The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money. - Robert Kiyosaki
The students who are seeking or already pursuing a career in accounting will have numerous employment opportunities laid down for them. From public sectors to the private ones, almost every firm generates requirements for chartered accountants in India, cost accountants, financial analysts, etc. Many accounting professionals also prefer working as a freelancer. If nothing falls into place, the teaching industry is open to all. You can start working as an online tutor at the drop of your hat! You would not have to spend time hunting jobs with an accounting degree in hand.
The crucial task is to recognise the right opportunities and grab them immediately. Most of the people tend to get diverted on the wrong path while being a part of the rat race. You should spend some considerable amount of time to think of all the possible career options. For instance, in the light of the COVID-19 pandemic, several companies hired an online accountant for getting the job done. This golden chance fell into the lap of those who were alert about the happenings in the market. Thus, you must keep an eye on all that occurs in the industry to stay ahead in the league.
Areas of Employment For Accounting Professionals
You can work for several sectors and industries after accomplishing your goal of becoming an accounting professional. With the growth of accounting software in India, the work pattern of accountants has changed significantly. Like, the accounting software Xero helps automate regular business tasks easily. Every job role will need you to perform predefined tasks. You should focus on pouring your excellence and creative ideas in whatever you do. Let us have a look at the sectors of the Indian economy that cater to accounting jobs.
Multinational Companies And Corporate Firms
Chartered accountants, CFOs (Chief Finance Officers), financial analysts and advisors, cost accountants, and other junior accountants work as a team to create a strong financial foundation of the MNCs and corporate firms. All these business entities work with the goal of profit maximisation. Professionals with immense skills and knowledge of all the accounting subjects make this goal possible. Every individual in the team works in layers in coordination with each other. Nestle, Coca-Cola, Pepsico, CITI Group, etc. are few of the biggest MNCs in India.
Banks And Other Financial Institutions
Primarily, the majority of the commerce students apply for banking jobs in India. From a clerk to an investment banker, you will have plenty of employment opportunities in the banking sector depending upon your qualification. Financial institutions that offer investment and loan facilities also hire accountants for balancing the expenses and revenues. You will need to guide your employer with the year-end accounts and give tax planning advice as well. Monthly management accounts with receipt bank software make the task easier.
The Entertainment And Film Industry
If you think that the film industry is all about actors, actresses and other artists and it has nothing to do with academic professionals, you might be highly mistaken. The entertainment business runs on the money of production houses which are no less than any other profit-making organisation. Also, the film stars themselves hire chartered accountants for managing their income tax files, investments and other financial accounts. Some of the celebrities are also small business owners. Dharma Productions, Yash Raj Films, Red Chillies Entertainment, are few of the largest firms in this arena.
Thus, you can work for the production companies and celebrities after gaining name and fame in the accounting field. You need to work very hard to beat your contemporaries in the race for the top spot.
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Government And Public Sector
Several government agencies, organisations and public sector enterprises also offer numerous job roles for the accountants. The state and central governments of India do need to publish financial reports every year that states the expenses and revenues from taxes. The authorised government officials directly or indirectly hire the best in the field to help in tax returns and other accounting services. However, you have to possess the required degrees from renowned national educational organisations like the ICAI (Institute of Chartered Accountants of India) and IDAS (Indian Defense Accounts Services).
To earn a good fortune, you do not have to necessarily become an employee. You can set up your accounting consulting firm, work as a freelance certified public accountant, offer tax planning advice and tax accounting services, perform auditing accounting, etc. If you have a clear vision and plan, it is not at all difficult to set up a source of self-employment. All you need is an online accounting software that works on windows or cloud accounting software to provide online services.
Another option for becoming a self-employed accountant is to start teaching accounting subjects. The chartered accountant and cost accountant courses are inclusive of so many difficult subjects that students are bound to seek external guidance and help. You can either provide physical classes or take your tutoring lessons to the online platforms. Yes, the increasing popularity of online education has induced many students to avail the online lessons. Teach the aspirants and also share your experience with them to give them confidence and support.
Benefits Of Indian Accounting Standards
The Indian Accounting Standards, often written as Ind-AS in abbreviation, are policies and documents issued by the ASB (Accounting Standards Board). At present, 39 accounting standards are in effect offering recognition, treatment, measurement, disclosures and presentation of accounting transactions in the financial statements of Ind AS. All of these rules are in convergence with the IFRS (International Financial Reporting Standards). The Ind AS has numerous benefits, few of them are:
- The introduction of the Indian Accounting Standards has brought a huge amount of consistency in the accounting principles and practices that are followed by the companies In India. Since all the standards mentioned under Ind AS are almost the same as that of IFRS, it enjoys worldwide accessibility and acceptance. The user of the financial statements will gain confidence in the long run.
- The companies that prepare financial statements in India keeping these accounting standards in check can easily compare their files with foreign-based companies. There comes a high degree of homogeneity in the pattern of the statements given the standards are more or less the same.
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- The Ind AS are frequently revised and modified subject to the economic changes in the country. For instance, the accounting standard 29 states “financial reporting in hyperinflationary economies”. The ASB made this revision keeping the situations created by inflation in the account. The abnormalities that an economy goes through during inflation affects the formation of financial statements.
- The fact that Ind AS ensures easy and similar comparability of financial statements of companies across the world may generate foreign investment in the country. The investors would feel a sense of reliance as the financial statements will be easily comparable to theirs.
- The Multinational Companies (MNCs) also enjoy the benefit of cost reduction. They can prepare one statement based on the same accounting standards that will get acceptance in all the markets they operate in. There is no need for hiring accountants in every country as one will be able to do the job efficiently.
Scope Of Accountancy In India
A certified public accountant or any other individual with accounting qualifications does not have to wait in a queue for securing a job. The scope of accountancy in India is as vast as that of any other country in the world. From small businessmen to globally recognised entrepreneurs, no owner can run his organisation without an accountant for financial and tax assistance. That is why you will have a bucket full of options to choose your preferred employment opportunity.
The demand for accounting teachers is also equally high in the country. You can opt for online platforms like Superprof to get you the income window you need. Getting students and forming batches has become extremely easy with Superprof networking facilities. You would not have to reach door to door to find candidates. The user-friendly interface and productive filters of this online platform make the task extremely convenient. Just mention your basic details and the fees you are expecting. Online tutoring is one of the most fruitful ways of earning money.
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Chartered Accountant Salary In India
The salary structure and additional perquisites of accounting jobs depend upon the post and designation you hold. As for the chartered accountant salary in India, it starts from 6-7 lakhs per annum. That is, the starting remuneration is 50-60 thousand per month. Some companies may offer a higher package if you possess some additional skills. The experienced CAs get handsome salaries in the private sector while in the government sector the range is between 5 and 7 lakhs.
You will keep getting appraisal in your paycheck with experience and advancement in skills. Keep your primary focus on enhancing your knowledge and accounting capabilities. Jobs and employment opportunities will fall into your lap. Remember, ones who work hard with genuine dedication never fail to establish a career.