COVERING THE RANGE The subjects one has to master while studying chartered accountancy include auditing, accounting, company law, income taxes, indirect taxes etc
Anybody keenly interested in enterpreneurship, who wants to learn more about the fundamentals of economics, how economies operate or how to make profits or anything related to the field of taxation can choose chartered accountancy as a career option.
It was an interesting turn of events that made Vikas Vasal choose chartered accountancy ( CA) as his profession. The partner and national head (tax markets) at KPMG in India, Vasal recollects, “In Class 10, I was not sure what I wanted to do at that stage. I was one of the toppers in school. My principal insisted that I should opt for science. My entire family, which has been associated with the commerce field starting from my grandfather to my father, wanted me to go for commerce in Class 12. I listened to them and ultimately opted for commerce. Also, I was more open to commerce as it involved some of my favourite subjects, including business, trade, accountancy and economics, and not math and science.”
Most of Vasal’s batchmates at Shri Ram College of Commerce took up chartered accountancy and he followed suit because of the “peer pressure” as he calls it. “I am not very sure if that was the right way to choose a career, but I am proud that I made the right choice.”
The challenges one faces as a CA involves keeping abreast of the latest developments taking place in the field almost on a daily basis, and then helping clients meet their business objectives, ensuring they comply with the law at all times. “Every day one has to take out time to make sure that one is reading and updating oneself. As a CA, one should be up-to-date with the regulations in one’s field. For instance, an auditor should be aware of what’s happening in auditing and company law. Similarly, a tax professional should be aware of the changes in the tax laws and court rulings,” advises Vasal.
In the 19 years he has worked, Vasal has completed a number of interesting assignments. The opportunity of representing India before global multinational corporations is very satisfying. “To initiate discussions with their top management and present not only the work that I and my organisation but also represent the country makes me realise there is for me a higher purpose in working for the country and society at large,” says Vasal. “Helping global companies identify and consider India as the preferred investment destination, attracting investments into the country and in turn helping create employment opportunities for the youth gives me immense satisfaction as a professional”, he adds.
One needs to clear two levels of exams in chartered accountancy - intermediate and final. The subjects one has to master in the course include auditing, accounting, company law, income taxes, indirect taxes, among others.
Preparing for CA makes you a well-rounded professional, even if you don’t want to do a job or practice and want to start your own business.
The level of knowledge that you develop while doing a CA helps cover every aspect of a business - should you want a career as an entrepreneur. For example, if you meet investors and you mention that you are a CA, their confidence in you goes up dramatically, says Vasal.
Vikas Vasal, currently partner and national head (tax markets) at KPMG in India, was, as a school student, asked by his principal to take up math and science but ended up studying commerce like his father and grandfather.