered Accountants.

After acquiring the membership one can either choose to do public practice or join any organization at the public sector or private sector.Career option for a chartered accountant is therefore varied.

General Practice: The Institute of Chartered Accountants of India predicts that audit and standard taxation services would soon be replaced by growing opportunities on relationship based services. The Chartered Accountants are required to assess the risks of the companies designing control system to counter those risks.

New Assurance and performance measurement services
Change management: This includes making changes at the ownership, structural and operational levels.
Stakeholder value creation
Strategic management
Finance: The expertise of Chartered Accountants are in high demand in financial administration, Capital markets and international
financial regulation
Financial Reporting
Tax compliance
Tax Advice and Planning
Corporate Finance
Insolvency and corporate Recovery
Management consultancy.

Source : https://www.indiaedu.com/career-courses/ca-course/

CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 14 September 2010

CHARTERED ACCOUNTANT SALARY

With the swift advancement in Indian economy, Chartered Accountants (CA) are high in demand. In any given organization, usually Chartered Accountants occupy highly respectable and reputed posts. They are the ones who are responsible for everything, right from handling of accounts and finance related matters to deal with money management, analyzing and preparing for audit accounts, along with renderingfinancial services. The work nature of Chartered Accountants (CA) includes all possible areas of business as well as finance. To be one of them, one has to pass rigorous number of examinations. Though, the Chartered Accountants (CA) field is fruitful and has been occupied with handsome salary. Some of them are involved in public practices, some of them in private sectors, while some are employed by government organizations. The Chartered Accountant (CA) is the one which is authorized to render an audit opinion on a company’s financial statements. According to the survey conducted by a campus placement programme in ICAI, certain things have been noticed related with the Chartered Accountant salary, they are as follows:

Chartered Accountant Salary - Year 2008-2009 – The average salary proffered to the newly qualified and knowledgeable Chartered Accountant(CA) is about Rs. 6.11 lakhs per annum. In addition, the premier salary specified for domestic posting in the Campus PlacementProgramme of ICAI is10.61 Lakhs per annum. Also, the highest salary declared forInternational Programme is21.00 Lakhs per annum. Amongst all sector indices, IT software sector (16.16%) is the highest recruiter, whereas other major recruiters involve Mining (8.42%), Banking (7.52%), Financial Services (6.40%), and Oil & Gas Refining (5.50%).

Chartered Accountant Salary - Year 2008 – Since year 2008, the demand for Chartered Accountants (CA) in the country has risen up. Now, as compared to other qualified and experienced professionals, there are more and new opportunities for Chartered Accountants (CA) in the country. In fact, in the coming few years, growth and advancement in the finance and accounting outsourcing i.e. BPOs and KPOs will add the demand of Chartered Accountants (CA). At present scenario, approx. 9,000-10,000 Chartered Accountants pass out from ICAI every year. Salaries offered in the campus placements in ICAI have also being rising. As compared to previous year, in this year, there was approx. 50% jump in the campus placements in ICAI in the salary range between Rs. 5,00,000 - 7, 49,000/-.

Few highlights of campus placement programme in ICAI – 2008 – As per the Chartered Accountant Salary (CA salary) survey in India, the highest salary proffered for Chartered Accountants for International posting in the campus placement programme was16.17 lakhs per annum. Besides this, the highest salary rendered for domestic posting in the CampusPlacement programme is Rs. 12.00 lakhs per annum. On the other hand, the average salary provided to the newly qualified Chartered Accountants is about6 lakhs per annum. Amongst all sectors, Banking sector (13.97%) is the highest recruiter, whereas other major recruiters include IT Software (11.30%), Oil & Gas refining (8.87%), Financial Services (8.32%), and Mining (5.65%).

Highlights of campus placement programme in ICAI – 2007 – The highest salary offered to candidates for international posting is of Rs. 38.25 lakhs. Whereas for the Indian posting, the highest salary proffered in the programme is of Rs. 10 lakhs. Since the introduction of campus placement services by the Institute, the amount of candidates positioned in any single campus placement programme is 1840. In addition, the candidates who have made salary package offer beyond5 lakhs is 798.

Chartered Accountants Remuneration

Chartered accountancy is a profession, where returns are extremely fruitful and high either it is public, private or own consultancy organization. Depending upon the qualification and experience, the salaries of Chartered Accountant vary in both public and private sectors. In domestic arena, at the junior most level, average salary is between 10k-15k whereas senior most Chartered Accountants deserves 50-60k per month salary. In abroad, salaries are better and may go up beyond50k. Last but not least, salary of CA also depends upon the numbers and kinds of clients, particular organization have.

Source : https://www.altiusdirectory.com/Business/chartered-accountant-salary.php

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CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 14 September 2010

India to see sharp rise in demand for chartered

accountants

The demand for chartered accountants is increasing day by day, more so with the April 1, 2011, deadline for implementation of International Financial Reporting Standards (IFRS) getting closer. Sensing the opportunities in the market, more chartered accountants are now opting for jobs with companies instead of setting up their own practice. In an interview with Ritwik Mukherjee, the president of the Institute of Chartered Accountants of India (ICAI), Amarjit Chopra, sheds light on latest trends the sector and the initiatives taken by the institute to promote the profession. Excerpts:

n Has there been any increase in the number of candidates opting for CA course? What are the numbers for the past three years?

