Common Proficiency Course (CPC) / Common Proficiency Test (CPT)

About the Course:

CPT is an entry level test for Chartered Accountancy Course. Student after passing class 10th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto. Students can appear in the CPT after appearing in the senior secondary (10+2) examination conducted by an examining body constituted by law in India or an examination recognised by the Central Government as equivalent thereto. Students after registration to the course are required to complete specified period (i.e. 60 days) from the date of registration to as on the first day of the month in which examination is to be held, i.e., students registered on or before 1st April/1st October will be eligible to appear in June/ December examination, as the case may be. Students who are Graduates/ Post Graduates with prescribed percentage marks or its equivalent grade in the examination conducted by any recognized University (including Open University) or Intermediate level examination passed students of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India are exempted from passing CPT. Such students on fulfilling the requirements can register directly to Intermediate (IPC) course.

Intermediate (Integrated Professional Competence) Course :

This is the first stage of the chartered accountancy curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered, while at the Final course, advanced application knowledge of core and allied subjects to accountancy profession has been intended to be inculcated. The unique feature of the entire theoretical education of the Chartered Accountancy curriculum is the supportive and complementary practical training. A student would undergo theoretical education and three years of practical training after compulsorily during the course of chartered accountancy. This balanced approach will help the students to appreciate the underlying practical applications of the theoretical education scheme. 

Career in Chartered Accountancy

Introduction

Chartered accountancy is the core of all business, be it big or small. A chartered accountant’s work involves auditing, taxation, accounting and financial planning. It can be a very challenging and rewarding job.

Career prospects after doing chartered accountancy are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management.

The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centres.

Step-by-Step

The qualifications for becoming a CA have changed over the years. Initially — and that was decades ago — one could think of becoming a CA only after finishing graduation and a candidate had to undergo five years of articleship training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations to appear for the Foundation Course of the CA programme. In October 2001, ICAI introduced PE-1 and PE-2 system of examinations in place of the Foundation and the Intermediate examinations. However, in 2006, ICAI revamped the system and launched CPT, IPCC and FC.

The unique feature of the chartered accountancy is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.

• Common Proficiency Test (CPT)CPT is an entry level test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.
• Integrated Professional Competence Course (IPCC)This is first stage of CA curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered. The subjects of IPCC are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology and audit.
• CA Final CA Final covers advanced application knowledge of core subjects like financial reporting, strategic financial management, advanced management accounting, advanced auditing and professional ethics and information systems control and audit. In addition, principles of e-governance, corporate and allied laws, international taxation and VAT are important features of the updated subject contents.
• Articleship  The students after passing Group I of IPCC will register for Articleship for a period of three years with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.

Start Early

In today’s cut throat competitive world, it is advisable that a student starts planning right after class 10. For chartered accountancy, a student can register with the Board of Studies and prepare for entry level test while pursuing 10+2. It is better to take mathematics at this level. Students of commerce stream definitely have an advantage while pursuing this career. The latest scheme of CA is designed to encourage young talented students having aptitude for accounting education to make an early entry into the profession.

Is it the Right Career for Me?

It is generally believed that only students of commerce should pursue CA course. However, CA being a very practical course, the students from science and arts streams can equally benefit and make a successful career. Students of science and arts stream have to make extra efforts in order to understand some complex accounting nuances and have to get basic knowledge of various management topics. But it can be easily concluded that students of science and arts streams can be successful CAs, if they are ready to toil.

What would it Cost Me?

Unlike other professional courses, the fee for becoming a CA is very less, which is inclusive of the cost of study material. For registering with IPPC you have to shell out Rs 9000 while the fee for CPT is Rs 6700.

Funding/Scholarship

There is not much scope for any scholarships while pursuing chartered accountancy.

Job Prospects

On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA. A member wishing to practice in India or abroad needs to obtain a Certificate of Practice from the ICAI, the yearly fee of which is Rs. 400. Once the membership is taken, the practicing member cannot work in any other business or occupation without taking permission from the council; they are only permitted to work in areas as specified in the CA regulations. More information on enrolment or the examinations can be requested from the Institute's offices or the Headquarters at Indraprastha, New Delhi or the Board of Studies, C1 - Sector 1, Noida - 201301.

