If you just received your CA degree, you must read this - (Keshav R Garg) B.com, FCA, CS, ISA(ICAI), AMP-IIM-A, LLB
If you just received your CA degree, you must read
this
(Keshav R Garg)
B.com, FCA, CS, ISA(ICAI), AMP-IIM-A, LLB
From past couple of days, social media has been flooded with once in
lifetime pictures of chartered accountants who have been accorded degree of one
of the prestigious institutions of the country : ICAI. Now that you are a part
of esteemed fraternity who shall become the pillars of Indian economy, you must
understand the real and practical challenges you might have to face in setting
up your career. Before we even start listing these challenges, one thing should
be absolutely clear that whether it's your client, your team or even your
relatives, you'll get the space till you are adding value. The day you become monotonous
who believes repeating things without innovation, you are out of the game.
Let us now list the challenges you are going to face if you pursue your
career as a chartered accountant:
For those choosing practice over job:
1. Let me remind you that
competition is immense, I might not be wrong if I say its throat cutting. Just walk around a
market place, and you would see a CA sign board on every second building you
pass. But that's not the point of worry, healthy competition is always good for
business. Business ooops did I use the wrong word, no absolutely not, yes
running a CA firm is a business not profession, you must understand that. Also
you should learn the tricks of the trade. All the traits of business like risk
taking, courageous attitude, Management, Handling Human Resource and future
thinking are all required to run a successful Chartered Accountants Firm. But
you cant let yourself down with the gallant attitude required to practice, but
instead you must strive to achieve something unique which could add value far
more than any other CA. The field you choose is absolutely open, provided you
excel in that to an extent that this cut throat competition runs away. Select your subject very wisely and never
ponder on thoughts that whether specialization will pay off or not. Believe me,
it certainly does and you shall be able to make a mark.
2. Charge the fees you deserve. Yes you should ensure that you
ask for a fees which you deserve to receive. It is not the client but you who
has to decide. May be in this process you might let go some of your customers,
but trust me they are not the one who would have continued for long. Don’t get
moved by the fees which other professionals are charging for the same work. You
never know under what circumstances that low fees is being charged. The
cheapest will always be sold, the real success lies when you create your demand
by being the most expensive Chartered Accountant of this country. When diamond
shines, the gold remains in the background. Amount of fees might be your
concern for initial years of practice but once you cross saturation point, money
will flow automatically based upon the standards you set.
3. Invest in Teams. As a fresh Chartered Accountant,
we always remain in dilemma whether to appoint an employee or not. The bitter truth
is that we ourselves as CA struggle for livelihood in initial period and
situation of employing someone becomes scary. As I wrote in point 1, it’s a business
and you must understand that you need to remain free to market yourself and
procure work. If you yourself indulge into never ending compliances, there
shall be no time left to reach out to new people and explore opportunities. You
must understand that it’s your team who adds value. If you try to make a firm
which is run and managed by you only, trust me you are heading towards difficult
time.
If you prefer getting employed instead of practicing:
4. A large number of fresher Chartered
Accountants prefer to go into jobs instead of starting their own firm. The very
thought of gaining experience, earning quick money and getting settled in life
is what make employment attractive. But if we go other way around, are we
actually making the right choices. We must first chart out as to where we see
ourselves 5 years down the line. The package offered by the company should not
be the deciding factor. It must be the organisation environment, work profile
and your interest areas which must become criteria for picking up a job. Even
if you don’t get the job initially, it doesn’t matter, continue your search along
with up-gradation of your skill set. Its not you who needs the job but that
company who needs you to execute their work. Till that time you are updating
yourself, you can join other substitute companies for gaining experience. But
never compromise on the profile.
5. Amongst choosing the big
consultancy firms and other industry, you must first work out your goal. If you
wish to start your own firm in future, then certainly go for the consultancy
firm but if you feel that its not your forte and you would remain in employment,
then certainly these consultancy firms are not for you. Then try to enter into industry
pioneers and thought of switching over for better profile and designation
should keep on ticking you while you do your job. That does not mean that you
should not be faithful to your employer, but the search for better
opportunities should always remain on.
