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Practice - an option or just a deemed option

Tarun (AM) (216 Points)

17 July 2015

A CA in today's scenario moves to practice only if he doesn't get a job or he do have a good family backup for survival. How CA Freshers in Full time COP could hold minimum clients for survival so that Practice should be preferred before job?

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Rajagopalakrishnan R (PARTNER) (1422 Points)
Replied 29 July 2015

A fresher youngster CA who is interested in full time practice should start off as such. There are no middle ways, if you want to practice, take the plunge. One ay in which you can supplement your income in the initial years is attaching yourselves on an assignment basis with a established firm. There are plenty of opportunities. Even if you want to join full time, these days firms are prepared to pay almost the same salaries as the service sector. However, being young you should be prepared for a lot of hard work. After 3-5 years if you still want to practice on your own, then you can split off. Advantage is you will learn the tricks of the profession under the guidance of an experienced partner, you have the option to continue in the same practice esp if the partner or partners want to retire. If you still dont want to continue, you have gained the experience

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Tarun (AM) (216 Points)
Replied 29 July 2015

I suppose, atleast CA institute should help. Few years back, a report was issued by CAG for people doing Tax Audits more than specified limits but still no action by institute. In such circumstances, how cab a young CA survive.