Career Options after CA Professional
1. Work in the Big 4:
There are 4 major companies that employ a good number of CAs. E&Y, PWC, Deloitte, and KPMG are the Big 4, the four major recruiters in the industry. These companies hire fresh Chartered Accountants every year and offer great salary packages and opportunities. Experienced professionals also have ample number of job opportunities in the Big 4.
Average Salaries in the Big 4 Companies in India:
At the entry-level, CA aspirants can expect INR 6-10 lakhs per annum. Mid-level professionals earn between INR 15-25 lakhs per annum. senior-level professionals can exceed INR 50 lakhs per annum.
2. Working as a Teacher:
Chartered Accountants can also try their hand in teaching as a lot of students prepare for many levels of CA exams. However, this profession is driven by passion and deep knowledge and candidates who feel teaching is their calling can open their own coaching institute or get placed in big institutes and help students clear the exams.
CA Firms
Opening their own CA firm or working for a big or medium CA firm is what many Chartered Accountants choose as their careers path. For many professionals CA firms are the starting point for their professional careers where they get the much-required practical skills and exposure. After grinding and working hard, CAs master the art of dealing with clients and other stakeholders in the business. CA Firms generally offer salary between 3-8 lacs. Also, candidates can also start their own CA firm.
Banking and Insurance Sector:
As a general accountant, you should not expect to be responsible for the banks essential accounts or create its financial statements according to banking regulations and industry best practices.
Banking Accounts must be handled by someone familiar with banking regulations, including their compliance with them and other industry standards.
They should be competent in participating in the bank financial affairs and working on their financial strategies, control, funding, forecasting, and other related tasks.
Business:
Choosing a self-employed career or working for a family business is a preferable alternative in most cases. When it comes to starting a business, one of the most famous sayings is, “There is no better choice than starting your business.”
This indicates that there is no other better alternative than starting your own business, whether it is trade or manufacturing.
Many CAs join their family businesses to help them expand and improve; nevertheless, starting your firm if you have no prior experience is quite challenging.
Always keep in mind the famous businesspeople of India, such as Dhirubhai Ambani. Dhirubhai was not born into a wealthy household and did not have a formal education, yet he was a successful businessman anyway.
Public Sector Undertakings PSUs:
PSUs like BSNL, ONGC, BHEL, GAIL hire much fresher CA from the campus placement. These companies often shortlist the candidates on the basis of their marks ranging from 55% to 60%. The number of candidates who passed with two or more attempts in CA Final generally got selected by PSUs.
Courses Options after CA Professional
These courses not only broaden knowledge but also open doors to high-paying, specialized roles in various sectors. By carefully selecting based on personal career goals and market demand, CAs can significantly enhance their professional trajectory.
ACCA (Association of Chartered Certified Accountants)
Chartered Accountants (CAs) often pursue the ACCA qualification to gain a global outlook on accounting and finance. The ACCA program includes comprehensive coverage of financial management, taxation, and auditing and is acknowledged in over 180 countries, thereby boosting their employability internationally.
Cost:
The total cost of the ACCA program, including registration, annual subscription, and exam fees, ranges from approximately ₹ 131,000 to
₹ 150,000. This estimate excludes the cost of study materials and additional preparation resources.
Job Opportunities:
Upon completing the ACCA qualification, CAs can pursue various roles such as financial manager, tax consultant, and auditor. These opportunities are available in multinational corporations, Big Four accounting firms, and consulting firms.
Average Salary:
The salary for CA + ACCA qualified professionals varies based on experience, location, and industry. On average, they can expect to earn between $50,000 and $120,000 per year.
MBA (Master of Business Administration):
Chartered Accountants (CAs) often pursue an MBA to gain a broader understanding of business management, strategy, and leadership. This advanced degree equips them with valuable skills in marketing, operations, and human resources, complementing their CA qualification and improving their career prospects in senior management or leadership roles.
Cost:
The cost of an MBA program varies by institution, typically ranging from INR 6 to 2O Lakh or more, especially for top-tier business schools.
Job Opportunities:
After completing an MBA, CAs can pursue roles such as management consultant, finance manager, operations manager, or chief financial officer across various industries, including finance, consulting, and technology.
