With the steady growth in the Indian economy, career options in finance and accounts are also leaping forward. Undeniably, one of the most popular career choices is that of a Chartered Accountant. The challenges, as well as, the rewards involved in this career make it one of the most sought-after choices among commerce students.Generally, most of the countries have their own Accountancy Association regulating the number of eligible candidates taking admission to the coveted Chartered Accountant Course. The Institute of Chartered Accountants of India (ICAI), established under Chartered Accountants Act 1949, is the body responsible for regulating students eligible to pursue the CA course. On successful completion, a CA is considered as a member of the ICAI.
Here's a list of benefits of CA course aspirants can enjoy on clearing the CA final successfully.
1. Consistent and Growing Field - With the growth in the Indian economy, job opportunities in accounting are expected to surge at a rapid pace. According to the Bureau of Labour Statistics (BLS), employment in the accounting field will move forward up to 11% from 2014 to 2024. This growth rate is way higher than the national average growth rate of 7%.
2. Huge Earning Potential - A career in accounting can make your life comfortable with a generous salary. According to a recent report, the median salary of a CA in India during the initial phases of the career is near to 5 lakhs per annum. Best of all, they are also provided with benefits like sponsored vacation, retirement plans, subsidised healthcare, and more.
3. Offers Various Career Choices - After successfully completing the CA course, you will have a vast choice. The most favorite ones are auditing and accounting. Apart from that, you can also choose to work as a consultant, SAP specialist, and setup own practice in the long-run.
4. Builds Entrepreneurial Skills - In the profession of accounting, the dream to start your venture is always alive. It is very easy for CAs to start a small firm and start approaching small businesses. Though starting an accounting firm has a risk factor as well, but it is an opportunity that will always stay with you.