Until April 2018, there was only 2.82 Lakh chartered accountants in India. Out of these, only 44% were active, which brings down the number of employed CAs to 1.25 Lakh.
In sharp contrast, there are above 6.8 Crore taxpayers in India. Consequently, active chartered accountants in India have access to a large market of potential clients.
Chartered accountancy is one of the most in-demand professions in India. Until 2018, CA final exams of both old and new syllabus held passing percentages of 17.48% and 14%, respectively.
Consequently, CAs remain in substantial demand across several industries, owing to their vast knowledge regarding financial, economic, and taxation.
There are several opportunities for chartered accountants which they can capitalise on, such as starting their practice with a loan for CA professionals.
Opportunities for chartered accountants
There are several avenues of opportunities for a chartered accountant to expand his/her career prospects.
A few of such opportunities are discussed below to facilitate CAs –
- Independent practice
Several CAs decide to pursue their career independently after concluding their articleship. It not only allows them the liberty to delve into a practice of their choice and expertise but also aids them to establish their repute independent of any firm.
Chartered accountants can opt for external financial assistance in the form of a professional loan to set up their own practice.
There are several areas which a chartered accountant can aim towards in their career independently. On the other hand, CAs can also decide to collaborate with other similar professionals to expand their professional field. These areas include –
One of the areas where the CA profession is the most demand is auditing. It involves statutory auditing, internal auditing for companies, etc.
Statutory auditing is a compulsory criterion which every listed business organisation in India needs to satisfy yearly. Auditors or CAs visit these organisations to review their books, relevant documents, tax files, etc. to assess whether they display any discrepancies which compromise compliance.
Internal auditing is similar to statutory auditing. In case of internal auditing, companies hire a CA out of their own accord to ensure compliance with industry standards.
Forensic auditing is one of the top 3 emerging trends for CAs, which involves a detailed and thorough examination of books and investigation regarding relevant matters. This form of auditing is comparatively more extensive than the other two forms.
- Tax consultancy
Post the implementation of GST, demand for tax consultancy has risen manifold. Chartered accountants with expertise in matters regarding taxation can capitalise on the demand by opening a tax consultancy firm.
To facilitate expenses related to starting such a firm, individuals can decide to avail a loan for CA professionals.
Certain financial institutions such as Bajaj Finserv offer such loans with beneficial loan terms and features.
- Management consultancy
CAs can also decide to become management consultants. Such individuals need to provide inputs on how to improve the efficiency of operations by economising project financing, supervising valuation, etc.
- Partner in an established firm
CAs can also decide to partner in an established firm as a viable career option. Certain organisations include a new partnership with a different skill set to accommodate a greater number of projects or in case of CAs, better manage their current financial prospects.
To become a partner in a firm, a CA might also need to bring in the capital in the form of kind of funds. In such an event, they can choose to avail a loan for CA professionals to reduce their financial burden initially.
- Outsourcing firm
CAs can also decide to start an outsourcing firm, wherein they bring in clients and outsource tasks to other emerging CAs who have completed their CA articleship and awaiting their CA finals.
These are a few career opportunities which a CA can avail. In case of advancing their career as a CA independently, they can refer to a step-by-step guide to starting a new business for a structured idea of how, to begin with, their venture.