Average Salary:
The salary for CA + MBA graduates depends on experience, location, and industry. On average, they can expect to earn between INR 20 to 30 Lakh per year or more, influenced by the prestige of the business school and the specific role.
CPA (Certified Public Accountant)
Chartered Accountants (CAs) often pursue the CPA qualification to enhance their career opportunities in the international market, particularly in the United States. The CPA designation covers areas such as auditing, financial reporting, and taxation, and is globally recognized, making CAs more competitive in the global job market.
Cost:
The cost of the CPA program, including registration and exam fees, is approximately ₹ 3,00,000 to $4,20,000. This does not include the cost of study materials and additional preparation resources.
Job Opportunities:
After obtaining the CPA qualification, CAs can work in roles such as auditor, tax advisor, and financial analyst. These opportunities are available in multinational corporations, Big Four accounting firms, and consulting firms.
Average Salary:
The salary for CA + CPA qualified professionals varies based on experience, location, and industry. On average, they can expect to earn between $60,000 and $120,000 per year.
US CMA (Certified Management Accountant)
Chartered Accountants (CAs) often pursue the CMA certification to specialize in management accounting, financial planning, and analysis. This credential enables them to excel in roles such as financial analyst, management accountant, or finance manager.
Cost:
The cost of the US CMA program, including registration and exam fees, is approximately ₹ 1,65,000 to ₹ 1,80,000. This estimate does not include study materials and additional preparation resources.
Job Opportunities:
After earning the CMA certification, CAs can pursue roles such as financial analyst, management accountant, budget analyst, and finance manager. These opportunities are available across various industries, including manufacturing, retail, and technology.
Average Salary:
The salary for CA + CMA certified professionals varies based on experience, location, and industry. On average, they can expect to earn between $60,000 and $110,000 per year.
CS (Company Secretary)
Chartered Accountants (CAs) often pursue the Company Secretary (CS) course to gain expertise in corporate governance, compliance, and secretarial practices. This course equips them with the necessary skills to ensure an organization’s adherence to legal and regulatory requirements and to maintain effective communication with shareholders.
Cost:
The cost of the CS program, including registration and exam fees, is approximately INR 27,100 to 32,000. This estimate excludes study materials and additional preparation resources.
Job Opportunities:
After completing the CS course, CAs can pursue roles such as company secretary, corporate governance officer, or compliance officer in both public and private companies, as well as in consulting firms.
Average Salary:
The salary for CS qualified professionals varies based on experience, location, and industry. On average, they can expect to earn between INR 15 Lakh and INR 20 Lakh per year.
- CFA (Chartered Financial Analyst)
Chartered Accountants (CAs) often pursue the Chartered Financial Analyst (CFA) designation to gain specialized knowledge in finance, investment management, and portfolio management. This qualification complements the skills acquired through the CA program and enhances their career prospects in the financial industry.
Cost:
The cost of the CFA program varies based on exam registration type and fees, typically ranging from ₹ 11,000 to ₹ 3,50,000. This estimate excludes the cost of study materials and any additional preparation resources.
Job Opportunities:
After completing the CFA program, CAs can pursue roles such as financial analyst, investment banker, portfolio manager, and research analyst. These opportunities are available in various financial institutions, including banks, investment firms, and hedge funds.
Average Salary:
The salary for CA + CFA charter holders varies based on experience, location, and industry. On average, they can expect to earn between INR 20 Lakh and INR 25 Lakh per year.
- FRM (Financial Risk Manager)
Chartered Accountants (CAs) often pursue the Financial Risk Manager (FRM) certification to develop their skills in identifying, measuring, and managing financial risks. This certification enhances their career prospects in risk management roles, particularly in the banking sector.
Cost:
The cost of the FRM program, including registration and exam fees, is approximately ₹ 1,42,000 to ₹ 2,00,000. This estimate does not include study materials and additional preparation resources.
Job Opportunities:
After earning the FRM certification, CAs can pursue roles such as risk analyst, risk manager, or chief risk officer. These opportunities are available in banks, insurance companies, asset management firms, and consulting firms.
Average Salary:
The salary for CA + FRM certified professionals varies based on experience, location, and industry. On average, they can expect to earn between INR 15 Lakh and INR 20 Lakh per annum.
