Limitless career opportunities for CAs; Technology to be well integrated with CA education, said experts at virtual mega career counselling session organised by WIRC of ICAI

Mumbai : In today’s digital age, career opportunities for Chartered Accountants have become endless. Also, with data and digitalisation penetrating every sphere of life, tech is well integrated with today’s CA education, echoed experts at the Virtual Mega Career Counselling session organised by the Western India Regional Council (WIRC) of The Institute of Chartered Accountants of India (ICAI) on Sunday, May 29, 2022. The session witnessed a registration from more than 2,500 CA aspirants.

“Technology has become a critical aspect of the regulatory compliance process today. ICAI’s committee of education and training has ensured that tech is well integrated with the syllabus so that a CA student learns every aspect of technology on the course and is able to implement it during his practice,” said CA Nihar Jambusaria, Past President, ICAI, who was the Chief Guest at the session.

According to CA Jambusaria, CA examinations have become easy to crack today compared to a few decades ago. Earlier only 1-2% of the candidates appearing CA entrance used to clear it. Today about 15% qualify. ICAI is planning to make CA entrance tougher, but once a candidate enters the stream, it would be easy for him or her to clear it, he said.

According to Guest of Honour, CA (Dr.) Niranjan Hiranandani, Co-founder and Managing Director, Hiranandani Group of Companies, a few decades ago, the role of a Chartered Accountant was limited to Audit and taxation. However, in today’s digital age it has expanded to new frontiers including the roles of a CFO or a CEO incorporates, as Consultants, as Partners in CA & Consulting firms, IT & Tax auditing, GST, Capital Markets, Training, as Evaluators, Financial Reporting, Cost Accounting, as Liquidators, Corporate Financing & Fund Raising, Budgeting, Forecasting, Share Valuation, Company Law Advisory, International Taxation, Wealth Management, Non-Financial Reporting and many more.

“India being the start-up capital of the world, there are lot of opportunities for CAs to guide a start-up on compliance and business formation. Many CAs are becoming start-up entrepreneurs themselves. There is a great opportunity for a CA to identify the technological gaps in a start-up and fill it, and thus make it valuable,” said CA (Dr.) Hiranandani.

“To become a true professional, a CA graduate should strive to keep his knowledge up to date, especially the technological needs that his profession demands, without which he would become outdated. A few decades ago, a CA had to depend on printed materials, and circulars to keep his knowledge updated. However, today with Internet availability, this task has become easy.  Learning should be a habit for him, but critically, the information imbibed should be applied in his professional life,” said CA (Dr.) Hiranandani.

“Stakeholders such as the public, government, industry, and judiciary depend on a CA’s certification. So, it is of utmost importance to keep his reputation tall. So, a CA needs to be diligent, conscientious, responsible and integral in his approach,” he said.

CA Murtuza Onali Kachwala, Chairman, WIRC of ICAI said, “Chartered Accountancy is the most respected profession globally. In 1949, the accounting profession was Constituted under the Act of Parliament, before the constitution of India came into existence in 1950. The message was clear, the revenue and finances of the country had to be safely and successfully managed, without any leakage, safeguarding every individual of the country.”

“I had a very humble upbringing, but my life changed completely after becoming a CA. Once a student clears CA, he becomes a member of an Elite Club, well respected by the public, industry and the government. Along with the respect, it also brings responsibility. My message to the aspiring students is you will be associated with the second largest accounting body in the world. ICAI’s committee for education and training will support you in every way to make your journey easy and successful in becoming a CA.”

CA Purushottam Khandelwal, Vice Chairman of the Career Counselling Committee of ICAI, said, “There are scholarship programmes from ICAI for the needy students. For the candidates from North East and Jammu & Kashmir, more than 75% of the fees have been exempted. ICAI’s CA course is the only course in the country where an emphatic practical training is given along with theoretical training.”

Shweta Jain, Secretary, WIRC of ICAI, said, “There is a great value in the power and position of a CA in the country. Prime Minister Narendra Modi has mentioned that the value of a CA’s signature is of the highest authority in the country, unchallenged by none.”

The Counseling session was conducted by CA Kishore Peshori, Principal, MMK College, Mumbai.

About ICAI: The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest.
The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.