If you’re applying for the CA exam, or are considering becoming a chartered accountant, know that it’s a very lucrative career. You’ve heard that the exams are tough, but once you get the certificate, you have a great chance of earning really high incomes.
Since you’ve heard some stuff from a lot of places, let us bring it down to this one article which you can glance through whenever you need to know some facts and information about the CA career.
Reasons to Consider CA as a Profession
You may have chosen to go the Chartered Accountant route for various reasons. Here are some of the main reasons to validate your choice. Because, even though a tough choice, once cleared, you’re bound to be successful.
A very Interesting Profession
Contrary to what people portray the profession to be, being a Chartered Accountant is really interesting. While practicing or working for a company as a CA, you learn how businesses work on the inside, how their finances work and what you can implement for yourself too.
Graduation is Optional
Yes, you read it right! It does help to be a graduate in a related study, but not a necessity. You can focus only on your CA study right after school and just end with that.
Do you dream of working in some other country, or working directly from home all the time without having to worry about travelling a lot? Well. once you’re a CA, you get this amazing perk. Since CA is a profession that is required for all businesses, the entire world is your market. You can be in any country and get hired by companies.
Parents go crazy about this profession, and their excitement is valid. CAs are highly respected in the business world because without them, business would not be able to function completely. If a business wants to do its taxes, find the best ways to manage expenses, file to go public, or anything that involves their finances, CAs come into the picture.
So, don’t be surprised if you’re treated exceptionally well when you go for audits or when visiting your clients. It’s just their way of showing their respect for your knowledge.
Huge Career Growth
Being a globally accepted certification, you will see CAs working at top level positions in companies around the world. And the chances of you as a successful CA, growing to that level are pretty high. Considering the exam success rate which is very low, those who get through are sure to grow to the top, and much faster than regular certifications.
Insights about the Profession
It’s tough to crack the CA Exam
Considering all the perks about being a chartered accountant, you might be all pumped up to start studying. But this profession is not for the faint hearted.
Only 15-20% of those who give the CPT (CA entrance exam) can apply for the CA final. And out of those 15-20%, 5-10% of the people clear the CA final exam. As you can imagine, it’s not going to be an easy one to crack. So prepare yourself to study for long hours.
Find your Strengths
Everyone has at least one or two subjects that they really “get”. You have to figure out what those subjects are, and make sure you give your best to those so you can average out the marks of subjects which are difficult for you.
Staying up-to-date is Mandatory
In this profession, the studying never stops. The government continues to introduce new schemes, new methods and legislations and it is your duty to stay up to date with all of that information as and when it arrives.
Higher Initial Investment
The cost of the actual exam is very low compared to some other careers like the CFA. But you end up paying large sums of money for tuition which usually are a requirement. Since it’s quite tough to crack the exam in the first go, the tuition fees add up.
Make sure you’re financially prepared before you opt in. Another option is to send an email to ICAI asking for sponsorship or help if you’re unable to bear the higher expenses that come along with the preparation.
Comparatively High Remuneration
A friend of your age might not be able to earn the same amount of money that you could easily do, just on the basis of your CA certification. Below is a quick summary of the salaries on an average.
|Fresher (<1 years)||05 – 10 Lakhs|
|Establishment Phase (1 – 10 years)||10 – 15 Lakhs|
|Mid-phase (10 – 20 years)||18 – 20 Lakhs|
|Late Phase (20 – 30 years)||25 – 30 Lakhs (can be in crores if you find the right job position)|
|End Phase (30+ years)||50+ Lakhs|
For detailed information about salaries, read How Much Does a Chartered Accountant Earn?
Hard work over Big Brains
It’s easy to have your head in the clouds after clearing the CA exams. This is where many CAs fail. Clients want someone who can work really hard to make sure that the client gets the result they want.
A big brain with no drive to work hard usually goes unappreciated, and you might start questioning your degree. Don’t. Just start working towards the ethical goals of your clients, and you’ll start seeing the results you want.
Soft skills are a Priority
Depending on where you work at, you could be in a client facing role. And being able to speak in the right way is as important as having the right knowledge for the job.
Once you’ve cleared your CA, or if you’re able to make time during your studies, try to fit in a soft skills training in your schedule. This will help you not just in becoming a better service provider to your clients, but also in your future endeavors.
Avoid Group Study
With group study, you might feel that you’ve spent a lot of time studying and that you’re done for the day But the amount of time spent in talking and discussing is time that you could have easily put in studying. If you compare it with studying alone, you will notice that you can study a lot of topics in one go when you’re alone than with friends.
Feel free to discuss questions or take help with difficult topics once you’ve done your part all by yourself.
For some, the preferable way to study is on the web by watching video lectures, or reading snippets of articles online that directly answer the questions they have. SuperProfs is a great resource for every relating to your CA preparation and examination, and can help you study in a very efficient way.
Chartered accountancy is a very lucrative career. You need to have the grit to hold onto the career till the end to reap all the benefits. Think of CA as a beginning, or rather a really good beginning of an even better career ahead.
Since the profession is really challenging, your approach towards the CA profession should be “Challenge Accepted”
Few Important Links for CA Students
|CA IPCC Syllabus||CA IPCC Registration||CA IPCC Exam Dates|
|CA IPCC Papers & Mock Tests||CA IPCC Study Plan||CA IPCC Suggested Answer|
|CA IPCC Revision Test Papers||CA IPCC Study Material||CA IPCC Important Dates|
You can watch a few demo lectures by SuperProfs and see if you would want to consider subscribing to our video series for a better shot at clearing the CA examination.