Pay Packet

For CA Inter: Generally candidates holding CA inter-qualification are paid somewhere between Rs 7,500 and 15,000 depending on the type of firm. Payments can be higher for candidates possessing other qualifications such as MCom or an MBA. On the other hand starting salaries can be as little as Rs 4,500 to 5,000 in some small towns of the country. 
For CA Final (FCA): Starting salaries range between Rs 12,000 to 30,000 depending on the type of firm and nature of the economy. 
A full fledged CA can expect a salary between Rs 30,000 to 75,000 after serving a stint of more than 5 years at a top firm.

Demand and Supply

It can be easily concluded that the country needs about 7,500 to 10,000 fresh CAs every year seeing the growth of Indian economy in the last 5 years.

Market Watch

Chartered Accountants have been one of the most sought after professionals in India. Much of the reputation of CAs is due to the fact that their rigorous training (both theoretical and practical) makes them practically jack of all trades as far as the domain of finance is concerned. In spite of the sea change in global trade systems and practices, the requirement of CAs has remained steady. 
The demand for CAs has been growing between 10% to 15% over the past 3 – 4 years. The demand however depends on the state of the economy and there is direct bearing on the demand of CAs when the economy is in downtrend. But the statutory clause for mandatory appointment of CAs provides substantial cushion support to the CA fraternity as compared to other comparable peers.

International Focus

The qualification of CA is globally recognized hence industry outlook for CAs is bright indeed. Much recognition for CA degree is due to the fact that the CA course has been able to keep pace with changes in industry scenario. Several new modules and topics have not only been incorporated into the CA course but have been very effectively implemented to give increasing more power to the CA degree. In spite of the fact that several top-notch B-schools (including IIMs) have produced some of the most brilliant B-school grads, it is noteworthy that CAs has been able to retain their prominence in present world order.

Positives/Negatives

+ves

• The job is highly paying.
• CAs command tremendous respect in the organisations and society.

-ves

• It can be a stressful job as the responsibilities are enormous and there is no scope for any errors.
• Regular update of knowledge is a must otherwise it may lead to stagnation in career.

Different Roles, Different Names

A Chartered Accountant’s work area has become so wide and involves so many activities that sometimes a CA is perceived as almost an enigma. A CA can start career with auditing activities, which is the basic work area of a CA. From here a more fulfilling career in finance can be pursed after getting enough exposure of intricacies of finance. As an investment consultant and as a fund manager a CA can play the role of a top decision maker. CAs also work in project management and consultancy services.

Top Companies/Verticals

Following are the areas where CAs find an opportunity:

• Banks (Both private and public)
• Public Limited Companies (mandatory for the purpose of law)
• Auditing Firms (such as KPMG, Price Waterhouse, etc.)
• Finance Companies, Mutual Funds, Portfolio Management Companies, Investment Houses, Stock Broking Firms
• Legal firms, Legal houses, Patent Firms, attorneys, Trade Mark and Copyright Registers

Tips for Getting Hired

• Accounting is a precision oriented job. Pay attention to how you dress, speak and conduct yourself in company. These also add a personal charisma which helps in maintaining good relations with peers and clients.
• You need to understand the business world. It is also important that you show this understanding. Start looking at the bigger picture in terms of company numbers. This business acumen is a prerequisite for a CA.
• Leadership and analytical skills are vital to a chartered accountant. Besides these, work on your communication skills both oral and written.
• Be prepared to work long and hard when needed especially in the taxation months.
• Maintain high ethical standards
  .

Which course is better MBA or CA after B.com?

“CAs today face top challenges from MBAs who are good at communication skills know finance and economy better.”  -Kumar Mangalam Birla, Chairman, Aditya Birla Group.

While this comment might be his personal opinion, the truth is that there is a definitive need to answer this confusion about the better options among MBA and CA. The article intends to do the same.

Commerce is a versatile field, holding multiple career opportunities for those who have a taste for numbers, calculations and managing finances. A career in commerce is also attractive in terms of the monetary rewards it carries, which is quite the obvious reason why students choose to make their career in this field. Statistics speak on their own. BCom (honours) is the most sought-after courses in Delhi University and consequently the most competitive also. A percentage less than 90% in 12^th boards has very bleak chances of making up to the cut-off and if you want a seat in one of the colleges of North Campus, then anything less than 95% is less than enough. Once you secure a seat and pass through all the rigors of the course with flying colours, you are faced with the quintessential confusion of either going for a job or pursuing higher studies. Now if you chose the latter, another conundrum that is bound to crop up is whether seeking a MBA degree will be more rewarding or pursuing CA would be more fruitful.  Here is a head to head to comparison between the two.

