"Life will be set once you become a CA" - was a candy offered to majority of us while we pursued this coveted title of being a Chartered Accountant. But how will it be set? Well, there is no magic wand available once you become a CA. Reality strikes once you enter a professional life and you are left wondering, if this is really what we wanted to end up doing? Cherry on the cake is when we believe that role of a CA is limited to only traditional areas of work like auditing, taxation, and accounting.
In my view, the problem lies in we not being clear on below three critical aspects:
Desired daily life (especially weekends)
Desired job profile
Knowledge upgradation
Let us take a detailed look at 10 major aspects to be considered while planning for your successful CA career - remember this is your future, while the CA course is your past!
Desired daily life - In my eyes, this is the most important factor to be considered. Do you intend to work on weekends, do you wish to work for over 12 hours on daily basis? These are few questions that you need to ask yourself, as it will go a long way in determining your happiness at the workplace. There is no point in resenting later, in other words, you should know what you're getting into.
Based on my survey results, over 80% prefer to work only on weekdays.
Desired profile - Without doubt most of us are overwhelmed and fascinated by job roles like Investment Banker, Trader, Investment Manager etc. To be fair, who would not want a job with hefty pay checks and bonuses, social standing, business travels etc.
I am a firm believer of the saying 'one shoe will not fit every foot'. Just because your cousin or your best friend or your mentor has excelled in their respective role, it doesn't guarantee excellence for you too. CA as a course is well-diversified across subjects, and you should take a call on the job profile based on your interests. For sure, you should look for guidance, but do not become a sheep and follow the herd.
Know-how of available profiles - Long gone are those days when a CA was only hired to perform accounting, auditing, or taxation roles. With growing automation and advancement in technology, firms have started to look beyond traditional skills. Also, you should not forget that you have an expertise in finance, which is a big domain. With right skills and acumen, there is no dearth of roles apart from the traditional ones.
Based on my survey, less than 12% believe that roles are Investment Management, Financial Advisory, Treasury, Product Management or Equity Research is available for CAs.
Identify knowledge gaps - There is no denying that some of your desired job profiles might require additional skills, knowledge base or experience. Hence, it becomes imperative to diligently conduct a knowledge gap analysis. Two quick ways to determine it could be looking up the skills section within JDs (job description) of desired profiles or seek guidance from your seniors, peers working in these fields. In this era, companies are increasingly looking for candidates with desired skills rather than just educational qualifications.
Upskilling - Passing CA final examinations should not be considered as the end of your educational career. The journey of knowledge upgradation should not stop. Rather, one should look to marry their desired job profiles with their missing skills. With increasing availability of internet and growth of online courses, there is practically no limit to the skills that you can acquire. There is no shame in not knowing something, but it is certainly a point of worry when you decide not to upskill yourself. It all depends on one thing - your intent to get there!
Industry/brand value - 'We are not here to hire for the role of Investment Banking' - I clearly remember this opening remark from a job drive conducted by my first employer. The company is one of the most prominent names in IB industry and naturally, getting in here was on the to-do-list for most of us.
Without doubt there is a big value attached to the connected industry or brand you are employed with - for you never know how this might impact even your marriage discussions! Nevertheless, industry/brand value is important but again it should not come at the cost of selecting a profile which is redundant or not helping you reach your goals. A classic example for this is startups, who may have lower brand value than industry stalwarts but they often score high in terms of employee satisfaction.
Based on my survey results, over 65% respondents prefer industries like Investment Banking, Consultancy (audit, tax, accounting) and FMCG. Meanwhile, only 6% prefer startups despite equally rewarding pay checks.
Money trap - By far the biggest trap and greed in this world is that of money. Many fall into this trap by choosing profiles which may pay you well in the short-term but ultimately takes away a lot more from your career in the long-term.
Imagine being in a profile for over 2-3 yeas with a good pay. Slowly, due to monotonous nature of the very job or lack of growth or internal politics, you wish to change. But here's the catch, unfortunately most recruiters pay and hire based on relevant experience and hence - job switch becomes very difficult. You will soon start feeling suffocated inside a trap which is very difficult to get out of. This will in turn impact your productivity and result in daily resentment.
Based on my survey results, over 60% employees are working for more than 48 hours a week.
Exit option - Thinking about the exit option before entering any new role is a sign of maturity. Always try to figure out what you get out of this role and whether this is something that can help you advance your career. Everyone may not be an MBA but that doesn't mean you can't make your way up the ladder. Many firms prefer internal candidates for new vacancies if the acumen is there - reason being such employees are already in the system and culture, so there is a lower need on employee trainings and take advantage of a steep learning curve on existing infrastructure. At times, you may even enter a role to simply acquire skills that lead you to your destination or enter a new industry altogether.
In this era of instant notifications, there is no secret that employees can easily get bored and are instead continuously looking for new challenges.
Employee reviews - Before booking a hotel or ordering a food or making online purchase, we always look up for customer reviews to ensure good quality and service. If we can spend so much time in analyzing such ultra-short term needs, I am sure we can spend much more time in reading employee reviews of the prospective company - after all, it's a matter of our career. There are multiple online forums and social media platforms that can help get a sense of what's in store for you. In fact, there is no harm in reaching out to existing/past employees and know their employee experience. If you are confident enough, you may also try to understand the reasons for former employee exits in your incoming role.
Mentor - In my eyes, having an experienced and reliable mentor is worth a lot. Remember, your mentors would always be in a better place than your friends, to guide you in your career. I have first-hand experience of such mentors who have helped transform my career with their valuable advice.
Disclaimer: Purpose is not to proclaim myself as a career coach. Intention is to simply help out the needy based on my learnings. Also, this is not meant to be a promotion for any industry or job profile, any reference is purely incidental to my experiences and survey results.