For all those who have landed on this page are certainly apprehensive to know what a chartered accountant life is? You must be wondering what makes accounting so important at this stage of college life. I have had students who complain that they wanted to enjoy their college life but with the tough assignments from Accountancy professor, the going becomes tougher.
Well, so the truth is, yes, you have to bear with the Accounting problems at your college level if you want to ace a career in chartered accountancy. And once you know what you are worthy off, I bet you will not regret.
Coming to the basics of Accounting
So the basic measurement of financial information that needs processing and communicating too, is a much needed essential for businesses, corporations, and nation at large.
What we learn this day is from the famous Luca Pacioli, the Italian mathematician. Accounting is the language of business as it is the analyses of the economic activities that help the investors, the creditors, the regulators, as well as the management, know about the organization’s credentials.
But did you know that accounting has separate fields? You have learned them probably but never paid much heed to it.
- Financial accounting-
This kind of accounting centers at delivering the business’ information to the external users to help them get their dose of understanding. It involves calculating and recording of business transactions to preparation of financial statements. These are done with an agreement with GAAP (Generally Accepted Accounting Principles). There involves a varied range of careers waiting for those students who have nailed at their accounting problems.
- Management Accounting-
The term ‘management accounting’ hints at providing measurement, analysis, and reporting of the organization’s details to the management cadre personnel. The information delivered from these analyses aids in fulfilling the objective of the company.
Here, however, the measurement is done in accordance with the principle of cost-benefit analysis. It is through studying the strengths and the weaknesses of the estimation that the future options are thought upon. For this study, you may be asked to compare a completed course of action and evaluate the value to get hold of a decision (now isn’t that interesting!)
Unlike Financial accounting, management accounting focuses on forthcoming period reports. They are used for the commercial transaction, it benefits in making policy decisions, project investments and much more.
- External auditing
Verifying the contentions is the primary job of an auditor. The examination is expected to be totally unbiased. This is where the financial statements of a company are evaluated.
But why does one need to do external auditing?
By doing external auditing, the opinions developed or the expressions implied hold true. Be it an investor or a supplier, management or a regulator gets a fair idea about the standing of the company holding it true. It is but the job of a chartered accountant to make sure that all the financial standings are in terms with GAAP and that the opinion generated hold true.
- Tax accounting & Cost accounting
Tax accounting essentially concentrates on taxes. The need to prepare it, analyzing the same, presenting the tax payment and the return is the need of every organization. Regardless of the fact whether one runs a corporation or has a limited liability organization, sole proprietorship or a partnership deed, the fundamentals of tax accounting remain the same with different rates.
As may be seen, all the above areas hail from the branches of accounting. It is through the Accounting information systems that much of the accounting functions and its activities are known about an organization.
However, financial accounting is the favorite amongst the students. The preparation of financial statements becomes the most enticing job then. These are the documents that determine the financial standing of a company. It is based on these figures that the suppliers or the investors, regulators and the management take their decision. A lot of time and money is spent on the analysis of the financial statements.
Who do you think is responsible for understanding the credibility of a company, a chartered accountant of course! Keeping an eye whether the financial transactions are recorded correctly by way of bookkeeping and following the double-entry bookkeeping system becomes the essence of his job. Auditing of such financial statements is imperative. They are audited by famous accounting firms who have established chartered accountants. This day abiding with her rules of IFRS (International Financial Reporting Standards) is a must.
So if you may have observed we have already got the spirit on how and what a chartered accountant can do. Here are the top seven reasons on why you should take chartered accountant as your career choice-
- A wider career option path
This existing day whether it is a start-up or a Fortune 500 company, the need for a chartered accountant is natural. Seeing the qualification of ICAS in your resume, gives you entry to too many firms. If the buzz is to hold true, much of the companies don’t let any ICAS candidate to go away. They retain them with themselves and make sure they are placed in their most wanted place.
If you are looking for success, CA is the threshold to do so. Across the globe, the fundamentals remain the same and the work profile too. Should you think of starting your own firm and hold a consultancy firm, whoa, you are the master of your own thoughts and there is nothing that can be changed!
