Future of a Chartered Accountant
The role of a chartered accountant is evolving continuously and there is an expectation to accept new and more challenging responsibilities in a dynamic global environment. Prafulla P Chhajed, ex-president of The Institute of Chartered Accountants of (ICAI) said “The future of CA profession depends on being flexible and open to innovation”
The world is engrossed in automation and artificial intelligence. Therefore, professional accountants need to imbibe technical knowledge with digital skills and emotional intelligence. ICAI (Institute of Chartered Accountants of India) is committed to support, fund, and take up research on issues that have a local and global impact.
There is a gap between expected and attained professional skills that a CA have and this is the major challenge for students aspiring for a successful career in the industry. Sector-wise specialization, ability to adapt to accounting and taxation reforms, and digitalization are other challenges that need immediate attention with respect to the CA job industry in India as highlighted by Mr. Chhajed.
Technology is constantly evolving and transformational. It is impacting the accounting and assurance practice. Knowledge of existing and emerging digital technologies such as artificial intelligence, blockchain, robotics, automation, big data is becoming essential for the new-age accountants. Leveraging professional opportunities in the digital era will require more focus on the analytical and advisory roles by using technology as a tool.
CA professionals need to understand industry trends and take proper steps for better compliance and decision-making. The expectations from CAs are continuously increasing to match the economic and technological changes. CA are expected to go beyond their conventional role and deliver as a complete business solution provider. Hence, students need to continuously upgrade their skillsets to have a successful career.