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3 non-conventional areas in which CAs can build thriving practices

  • Highlights

  • Opportunities for CAs in non-conventional areas

  • Bright prospects in business management consultancy

  • Great need in forensic accounting and fraud detection

  • Scope in enterprise resource management

Not too long ago, chartered accountants were primarily attached to audit and taxation-related services. However, a dynamic economy coupled with technological disruption has opened up opportunities in several non-conventional areas for CAs to build and thrive their practice. Read on to know the various non-conventional areas where CAs can establish themselves as thought leaders.

1. Business management consultancy

Having reached USD 11.5 billion in 2017, the Indian business consulting market is expected to cross USD 12 billion by 2018. With ICAI giving a green signal to CAs to set up their own management consultancy firms, opportunities galore for CAs to drive business growth for their clients by offering valuable inputs on a range of business-related issues encompassing revenue growth, accounting practices, and debt management among others.

Providing business management consultancy services requires a degree in management, the cost of which can go as high as Rs.25 lakh in India and Rs.50 lakh abroad. CAs can easily procure the funds for such courses from recognised institutions through specialised Personal Loans for Chartered Accountants. With pre-approved offers lined up for them, the process of taking loans has become simpler and quicker. All that needs to be done is share a few basic details and check your pre-approved offer.

2. Forensic accounting and fraud detection

With the PNB scam rocking the Indian financial sector, RBI data shows that the problem is much bigger and deeper. It has been found that state-run banks have incurred losses over USD 9.58 billion due to loan frauds over the last five FYs up to March 31, 2017.

With such frauds weakening the economy and bringing public institutions and businesses on the brink of collapse, it’s high time for CAs to hone their skills in forensic accounting and fraud detection. As a CA, you can go abroad to take the best course on forensic accounting and can fund the cost of this learning with a Personal Loan for Chartered Accountants. You could then expand your firm’s reach by providing consultancy in this specialised area of accounting for which you can use a Business Loan for Chartered Accountants that offers up to Rs.35 lakh to fund all your practice-related needs.

3. Enterprise risk management

Amid intense global competition, Indian firms are slowly embracing and re-visiting their corporate enterprise risk management (ERM) strategies. A cohesive process that allows firms to identify, assess, and respond to various economic, social, and political risks of doing business, ERM is still at a very nascent stage in India, which makes the field an untapped area for chartered accountants practicing in India.

CAs can advise the board members of an organisation about the prevailing risks in the social, political, and economic domain of conducting business by understanding their standpoint and their risk tolerance.

A growingly digital India presents a great scope for chartered accountants to grow and expand their services in the above-listed non-conventional areas in accounting. With the right approach and availability of funds, CAs leverage these opportunities with Bajaj Finserv Business Loan for Chartered Accountant (CA) and Personal Loans for Chartered Accountant (CA).

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