Chartered Accountancy (CA) Career Scope: Jobs, Placements, Salary 2023, & Top Recruiters

CA, or Chartered Accountancy, is a professional education that deals with companies' financial evaluation, audit, taxation, and bookkeeping. The ICAI (Institute of Chartered Accountants of India) is in charge of the course. After completing the CA course, applicants can work in a company's taxes and financial sector. A student can become a CA after passing three exams: the CA Foundation, the CA Intermediate, and the CA Final. CA Foundation eligibility requires students to have a 50% grade point average in class 12 from a recognised school. CA Intermediate Eligibility requires students to pass both the Foundation exam and their bachelor's degree. To take the CA Final, students must pass both the Foundation and Intermediate Exams. Direct Entry students must complete graduation and will enter at the CA Intermediate level.

Why should you choose Chartered Accountancy?

A chartered accountant’s (CA) employment options are numerous, especially in India. It is teeming with well-paying jobs with tremendous development potential and a secure future. With more experience, they can attain high figures and earn decent pay. Listed below are some other reasons why you should choose Chartered Accountancy.

• Accounting will not be obsolete anytime soon. Nearly every company needs an accountant or an external accounting firm. Occasionally even an individual with no business of her/his may need to hire an accountant for tax purposes. As long as people need help filing their taxes and there are businesses, there will always be a need for accountants.
• According to projections, employment of accountants and auditors will increase by 6% between 2021 and 2031, which is approximately average for all occupations.
• You’ll have a good notion of where your career is going if you decide to pursue an accounting degree. Despite the fact that there are various types of accountants, the responsibilities and techniques you’ll employ are typically the same, so you know what you’re getting into.
• Over 1.3  lakh vacancies of accountants and consultants are expected to be created in the next decade. A large number of these positions will be created due to the retirement of the working force. 

Top Careers in Chartered Accountancy

After passing the CA final exam, countless opportunities are available. The majority of businesses or sectors need the qualified assistance of chartered accountants. The CA can practise accounting, join another CA firm or a business that hires chartered accountants, or create their own business by going the route of an entrepreneur. Following are some of the most popular job positions acquired by Chartered Accountants:

Chartered Accountant in practice: The implementation of accounting systems and processes, the creation of monthly financial reports, the management of the general ledger’s master data, and guaranteeing state revenue service compliance are all the responsibilities of the chartered accountant. You need a great work history, good oral and written communication skills, and in-depth knowledge of the full range of accountancy accounting procedures to succeed as a chartered accountant. Additionally, you ought to be licensed and accredited by the appropriate organisation and regulating body.

Tax Manager: Experts in tax management, CAs properly optimise a company’s financial structure. They examine the tax ramifications of the new plan of action and modify the financial structures of the business. They also serve as consultants on the effects of taxes on performance goals.

Cost Accountant: A cost accountant oversees the proper operation of an organisation’s finances. They concentrate on creating and maintaining reasonable budgets that account for operational costs like employee benefits or marketing initiatives. Daily tasks for cost accountants include creating and maintaining the cost accounting system, recording data from the viewpoint of the organisation, and analysing data to identify opportunities for cost savings or prospective revenue that may be earned through changes within the business.

Forensic Accountant: Forensic accounting looks at issues caused by recently concluded or ongoing legal disputes or lawsuits. Trials commonly call for forensic accounting expert testimony. The forensic accounting divisions that are present in all of the larger accounting firms may contain even more sub-specialisations. Some forensic accountants may only focus on certain types of audits, such as royalty audits, fraud, construction, or personal injury claims.

Company Secretary: To maintain a business’s high corporate governance standards and ensures it conforms with legal and financial requirements, you must serve as the company secretary. You should be well-versed in the laws that apply to your line of work even though you aren’t strictly allowed to give legal advice. You will hold a strategic position at the centre of governance operations within an organisation. You may also be referred to as the head of governance. Your primary responsibility will be to serve as a liaison between the board of directors and the corporation's shareholders, as well as occasionally, an organisation’s top management.