The ABCD of CA

As industry and TRADE is growing, so is the need for chartered accountants to manage their growing business.   The Institute of Chartered Accountants in India is the authoritative body in India which runs chartered accountancy courses in the country. Commerce graduates with at least 50% passing marks are eligible to register for the Integrated Professional Competence Course. After passing through the course, candidates are required to register as articled clerks for admission to final course of Chartered Accountant. It approximately takes 5 years to complete the course including the practical training.

The ABCD of MBA  

Master of Business Administration is the new shining passport to a flying career start in India. The management degree comes in various flavours. While most of the colleges offer Post Graduate Diploma in Management, there are others that offer an equivalent Masters of Business Administration. Most of the colleges have to be approved by AICTE and UGC, although there are exceptions to the rule like Indian School of Business which offers an MBA-equivalent PGDM accredited by  Association to Advance Collegiate Schools of Business, (AACSB), a worldwide agency to accredit international business schools. The course is of two year duration and minimum eligibility requirements include 50% passing marks in graduation from any field.

Which is better; MBA or CA?

Now coming back to the original question, deciding the better between a MBA and a CA is like comparing a one day match with test match. Both have their own relevance, yet one is more popular, has more rewards and is more sought after by the public. Both CA and MBA are an integral part of the company, as both have different duties to perform. As such there should no competition whatsoever amongst the two. However, the fact is as a CA you will be look after the finance and accounts department and can expect to rise to the ranks of CFO of the company, while on the other hand an MBA can expect to raise a notch higher to the position of CEO of the same company.

You are completely within your rights to ask why this preference to MBA. The answer is:

MBAs are better at communication skills, the courses are better designed to understand the global economic scenario and they are trained to be a visionary and leader right from the very start of their course. MBAs are exposed to various aspects of the business and hence are better equipped to take decisions that matter to the future direction of the company. While MBAs take a bird’s eye view of the organization CAs are trained to have a look on the eyes of the fish and this is the precise reason MBAs make better CEOs than CAs.   Therefore, for the time being, the grass is greener on the side of MBAs as compared to CAs, who still make for a good and respectable profession.

Does Chartered Accountant (CA) articleship count as experience?

Written by Sameer Kamat

Though IT software engineers still dominate the Indian MBA applicant pool, chartered accountants (CA) seem to have developed a fancy for the international MBA degree. We’ve been getting an increasing number of admission assistance requests and general queries from chartered accountants.

With their quantitative background and client focussed roles (FINANCIAL audit, tax advisory, due diligence, corporate finance exposure), many already have a good understanding of how businesses work. However, many of them are curious and concerned to know whether their 3-year CA articleship with be considered as pre-MBA experience by Admission Committee officers.

We look at why this is a relevant question with a non-intuitive answer.

In order to get our non-CA friends on the same wavelength and to sort out the modalities (which will form the foundation to understand how Adcoms will perceive it), let’s quickly cover what happens in a CA articleship.

What is Chartered Accountant articleship?

Articleship is a 3-year practical training phase that allows students to work on real assignments for real employers (mostly Chartered Accountant firms). There are a few pre-requisites (exams, orientation programme, training) that a CA student should meet before starting the articleship.

During the articleship period, the ‘article’ receives a stipend. There are norms defined by the Institute of Chartered Accountants in India (ICAI) based on which the stipend ranges from Rs 750 to Rs 15,000 per month.
Why Chartered Accountant articleship is different from regular internships?

There are two things that make the articleship different from regular internships in other fields (such as engineering and management degrees) – Tenure and Responsibilities.

Unlike the 3-month summer internships that engineering and management students are used to, the 3-year mandatory period for articleship is far more tedious, intense and phaadu. Ask anyone who’s gone through the experience and set aside a few hours to hear the stories roll.

They take on more responsibilities than (short-term) interns in most other fields. They may pick up specialised insights and experience in complex topics (indirect tax is one such convoluted area) that may make them more knowledgeable than the Partner (owner of the CA firm) that they work for.

