JOB VS PRACTICE

After successfully clearing CA Final Exams. one thing that comes in everyone’s mind is What after CA?? Either to start a practice or to go for Job!! Both Of the options have some Set Of advantages and disadvantages_ It is quite difficult to say which option is better as it totally depends on several factors such as Initial Investment, long- term short- term income priorities, Risk and the most important your future goal! ! I will try to provide you with a few factors for comparison. so that you can make an informed decision for yourself after weighing all the pros and cons of both options available for you.

Employment after CA Course

Those are going for a job. Can join Banks as Credit managers, Government Companies as well as Private companies as Manager Finance & Accounts. Finance consultancy firms as consultants, Big 4s as audit manager or taxation consultants etc. You should choose the job keeping your long term goals in mind. Pros and cons of Job:

Advantages:

• • EarlyReturns & less struggle: MNCs offer good salary packages to qualified CA’s. therefore. making a good option at the starting Stage Of the profession.
  • Zero investment: You don’t require any of the working capital for settling an office so investment is not applicable.
  • Career Growth: If you have chosen good field” area or well-renowned company for the employment definitely you would get good potential growth.
  • No Networking Required: You dont require networking or great communication skills to get clients.

 Disadvantages:

• • No Attestation Power: If you chose employment. you don’t get authority of signing power/attesting.
  • Under-utilisation: You are limited to a particular field or subject area, which dissolves your hard work over complete studies done in your professional course.
  • Slow Growth: Your Career Growth is restricted to a particular field or area and the fluctuation seems to be only seasonal,
  • The Learning: Your learning aspect will be limited to your protile. Less chances to have updated knowledge and training sessions of what’s going all around.
  • Less Freedom: Unless a person works in his own business, there is no freedom for him.

We have discussed all the major advantages and disadvantages over employment under CA. Now it’s time to go through the valid points under the C A practice. and to see the actual pros and cons of a CA doing his own practice.

CA Practice

For all those who are going to practice, believe me sky’s the limit and there is no dearth of opportunities. You can practice in thc areas of taxation both direct and indirect. Auditing is another area where you can excel. You can become Virtual CFO of many small and medium enterprises by helping them to manage their finances properly. Project finance is another area where you can try your hands. IFRS. RERA, NC I-T. International Taxation etc are emerging areas to practice. After Implementation of GST. litigation practice is also a lucrative area which will also open new doors of opportunity for members in Practice. There are many other avenues such as helping setting up of businesses. helping industries with grants and subsidies. With increased number in start-ups. CA can help them in getting finance.

CA practice is a strain full task and it is to be seen whether to continue practice after completing the CA course or to choose some other way.

Advantages:

• • Potential Growth:Definitely there is a Potential growth for the long-term as a practicing CA will be building a network of clients
  • Satisfaction: A higher level of satisfaction attainment under thc CA practice and the most important pan is that you can your own institution
  • Social Status: You Famed great reputation and res from the society Professional Reputation & respect the society
  • Versatile: Here You get in touch with every subject Of Chartered not constrained to a particular field.
  • Full Freedom: Under CA’s practice. individuals have no need to take permission from IIR for leaves. They can easily spend quality time with friends and family members.
  • Less Investment: Establishing CA Practice does not require a huge amount of investment, one can start their own practice with a small amount of Investment.

Disadvantages:

• • Start from the Zero: Initially you have to start from the zero level. It takes some time to get good clients. so here you require a higher level of patience at initial years.
  • Higher Level Of Risk: TO start any business/ institution there is a higher Of risk as every CA must hold the risk-taking ability
  • Managing Skills: Enthusiasts Chartered Accountants u must have the capability to manage various tasks/ activities but not constrained to a one field.

The most important factor Of opting practice is that You are a Boss instead of working under the Boss. 

Third Option! Is it Better?
The Switch from Job to Practice and the other way around:

Many young CAs think that. they will switch from job to practice after a few years. But it is easier said than done. If you want to go for practice. go for it now. Many says that they want to earn money initially so that they won’t face any issue while setting up their practice, it is a good reason , but reality is that you won’t able to save much and once you Start receiving money on regular basis its difficult to leave that and go fora new life full of initial struggle. I am yet to meet a CA in practice who survived during the initial years and switched to a job. So the percentage of people shifting from practice to job is very less. One should keep all the above points in mind before choosing one of the alternatives. The views expressed above are my views and readers should keep their personal goals in their mind before opting any one of the alternatives.

Published in ICAI Indore Branch News Letter

CA. Anand Jain (BCom, ACA, LL.B.)
A Proud Practicing Chartered Accountant
Cleanest City of Nation — Indore
Reach me at anandjain812@gmail.com