Chartered Accountancy is considered to be one of the most challenging courses in the country with the passing rate in the last few years never rising above 50% in any of the 3 levels and falling to as low as 2%. Yet, there are thousands of students registering and appearing for the exams every 6 months.
There are many reasons for pursuing the course, the most common being the fact that it is considered to be one of the most lucrative career paths in the country. The cost of pursuing the course is also quite low compared to other professional courses. This combination of high returns, low investment makes CA a very attractive choice.
However, money can't keep anyone motivated for a very long time. So, I want to discuss 5 major reasons why I think CA is worth the pain and pressure (apart from the paycheck, ofcourse!)
It covers a wide range of topics
This is one of the few courses that has a good global reach
Exposure to the real world before qualifying
Respect / Recognition
Foundation for all things commerce!
Compared to its counterpart in the US (i.e., CPA) - which deals mainly with taxation and accounting - CA comprehensively covers a lot more concepts. Students learn core concepts in various fields, like Taxation, accounting, business law, statistics, math, economics, finance, general management and even automation and ERP implementation.
This basically helps CAs to understand and handle almost every aspect of running a business, right from incorporation, through growth and even during dissolution.
Indian CA is recognized globally which provides an international reach to qualified chartered accountants. The institute also provides many post qualification courses which help CAs to be updated with the latest information and conform to global standards of quality (Click here for details on post qualification courses).
The institute also provides a global reach by signing MoUs with the accounting bodies of other countries - like Canada, Australia, England & Wales, South Africa, etc., - which enables Indian CAs to obtain the equivalent certification in those countries by clearing minimum papers. (Click here for details about MoUs)
As we know, the best way to learn swimming isn't by reading books, it's by jumping into the river. The mandatory 3 year training (i.e., articleship) acts as the best way to gain experience and practical knowledge about how things are done on the ground. These years not only help the students to understand the intricacies of legal provisions and legislations, but also grooms them for their professional careers.
Chartered Accountants are commonly needed to handle taxes and audit of corporates as well as non-corporate entities. This is usually a statutory requirement, for eg,
Certain sections of the Companies Act, 2013, require the companies to only circulate financial statements audited by a CA. (Bonus points if you can name these sections in the comments below)
Section 44AB of the Income Tax Act, 1961, requires certain persons to get their books of account audited by a member of ICAI, i.e., a CA. (Bonus points if you can give the turnover thresholds in the comments below)
Thus, CAs will always be required in these avenues until these laws are changed. This provides a sense of job security to CAs.
Respect and Recognition
CA is undoubtedly a challenging course, and people in general acknowledge that fact. Clearing the final exam usually brings a lot of recognition and appreciation; it opens doors that were otherwise tightly shut. People listen to what you have to say, after all, you are very learned! Jokes a5part, the feeling when your parents say "Mera bachha CA hai! " (My child is a CA)is indescribable.
To Sum it All Up!
The ultimate aim is to achieve our professional goals, and CA happens to be one of the best vehicles to reach that destination!