It's back to school for experienced CAs!!!

EVER wondered why the new generation of chartered accountants (CAs) is earning much more than many of their seniors?
GenY’s
getting hired by multi-national consulting firms, finance and banking
players who don’t mind paying fat packages to fresh graduates.
The experienced lot, however, continues to rely on traditional accounting and auditing of their corporate clients.
The
MNCs have major interests in hot new sectors like consumer retail,
restaurant chains, telecom retail etc. With big money flowing into
these sectors, the large accounting firms can afford
to employ bright graduates who are ambitious in seeking high salaries.
Further, with the eligibility norms for the CA courses undergoing major
changes, even a 25-year-old
can now get a degree. In order to ensure that the experienced lot is
not hit by the generation gap, the Institute of Chartered Accountants
of India (ICAI) is in process of designing special course modules for
experienced CAs in the age group of 35-50.
The institute is
aiming to improve the skills of its experienced members so that they
can practice in relevant areas of the new generation business models.
It is learnt that the institute has identified areas such as auditing
of new generation franchisee chain of restaurants and food and grocery,
garment and telecom retail networks where small practising firms can be
employed and paid respectable fees.
“There is a feeling among the senior professionals that they are not earning what
their experience deserves. A fresh graduate from the institute is
getting pay package of over Rs 50,000 a month while CAs with experience
of over a decade are able to get only Rs 60,000-70,000 a month. With
changing economic scenario and booming job market, the disparity in the
remuneration to the new and experienced CAs is widening,” Mumbai-based
CA Brijmohan Agarwal told ET.
It may be recalled here that
during the recently concluded placements of ICAI, the average salary
shot up to a new high of Rs 5.94 lakh per annum. However, there is
hardly any upward change in the fee structure of CAs in traditional
accounting and auditing. Majority of the 1.40 lakh members of the institute are now employed in the industry since the job market has emerged as more lucrative option for CAs.
ICAI
VP Ved Jain admitted the situation during the national conference
‘Opportunity Unlimited’ in Ahmedabad, organised by the Western India
Region Council. He assured the senior members that ICAI is taking the
situation seriously and in process of taking necessary initiatives.
“The senior members of the institute are feeling the hit. We are trying
to identify the areas and introduce short duration courses for the
rational remuneration structure. The pay packages of the new generation
in the profession have touched the new heights, higher than MBAs,” Mr
Jain said.