- It is an out of the ordinary work
How about every day dealing with a new adventure! Yes, you are going to be Agent 007. Every day you will be handling exciting projects and business secrecy to help the organization groom better. Every business has its own set of secrets to run successfully. You will be the only one to know so. Imagine the trust level you will be bestowed with.
- There is a certain amount of mobility that makes this profession wannabe
Once you hold a CA certification, you have almost earned the widest range of profession. There is a certain amount of mobility that benefits you to choose your career path. You are allowed to be your own entrepreneur who can coach candidates for CA. CA requires the study of Law, Accounting, and many other subjects. Accounting in such parts is difficult as the problems related to it are hard to solve. You can be the master for such candidates who want to pursue their career in a CA firm.
What’s more, holding a CA course allows you to know in and out of the commerce world. From being on the advisory board of a company to being their financial advisor, the scope is varied and so is the respect earned. Every other profession may fade away but CA is one profession that is required for every kind of business ventures. It is the CA who maintains the financial secrecy of the company, advises on the right decision, shows them the right path and becomes an indispensable part of the business family.
- One of the highly paid jobs
Companies must be crazy to appoint somebody with a huge salary. You can imagine the trust and the kind of job you are going to be levied with. CAs around the world is the highest paid professionals. Even if you are a fresher, you are good to start with a five digit salary figure. (Now that is pretty impressive) In fact, many of the perks and benefits are for you more than other employees of the company. So whether it is the traveling allowance or the educational benefit, a chauffeur drove cars or stay at 5star hotels, all and much more to this package is what you will deserve.
- Get placed anywhere worldwide
‘Once a CA always a CA’
If you have mastered your Accounting syllabus well, there is no way that your flight to international destinations can be stopped. Across the globe, there is a great demand for ace CA professionals. If you have managed to secure a higher grade in your CA course, you are likely to be placed in foreign countries.
The fundamentals of CA remains the same with one test to go to a foreign land, you are easily accepted in their work culture. Whether you look forward to getting placed in your dream country or economically booming country, CA is the right profession to get your entry to.
- It is one of the assured profession that gives you job security
Inflation and deflation are a party to an economy. Based on such a situation it is the jobs that are at stake. Much of the unemployment happens during this time. Recession can make a stable career an unstable one.
But hold on, what were you thinking? Anything and everything can go wrong but not when you are a CA. Regardless of the fact how a business is doing, as stated earlier too, chartered accountants job and their accounting procedure is always needed. If the survey is to be believed, a recent study revealed that in the UK, CA professionals were said to the recession-proof career across the nation.
So you are not only doing a challenging job from accounting the business affairs, but you are also becoming the part of the excitement that is taking place in the business.
- It is the most affordable course
Chartered Accounting course is no fancy course. It is economical and fits the pockets for every commerce students’ household. Many courses require students to take educational loan so that they can pursue their choicest career. But here the scenario is different. You are going to be an asset for the family for you will require no heavy charges or fees to pay for your education. The books are also easily available. (Few even prefer second-hand books and notes).
The CA course requires you to undergo training. The best part about this apprenticeship is that you don’t have to pay anything instead you get a stipend. Yes, you heard that right. You study, educate yourself as well as earn. Now that’s one of the coolest reasons why you should go ahead with this course.
The training can be done in any industrial sector or under a CA consultancy firm or anywhere where the requirement of apprentice skills is needed. It is here that you will get to learn several other areas from management accounting to auditing and assurance, business finance to financial accounting and reporting, taxation, planning, and blah…blah.. blah.
To cut the long story short
If you are somebody who loves accounting and if you are looking for a lucrative option, I bet you have CA, the best career for you. Should you think your Accounting is not so good, hey, you always can get help.
The present generation is blessed with the internet and the online education portal who offers more than a student can imagine. So go ahead and explore the web. You will find tutors who are waiting to help you out with your problem areas. In no time you will master your subjects and becomes the first-rate Chartered Accountant the world has ever seen. Waste no time but go ahead and make your dreams come true.
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Michelle Johnson hails from Stanford University. She is the visage in the online accounting world. Her teaching methods are unique and make every student have an enjoyable session. For the past six years she is associated with online portals. During her free time, she loves to write and share her experiences. She is the guiding light to help you excel in your career path.