Well, isn't it that almost all CA students sometime in their journey to become a CA has faced such a dilemma? Practice or Job? Our choice of firm for articleship depends on this one question! But seldom we get the answer. Let me try to solve the mystery for you.
1. Exposure - In job you get exposure only for a particular domain. Say, if you get into Assurance (Audit) department of any corporate, you will just be doing audit work. Nothing more! That too, if you get any particular industry (say manufacturing or healthcare), you will work in that only. That means you will specialize in one particular field. To grow from there is up to your own talent. Go for further specializations, certifications etc. to keep yourself update with the latest developments in your field and rise the corporate ladder with confidence and lot of perks. The exposure that corporate gives cannot be matched. They work for very high profile clients and therefore you get practical exposure to all things that you study in your curriculum (like IFRS, Derivative valuations, AS 30,31,32 etc.) Remember, that would be in particular field only and you will be totally cut off from other areas until of course you are very keen to update yourself of all the developments related to other domains as well. Trust me, it will require lot of hard work!
On the contrary in practice, you get exposed to various fields. Accounting, Taxation, Audit, Compliance, Legal etc. You keep yourself updated with various things. You apply bit of everything that you have studied. It is like jack of all trades. But, it is up to you. In case you want to specialize in particular field and provide your services to your clients,go for post qualification courses and do specialization.
2. Time & Money - If you want to go for job, try your best to at least qualify in first attempt, if not a rank holder. Companies pay more to those candidates who have qualified in one attempt. But, in case you have qualified in subsequent attempt then also do not lose heart! Unemployed CA is a myth and a hype! If you have strong knowledge, companies will come for you. Go for a big brand and profile of your choice for your first job. If you have to choose between package and profile, choose profile and brand name. It may be paying you less but the growth is more. That means subsequent jump in the package will be more as compared to a lesser known company. Jobs pay instantly. So it gives a sense of accomplishment that all your hard work has payed. Your growth depends on your hard work. If you are good, companies will pay you as per your demand.
On the other hand, money does not come easily in practice. It will require lot of hard work for initial few years. You have to put capital from your own pocket. Initially it's all expense. Don't get disheartened! Once you are well settled in your practice, money flows exponentially! Have patience and keep working!
3.Place - Your job may take you anywhere around the globe. You may settle in India (which will of course be metros) or somewhere else in the world. You may have to leave your parents behind (if they do not agree to leave their native place).
For practice, you have to settle at one place. If you have done your articleship from the same city where you want to set up your practice, it works to your advantage as you already have contacts. Your CA under whom you have done your articleship may help you in getting some assignments. If you are good at your work and have cordial relation with him, he may take you as a partner in his firm.That way, you not only get contacts but also big clientele. But if your place of articleship and practice is different, it will require some struggle to set your foot at new place. Hard work is the key!
4. Professionalism/Soft skills - It is said that one cannot succeed in professional and personal life if he lacks soft skills.Companies spend a lot of money on training to their employees on soft skills. That way, you enrich yourself without any extra cost, that too from very experienced and professional trainers! Whereas in practice you have to learn these aspects by yourself. It is required very much in practice. Liasoning, communication, problem solving ability etc are to name a few. Institute has also made it compulsory in Orientation and GMCS curriculum to provide training in soft skills. Just don't attend these classes for completing a course but make it a part of your personality. You will benefit a lot by applying them in your practical life, whether in job or in practice.
5.Boss vs Employee - This we all know! No matter how good a job is, still you are a servant of the company! You will have a boss. You will be answerable and responsible to someone else. You can't take decisions based on your sweet will. But in practice, you are the king! You are answerable to yourself for your own actions. You will be responsible for anything good or bad that may happen as a consequence of your action. You can take risk as per your own will! All decisions would be based on your judgement.You don't have to ask or convince anybody. The learning is remarkable! Each experience makes you a better professional!
6.Attitude - Last but the most important is your attitude. Do you have a mindset which favors being an employee or you are the one who is ready to take some more pain post qualification to set up his own practice? Can you work under somebody else and take others orders? If yes, you can go for job. If no, go for practice! Practice requires lot of confidence and struggle. Are you ready for that?
