Everyday heroes
Growing up, we dream of a variety of careers, with occupations such as doctor or pilot capturing young minds with ease. Regardless of what we dream about in childhood, the hero factor and the spirit of adventure are constant. What almost nobody dreams of at an early age is becoming a Chartered Accountant. It is not hard to see why – accounting is a very technical subject and more importantly, the CAs of the world are not frontline professionals whom we see toiling away for the betterment of the world. Obviously, this is due to the secretive nature of their work, where non-disclosure agreements are a part of their daily work-life. Because of this, many of us know nothing about the nature of the work they do.
The evolution of book-keeping
Quite simply, a chartered accountant can freely practice under a firm, providing a range of accountancy and tax services to clients, which include business advice, management consultancy, audit and taxation. Although corporations hire CAs for the same aforementioned skills, their work transcends from book-keeping alone to day-to-day operations management and financial decision-making, enabling them to take up positions such as fund managers or financial directors.
Although we term what accountants do for a living as “book-keeping” at times, accounting has long since parted ways with actual books and ledgers. Instead those have been replaced with computer terminals and databases. While the software codes might be developed by IT professionals, it is the task of CAs working in the fields of IT to oversee the results and shape the software to be developed.
Hero factor
That childhood dream of helping the troubled and delivering justice is still very much possible to be made real by a CA, by delving into the world of forensic accounting. Investigations into commercial fraud, personal injury cases and civil cases often require the testimony of expert witnesses in accountancy. Large firms often have specialized departments in litigation support composed of qualified corporate accountants. Remember, even a notorious gangster like Al Capone was brought down by accountants who discovered his tax evasion and allowed the authorities to launch an investigation.
Down the road
Sometimes, chartered accountants in management positions in an organization are put in charge of acquiring funds rather than just keeping track of where it came from and went. This is the world of corporate financing, which involves securing finance for company mergers, acquisitions, management buy-ins and buy-outs and capital reconstructions. A job in corporate finance requires skills in negotiation with finance providers, lawyers, researchers and other key professionals. Therefore the person is responsible for determining the course of an entire organization and forms the core of its leadership.
So in short, someone who decides to become a chartered accountant has a lot of options open to him or her. From becoming essentially a freelance practitioner under a firm, to the structure of a 9 to 5 workday as manager or director of a firm, to becoming a leader who shapes the business world through finance, while having the option of becoming even a detective of sorts - the world is wide open for chartered accountants. Not to mention, studying for the CA exams grants one unique insights into the internal workings of a business which is essential to be a successful entrepreneur, of which we have a great example right here in Bangladesh. Our Planning Minister AHM Mustafa, for example, is also the President and CEO of the Bangladeshi conglomerate Lotus Kamal Group, and an FCA.
The big decision
As a reader, at this point you might be thinking if becoming a CA is a suitable career choice in our country. On the topic of advising young professionals who might be interested to enter the sector of chartered accountancy, A F Nesaruddin, a partner of Hoda Vasi Chowdhury & Co., one of the oldest and leading Chartered Accountant and business services firms) says, “I would like to say that the youth must enter this sector as it has a huge gap in it. For those who do choose to enter it, they should definitely do so if they want to have an independent profession and a dignified life. Along with that, they should also have a well-thought out plan to come into this sector. I feel that they should face no problems henceforth.”
For students who think that successful chartered accountants are strictly from the domain of Finance and Accounting, nothing could be further from the truth. Although they do enjoy slight advantages, if one puts in the necessary efforts to study, it is very much possible to enrol and pass CA courses and certification regardless of the prior discipline studied. All it takes is a focused mind and a passion to deliver the required results.
While heroic or adventurous career paths will always charm us, we cannot deny the sacrifices those careers require in terms of losing time to spend with family, leisure or having a proper schedule. CA might not seem as glamorous as some childhood dreams at first, but everyday heroes are the ones who contribute the most to the betterment of the human race, are they not?
S.M. Tahmid is an Intern, Content Writing at GradInsights, the career intelligence service of GradConnect. Nakibul Hoq is the Lead Manager, Content & Analytics, GradInsights. More articles from the team can be found at www.grad-insights.com.
Comments