After Science, Commerce is another popular stream of choice for school students. A career in Finance is many students’ dream as it is famed to be illustrious with a high salary graph. One of the most popular job choices in Finance is Chartered Accountancy. A job where one is involved in taxation, auditing, and many other financial responsibilities. The Chartered Accountancy course has many more off-shoots depending on the area of Finance. With numerous companies cropping up every day, the question arises, for an average CA, what to do after CA? What can be possibly done further that will enable a CA to open more doors of opportunities?
Luckily, the answer to the question of what to do after CA is not as complicated. Let us answer why with top career options individuals can pick up after completing their CA.
When looking up what to do after CA would show Internal Audit on top of the list. This is a process of checking how efficient the internal operations and the mechanisms of a company are.
Besides the processes, the audit also involves checking the financial statements and rules and regulations of the organization. Generally, companies have their Accountants or Finance Managers doing their internal audits. Besides the financial aspect, the Auditor also looks at administrative, legal, and executive functions as well. The goal is to see if there are frauds and legal violations.
All findings are put together in a report that is then presented to the board of directors. Most companies have more than one Internal Auditor to cover different areas to check. Audits take place to make changes and remove any factors that have a risk management aspect to them.
One must have a good grasp of Accounting principles and knowledge of finance to better perform at this job.
Internal Auditors receive around INR 5,64,750 LPA average salaries. For newcomers with no experience, the figure is around INR 3,54,000 LPA. On the other hand, with over 20 years of experience, the salary is around INR 20 LPA.
Like Internal Audit is meant to check the internal processes of a company, and a Tax Audit is an in-depth check on the company’s documents. This is one answer to the question of what to do after CA, for which companies hire an external expert like a CA. Among the audit procedure, the Tax Auditor would check the documents of the taxpayer, checking income and if all books of accounts are correct. If the statements and financial books are accurate, the Tax Auditor will certify them. Generally, the law requires companies with more than INR 1 crore income to do tax audits. A tax audit becomes necessary when one is filing for income tax.
Tax Audit is one sub-specialization of CA that will satisfy the question of what to do after CA satisfactorily. A particular Chartered Accountant can sign or certify only a certain number of tax audit reports. This makes an in-demand field to work in and pursue a career in CA. Companies need to submit tax audit reports every financial year before filing their income taxes.
For this field, one must know the local tax laws and regulations. Tax Auditors also have a strong analytical mind with mathematical skills and an ability to communicate clearly.
Any individual who provides this service to companies as a Chartered Accountant or Tax Auditor can earn around INR 7.18 LPA.
Most CAs when answering the question of what to do after CA look to the banking and insurance sector to work in core finance. There are several job positions within this industry that a Chartered Accountant is eligible for. For instance, Financial Planners, Insurance Advisors, and Financial Managers are some positions CA can work at. Financial Planners are experts who will help plan out how to grow wealth. They will figure out their client’s goals and suggest what steps to take to achieve those goals.
Insurance Advisors, per the name, whose primary goal is to sell client insurance plans. However, they do so by fully understanding the customer’s financial status and requirements. Financial Managers handle the financial health of companies by performing data analysis and coming up with ways to bring in more money. They will set up goals and create investment activities that will achieve these goals.
Any role in banking and finance requires a problem-solving attitude, customer service, numerical expertise with communication abilities. The technical skills will vary from role to role.
Financial Planners fetch an average salary of INR 3.18 LPA. To work in the Financial Advisor role one can earn around INR 2.30 LPA. Reports also state that for the Financial Manager role, one can earn around INR 10.11 LPA.
Among the list of answers for what to do after CA, some are meant to give back to society. The most popular choice to do so is to teach students. Chartered Accountants, in particular, can coach individuals who are still doing their CA courses and provide an expert opinion. These tutoring classes can take place both offline or online mode. One can choose their timings, design the syllabus, and also the class costs for these coaching classes. Online tutoring can be two types, answering student questions or taking live classes.
