CA is the best choice for a Commerce student when it comes to deciding a career. But only a few of you will be rewarded with the opportunity to prefix CA before your name. It’s the most honorable degree for everyone one of you.
But are you confused that if not CA then what?
Have you already completed CA and thinking about what to do after CA?
Or even in a worse condition and thinking of leaving CA from the middle.
But what to do after CA?
After dropping out/ quitting from CA you may guess what to do after CA? You can go with CFA (Chartered Financial Analyst) which is one of the career options for CA dropouts. By completing CFA you can find opportunities in Equity Research, Research Analysis, Investment Banking, Portfolio Management, Auditing, etc.
It is a certified course that will give you a career opportunity globally and earn a handsome amount of money. But CA would have limited you only to India.
To become a CFA you have to clear three levels of the exam. You also need to have four years of practical work experience. You can register for the CFA after graduation or if you are in the final year of graduation.
CFA is overall more expensive as compared to CA and other domestic courses. Even the examination fee is far more than the registration fee of CA.
If you quit or drop out of CA, CS i.e. Company Secretary is one of the career options for CA dropouts. CS is hired to handle the accounting matters as well as the legal matters of the company. CS is the only authorized person to perform the secretarial audit of an organization. Studying CS will help you find a better job than studying CA.
CS is easier than CA which means if you couldn’t continue CA due to its difficulty level, you can easily complete CS. Like CA, CS is also divided into three levels – Foundation, Executive, and Professional. But if you have already passed the CA Foundation level or you have graduated then you can start with from the Executive stage.
Certified Management Accountant i.e. CMA is also one of the good career options for CA dropouts. CMA is based on cost accounting and auditing. Pursuing CMA will give you international opportunities and increase your credibility. CMA offers you the job profile of Finance Manager and Financial Analyst. You can also work in Financial Risk Management, Financial Controller, Cost Accountant, and Chief Financial Officer, etc.
CMA has three levels like CA, consisting of a total of 20 papers. It takes approximately 4 years to complete CMA.
Certified Public Accountant (CPA) is one of the career options after CA. It is also the highest standard of competencies in the field of Accountancy. In addition to the CA, you will have knowledge of US Generally Accepted Accounting Principles (GAAP), IFRS (International Financial Reporting Standards), Generally Accepted Accounting Standards (GAAS), US federal taxation, and business laws, if you pursue CPA.
Career options after CPA are Forensic Accounting, International Accounting, and Tax Accounting, etc.
CPA Exams consist of 4 papers or section which needs to be completed within one year.
The Chartered Alternative Investment Analyst (CAIA) is one of the finance career options for CA dropouts. It mainly focuses on alternative investments. If you want to work in the asset management and hedge fund industries, it’s for you. CAIA primarily covers hedge funds, private equity, real assets, asset allocation, structured products, risk management, and ethics. You will be focusing mainly on a niche area after studying CAIA.
You will have two levels and clear two exams within one or two years to get the title.
After doing an MBA/ PGDM in Finance you can work in any private firm.
You can become a teacher of accountancy if you have completed CA. You may or may not do masters, it’s up to you. If you do masters in accountancy then you will be applicable for Government Universities. But if you don’t have a master’s degree you can apply for private Colleges. For becoming a professor, you definitely need to appear for NET (National Eligibility Test) or SET (State Eligibility Test). You will have the option to join either as a part-time or a full-time teacher.
You can always go ahead and start your own agency, company, or any other business which you really look up to. For starting a business you need a good team, plan, capital, etc. For making a business/successful you need to have knowledge about almost everything like Marketing, HR skills, technical skills, etc.
You definitely need to have leadership skills. But always remember that doing a business/ start-up is the most difficult option with great risk. You might or not succeed. But if you succeed you will definitely reach heights which you can’t reach by any of the above options.
Do you want to earn money while pursuing one of the above career options?
Well here are some of the ways:
You can always do some of the freelancing work sitting back at home. Income tax filing, budgeting, auditing, complying with financial statements and records, etc. are some of the jobs. Becoming a freelancer might not only help you earn a handsome amount of money but you can also gain experience with the work.
You can become a Youtuber by posting self-made videos on accounting on Youtube. You can spread your knowledge to millions of students through Youtube for free. Youtube even pays you if you can drive a certain number of viewers/views for your channel. There is a huge scope in this because there is a huge demand for accounting tutorial videos online.
You can do private tutoring for CA/accountancy both Offline and Online if teaching interests you. It will give you some pocket money also. For offline you can teach students at your own home or reach out to them at their private place. For online tutoring, you may take the help of Chegg India. They offer an online platform for you to teach. You can also join Chegg India as a Subject Matter Expert. You can help answer academic questions asked on the Question & answer board. If you are a graduate or pursuing CA, you can join them. They pay you per question you answered. So at the end of a month, you can easily earn between Rs 30,000 – Rs 50,000 or even more just by sitting back at home.
You can join as part-time accountants for new companies/start-ups that cannot afford to employ a full-time bookkeeper. Working as a part-time accountant, you will need to do all the basic aspects of accounts. like handling petty cash, co-ordination with banks, etc. You will get the experience of working as an accountant.
You can become a part-time blogger with your own website. You can write articles, post videos, etc on accountancy and finance. While blogging you need to take care of the quality of content and also check whether the data is correct. Also, you can respond to various queries asked by students. Becoming a blogger/ content writer helps you to gather traffic which is a very good way of earning money.