Career Options for CA

The career option for a chartered accountant (CA) is expansive, specifically in India. It is filled with high-paying jobs having huge growth potential and promising a comfortable future. They earn a good salary and reach high figures with increased experience.

Chartered accountants are certified accounting professionals commonly referred to as CA. The Institute of Chartered Accountants of India (ICAI) licenses and regulates chartered accountants in India. In the United States, the designation equivalent to CA is Certified Public Accountant (CPA), awarded by the American Institute of Certified Public Accountants (AICPA).

• Career options for CAs are vast and financially rewarding. The top 7 career options are internal audit, tax audit, statutory audit, finance controller, forensic auditing, management consulting, and treasury.
• The chartered accountant (CA) is a certified accounting professional. The Institute of Chartered Accountants of India (ICAI) licenses and regulates chartered accountants in India.
• The designation equivalent to CA is Certified Public Accountant (CPA) in the USA.
• The Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England and Wales (ICAEW) have reached a deal that allows both nations to recognize the qualifications of CAs from the other.

Chartered accountants can work in different industries or fields. Before completing the CA course, they can search for career options for semi-qualified CA, career options for CA failed students, or career options for CA dropouts. Let's look into the top 7 career opportunities for chartered accountants:

#1 - Internal Audit

Internal audit primarily involves the examination of the effectiveness of internal control mechanisms implemented by the organization. The auditor examines the key processes and operations compliance with rules and regulations, financial statements, etc., and reports to the board of directors or the audit committee. This process will help the organization in risk management processes and enhance corporate governance. It is a periodic event conducted, usually monthly, quarterly or yearly, by the internal auditor appointed by the entity. In India, according to the Companies Act, 2013 person appointed as Internal Auditor shall either be a chartered accountant or a cost accountant. 

#2 - Tax Audit

A tax audit is a detailed review of a firm's books of accounts. It is significant during the income tax filing of a financial year since it assures the process of correctly submitting the income tax return. It validates the income tax accounting accuracy and compliance with tax laws. Under the income tax act in India, If a business's gross receipts in a financial year surpass Rs 1 crore (50 lakhs in case of profession), they must have a tax audit performed, and a chartered accountant should do it. Furthermore, a CA can sign only a definite number of tax audit reports specified by the law. Hence the demand for chartered accountants in the field increases.

#3 - Statutory Audit

Regulatory authorities mandate the statutory audit, and it is to be conducted by a practicing licensed chartered accountant. Accordingly, a CA is an external auditor conducting audits backed by different statute requirements and is generally called a statutory auditor. The auditor is appointed by the Comptroller and Auditor General (C&AG) for government companies.

#4 - Finance Controller

One of the good career options for CA is the post of finance controller. A chartered accountant can take up the career of a controller responsible for all accounting-related activities within a business. It includes corporate finance, managerial and accounting activities, etc. To become a controller, chartered accountants must have a firm knowledge of analyzing patterns, tracking variances, budgeting, licensing, tax laws, and risk management. In addition, a chartered accountant may also engage in the recruitment process and serves as a supervisor of the organization's financial health. A chartered accountant as the financial controller reports to the Chief Financial Officer (CFO), and sometimes, a controller and a CFO are the same for smaller firms.

#5 - Forensic Auditing

Career Options for CA also include Forensic auditing. A forensic audit is a process of examining the financial records of an entity. It is aimed to identify unlawful activities like financial manipulations and gather supporting evidence that may become helpful in the lawsuit process. In addition, the auditor in a forensic audit serves as an expert witness during lawsuit proceedings. Forensic audits demand accountants to have experience in accounting and auditing practices, exhibit professional skepticism and expertise in forensic audit's legal framework. The Institute of Chartered Accountants of India (ICAI) offers Certificate Course in Forensic Accounting and Fraud Detection to CA students. When it comes to large advances and account restructuring, the Reserve Bank of India has made forensic audits an integral element.

#6 - Management Consulting

A chartered accountant with good analytical, problem-solving, and communication skills can build a career in management consulting. Though big management consulting firms prefer MBAs, they also hire chartered accountants, even in foreign countries, pointing to the career options abroad after CA. Based on the 26 March 2022 report by Glassdoor, the national average salary for a management consultant is ₹21,27,582 ($27 889.73)per year in India; at the same time, it is US$1,03,853 per year in the USA.

#7 - Treasury

Treasury is one of the government jobs available for chartered accountants in India. Having CA certifications enhance the resume sent for treasury positions. Their primary responsibility is cash management or treasury management. It helps maintain appropriate liquidity levels optimum for the well-functioning of an entity. The required skill set of a prospect looking for a career in treasury is not confined to interest in numbers but also technical capability, problem-solving skills, and strategic thinking.

This has been a Guide to Career Options for CA. We explain top 7 career options for CA, semi-qualified CA, dropouts or failed students, and options abroad. You may also have a look at the following articles to learn more –

• CFA vs CA
• CPA vs CA
• CA vs MBA