However, as working professionals, CAs often do not have time to take classes. In such cases, online tutoring at a dedicated educational platform is the answer. Websites like Chegg hire experts from all subject areas to tutor students. Individuals with any qualification can apply, attempt a written test and start working at Chegg. Once onboard, experts would be answering student queries and also receive payments on them. There is no requirement of working for a fixed number of hours. All one needs is a steady internet connection and also a laptop.
To tutor online, teachers need to be creative to come up with different ways of teaching the syllabus. Engaging, communicative and an ability to provide feedback are additional requirements.
The average salary for this role will depend on how many hours of work the individual is putting in.
One of the more unique after-CA jobs is Forensic Auditing. Most answers to the question of what to do after CA point out that Forensic Auditing is a relatively newer but popular choice. Forensic Auditing is the process of examining financial records to check if there are any illegal activities. This type of auditing is done by a special type of accountant known as a Forensic Accountant. Unlike internal audits and tax audits that take place regularly, forensic audits are not a regular occurrence. Only when there are suspicions of wrongdoings in a company is when Forensic Auditing taking place. Other reasons to do this type of audit are if statements are unbalanced and also if a tip has been received for the same.
To succeed in this role, one must have both strong knowledge of accounting and auditing. The individual must also have healthy skepticism along with previous experience in forensic auditing. Moreover, along with completing the CA course, one could also need to do a certification course in Forensic Accounting. The Reserve Bank of India has made Forensic Accounting mandatory which makes this an in-demand role and a regular fix on the question of what to do after CA.
As a Forensic Accountant, one can expect salaries of INR 9.75 LPA.
Besides regular full-time and part-time jobs, there are plenty of jobs that are entrepreneurial when looking up what to do after CA. Chartered Accountants can work for themselves on a client-to-client basis. Choosing to go this route is, however, quite stressful. The Chartered Accountant would have to do tasks outside of their expertise too. For instance, tasks like Marketing, Administrative, and even Sales to attract clients are all done by the same person.
Probably the best part about this feature on the what to do after CA list is the pay. As a consultant, one can charge whatever fee they deem fit. Most Chartered Accountants charge a per-hour fee billed at the end of the month. The range of services offered will vary as a consultant. One could choose to only work on taxes or audits or financial statement preparation.
To work as consultants, CAs should have good communication skills, be ethical and also have good networking abilities to get new clients.
As mentioned, the annual salary for a consultant CA is different from that of a regular CA. However, per online reports, most CAs earn INR 9.31 LPA as consultants.
Besides private jobs and entrepreneurial practices, there is another option opted for by many students. Government jobs, specifically, also find a spot in the list of what to do after CA. In India, the central Government holds annual written examinations to hire candidates for different public jobs. The said exams take place in phases and also has a personal interview round. Depending on the department and work role, the examination and also syllabus will change. Some examinations for recruitment into the armed forces like NDA also have medical and physical testing rounds.
One of the popular career options after CA, Government jobs bring in a certain aspect of pride and prestige. These jobs are sustainable along with regular increments in the pay. Over time, there are opportunities to even switch departments and explore a different career path. Chartered Accountants can look into the UPSC CSE, SSC CGL, CDS, RRB NTPC and IFS Exam among others. Here, it is important to keep in mind that competition is tough and thousands of applicants attempt these exams every year. One must start preparing early and also be thorough to cover the entire syllabus.
Civil servants, in any role, are resilient physically and mentally. They can lead and also work in a team. A strong sense of empathy and honesty is also necessary.
The salary for civil service posts depends on the department individuals get selected into.
Most Chartered Accounts do not choose to go into investment banking. Nevertheless, it has been featured in the list of what to do after CA due to the overlap in responsibilities of both. Before discussing how a CA can go into investment banking, let us first understand what investment bankers do. Investment bankers do several tasks for their clients. For instance, they could be raising capital, helping with IPOs, setting prices for financial instruments, etc. In simple words, Investment Bankers work with companies to help make safe and better financial decisions.
As a Chartered Accountant, it is slightly difficult to work in investment banking. For starters, one must get a degree like an MBA or short-term courses on investment banking. Many MBA degrees offer Finance or Investment Banking as a specialization. Thereafter, individuals can apply to appropriate jobs through networking or university placements drive. Starting at an entry-level position like an internship is recommended to get experience in investment banking.
