Scope of CA as a Career in Mumbai

Finance/Commerce is never going out of fashion. It is one of the mandatory sectors not only for bigger organizations but also for every individual. 

Just like every individual needs to manage his/her finances, bigger companies and even the government needs similar financial management, albeit on a different scale.

Becoming a CA sure would open new avenues and better opportunities for you going in the future as is the case in the present.

The demand for the profession of CA is increasing exponentially all over the world.

CAs are required for a multitude of tasks that would help not only companies but people, communities, firms, etc. in achieving their strategic and financial goals.

Chartered Accountants are required in many fields including government and private organizations and businesses. These companies are happily ready to pay lucrative pay packages to the talented and expert CAs.

If you are looking forward to making a bright future and a dazzling career in the field of Chartered Accountancy in Mumbai, then let us dive a little deeper to know more about the career opportunities, future as a CA professional, salary, scope of the CA field in Mumbai, type of jobs, and much more, to help you make a well-informed and better decision for yourself in this field.

What is the salary of a Chartered Accountant in Mumbai?

The city of Mumbai is replete with plenty of lucrative job opportunities for a chartered accountant profession. 

As a fresher in this industry, however, you might wonder how to set your foot on the right note and even be engulfed with doubts about your salary. But fret not! 

The field of CA has plenty of scopes and mind-blowing career opportunities with amazing pay scales. Just so you know, the pay scale range of a CA in Mumbai is anywhere between 7-9 Lacs per annum for a fresher.

But you must also bear in mind that the salaries might vary from person to person and company to company. There are actually many factors impacting your salary as a CA in Mumbai. The fact that you can work as a CA not only in Government but the private sector as well leads to varying salary packages. 

Also, other factors that impact your salary as a CA in Mumbai are your job location, type and nature of your job, as in what department you would be handling or working with, the industry you are working with, or even your overall experience as a CA.

The more experience, the better the salary packages. You rest assured on the salary and package front, as this field definitely yields better increments over time in your tenure as a CA.

What is the starting salary for a Chartered Accountant in Mumbai?

Talking about the starting salary of a Chartered Accountant in Mumbai ranges anywhere between 7-10 lacs per annum. 

Clearing the CA exams is a tough nut to crack.

Your brilliance, your skills, your experience, your interest in the field, your wittiness, your choice of field, your choice of specialization, your job location, nature of your job, etc, are some of the most important factors that would essentially determine your salary package as CA in Mumbai. 

The more you are capable of handling tough cases and are replete with the knowledge that is required to make a great career and help companies, organizations of any size, people or individuals succeed, the more you would be able to make a figure as a CA in Mumbai.

Does CA have scope in future?

India is a growing economy. In the past few years, India has seen the rise of so many start-ups, new organizations, growth of the economy, etc. which itself leads to the rise in the demand for CAs across the country.

Every organization, small or big, is obligated to appoint a CA to handle their financial process and manage it for them. And thus, with the increasing number of organizations in India, the scope of CA in Mumbai has also increased significantly over the past few years.

Also, as a CA you are not restricted to just organizations. You can, in fact, have your own agency, or can have opportunities as an entrepreneur, or can work with various government agencies, or Private firms and individuals.

Considering the fast-paced modifications in practices that various industries are undergoing, and the rise of technology, many organizations are demanding a more specific group of skill sets in this field that would help their organization have stable and growing finances.

Also, all these critical changes in the Industry operations lead to high scope and demand for CA professionals.

As a CA, there would be nothing to worry about, as the opportunities are plenty with lucrative pay scales being offered by many industries.

Scope of CA in the Government Agencies

Acquiring jobs at higher posts in Government Agencies is certainly possible for a CA with higher financial management, auditing and accounting skills. Experts with such skill sets are always in demand in higher ranks in government agencies. 

Now, talking about the roles and job responsibilities of a CA in the government sector, here is a list of the same, to give you a more general idea as to what roles you would be playing as a CA in the Government sector:

• Financial reporters
• Auditors
• Advisors
• Strategists
• Specialists in Indian Revenue Services
• Enforcement Directorate
• Specialists in Public sector banks
• Specialists in Regional Rural banks
• CA in the Ministry

Scope of CA Abroad

CA as a profession is widely recognised in various countries abroad as well. In recent years, there has been a great surge in the demand for CAs abroad as well. For example, if you are working as a CA with the central banks, or MNCs, you have tremendous opportunities to travel abroad. 

Also, as a CA working in the Mergers and Acquisitions segment, am required to travel frequently. 

As a CA you can also demand for working under the Indian Operations Abroad or as the Indian counterpart in other countries.

However, if you are willing to work abroad as a CA, you need to be aware that the specializations required, or the skill sets required and the scope of CA differs with every country in that you would be willing to work as a CA.

All in all, there is tremendous scope for CA not only in India but abroad as well. You simply need to acquire the right skill sets and field knowledge in order to fulfill your wishes to work abroad as a CA.

Is CA in high demand in Mumbai?

Mumbai is often called the city of dreams, where eve individual comes to fulfil his/her dream of becoming successful in whichever career they choose. 

And being a CA would just be the cherry on top, as CAs are required everywhere in every possible industry. Everybody needs to look after their finances in the best possible way. Everybody wants to increase or multiply their wealth with the guidance of an expert who will help them have a peaceful journey in making their fortunes. And CA is the person who would perfectly assist them in this journey of theirs.

Thus, as a CA, with your expert skill sets and knowledge of the domain, you would always be in high demand in a highly developed city like Mumbai. 

The demand for a CA would always be on high with the growing number of companies, expansions, individuals becoming wealthy, 

Which field is best for CA?

Again, it entirely depends upon which field your interest lies in and your expertise in that particular field. With some exceptional knowledge, skill sets and interest, you can easily make a great career as a CA.

Investment banking is certainly one of the most popular sectors in this field owing to the increasing investment opportunities in our country and even abroad.

Many organizations demand CAs with expertise in Financial management, auditing, accounting, taxation, insurance, etc. as well.

What job will I get after CA?

There are a ton of job opportunities and sectors in which you can work as a CA. It entirely depends upon your personal interest and willingness to pursue your dreams in one particular sector in the field of CA.

Here are a few good jobs that you can take up once you complete your CA:

• Internal Auditor
• Financial reporter
• Advisor in Mergers and Acquisition
• Advisor in financial planning
• Financial strategist
• Goods and Service Tax Specialist 
• Taxation for organizations and individuals
• Financial management of start-ups
• Government finance advisor
• Accountant
• Wealth management 
• Insurance management
• Investment banking

And much more!

Remember, whichever sector you choose in this field, you need to have lots of interest in the same and should be willing to pursue it with all your heart to give it your best and emerge successful no matter which field you choose. 

Future of CA after 10 years

With the significant rise of the Indian Economy, expansion of organizations, and globalization, the future scope of CA is increasing proportionally.

CAs are in great demand right now and would be in the coming years as well. Talking about 10 years down the line, CAs would find new horizons when it comes to various departments which are simultaneously expanding as well. 

The growth of various industries and organizations and the growing need for more financial governance in the private and government sectors would keep the demand higher for highly skilled and expert CA professionals.

If you wish to pursue your career as an expert CA (that is, become a member of the prestigious ICAI – Institute of Chartered Accountants of India) and crack the CA exams with more confidence and ease, you must take your consultation and guidance of the expert faculty at Wisdom Academy to help you achieve your goals.