How To Start Your Own Practice As CA/CS/ICWA?
The question seems like asking a kid of 6 months:TELL me when you will WALK(when he is unable toTALK)!And we enjoy talking with them!Isn’t it?
The question is not of how he will RUN.Once he takes a correct step after falling so many times;it is sure hewill walk within a week.
Similar is the case with a newly qualified person. But here so many alternatives are available to him to startwith.Fortunately there are more than 100 careers for a commerce student.The big issue before him after qualifying is:In which field to enter and how to start in that field.Till a student does not pass professional exams;his main aim is to pass it anyhow.The moment he passes;again he gets confused what to do now. Even a rank holder doesn’t find immediate solution to this problem. Ihave seen many times that such students remain at home for approximately 6 months!Some of such CAs aremember of this site to whom I personally know.Immediately after passing;qualified CA/CS/CWAs should regularly refer newspapers,Institute’s journal andfinancial magazines like Money, Business World, Business Today, Capital Market etc. Read these magazineswith your “analytical power.” These will update you within a short span of time about the prevalent economicconditions of the world and performance of home companies.This is very important to develop insight about the profession.Now-a-days;new avenues of business areregularly opened.Whatever you have read before 3 years;may be of outdated version.
You should refer your text books again with an altogether different angle.Thank God that now there is nostress of passing!But looking to your career it is a must so that you can really decide which subjects you likethe most. After deciding that; start your practice in that area. Never find an entry in a field which you dislikebut people say it is rewarding. Once the career goes to wrong direction to your strength; life long penalty isrequired to be paid. And that penalty would be gradually increased yoy.Before deciding to start your own practice:Look around the whole profession.Find out: Who are the peers inthe profession and to whom you like.Try to meet such professionals in a group of 3-4 persons.Believeme;they would be happy to note the entry of young professionals in the field.In profession likeCA/CS/CWA;there is no tough competition for competent persons ! It might also be possible;that theythemselves may offer some of their work either on spot or after sometime when they feel shortage of goodstaff (which happens with all the firms;all the time).To start with:If you “love” Accountancy and Auditing; then know methodology of big chartered accountancyfirm. Right now so many new qualified persons are in search of good opportunities.But don’t forget toupdate your knowledge about Accounting Standards, IFRS and Auditing Standards.One of the easiest route for new professionals to “beat” senior persons (who are old fashioned and never soquick to adapt new version of the profession) by forming a big professional firm by entering into apartnership firm of 8 to 10 persons.Within 2 years; you will get good professional work from Banks whenyou apply for empanelment! Similarly CWA members can get work from Central Government for Cost AuditAssignments.When you get some certification courses relevant to your professional field; it will add your competence andyou would be preferred especially with government agencies.Regularly see your institute’s website to know about latest developments and also participate in upcomingprograms likely to be held in and around your city to make familiar with yourself who are the best in theprofession in your area.Try to find out the strengths of such professional(including their weaknesses – for example; poorcommunication skills).
Since initially nobody would be expert in any of the field; hence better take some assignments of bigprofessional firms. That may not be good in terms of financial rewards. At these moments remember your“quantity” of stipend you received just one year back and be happy what you receive now. This is muchbetter than before (future is bright – hence proved).Also keep into your mind that you are in a much better position than science stream where no professionalcareer is available till the age 21 or 22. This way your satisfaction would be doubled.Take 3 years “practical training” in the “field” for self. When you can work for “others” during your articleshipperiod; then I think definitely you would be happy to do this training for your own as a BOSS.
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