Investment bankers have good interpersonal skills and are able to present and communicate effectively. They know how to do research and how manage time in a fast-paced environment.
Finally, as Investment Banker, one can earn around INR 9.66 LPA.
One way to continue teaching one’s knowledge and also create a source of passive income is by writing books. For this fixture in the list of what to do after CA, it is best to start writing books on topics related to Chartered Accountancy. Writers can choose subjects like Accountancy, Business, and Corporate Law to convert into books. Many online e-commerce platforms allow writers to self-publish and sell their books. Alternatively, writers can also sell e-books on their chosen topics. Not only will this save on the cost of publication but also on delivery charges.
Writing is a huge task that not many people have confidence in. It is understandable to get intimidated by new writers. Here, comes the option to choose Ghost Writers. This is when one can hire a writer with experience to write books or articles on any topic. After finishing the book, it would not get publication under the writer’s name but they will receive suitable compensation. Writing up several books on related topics will help build a solid source of passive income over time. This is one job that all CAs should consider when reading up on what to do after CA.
Writers are skilled in research and different writing styles. They are methodical, organized and also disciplined.
Most writers are either paid for the entire project, on an hourly basis or on each deliverable. The salary for ghostwriters is also different and dependent on their skill set and previous experience. On average, writers make around INR 3.58 LPA.
The answer to what to do after CA has a range of jobs in core finance and sub-specializations. Financial Management a core job role in finance is about investing company resources in a way that brings in the most returns. Financial Management also includes four other categories, Financing Decisions, Investment Decisions, Dividend Decisions, and Working Capital Decisions. Among all other options in what to do after CA, this is a full-time position in the finance department in organizations. There is no need to pursue a separate certification or degree to work in Financial Management. All Chartered Accountants who work in the finance departments at companies can work in Financial Management.
This is one answer to what to do after CA that is not much different from what traditional companies do. A part of the duties of an average Chartered Accountant also matches with what the Financial Manager does. When employed Financial Managers are in control of the entire company’s budget.
Not only should the CA have analytical skills but also must know how to do financial forecasts. The best Financial Management workers are adaptable, tech-savvy and have a thirst to keep learning more.
Financial Managers can earn an average pay of around INR 10.11 LPA.
Most people who pursue the Chartered Accountancy course aspire to work in the same designation, as a CA. There are, but, other options to explore that are just as bright and stable. Jobs are available in private and public sectors, in both full-time and part-time capacities, and even courses. The best course after CA is those that are specializations in Finance like Auditing and Taxation. There are certain jobs that one can do when working as a CA. Chegg Experts, for instance, allows individuals like CAs with expertise in one subject to tutor students online. A little bit of research and time is all one needs to fully explore the options available for a long-lasting career of dreams.
Ans. Chartered Accountants generally work in their given designations as consultants or full-time workers. However, they are also eligible to work in many other positions. For starters, Chartered Accountants can work as Internal Auditors, Forensic Auditors, Financial Managers, and more. Other jobs are not in core finance but related to it. For instance, tutoring or teaching on online platforms, writing physical or e-books, etc.
Ans. Yes. The Chartered Accountancy course provides many opportunities to work in profitable and prestigious jobs. Most companies will hire CAs to work as is in their finance department. Alternatively, they can work as Forensic Accountants or Tax Auditors, Internal Auditors, Financial Analysts, Financial Managers, etc. There are jobs both in the private, and public sectors and also as an entrepreneur.
Ans. To earn the title of a Chartered Accountant, there are three levels, Foundation, Intermediate, and Finals. All levels have their examinations and also a study period to cover the entire syllabus. Moreover, there is a three-year-long internship during the end of the second stage of Chartered Accountancy. Once all levels are complete and after the CA course, the individual can earn the title of a Chartered Accountant.
Ans. Yes. There is always going to be an immense scope for Chartered Accountants in the future. CAs are trained experts in Accounting, Taxation, and Business Law. This makes them extremely valuable individuals for all sorts of organizations. Companies need a person to prepare and check financial documents, perform audits and also help with filing taxes.
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