What are the challenges for chartered accountants?

While opportunities abound, you need to be aware that the path towards a successful career as a chartered accountant is not an easy one. Merely passing the exams is rarely enough to ensure that you become a great chartered accountant and are spectacularly successful in the profession.

Indeed, one of the serious problems faced by Indian industry is that there are not enough "employable" graduates. Even though many students pass their exams - often with flying colours - quite a few of these students turn out to be unfit for any job. Why does this happen?

Read this article, "India Graduates Millions, but Too Few Are Fit to Hire", which discusses the findings of a 2012 survey, to get a perspective on the issues involved.


Two of the Top 10 challenges for the Indian economy are:

 

  • "Raise educational achievement"
  • "Increase quality and quantity of universities"

But then, what are the specific challenges that a Chartered Accountant faces?

Here is a sampling, based on quotes from experts, employers and analysts, culled from newspapers and journals:

......CAs should be solution providers with analytical ability and effective communication skills.

I have recruited over 200 CAs and my observation is that there is a general lack in the skill of effective interpretation of reports that they create. They haven't come out of the number game nor try to understand the business and what is driving it, which is an essential skill for modern-day accountants.

.....we think accounting and don't think about business issues, its weaknesses and complexity.

CAs in India are technically far superior but accounting now is not just about technicality. It is also about identifying and solving problems. Clients look and value those CAs who can be trusted as advisors and who understand the dynamics of business.

Accountants are indispensable part of any business, the question is to move from accounting to business advisors.

What does all this mean for you? Do reflect upon it, and consider how you can meet these challenges.