Why to Become a Chartered Accountants free essay sample

WHY TO BECOME A CHARTERED ACCOUNTANT Early or late, everyone has to start his vocational life. Its an important event of life because then after an entirely new world starts – THE WORLD OF WORK. Many courses are available for simple and common vocations which do not require any special skill. Anyone can do them. But †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. TO BE DIFFERENT IS TO BE RENOWNED†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ So if one really wants to do something challenging and diversified, then Chartered Accountancy is the most dignified profession. A MISCONCEPTION REMOVED It was an old image that accountant are boring and old fashioned, they crunch numbers and work in compliance and tax. But the profession of CA has replaced and upgraded this old image and has created something which has reinvigorated the professional pride. IMPORTANCE OF ACCOUNTING AND NEED FOR AUDITING Globalization is resulting into cross border investments and operations. Complexity of arrangements and transactions has increased a lot. This is the root cause for the symbolic growth of the profession of accountancy in India. Today accounting can be called a vital function in peace time as also during war. Accounting is an outstanding professional field, with very substantial accomplishments to date and with a great potential. And as the dust settles on the global business landscape, international and local finance communities are looking for some outstanding professional and corporate guidance. Due to fast increasing tempo of the industrial and economic development of the country, the confidence of the public in even reliable and well managed business undertakings would be seriously undermined, if unscrupulous persons were allowed to manipulate company accounts or otherwise indulge in malpractices only to serve there own ignoble ends. Therefore the government and the public are a like interested in maintenance of the independence and integrity of the accounting profession. The accounting and auditing profession have to answer for some very serious business failures- and our systems, training, and historical precedents are under the microscope. Professionally qualified accountants are playing productive role in this field. As said by Bacon, â€Å"Studies serve for delight, for ornaments and for ability†. The goal of accounting education and practical experience is to produce competent professional accountant who are capable of making positive contribution over their lifetimes to the profession and society in which they work. WHO IS A CA? †¢ CAs are said to be the persons born with an intense taste of figures and mathematics. †¢ A CA is one who stands tall in his commitment towards honesty, sincerity and towards doing his duties diligently and with full dedication. This is the reason why the CAs are assigned with important tasks by the society and thus relied upon greatly by the government. CA will mean :- Money Utilization of skills and talents Possessions Recognitions by peers Influence Independence Security and much more†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ WHY TO BECOME A CHARTERED ACCOUNTANT Before knowing the major points different views are put which, though not much considerable, can for their own sake attract a person toward this profession. A COOL VIEW: ? A course wh ich provides practicalities of life while pursuing the course itself i. e. during articleship phase. ? An opportunity to acquire on the job work experience of a professional nature. Responsibility taking ability grows even during the articleship training so it is clear that after becoming CA it will grow like anything. ? Different types of people come into contact in this profession hence exposure is provided to socio economic environment. ? Very deep computer knowledge is provided and also sought in this course. ? This course includes comparatively very less cost. ? Those who are really interest in accountancy and finance, for them this course is a benchmark. ? This profession has immense recognition by government. ? Other professions focus only on particular aspect like finance or marketing etc. But this profession gives exposure to almost all the fields like finance, consultancy, taxation, accountancy, advisory, policy-making, law, information technology and many more. ? A CA is assured of a fixed remuneration. He can also go for teaching in coaching classes and can earn handsomely. ? A little earning by learning (i. e. articleship) gives a sense of ownership. AN INTERESTING VIEW: ? One can picture himself as sitting in a plush office as a major official of a company. ? One can also feel becoming a partner or start a firm independently someday. One is rest assured of easy and quick marriage after becoming a CA because he/she does not have to go for in search of life partner as calls for him/her come automatically. ? Last but not the least, after becoming a member of ICAI, not only one can feel the pride of association with the institute but also can enjoy the every weekend lunch and dinner parties at the respective regional offices. SOME FACTS: ? Chartered accountancy cours e offers the student a dream career in the specialized areas of accounting, auditing, corporate finance, corporate laws and taxation. CAs are highly demanded professionals in industry, in the practice of income-tax, service-tax and other indirect tax areas. ? They are statutorily recognized audit practitioners. ? They are technically equipped to act as management consultants. ? They also excel in the areas such as development of advanced IT systems for the organizations including for the functions of finance and accounting. CA- A POSSESSOR OF INNUMERABLE QUALITIES: All CAs value the rigour and difficulty of the training and believe that it makes them without equal among business advisors. This is the foundation of a set of attributes that lie behind today’s CA and makes them unique. These four attributes lie at the heart of the CA brand:- ? Insightful: The penetrating mental ability to find the underlying truth. The capacity to simultaneously take a macro and micro view and see a solution unseen by others. ? Precise: Focused on delivering clear, accurate, fact based solutions that drive business success. ? Ethical: The principles and good judgement to successfully navigate a marketplace characterized by uncertainty and change. The ability to achieve breakthrough results without breaking the highest standards of professional conduct. ? Without equal: CA is about status, achievement and always striving to be the best- it is the reference point from which quality decisions and business excellence are measured. CA has every qualities like