Chartered Accountants, specially those who complete their articleship with the smaller CA firms, tend to get paid peanuts and yet slog their butt off more than regular employees. Why? Because their future is at stake here, and the interning organisation knows this. Unless they get the nod from their interning organisation, they aren’t eligible to get the degree.

Add to it the fact that the passing percentage rate for the CA exam hovers at a ridiculous.

What’s the passing percentage for Chartered Accountants?

In the Chartered Accountants Intermediate (IPC) examination conducted this year, under 12% of the 63,871 candidates cleared the exam.

Among the pool of 1.24 lakh candidates who tackled the Group 1 test, 19.44% cleared it.

The pass rate in the Group 2 test (with 1.12 lakh candidates) was 14.83%.

Most CA students clear it in multiple attempts.

So all ye non-CA folks, when you hear a friend or colleague tell you that she has cleared the CA exams in the first attempt, give her a bow and a huge helping of respect.

Now, let’s move to the part of how MBA programs view this experience.

Does Chartered Accountant (CA) articleship count as experience?

For most bschools, the pre-MBA experience that gets counted starts from the day you join a firm after getting your gradation degree till matriculation (i.e. start of the MBA program). So when you see the average work experience being mentioned (as 5 years), that’s how it needs to be interpreted. Of course, you’d be applying a year before joining, so you’d have around 4 years at the time of applying. But all of that would be after you’ve got your earlier degree.

Technically, an intern is still a student working towards a degree. So, apart from working full-time in the articleship there are also academic obligations and exams to take care of.

Some schools like ISB are pretty clear about the fact that articleship experience is not counted as work experience.

But in most cases, bschools don’t clearly mention about their stand on this, probably because it isn’t a global FAQ that deserves air-time (unless an Indian applicant brings this up during a chat session or MBA event).

In some forum responses, you’ll find (confusing?) responses saying the articleship experience may be considered if you apply as a BCom grad, but not if you apply as a CA.

So if you are a Chartered Accountant, the general assumption to go by is that articleship experience is not likely to be considered as pre-MBA experience. However, if you’ve gone beyond the call of duty and gained skills and accomplishments that put you in a different league, you may get brownie points for it to differentiate yourself from the mass of desi applicants.

Considering that most international bschools are tight-lipeed about it, if you are uncertain about how specific schools will evaluate your MBA application, send across a note to the admissions team and explain your specific situation (CA completed? BCom completed, CA in progress/given up etc). Understand what’s applicable to your specific case and then take a call rather than make a blanket assumption and lose out on the opportunity.

Irrespective of the articleship, if you are keen to go abroad for an MBA, you’d be better off finishing the CA degree, working with an organisation for 2-3 years and then applying. The profile would hopefully look significantly better. If you are worried about time running out, you could still target 1 year MBA programs where the overall age and experience standards are different.

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MBA vs. CPA: Battle of the Business Designations

I’m headed into my last year of my undergraduate and so I’m starting to be faced with what I should be doing after I graduate. Since I started my business degree in 2010 I’ve known that I will be pursuing a designation greater than my B.Comm. I’ve always seen the Chartered Accountant (CA) designation as fantastic and a great way to further my career. I’ve seen what it has done for my mom and I’ve been very adamant about following in her footsteps. However, with the recent change in the accounting designation in Canada I’m a little unsure as to what it means for me. So I’m looking at either the CPA (which is the new accounting designation, or an MBA (Master’s in Business Association).

The beautiful University of Alberta Campus!

Right now I’m leaning towards the CPA, here’s why:

1. You need two years of work experience before you can start pursing an MBA. With the CPA I will be able to start a few months after graduation. I’m not one to wait around – if I see opportunity I take it and I’ve always been about furthering my career as fast as I can!
2. CPA is more specialized. Everyone and their dog gets an MBA today and while it can be useful I personally don’t think getting an MBA two years out of school does much for you. Every one I’ve spoken with says that an MBA is only useful if you have specialized knowledge beforehand such as an Engineering or Geology degree. No one wants a generalist, if you have a general undergraduate degree and you get a general master’s degree are you really that much more valuable? Likely no.
3. MBA on top of a business degree doesn’t make sense. I already have what I believe to be a strong business education (thanks U of A!), and most of the MBA courses are just undergraduate courses with a different number in the front. Accounting 414 (I’ll likely mark for this class this year) is the identical class to Accounting 614. As I said above, an MBA really makes sense if you have a strong technical background (engineering and geology) and you need general business knowledge. Have your B.Sc or B.A. not sure an MBA will provide the same advantage.

