How to start a CA Practice
I am newly qualified CA. I completed my study from Delhi and after that came to Bangalore.
I am confused at this stage what to do, I mean practice or job?
I have decided to not to join any Company, but join a CA firm for practical exposure. I also visited to some CA Firms to join them but the knowledge of services which are provided by them are already gained by me during my articleship training.
I am not able to find any CA firm where I can get specialisation in particular area.
My area of interest is Project Finance, International Taxation, Real State.
Friends suggest me whether I should go for practice or job in CA firm.
And also tell me any CA firm where I can enhance practical exposure.
Please contact me on this number - 09891996120
The situation which you are facing is faced by every fresher Chartered Accountant. Even I faced same situation.
I started practice soon after qualifying. You can either choose a job or start your own practice. Both have different difficulties and advantages.
In job cashflow starts soon after month end, in practice you may have to strugle with cash flow and working capital requirements.
On Tikshare you can find many young chartered accountants who have cleared their exams recently and are in practice. We have lot of discussion and articles on how to get clients and marketing strategy.
Now coming to part whether you should start practice or job. Well, the areas that are of your interest requires huge practical and theoritical knowledge.
For example internation taxation or finance are not areas where young charetered accountants are prefered. Reason being that lot of practical issues are involved. Even I had same sort of interest but after starting firm I hardly have any client in international taxation or finance.
Thing is those who need consutlancy in international taxation are one who have big money to handle and generally prefer established firms.
It is adviced that you join job in a some CA firms which are established in these areas of your interest. Once you have some experiance and contacts you can think of starting your own firm.
However, you can start your own firm now itself and read lot books or articles to gain knowledge in the areas of your interest. But, initially you can expect versitile clients instead of one you specified.
I have written my experiance, you can go through that and understand what difficulties I faced while starting. You can expect same difficulties but feeling once you win the situation is incredible.
Please feel free to further comment and start more discussions to help others.
If you have a plan, analyse it and implement it. It is you who have to deecide what you should do!!!
If you want to start practice, go for it. But, before that make a backup place.
What If its does not succeed? How you will find clients? etc.
However situations now are not like 90s. You have many options to showcase your talent and get clients.
For me and many other professionals Tikshare is working like a charm. Just share your knowledge on Tikshare and those who find it helpful may contact you for professional services.
First of all , Congratulations Mr CA Ajay Mourya on your succesful completion of CA Examinations. By now, you would have realised passing the exams is just one milestone, growing in profession and planning your future is more crucial. I consider , you must be around 23+ and giving this small piece of advice.
First of all, kindly dont miss to attend the Campus Placement programme offered by the Institute. This is very important for you because it really tests your skills , knowledge, experience, your interview facing abilties so on and so forth. You may later decide to join a particular organisation.
Second, This is the beginning of your career. So never take decisions in haste. Everyone initially feel they are interested in something. Only later in their they will realise there real interests are something else. You are talking about issues like International taxation and real estate. One is a Direct tax related area and another is Indirect tax core area. So, practically its not an easy task to become expert in two big oceans like topics like these. Finance is another broad area which requires totally different set of skills.
Hence, i advice you to rethink on these lines. You may start your individual practice after working in some big audit firms. Try to get exposure to more on other than audit areas like VAT, ST , TDS, Project Report, ITR , ROC Filing , Preparation of Final accounts etc. This will immensely help you in your practice.
The Last but the best option is to get references in Big4s in the Direct or Indirect tax areas. Try and attend few interviews. Prepare well in advance and you have all good chances to work on your favourite areas with big clients.
Very well summarised by CA Vedanta. Hope it helps in your decision.
Thanks to Pulkit sir, Rahul sir and Vedanta sir. Suggestion given by you all is really useful for me.
Hi ajay please select discuss for your discussion. Articles is only for full length articles. Thank you and really thankful for your informative inputs.
Thank you to understand. You see we are a small community with useful discussions. Lets bring your friends too so that our community on Tikshare grows larger and we have a solid backup to our advices and we can gain from knowledge of each other.
One may refer the following:
@ CA Surendra sir
Article written by you is very useful for newly qualified chartered accountants who wants to go for practice.
Thanks sir !!!
Immediately after passing qualified CA/CS/CWAs should regularly refer newspapers, Institue journal and financial magazines like money, business world business today capital market etc. Read these magazines with your analytical power. These will update you within a short span of time about the prevalent economic conditions of the world and performance of companies. direct foreign investment in India