Friday, 20 June 2014

Industry or Practise ??


Every one of us will become CA today or tomorrow and after becoming CA the question which popup in our mind is "Whether to go for Practice or Industry?" 

This article will help you to provide answer to the above question.

If we think about the demand aspect there is more demand of CAs in practice then in industry and most of us are well aware of this fact but don’t want to go for practice why? As per my opinion below are the reasons:
1.       Not having good networking
2.       Not having enough money
3.       Not having good knowledge or communication skill
4.       Not having enough confidence or fear of failure
5.       Don’t know how to go in practice or what are the compliances we need to obey
6.       Getting very good job somewhere else in industry
7.       Joining family business
8.       Whether to start proprietorship or partnership

If we talk about the favorable aspects of going into practice then it could be below:

1.       You, yourself is the boss
2.       You can freely make decisions to improve your Business / Profession
3.       All the return from the Business / Profession belongs to you
4.       In long term your business will grow up thus it will provide you very good returns then provided by an Industry
5.       You can spare the time for your family and friends
6.       There are little number of CA who is in practice so you will always be in demand
7.       You can train the article trainee's (No dummy pls)
8.       Finally no tension of applying for leave etc

Even after having lot of benefits being into practice members are not willing to go for it because members are not properly motivated by ICAI. We generally see big statements from ICAI that go in practice but never got the answers to the points mentioned above in first para.

Really speaking if CA institute can do something to help us on above points then it could be a big help. For the same my suggestions to the CA institute are:

Organize the free seminar to let the members know the real & practical benefits of going into practice
Tie up with various banks to provide the financial assistance to the members wants to go in Practice

Built a professional park like we have IT parks (One of the best suggestion I can thought about)

Deep scrutiny into the operations of big firms or medium size firms to check how far they complying with the Professional Ethics provided by the CA institute.

Organize free seminars to build the confidence among members and improve their communication skills

Provide them the practical solutions to the practical problems for being into practice

CA CS Prakash Somani

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