A career that can take you places

Given the complexities of our constantly evolving world, we will definitely need quality CAs in the future, believes K Raghu.

Chartered Accountancy (CA) is one such profession that is truly global. Integrated globally, chartered accountants around the world are required to follow international standards for accounting, auditing, education and ethics. This integration is facilitated by the International Federation of Accountants (IFAC). This integration of the profession helps Indian chartered accountants explore global opportunities.

Today, Indian chartered accountants are well recognised in many countries. In fact, they are highly sought after around the world because of their skill sets and high quality of education. Some of the many fields where Indian chartered accountants have opportunities are:

Cloud accounting: Storing data on remote servers opens up opportunities by blurring the lines of geography. Once accounts are entered in the cloud, you can work on them anywhere — in your office, at the airport, in your home. Cloud computing is now evolving like never before with companies of all shapes and sizes adapting to this new technology.

Big data: It has the potential to transform almost every aspect of business — from research and development to sales and marketing, and to provide new
opportunities for growth. Trained to structure, gather and analyse financial
information, accountants and finance professionals can apply their core skills to non-financial and other datasets and, crucially, help make Big data smaller and more structured.

Artificial Intelligence (AI): The capacity of machines or software to create and exhibit intelligence bring with it both promise and concern. AI could become an invaluable partner in professions that demand considerable training, technical precision, and ethical judgments, including accountancy.

But no career is a joyride. And especially in global careers like CA, there are a number of challenges such as:

Managing change: The business environment has become increasingly complex and dynamic and that’s something CA profession has to adapt to in the way they serve clients and their own operating models. This dynamism is driven by trends that include globalisation, demographic shifts, technological advances and regulatory change.

Borderless world: As businesses increasingly span across national borders, accountants have to deal with multiple accounting systems. Accountants need to adapt to the changing environment as their work and that of auditors is changing enormously.

Credibility in financial reporting: Building credibility in financial reporting in both developed and developing world has been a challenge, especially in recent years, in the light of various corporate scandals, the volatility in capital markets and increased public skepticism about the financial-reporting process.

Convergence to international standards: The new challenge is to ensure that audits of companies around the world are conducted using a common reporting language and that we work to achieve convergence to international standards. This will lead to increased transparency, greater accountability and more understanding by the public worldwide.

For those who are interested in this‘universal’ profession of CA, there are a number of regions that are suitable:

The Gulf: Although CA professionals’ outbound destinations include different parts of the world, one of their favourite destinations is the Gulf region comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The resurgent Gulf region offers excellent growth opportunities to thousands of Indian chartered accountants and they are highly respected for their commitment and hard-working
nature.

Australia: Indian chartered accountants in Australia have been writing remarkable success stories over the years. Currently, the Indian CAs have excellent career opportunities in Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra. Australia attracts a lot of Indian CAs because of excellent pay packages in the banking, pension and insurance sectors, challenging work atmosphere and luxurious lifestyle. However, here the individual income tax rates are quite steep.

SAARC countries: Indian CAs also boast of a strong presence in many SAARC countries like Nepal, Bangladesh, Pakistan, Sri Lanka and Bhutan.

United States of America: USA is another favourable destination for
Indian CAs. The Institute of Chartered Accountants of India (ICAI) is working with the American Institute of Certified Public Accountants (AICPA), which is the largest accounting body of the world, for mutual recognition.

So, as you can see, Chartered Accountancy is a global career that can take you  places. If you have a passion for Finance and Accounts, give CA a chance.

(The author is a board member of the International Federation of Accountants)