Investment Banker: This is undoubtedly a popular option among freshly minted chartered accountants. Working for banks and NBFCs would be the best option for those interested in the stock market, foreign exchange, and derivatives (non-banking finance companies). When it comes to banks, one should aim high and pursue overseas banks rather than those in the public and private sectors. International clients, exposure, and growth are all offered by foreign banks. Additionally, experience working at a global level in portfolio, credit rating, etc.

Fiduciary Accountant: A trustee, executor, or administrator is in charge of this kind of accounting. It is the responsibility of the employee to maintain the records and draft the reports, which may be ordered by or fall under the purview of a court of law.

Civil Servant: For those who are interested in working for the government, this position is the most adaptable. They may strive to enrol in Civil Services programmes and eventually hold positions such as chairman of SEBI (India’s stock exchange board) or president of the ITAT (Income Tax Appellate Tribunal). Only by spending a significant amount of time working for the government can one obtain this job.

Chartered Engineers: Chartered Engineers are distinguished by their capacity to provide suitable solutions to challenging engineering issues by utilising current or novel technologies through originality, ingenuity, and technical, and basic analysis in a variety of domains.

Entrepreneurship:  To grow their firm to new heights, an entrepreneur needs to be committed and laser-focused. An entrepreneur needs to be creative, imaginative, analytical, and have a thorough understanding of business strategies. One must first gain employment experience in that industry before starting a business. An entrepreneur should have a distinct mindset that considers expansion, diversification, and business growth rather than just survival. A seasoned industrialist should be a successful entrepreneur.

Scope of Chartered Accountancy in India

Chartered accountants can operate in a variety of fields or industries. They might look for employment alternatives for semi-qualified CAs, career choices for CA failing students, or career options for CA dropouts before finishing the CA degree. The top career options for chartered accountants are discussed below.

Auditing: As we all know, only certified public accountants (CPAs) are authorised to audit the financial statements of an organisation. As a result, the Audit sector always has a high need for CAs, and this is also the sector where a CA sees the biggest improvements in pay. On the other hand, this job profile has a pretty high level of work pressure. One may work as an internal auditor for a corporation after passing the CA Inter.

On the other hand, a number of businesses and institutions have policies that specify that a CA Inter passed applicant cannot function as an internal auditor; only a certified Chartered Accountant may.

Management Advice: A chartered accountant can pursue a career in management consulting if they have strong analytical, problem-solving, and communication abilities. Despite the fact that large management consulting firms prefer MBAs, they do occasionally employ chartered accountants abroad, demonstrating the range of career opportunities available to CAs. The national average income for a management consultant is INR 21,27,582  per year in India, whereas it is US$1,03,853 per year in the USA, according to the data from March 26, 2022.

Taxation: In some industries, CAs are referred to as “Taxation Experts.” Indirect taxes (Income Tax) and direct taxation are the two areas in which many Chartered Accountants start their careers (GST and other laws). The role of a chartered accountant in this industry is expanding as a result of the adoption of new tax laws in our nation.

Banking and Insurance Sector: As a general accountant, you shouldn’t anticipate being in charge of the bank’s crucial accounts or producing its financial statements in accordance with industry standards and banking laws. Banking Accounts must be managed by someone who is knowledgeable about banking regulations, including how they are adhered to and other standards within the industry. They must be capable of working on the bank’s financial strategy, controls, funding, forecasts, and other relevant responsibilities as well as engaging in the bank’s financial affairs.

Finance Management: An increasing number of firms are looking for Qualified Chartered Accountants to manage their financial affairs in order to take advantage of CA’s in-depth knowledge of the financial industry. This highly respected job profile calls for the possession of a broad range of technical skills. In order to forecast the company’s business and advise the organisation on these forecasts and investments, one must stay abreast of market trends, comprehend the most profitable investments, and forecast industry trends.

Education:  The Indian Chamber of Commerce and Industry, commerce graduation coaching programmes, certain post-graduate colleges, and educational institutions for CAs all have teaching opportunities available. Additionally, this does not need to be a full-time position. You might decide to study academics in addition to your job or practise. Although the early stages may not be financially successful, in the long run, the industry’s earning potential is comparable to, if not superior to, that of any other. Only those who are aware of the challenges students encounter and who want to further their education should use this area.

