In the modern world in developing India, there is a growing need of people with a high skill set of international quality.
Higher education professional courses have been an eye-catching attraction for the requisite skill sets.
We often talk about IIT or AIIMS neglecting the backbone of business which is commerce.
In recent years the highest-held professional course in commerce is chartered accountant as contributed in every field.
Chartered accountants turned politician
We see chartered accountants turned politicians like:
- Suresh Prabhu (former union minister of railways)
- Piyush Goyal (Leader of the house)
- A veteran politicians like k Rahman Khan ( former deputy chairman of rajya sabha)
- Naresh Gujral (senior Shiromani Akali dal party politician and parliamentarian)
- Kirit somaiya (BJP leader)
- Rameshwar Thakur (senior Indian National Congress politician, former governor of Madhya Pradesh Andhra Pradesh and Karnataka)
Chartered accountants turned entrepreneurs.
We see chartered accountants turned entrepreneurs like:
- Kumar mangalam Birla (chairman of Aditya Birla group)
- late Rakesh Jhunjhunwala (an Ace investor)
- Deepak parik (chairman of HDFC group)
- Motilal Oswal (founder of Motilal Oswal financial service ltd.)
- Shekhar Kapur (director Mr. India)Prannoy Roy (founder of NDTV
- TV Mohandas Pai (ex-CFO of Infosys and the founder of Akshay Patra)
- Naina Lal kidwai (general manager of HSBC India)
- Nirmal Jain (founder and chairman of India info line group)
- Radhe Shyam Agrawal (executive chairman of Emami group)
- Nmanoharan (ex-chairman of Canara Bank)
- Aroon Puri (former editor-in-chief of India today group)
There comes a question, what is the average salary of a fresh chartered accountant and the growth prospects in 5 years?
Campus Recruitment
As per the recently issued publication of ICAI in the campus recruitment in August – September 2022 35.32% of students were selected by various global and national companies. The data below clearly shows the same.
- No of companies – 135
- No of candidates – 10,253
- No of jobs offered – 5,194
- No of jobs accepted – 3,621
- Highest salary – 31.5 lakh p.a
- The highest salary for international posting – 41 lakh p.a
Source – ICAI
The banking sector of the country itself is providing 5000 + jobs every year.
Prospects
In a country of 130 crore plus citizens close to 6.8 crore citizens are taxpayers for which 3 lakh chartered accountants so has financial guides.
As per 2018 records, there are 2.8 lakh chartered accountants out of which 1.25 lakh work in full-time practice.
This growing demand and less supply is clearly an indicator to make this profession lucrative for the aspirants.
With India destined become the third-largest economy by 2027 it is inevitable that there will be higher need to serve commerce and trade in general.
The rise of transparency in the taxation system with the inclusion of GST has also created an unavoidable demand of chartered accountants.
If we go by numbers then one can expect a 15% compounding growth in the salary of future chartered accountants. With this growth, we can expect salary packages to be 75 to 80 lacs by the year 2027.
ALOK SINGH
