There are mainly two reasons for choosing a course as a career beginner :
The pride of the title of the course, the professional ability brought by the course in case of professional courses like Chartered Accountancy, Law and Health professional. Since, above mentioned three degrees allow us to practice those professions and without those degrees, no one can legally practice those profession. Hence, the right to practice those profession could be a major reason for choosing a profession, other reason could be serving as a professional like serving as a healthcare professional for sake of society, although the chances are less.
What could be the second reason? Honest answer is, a secured future as a professional. Restricting the content to CA Profession only, despite being considered as one of the toughest course over the world, the number of students registered to this course is increasing year on year. CA is been considered as one of the highest paying profession, if we refer to CA Placement statistics for Feb-March 2024, average package was around 13.12 lpa in terms of CTC. Which is much more than many other professions as a fresher. Hence this statistics reveals the financial security this profession bring if current statistics are maintained or improved, but here the question is that wheather this Future security will remained continued with this profession, if yes than till when. Since, future is uncertain, nothing could be said 100.0% but yes an estimate is expected, so below we have list all the positive and negative aspect which are possible for this case.
Currently 3.93 lakhs Registered CA professional in India as in July 2024, out of which let us consider 40% is in practice, i.e around 1.6 lakhs, considering at current scenario this figure is low as compared to working population of around 70-90 crores. Hence, there are still a lot of scope in it if considered statistically.
Also considering that other 60% is in Job which is around 2.40 lakhs, And if we for economy growth which is around 9.6 per cent nominal and finance sector growth which is around 14.02% and than compare it with growth in working CA Profession i.e around 9.67 percent (the number of students cleared CA in a year 8,650 in Nov 23 and 20,446 in May 2024 i.e around 29,096 suppose 80% opts for job which is around 23,200 growth is 23,200/2,40,000 ) which is still low below the economy and Finance sector growth . Hence these statistics also suggest that there is positivity in considering CA as a profession.
Campus Placement Statistics The mentioned below are statistics of recent two CA campus placement for nov 23 and may 23. The numbers below are very good if looked relatively to other profession. People may have different opinion but that would be only if they are referring below on standalone analysis, since in Nov 23 Percentage of job offered is something 43.5% and is more lower in May 23 i.e 26.9% but if consider it to other profession like MBA which is competing profession of CA and for which employbility is 54% immediately after clearing course, which is around 85% for CA and Campus Placement contributes a lot in it. Also it is not like the Professional degree of Law which mostly the person to Practice only.
The immediate competition for CA is MBA finance, if referred operationally and here the advantage to CA is more knowledge that it gains during course while for MBA it is better Presentational skills as compared to an average CA. Since, Companies mostly place MBA from IIM for average package of around 30-35 lpa which is thrice the package of CA i.e around 12-13 lpa. Hence, there has been a slow shift for employment of CA in place of MBA Graduates for many positions like in Banks for Relationship post a CA is hired for around 10-11 lpa and for same post bank spends 14-20 lpa for MBA. Hence above point is in favour for CA.
The study of CA itself is the security for its future worth, CA is considered tough due to its vastness in syllabus, which is due to coverage of almost every finance field and also much more beyond. Basically, it covers Auditing, Financial Management (includes foreign market ,equity market, Portfolio management etc ), Company law, GST, Income Tax, Financial Accounting and much more. If a person has covered so much in learning, how he is suppposed to be denied for a good financial future. Even if there is problem in economy for one of the above professional aspect, other are there to secure the future.
With Practice point of view, those who are newly qualified CA's it is very difficult to get clients since there are less chances that an Organisation will change its CA. Also, for new organisation it is difficult to trust a CA who is himself freshly qualified. So as the number of CA are increasing the opportunities in Practice is getting reduced especially for new CA Practitioner. That is why number of CA opting for Practice is reducing as around 80 % were in Practice in 1980's and rest 20% in job while as for 2023 around 40% are in practice and % for practice is expected to reduce further. Hence this is a negative aspect for CA profession.
On Job front we were not able to find any negative statistical reason for Future as a CA, just a concern is that if that if there is drastic increase in Qualifies CA in future due to a sight of secured future in this Profession that could be a negative reason but till now past tends do not indicate so. Kindly comment if any other negative aspect for CA in future.
Increased literacy and ease of compliances is also reducing work for CA. Here consider the example of ITR Filing earlier very few people use to file ITR Themselves and mostly get it filed from CA due to lot of paperwork and physical but now due to ease in filing itr online and increased knowledge of process most of the literate employees get ITR themselves, this is not only for ITR. Even a simple PAN application has changed from physical to online, due to which people apply for it themselves.
CA is a regulated profession by ICAI, hence its blood and heart are ICAI policies. Even a smaller change in policy could impact CA profession a lot. For example consider the change in filing GSTR 9C which was earlier required to be CA attested but in past 2021 condition was removed and it was allowed to be filed on self certified basis. The change was small but it impacted a lot to many CA firms who were a good fees income in that. Hence any negative change in regulation could led to Negative future for CA and this is most impactful reason for Future as a CA.
Increasing AI impact and Technology advancement is a macro negative reason for downturn in human employment and our Profession also has possibilities to get negatively affected from it. Since, if we refer the basic work of tax calculation which was manually done and verified earlier is now automated on system, most of the documentation has also been reduced to soft form, all the knowledge that a CA gain from his study during its study is easily available online and accessible to all and also now the AI answers even the consultancy with full proof statistics. The scenario will be more worse if both analytical and aptitude skills got developed in AI. Hence this could be a negative reason for profession and we share stage for this reason at macro level with all other profession. THIS WAS FROM MY PART. DO COMMENT IF ANY OTHER REASON COULD BE SIGHTED FOR NEGATIVE AND POSITIVE ASPECT.
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