Some people suggest that they will work in corporate for some time, make contacts, generate funds and then will set up their practice. It is also a good option but remember, for that you have to stay at one place in your job and will require at least 10 years of corporate experience to accomplish that.It is so because, first of all, when you join a company, it is the entry level. It will require sometime to reach that position where you can actually make contacts. Also, it is difficult to save while you are in the job as one is habituated to an improved standards of living. As your income rises, so do your expenses! Savings do suffer! If you want to go for this option, plan accordingly!
Well, all said, the most important aspect is satisfaction. Go where you are get job satisfaction. You will definitely rise. Don't follow others blindly. Listen to your heart and then take the decisions.
I hope my article help in clearing a bit of air around job vs practice! If you have any other query, feel free o shoot it in the comment box. I promise I will reply!
On the other hand, money does not come easily in practice. It will require lot of hard work for initial few years. You have to put capital from your own pocket. Initially it's all expense. Don't get disheartened! Once you are well settled in your practice, money flows exponentially! Have patience and keep working!
3.Place - Your job may take you anywhere around the globe. You may settle in India (which will of course be metros) or somewhere else in the world. You may have to leave your parents behind (if they do not agree to leave their native place).
For practice, you have to settle at one place. If you have done your articleship from the same city where you want to set up your practice, it works to your advantage as you already have contacts. Your CA under whom you have done your articleship may help you in getting some assignments. If you are good at your work and have cordial relation with him, he may take you as a partner in his firm.That way, you not only get contacts but also big clientele. But if your place of articleship and practice is different, it will require some struggle to set your foot at new place. Hard work is the key!
4. Professionalism/Soft skills - It is said that one cannot succeed in professional and personal life if he lacks soft skills.Companies spend a lot of money on training to their employees on soft skills. That way, you enrich yourself without any extra cost, that too from very experienced and professional trainers! Whereas in practice you have to learn these aspects by yourself. It is required very much in practice. Liasoning, communication, problem solving ability etc are to name a few. Institute has also made it compulsory in Orientation and GMCS curriculum to provide training in soft skills. Just don't attend these classes for completing a course but make it a part of your personality. You will benefit a lot by applying them in your practical life, whether in job or in practice.
5.Boss vs Employee - This we all know! No matter how good a job is, still you are a servant of the company! You will have a boss. You will be answerable and responsible to someone else. You can't take decisions based on your sweet will. But in practice, you are the king! You are answerable to yourself for your own actions. You will be responsible for anything good or bad that may happen as a consequence of your action. You can take risk as per your own will! All decisions would be based on your judgement.You don't have to ask or convince anybody. The learning is remarkable! Each experience makes you a better professional!
6.Attitude - Last but the most important is your attitude. Do you have a mindset which favors being an employee or you are the one who is ready to take some more pain post qualification to set up his own practice? Can you work under somebody else and take others orders? If yes, you can go for job. If no, go for practice! Practice requires lot of confidence and struggle. Are you ready for that?
Some people suggest that they will work in corporate for some time, make contacts, generate funds and then will set up their practice. It is also a good option but remember, for that you have to stay at one place in your job and will require at least 10 years of corporate experience to accomplish that.It is so because, first of all, when you join a company, it is the entry level. It will require sometime to reach that position where you can actually make contacts. Also, it is difficult to save while you are in the job as one is habituated to an improved standards of living. As your income rises, so do your expenses! Savings do suffer! If you want to go for this option, plan accordingly!
Well, all said, the most important aspect is satisfaction. Go where you are get job satisfaction. You will definitely rise. Don't follow others blindly. Listen to your heart and then take the decisions.
I hope my article help in clearing a bit of air around job vs practice! If you have any other query, feel free o shoot it in the comment box. I promise I will reply!
Thanks for reading!
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Very pragmatic write up ! Keep it up!
ReplyDeleteThanks a lot Sir!
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