ICAI has recorded a total of 2.1 Lakh members in the past year. Approximately 1.3 Lakh of such members are currently in practice, while the remaining portion is bifurcated into two sections – directly related to CA services or indulged in other vocations.
ICAI has also mandated a minimum of 100 hours of Information Technology training for the trainees. This measure would lay foundations for structuring the role of a chartered accountant in the current technological paradigm. Along with training in Information Technology, budding CAs would also receive training in the latest auditing software such as SAP and state-of-the-art banking software for approximately 150 hours. CAs would also be trained for 15 days in communication and management skills.
ICAI, an elite CA institution in India and renowned globally, is ensuring that future professionals from this field are trained within the finest training and academic structure. Such advanced measures are justified, chartered accountancy is one of the most sought after profession across the world. Applicants are trained alike to match international standards.
Reasons to become a chartered accountant
With time, chartered accountancy has grown to be one of the most complex and demanding of all academic pursuits. The role of chartered accountants in any business cannot be stressed upon enough, this profession provides the most lucrative opportunities and a promising future for CA aspirants.
Here are some of the reasons why an individual should opt for chartered accountancy –
- International exposure: As mentioned earlier, it is a profession that is in demand around the world. Every global brand requires the assistance of chartered accountants, sometimes for tasks beyond auditing. These services can be either rendered as business advisories to brands or as strategists. However, cementing international clients can be challenging, and a guide to acquiring overseas clients can prove useful.
- Profession mobility: CAs are proficient in all matters related to finance and banking. Their broad spectrum of knowledge regarding these matters offers CAs the flexibility to conveniently shift their profession to other vocations. The ever-growing elaborate industrial edifice of finance sectors has opened up multiple avenues for Chartered Accountants to explore, thus redefining the role of a Chartered Accountant in the modern construct.
- 3. Articles: CA Articleship is a 3 year training program designed to provide CAs with hands-on training in the professional sphere. It facilitates members and trainees to employ their academic education in real-life situations and in return, learn from the field experts. The entire training program can be considered an interaction between the trainee’s state-of-the-art theoretical knowledge and the experience of the veterans. It lays a foundation for immense growth opportunities for a chartered accountant.
- Remuneration: The role of Chartered Accountants in business-related fields is pivotal. Along with that, aspiring CAs need to put in years of hard work and determination to be accepted in the ICAI. The institute is known for its low absorption rate, with only an average of 20% of applicants making the cut. It is only fair that upon completing their CA Articleship, they would be met with the most lucrative salary packages. In India itself, remuneration can go up to Rs. 10 Lakh per annum with scope for more if the company hiring is well-established.
- Own a firm: Many CAs have, in the later stages of their career, decided to open their private CA firms. Entrepreneurship is a highly satisfying pursuit for multitudes of individuals because it allows them the opportunity to explore their skills to the next level. CAs have a significant advantage over their peers from other professions because they are already inept with academics of finance and banking along with years of professional exposure in different companies. Although they possess all the technical know-how of starting and running a firm, the financial resources required to start a firm is enormous especially with all the latest software, hardware, workforce, etc. A chartered accountant loan can provide financial respite, thus letting the individual/individuals focus entirely on the start-up’s organizational facet.
You can refer to leading financial institutions such as Bajaj Finserv who provide such loans against attractive interest rates plus offer numerous repayment-friendly features.
They also provide pre-approved offers which make the process of availing loans more convenient and quicker. These offers are available on a host of advances such as business loans, home loans, personal loans, etc. as well as on numerous other financial products. You can check your pre-approved offer by providing your name and mobile number. Chartered accountancy, a line of study institutionalized around the 1800s, has been a revolutionary addition to the financial sector. Post the advent of giant economies around the globe, the role of a Chartered Accountant has been instrumental in driving economic prosperity.