There is a gross misunderstanding that people can walk into their MBA, obtain it and walk out making over 100K a year. In a lot of cases that may very well be true, but again you need to have relevant,specialized work experience and strong technical skills when it comes to operations. You need to different, have something that no one else has. While I could definitely fast-track the MBA program because of my background in business (1 year), and the CPA program is two full years, I just don’t think it makes sense for me. I want to stand out in my career and that’s why I’m leaning towards a tax specialization.  I think new grads need to be careful when picking a designation to pursue. There are so many but if you get the one that everybody has, it’s value diminishes. Ideally, I’ll get my accounting designation (CPA), perhaps look at a finance designation (CFA) and eventually look at personal finance (CFP) and bankruptcy (CIRP).

MBA vs CA: Which is better?

vic asked, what do u think of chartered accountant career in terms of rewards it carry? kindly suggest

This is what I answered: CA is a good and rewarding career although, like in medicine, building a practice from scratch takes time. Of course, there is the option of working for someone else -- CAs are in demand in the industry like never before.

KPOs, equity analysis and accounting firms employ a lot of CAs at very good salaries. But remember, it can be a very boring profession if you don't like working with numbers. So don't make a choice based only on the job potential!

Half-a-dozen readers sent in angry emails saying that Chartered Accountancy was a great profession -- and that I was projecting a wrong picture. That no profession can be termed as 'boring'.

Well, I'm afraid I can't be politically correct and will go out on a limb to say that CA -- despite being a respectable profession with great career prospects -- has lost out to the MBA. And, like it or not, this trend will only grow stronger.

The ABCD of CA

Ask most engineers why they did a BE and they'll tell you: "That's what all bright students who opt for science do... unless they want to do medicine."

The situation is something similar with CA. "That's what all bright commerce students do... unless they want to do MBA." Of course, the situation is a bit different. Even those doing the CA may eventually top it off with an MBA.

The difference between the CA and MBA is a bit like the difference between a five day test match and one day cricket. Acquiring a CA takes a lot of plodding and perseverance; at the end of the day, a result may prove inconclusive.

The MBA, like one day cricket, is quick, glamorous and performers get faster recognition as stars.

Okay, let's not stretch it. One day or five day -- in both cases, the players hold a bat and throw a ball. In case of CA and MBA, there is a difference. Both may join the same companies, but their job profiles would be completely distinct.

This is not to say that one job is 'superior' to the other. But the fact is that, starting as a CA, you can expect to climb up the ladder upto the CFO position. While an MBA's career path could -- in theory -- lead upto CEO. There are notable exceptions such as Deepak Parekh of HDFC, but, generally, this holds true.

Why MBAs are preferred

The reason is simple: being CEO is about vision and leadership. This would require you -- at times -- to take a leap of faith, even when the numbers are against you. For example, you diversify into a new area of business. This may mean INVESTING a lot of money, literally burning cash in the initial phase. It may look very bad on the balance sheet for a while, but there is a gameplan and eventually it pays off.

MBAs are exposed to all aspects of the business -- their role is to take a bird's eye view of the organisation. On the other hand, CAs are trained to look at the eye of the fish. And they do a damn good job of it.

But should a CA decide to throw down his accounting and auditing arrow and don a different hat, it is not easy. The mobility into general management and consulting that comes with an MBA from a premier institute is missing for CAs. Even though the CA has battled equally hard; a rank holder in particular would be one among several thousand aspirants.

Overall, it appears that MBAs score when it comes to communication skills, presentation and customer orientation. The 'soft skills' so crucial for success in today's corporate world.

The bottomline is that certain jobs are purely in the CA domain: Statutory & Regulatory compliance, Consolidations, Taxation, International Accounting (GAAP), Internal Audit, Systems Audit, Transaction Advisory -- to name a few.

Other profiles are available to both CA s and MBAs: MIS, Budgeting forecasting, Business Planning, Equity Research, Treasury, Investment Banking, Mergers and Acquisitions, Portfolio management, FUND management, Sector Analysis.

However, these are diversified roles. Many employers prefer to hire MBAs from premier institutes for these roles, as it is felt they are more equipped to provide insight and analysis.

