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 unconventional areas for CAs to thrive in their practice. Read on to know about non-conventional areas where CAs can establish themselves as thought leaders.
1. Business management consultancy
ICAI giving a green signal to CAs to set up their own management consultancy firms gave galore opportunities to CAs. The CAs could drive business growth for their clients, offering valuable inputs on a range of business-related issues. These issues encompass revenue growth, accounting practices, and debt management among others.
To provide business management consultancy services, you will require a degree in management. A management degree can cost as high as Rs. 25 lakh in India and Rs. 50 lakh abroad. CAs can easily procure funds for such courses from recognised institutions through personal loans for chartered accountants. With pre-approved offers lined up for them, the process of taking loans has become simpler and quicker. Just share a few basic details and check your pre-approved offer.
2. Forensic accounting and fraud detection
Frauds such as PNB scams weaken the economy and bring public institutions and businesses to the brink of collapse. It is 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 forensic accounting course. And fund your education with a personal loan for chartered accountants. You could then expand your firm’s reach by providing consultancy in this specialised area of accounting. To do so, you can use a loan for chartered accountants that offers up to Rs. 55 lakh to fund all your practice-related needs.
3. Enterprise risk management
Amid intense global competition, Indian firms move forward to embrace and re-visit their corporate enterprise risk management (ERM) strategies. These strategies allow firms to identify, assess, and respond to various economic, social, and political risks.
CAs can advise the board members of an organisation about the prevailing risks. These risks can be in the social, political, and economic domain of conducting business. CAs provide this advice by understanding the standpoint and risk tolerance of the organisation.
Today’s growing digital India presents great scope for chartered accountants to grow and expand their services in the above-listed non-conventional areas in accounting. You can check the loans for CAs from Bajaj Finance for help with the financing. With the right approach and availability of funds, CAs can thrive with the available opportunities.
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