Business: In most situations, going self-employed or working for a family company is a better option. One of the most well-known proverbs when it comes to starting a business is, “There is no better choice than starting your business.” This implies that starting your own firm, whether it be in commerce or manufacturing, is the only superior option. To assist them to grow and progress, many CAs work for their family enterprises; nonetheless, beginning your own business without any prior experience is very difficult.

Average Salary of CA  

The recent analysis estimates that the average annual pay for a CA in India will be INR 8,70,860 in 2022. However, the pay scale differs by state; for instance, the average annual compensation for chartered accountants in Bangalore is INR 9,41,527, whereas it is INR 10,34,743 in the Mumbai Area. The remuneration of a chartered accountant typically correlates positively with the number of years of experience; therefore, experience matters. Listed below are the average salaries of the most acquired job positions amongst charged accountants.

Top CA Recruiters

Below is a list of some of the top recruiters, both internal and domestic, seeking skilled Chartered Accountants.

International Recruiters

1.  E&Y
2. Grant Thorton
3. Olam International
4. KPMG
5. BDO
6. Alghanim Industries
7. Deloitte
8. RSM International
9. ETA Ascon Group
10. PwC

Domestic Recruiters 

• ICICI Bank
• Axis Bank
• Federal Bank
• Kotak Mahindra
• Standard Chartered
• State Bank of India
• Aiyar & Co
• Luthra & Luthra
• RM Rajapurkar & Co
• JS Sundaram & Co

Top CA Placement Colleges in India

In India, there are around 30 CA institutions and institutes that provide students with full-time, part-time, or online CA classes. This curriculum is provided at the undergraduate and postgraduate levels by the best Chartered Accountancy Colleges in India at affordable tuition rates. Listed below are the top colleges for CA in India:

How to get a Job after completing Chartered Accountancy?

A Chartered Accountant (CA) is often referred to as an institution unto itself. You become a member of the Indian Institute of Chartered Accountants (ICAI) after passing the CA Final exams. If chartered accountants desire to acquire a high-paying position of their choice, they may want to consider the following factors:

Creating a resume: Usually, the only barrier to a job candidate’s desired position is a solid CV. The first stage in the employment search process is creating a solid résumé. You can make one with the aid of a number of job-related websites or websites that offer resume-writing services.

Build a network: In order to meet others in their industry who share their interests, new professionals are advised to “create a network.” Both parties may benefit from the friendship as these peers get to know you and what you have to offer and you may get trustworthy professional references.

Work on your skills: This sector requires a diverse range of capabilities, therefore expanding your skill set is imperative. The various qualities necessary for success in this field include the capacity to work well in a team environment, strong leadership potential, outstanding communication abilities, and familiarity with pertinent technology.

Preparation for interviews: To land a good job, rigorous interview preparation is required. To determine whether you meet the requirements for the position, carefully review the job description. Make a list of interview questions and look up the financial details of the companies. Look over mock interviews to practise.

Gaining experience: Any prior professional experience can assist you land the position you’re looking for. Look for possibilities to work part-time or complete an internship while pursuing your degree. You can also join the on-campus placement sessions held in your institute to secure a job. 

Top Indian Cities to get Lucrative CA Jobs

The CA profession may have a different value in different cities depending on how much it contributes to the local economy. The average pay is also impacted by these variables. Therefore, students should consider both their post-graduation options and the locations of accessible options. The following is a list of the top Indian cities where chartered accountants can find profitable jobs:

Life After Chartered Accountancy

After completing the degree, flexible work arrangements are typically accessible for Chartered Accountants. You could also establish yourself as a lone practitioner and work independently. The average working hours are not from 9 am to 5 pm but might vary depending on the position and the company. To fulfil deadlines, it is extremely important to put in extra time after hours and on the weekends, especially in larger businesses. You will often receive time off in place of any overtime worked as a trainee. Accountants gave their salary a 3.1/5 satisfaction rating with the majority of them regarding it as favourable overall.