Alternatives available:
6. Become Entrepreneurs: As soon as you
become a CA, time is ripe to start thinking of a business idea and bringing it
on surface. I do agree that we lack the sense of technology but we are one of
those who are known for their grip on finances. If you really feel that you
have enterprising skills, you must start early. Search for right teams, work on
your idea, ensure its feasibility and jump into it. There are many examples of
successful CA entrepreneurs for whom competition is merely a word. For instance
CA. Rakesh Jhunjhunwala is one name in the stock markets which has no
competition. He is the pioneer. There are many success stories of CAs which you
will find. Its not the idea but the mindset of the entrepreneur which makes a
business successful.
7. Join Politics: Politics have always been seen
as a derogatory word which leaves a negative impression in our minds. But with rock
solid fundamentals on finances, Chartered Accountants are the right persons to
become leaders of country. These days you can see CAs managing the top profiles
of Government of India. Be CA. Piyush Goyal, Railways Minister, CA. Suresh Prabhu
or CA. Sanjay Tandon, BJP chief of Chandigarh, they all have built successful political
careers. Its not the politics but the way we think about it, is what makes it
bad. If you have strong PR or you are empathetic enough to connect with masses,
you must give politics a chance. You never know when things would turn around.
8. Become executives of ICAI: Trust me,
making it to the executive team of ICAI is not an easy task. But if you can see
the president’s Chair from the date you become a CA, no one can stop you from
reaching their. Its not only about power but the opportunity that chair gives
to bring changes in profession in right perspective. It has always been felt
that as an executive you don’t get enough time for your own work, but let me remind
you in today's world it is the Public Relations which pay off and not the work.
The galaxy of luminaries you will meet as an executive will give life changing
experiences which otherwise as a normal Chartered Accountant you may remain
deprived of.
9. Do further studies: If upon becoming CA, you feel
that you have studied enough, you might be wrong. There are number of options
which are available once you complete CA curriculum. At the top, is the UPSC
which is the toughest exam after CA. One should give it a try with full
dedication. Its not necessary that you will enter into civil service but the
UPSC curriculum will teach you a lot in terms of understanding your potential,
exploring your society, being aware about the happenings and much more. The
confidence it will give, will last through out your life. Other options can be
to pursue MBA from IIMs, do law or even do international courses like CPA etc.
CA. Harish Salve is an apt example to understand that how despite being a CA,
you can excel in other fields as well. Harish is one of the best legal minds of
the world – The Legal Eagle. You must
plan and think of achieving big in your life.
10. Become a Teacher: Teacher !! yes teaching is a
million dollar profession these days. Your own schedule, huge PR, respect and of
course money are some privileges which a teacher gets. But as we know goods
things doesn’t come free, it requires lot of dedication and commitment towards
grooming a child. As a Chartered Accountant, you can think of becoming a
teacher and help budding chartered accountants in building their careers. There
is never ending list of CA teachers who have not only made money but also has earned
never dying respect from students. If you believe and has skills to make
learning simpler for children, you must think about coming to this profession.
With eruption of internet technologies, you can serve the entire country from
your home city. And of course you very well understand the economics behind it
11. Last but not the least, make a
social impact: If you are financially sound or the one who has well established family
business and there is no worries of earning money, think about making a
positive impact on the society. Your contribution to society will have far more
impact than adding wealth to the family. In the world where are people are
struggling for health, food, clean environment, education and even suffering
from so called “system”, you can certainly make their lives better. I am not
saying that you should leave all other tasks for social cause, but certainly
you should try to find time for such activities. If well-off person like you
will not think about people around, who else would do. Remember, we all earn
for ourselves, but the one who earns for others to bring change in their lives
is remembered for generations to come.
So lets get going and select the right path as a Chartered Accountant .
Your decision does make a difference. Choose wisely and live well. It’s now or never.
(CA. Keshav R Garg)
CEO & CO-founder, Educompare.in
Powered by: M/s Infinitive
Consultancy Services LLP
Address: 3328, F Floor, Sector 27 D,
Chandigarh, India 160 019
E-mail: info@educompare.in
Phone: +91-98880-90008
Great Article. Thank you for providing such a unique and valuable information to your readers. I really appreciate your work.If you require about ca firms delhi | bust auditors delhiplease click on it.
ReplyDeleteVery informative blog.
ReplyDeleteBest CA Academy in Chennai
Tax Consulting Get your taxes in order with these consulting services I can help take the burden off you so you can concentrate on the growth of your business.
ReplyDelete