There are only three professional courses in India which has immense importance, demand and growth in Finance and Commerce sector. These courses are Chartered Accountancy(CA), Cost and Management Accountancy (CMA) and Company Secretary(CS). There is no other courses that can compete with these three courses in India.
The reasons for such importance for CA/CS/CMA is with the fact that India is growing in a rapid speed since last 5 years. In-fact India is marching towards reaching top third/2nd largest economy (GDP) in the world. It means, when business grows people required to manage business/commerce/finance would also grow in multi fold and thereby, the opportunities in commerce would also grow.
Another fact with growing legal compliance needs, report requirement and corporate management, the business are at present are completely dependent on the expertise of these professionals.
There is no company in India which operates without these professionals.
1. Chartered Accountancy course is aimed at developing expertise in Accounting, Book Keeping, Reporting, Tax filling and management, Financial management and Auditing..
2. Cost and Management Accountancy course is aimed at developing expertise in Cost Accounting, Cost booking, Cost Audit Pricing, Commercial analysis, Management Reporting, Budgeting, Financial Analysis and Valuation.
3. Company Secretary course is aimed at developing expertise in Corporate laws, labour laws, securities laws, statutory compliance and corporate governance.
All these three professions are created by way Act of parliament and has complete support/accreditation of central government. The profession is regulated and licensed by Central Government through the Independent body created for this purpose. Indian Statues/Acts such as Companies Act, Securities laws, Income Tax, Goods and Service Act, FEMA etc have entrusted lots of responsibilities to the members of these three professions.
Every Industry need to hire services of these three people as per above Acts compulsorily in every year. Example – (a) Statutory auditor, Tax auditor and GST auditor need to be appointed every year who is CA in Practice. (b) Cost auditor need to be appointed by Manufacturing, Mining, Production and Processing company who is a CMA in practice (c) Every company above certain paid up capital, need to appoint full time Practising Company Secretary etc.
In addition to the above every industry depends on the services of these three professionals on accounting, book keeping, tax compliance, statutory compliance, budgeting, financial management, financial analysis, strategic decision making and corporate overall management.
Wider opportunities are there for all these professions across all Industries like Manufacturing companies, Service companies, BPO, KPO, Banking, Financial Services, Insurance and non-profit business sector in Finance, Accounting, Tax, Corporate Laws and Analysis, from junior level to top management. In addition to work in Industry, every member has option to start independent practice like a doctor or advocate.The salary levels starts from INR 6 lakhs to 12 lakhs for freshers and it reaches to INR 50 lakhs in 10 years. Even, a semi-qualified student (50% course completed) will also have many opportunities in Industries.
Currently the number of professionals working in industry/in practice are CA - 250,000, CMA – 75,000 and CS – 45000 approx. However, number of companies who need them are close to 10 to 12 lakhs. And this number is going to increase as India sees multiple digit growth in business. It means the number of professional members are just not sufficient for the Indian Industries.
This is the right time for every graduate/under graduate to think about CA/CS/CMA as the opportunities around commerce is much higher than any other profession in India. Considering the unemployment in other sectors, it is high time that student should switch over from Science/Engineering to commerce profession.
For Non-Commerce students Comany Secretary course is the best choice.
The right time to start CA/CMA/CS is after 10th Standard /while in 10+2. Otherwise, after graduation also student can start studying this course. Though these are commerce related courses, there is no bar on science students studying these courses. In fact, trend shows that the success rate of student with science is much higher than commerce back ground students.
Suggested approach is
CA/CS/CMA is considered as one of the toughest professional course. Due to indepth concepts, wider areas and more number of subjects, one needs more time and attention towards studies. However, it is not difficult to those students who take CA/CS/CMA coaching and studies 6 to 8 hours in a day and who has a habit of sit at home continuously. Another important thing is student needs to have higher patience levels towards doing more problem, reading more theory, longer studies and more writing.