Does a CA + MBA combination provide an extra edge? Well, it never hurts to have a double degree but there's no sure fire formula to become a finance whizkid. An engineer + MBA or a B Com with a degree from a top 10 institute stands an equal chance!

So, how do you decide?

Reasons to do a CA include:

1. Dad owns a CA firm, it makes sense to join the business

2. Professional qualification chahiye. CA is a good one -- nothing stops you from doing an MBA later.

3. You genuinely like accounting. It's what you've always dreamt of doing in life.

As few 17 or 18 year olds know what they want in life, Reason 3 is rare. But Reasons 1 and 2 are perfectly valid.

If lucky, you may find that you enjoy the subjects and become an excellent CA. If not so lucky but smart, you may not like what you study but still become a competent CA. If neither smart nor lucky, you will probably remain a frustrated 'trying to clear my CA' student.

The perception is that the CA success story is 'all or nothing'. Either you clear the exam  -- rather, three different exams -- or you get left behind. Whereas, in the case of an MBA, while only a few make it to the top 10 institutes, there is always the hope of the next 10 and then the next 10.

However, things are changing on that front. In a recent interview, T N Manoharan, president of the Institute of Chartered Accountants of India, stated the pass percentage has risen dramatically in recent years. 'Gone are the days when the pass rates were 2-3 percent. Now, if you consider both groups at the final level, these are at 15-20 percent. In a single group, it is often as high as 30 percent,' he said.

What's more, 83 percent of the 7,445 candidates who passed out in 2005 were absorbed by industries. Out of a total number of 1.3 lakh CA professionals, 10,000 are settled abroad. Of the rest, 55,000 were employed in industries, and the rest were practitioners. ICAI believes there is a requirement of 40,000 more CA professionals in the country.

In fact, it does appear that ICAI has woken up and taken the challenge posed by the 'lure of the MBA' seriously. Anew syllabus will be launched this year, and the duration of the course condensed to four years.

That's still two years more than an MBA though!

ICAI is also undertaking MARKETING itself aggressively. For example, by screening films at schools 'to sensitise teachers, students and parents to the importance of the profession.'

Most importantly, ICAI has started offering 'campus placements.' Not only is this great for newly certified students, it's a good revenue earner for the institute. Like premier MBA institutes, ICAI charges recruiting companies -- Rs 1.2 lakhs is the going rate for  'Day 1' at the Mumbai and New Delhi centres.

Top recruiters during the February/ March interviews were Progeon (which offered 163 jobs), Gecis (160), Tata Sons (68) and Reliance Industries (63). The average salary would be Rs 4 lakhs while the highest salary offered was Rs 12 lakh per annum.

But it didn't make headline news, unlike IIM salaries...

The basic problem

ICAI can shout itself hoarse over the great new career opportunities a CA degree brings -- and rightly so. But it is impossible to fight the MBA. At best, it can hope to attract some of the very bright students who become CAs first and MBAs later. 

The very nature of the profession -- exacting, detailed and dealing with numbers will put off many students. And there is nothing that anyone can do about it.

That is all I meant when I made my original statement -- that CA can be a boring profession. That does not imply that all those who become CAs are either bored -- or boring.

But just like you can't become a doctor if you faint at the sight of blood, you can't become a CA if you are unable to make sense of numbers. Realising this simple truth would save many young people a lot of wasted time

LLB vs MBA

I am a practising company secretary interested in doing an additional course to enhance my career prospects. I am not sure whether I should go for MBA or do a course in law. I have heard that LLB is a good option but I am not in a position to do the course full-time. Can you suggest a solution?

Aravind Unnikrishnan

You have to first make up your mind which career path you prefer. If the legal profession fascinates you, go in for it as your knowledge and skills as a company secretary combine well with law. A part-time law degree would no doubt enhance your legal knowledge and add value, but this option may not be very attractive in your case.

In the alternative, if you are passionate about business management, you can definitely look at it as a leveraging course to scale greater heights as a management consultant or a corporate manager.

Considering various aspects, I would suggest that you can do an Executive MBA programme from a progressive B-school on a part-time basis. This would ensure that your current earnings are protected and you have a wider career option on completion of the course. In my view, specialising in MBA (Finance) will help you have a rewarding career. Needless to say, your choice of an appropriate B-school with good track record is important.