intellectual, technical, functional, personal, inter-personal, communication, organizational and business management. His brain is expanded by serious thinking during his academic years. He has immense responsibility taking ability and duty-fulfilling power. CA of the 21st century is a new breed of professional, a strategic thinker and broad business advisor. Today’s CAs are techno-savvy, multi-skilled and a serious player in the global market. THE RAPIDLY CHANGING ROLE OF CA Everyday if we eat the same dish then we lose all taste and charm. Hence, variety is needed. Similarly there is no chance of getting bored in CA’s life because he has number of jobs to perform, unlike other professionals. A chartered accountant is a virtual monopolist in financial accounting and audit work. But now a days his role has not remained limited to these two sectors only. With the changing economic scenario and globalization and several roles have emerged in sectors like Management accounting Income-tax Consultancy services Insurance Telecom E-governance Information technology Mining Oil and refinery Business process outsourcing Banking In continuation to above CA has to perform diverse roles as follows: 1. A CA can make a significant contribution towards National Defense Operations by guiding in diversion of physical resources for requirements of defense without giving rise to undue inflation. . He contributes in increasing productivity of a business or industrial unit. 3. A C. A is looked up now by large numbers of people as responsible leader in more than one spheres. 4. CAs are already rendering commendable services to various charitable and social institutions. 5. Many CAs have diversified or specialized; others have entered new and different as consultants and managers; others, who have maintained a focus on practice, now act as advi sors across a range of areas and to diverse clientele. 6. A CA participates in the formulation of objective, accounting standards, auditing and assurance standards. 7. CAs contribute a lot towards policy-framing and country’s decision-making. 8. CAs guide in the formation, registration, legalities and drafting of documents like memorandum, articles etc. They also help in application, follow-up and final registration. 9. Formulation of financial proposals is also CA’s cup of tea. 10. CAs guide in identifying funding agencies and act as assisting agencies in channelising funds. 1. CAs perform an essential of updation in various change in law and taxation. 12. CAs give input to process of capacity building by conducting training programmes, preparing and providing manual guidebooks on various compliances, and also giving online information. 13. CAs also have the monopoly in return filling. 14. CAs also have entered into specialist areas including triple bottom line reporting, financial planning, and forensic accounting. 15. Today CAs are also CFOs, CEOs, Managers and Consultants. They work in management, commerce, accounting, human resources, marketing, not-for profit organizations and government-just about anywhere that requires business and financial advice. 16. With the introduction of VAT, CAs play a significant role in creating and ensuring transparency of accountability in the indirect tax structure of the country. The entry by CAs in services other than audit has given the government a feel good factor for the industry. A CA with his expertise, experience, ethics and values has become a great asset for various sectors and is rightly giving them the much needed guidance and direction in financial activities. BOUNDLESS OPPORTUNITIES: For a CA opportunities start with the concept when someone wants to form and start an organization. A chartered accountant is known for giving words to the vision and mission of people. The demand for CAs is growing in the changing economic context. A lot of opportunities wait for a chartered accountant in the following jobs: Statutory audit Internal audit VAT audit Tax audit Cost audit Government audit Physical verification Management audit Proposal preparation Monitoring Developing learning systems Audit of funding agencies Formation of societies trusts etc. FCRA compliance Income-tax compliance Preparation of accounting procedures manual Commissioned studies Fee based services on specific queries Starting an NGO ICAI also organizes campus interviews for newly qualified CA at various centers to provide an opportunity both to employing organization as well as the young professional aspirants to meet and explore the possibility of taking up positions in industry. Number of candidates who attended these campus since the introduction of campus placement service is 1840. Handsome packages are offered at these interviews. Highest salary paid in campus in March-2007 is 38. 25 lacs. Number of candidates and getting salary offer of 5 lacs and above is 798 in March-2007. SATISFACTORY PRESENT: A chartered accountant always has work satisfaction and work differentiation. The challenges and new situations which he faces fill his life with motion. Not only do people hunger for a feeling of importance and satisfaction, but they also long for sincere appreciations of what they do. The profession chartered accountancy provides all that is wanted- appreciation, satisfaction, importance, recognition, fame, status, etc. SAFE AND SECURE FUTURE: CA is a powerful brand name that will increase the profile, support the reputation and last over time. Power, position, social status, nobility and opportunity- CA is a remarkable mixture of these things. The future of chartered accountant is always filled with facilities and security. The profession of chartered accountancy results in visible and invisible benefits which give safe future to the CA. A chartered accountant can work independently by starting his own firm, and independence is said to be the foundation for entire progress. With limitless opportunities, this field of chartered accountancy gives all time and everlasting importance. It is a field without equal in the business world. ENTERING A NEW DIMENSION: It all starts with a dream. The power to dream is with all of us. But how many of us dare to follow our dream? Are we really determined in converting our imagination into our destination? If one really has the direction, determination and control then chartered accountancy is the best. Doing chartered accountancy is a beautiful challenge and the fulfillment of this challenge will surely realize the benefits and rewards. So â€Å"If you want to fulfill your fantasy Just do Chartered Accountancy† Because- Something really big is waiting for ‘U’. WHY TO BECOME A CHARTERED ACCOUNTANT CATCHY SLOGAN: â€Å"Boundless imagination, Talents like a magician; To be a Chartered Accountant Is a beautiful differentiation†