The demand for chartered accountants is rapidly growing on account of fast-changing requirements of the corporate sector. Changes in regulations, listing requirements and the need for better corporate governance have raised demand in all sectors. In 2007, there were around 2.7 lakh students who were pursuing the course and now the number is more than six lakh.

n How many opt for CA after 12th standard and after graduation?

It has been observed that most students appear for CA course after completing their 12th standard. However, some register for the course after completing 10th standard. It has also been observed that there are candidates who opt for it after post-graduation. In 2009, about 1.75 lakh candidates registered for the common proficiency test, out of which about 1.73 lakh came after their 12th and about 2,200 after their graduation.

n Has there been any organised effort by the ICAI to create awareness and promote the profession?

To popularise CA course, the institute organises counselling to guide aspirants to choose a career path most suitable to their abilities, interest and attitude. The timely counselling enables students to understand their hidden potential, which helps them choose the right career. The popularity of CA course is clearly reflected from the fact that the number of candidates appearing for CA exams is increasing every year. Pro-active measures are also being taken to get recognition for the Indian chartered accountancy course from many countries.

n On an average, how many CAs come out of the institute every year?

The enrolment has been increasing from 7,723 in 2007, to 8,328 in 2008 and 10,925 in 2009. However, there are many CAs who do not register with ICAI after the course because either they pursue further studies or they fail to complete the course on general management and communication skills.

n How many opt for a job and how many start their own practice?

The CA course offers equal opportunities to those who opt for a job or start their own practice. A recent study on members enrolled after January 1, 2009, shows that more CAs, may be 80-85 per cent, are opting for jobs.

n Is there an estimate on the number of CAs required in the country in three to four years?

Chartered accountancy has emerged as a profession of considerable importance in view of globalisation. Changes in regulations and listing requirements, demand for better corporate governance, convergence with IFRS, implementation of the goods and services tax and the direct tax code, etc, call for more CAs in all sectors. There is a huge demand for CAs abroad as well. The service sector is rapidly expanding and accountancy is one of its most significant segments. The experience and expertise of CAs are being utilised more in insurance, information technology, public finance, risk and assurance, etc. If the economy grows at six percent, all CAs would be with companies or in private practice. If the economy grows at 8-10 per cent, shortage will be widely felt. As the Indian economy is expected to grow above 8.5 per cent, prospects for CAs seem to be very promising.

n With IFRS coming into place, would there be more demand for CAs?

The institute is finalising accounting standards to match IFRS and they are expected to be ready by June. IFRS is the need of the hour and ICAI has started a massive exercise to train its members on the subject. Last year, it launched a certificate course in IFRS and about 1600 members have completed training. ICAI has also conducted seminars and conferences on IFRS to discuss aspects relating to convergence. CAs will definitely be in demand as the preparedness of industry depends upon the readiness of professionals to meet IFRS.

Source : https://www.mydigitalfc.com/news/india-see-sharp-rise-demand-chartered-accountants-457

CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 14 September 2010

`WTO regime will favour chartered accountants'

THE chartered accountants in India will be the major gainers in the new WTO regime beginning next year, in view of the new areas emerging in accounting and auditing practices, Mr Sunil Goyal, President of the Institute of Chartered Accountants of India has said.

New opportunities are surfacing in the field of business process outsourcing (BPO), IT, Value Added Tax, insurance etc and Indian chartered accountants are competitive enough in the changing global scenario, he said at a press conference here on Friday.

There is a good demand for chartered accountants from the country in the western parts of the world, he added.

The advent of WTO regime from March next year will provide CAs a true global level playing field and the IICAI has come out with curriculum revision by offering new courses in information system, insurance management, insurance corporate booking, capital market etc, he added.

Welcoming the opening up of services for chartered accountants, he said, the Association has already conveyed to the Union Government its willingness to enter into one-to-one reciprocity with individual country in opening up of new challenges.

ICAI, he said is also promoting consolidation and mergers of offices of CAs to strengthen and position itself in the changed business environment.

Mr Goyal, who was here in connection with the two-day all-India conference of the Association, said that a Permanent Placement Cell to provide support and help to CAs was opened recently and a committee was also set up to change the entire training course.

ICAI has also taken a proactive step to start peer review mechanism to monitor the working of CAs .The objective is to provide guidance for the CAs to follow proper standards and guidelines in the profession, he said.

According to Mr Goyal, there were lot of impediments in the CA Act as many laws have become dated. A level playing field should be given to CAs vis-à-vis other service consultants considering the high percentage of commission given to them for various jobs, he added.

Earlier, inaugurating the conference, Mr P.V. Subba Rao, Executive Director of RBI, Mumbai said that the rising inflation is causing concern to the financial sector and step for reversing the trend were being mooted.

He pointed out that low interest rates were considered to have a bearing on inflation and there were options for changing the interest rate or maintaining it at the same level.

He said that the financial sector was passing through a phase of change and has lauded the entrepreneurship among the Kerala banking sector. Banks in the State are doing well and accounting practices had a key role in maintaining their strength, he added.

Source : https://www.thehindubusinessline.com/2004/09/04/stories/2004090401091700.htm