Chartered Accountancy

Samir Mahajan | Partner | Surinder Mahajan & Associate

What is Chartered Accountancy?

There are many nuances of a Career in Chartered Accountancy. Understanding Why one wants to choose a Career in Chartered Accountancy is phenomenally more important than figuring out How to get into Chartered Accountancy. It is best to learn about Chartered Accountancy from a real professional, this is akin to getting it from the horse's mouth.

Partner Samir Mahajan has worked in Chartered Accountancy for 12 years. According to Partner Samir Mahajan, Chartered Accountancy is:

Chartered Accountants offer financial advice, audit accounts and provide trustworthy information about financial records. This might involve financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and insolvency, or accounting systems and processes.

How Partner Samir Mahajan got into Chartered Accountancy?

After doing my schooling from Jalandhar, I did my B com from Punjab University and then did my CA from ICAI, Delhi. I worked with Infosys Technologies, Bangalore as a part of Corporate Finance Team and Price Waterhouse Coopers with International Tax Team. I am working as a partner in Surinder Mahajan & Associates.

Partner Samir Mahajan's Talk on Chartered Accountancy

The Journey of a Chartered Accountant: Sameer Mahajan's Insights on a Dynamic Profession Chartered Accountancy is a vital profession that encompasses a wide range of financial responsibilities and consultations. In this illuminating article, we dive deep into the world of Chartered Accountancy through the eyes of Sameer Mahajan, an experienced Chartered Accountant. With a career that spans several prestigious firms and personal consultancy practices, Sameer shares his journey, including the education required, the skills needed, the challenges faced, and a typical day in his life. For anyone considering this path, his insights offer a well-rounded perspective of what it means to be a Chartered Accountant in today’s evolving financial landscape. What Is Chartered Accountancy? Chartered Accountancy is a professional designation that entails a thorough understanding of financial principles, including auditing, taxation, and advisory services. Practitioners in this field conduct statutory and internal audits, calculate taxes for businesses and individuals, and offer consultation on financial reporting and management. Sameer Mahajan emphasizes that Chartered Accountants are indispensable for financial discipline in any business, especially with the constant economic changes and legislative reforms. The profession not only requires expertise in numbers but also demands that accountants adapt quickly to regulatory changes and provide strategic insights for clients. Education Accounting A robust foundation in accounting is essential for any aspiring Chartered Accountant. Sameer Mahajan notes that this field involves accurately recording all transactions that companies, firms, and individuals undertake throughout the year. A strong understanding of these principles allows Chartered Accountants to provide precise financial statements that underpin critical business decisions and compliance requirements. Direct & Indirect Tax Understanding both direct and indirect taxes is a cornerstone of Chartered Accountancy. Direct taxes, such as income tax, are levied on individuals based on their earnings, while indirect taxes, such as Goods and Services Tax (GST), impact transactions between businesses. Sameer highlights that being adept in these areas not only facilitates compliance for clients but also enables them to optimize their tax liabilities, showcasing the significance of tax knowledge in the profession. Economics & Business Studies Economics and business studies play a critical role in the education of Chartered Accountants. These subjects provide an analytical framework that helps professionals grasp the intricacies of business environments, enabling them to advise clients effectively. Sameer emphasizes that understanding these principles allows Chartered Accountants to offer well-rounded solutions that encompass not just numbers, but also operational strategies that improve overall business performance. Mathematics A fundamental knowledge of mathematics is crucial for those entering the Chartered Accountancy profession. Sameer points out that a significant portion of the work revolves around numerical analysis and financial calculations. Thus, a thorough grasp of mathematical concepts and formulas is vital for aspiring Chartered Accountants, as it forms the bedrock of tax calculation and financial management. Skills Analytical Analytical skills are paramount for Chartered Accountants, as they must assess complex financial situations and determine the most appropriate accounting treatments or legal positions. Sameer Mahajan underscores the importance of being able to not only understand the relevant laws but also to apply them to specific business scenarios. This skill is essential for problem-solving and providing sound financial advice to clients. Number Crunching In the realm of Chartered Accountancy, a love for numbers is indispensable. Sameer insists that being proficient in number crunching is crucial since the profession is heavily focused on financial analysis and record-keeping. Those who thrive in this environment are often driven by their passion for working with numbers and enjoy the complexities of financial data. Good Communication Communication skills play a vital role in the success of a Chartered Accountant. As Sameer explains, professionals in this field often represent their clients to various tax authorities and must articulate their points clearly and effectively. The ability to convey complex financial concepts in a straightforward manner is essential for building trust and rapport with clients. Time Management Time management is another key skill that Sameer advocates for aspiring Chartered Accountants. Given the tight deadlines associated with tax filings and financial report submissions, it is crucial for professionals to prioritize their tasks efficiently. This involves creating lists, delegating duties when possible, and ensuring that all assignments are completed on time to maintain client satisfaction and compliance. Positives Part Of Change Being a Chartered Accountant allows professionals to be at the forefront of financial change, especially in a rapidly evolving economy. Sameer emphasizes that they play a crucial role in implementing new laws and regulations, such as GST, thus making them integral to the progress of the country’s financial environment. This aspect of the profession can be incredibly rewarding, as it allows accountants to contribute directly to significant changes. Indispensable Sameer highlights that Chartered Accountants are vital to any business's success. Their expertise in financial discipline and regulatory compliance means that businesses can thrive while adhering to the law. Companies often rely on Chartered Accountants not just for compliance but also for strategic advice that drives success. Knowledge of All Industries A notable advantage of pursuing Chartered Accountancy is the breadth of industry knowledge one acquires. Sameer explains that the training encompasses various types of businesses and industries, allowing professionals to understand diverse operational challenges. This wide-ranging knowledge equips Chartered Accountants to advise a multitude of clients effectively. Networking Networking forms a crucial part of the Chartered Accountancy journey. As Sameer points out, professionals regularly interact with clients, regulators, and other industry experts. This creates numerous opportunities to build relationships and partnerships that can enhance professional growth and business opportunities. Challenges Work Life Balance One of the prevailing challenges in the Chartered Accountancy field is maintaining a healthy work-life balance. Sameer acknowledges that the profession often demands long hours and strict adherence to deadlines, particularly during peak periods such as tax season. While many find fulfillment in their work, these pressures can lead to a compromised personal life. Updated with Laws The need for continual education and staying updated with the ever-changing laws and regulations is another significant challenge. Sameer emphasizes that daily notifications and updates require Chartered Accountants to be proactive in their learning. Those who do not enjoy constant reading or staying abreast of legislative changes may find this aspect of the profession daunting. A Day Of Chartered Accountant A day in the life of Sameer Mahajan begins early, as he aims to maximize productivity. He arrives at the office by 9 AM, where he outlines his tasks for the day and delegates appropriately to his staff. His routine often includes visits to tax offices, meetings with clients to discuss their financial matters, and returning to the office for lunch and administrative follow-ups. Ultimately, he balances his professional commitments with time spent networking and enjoying personal connections in the evening, demonstrating how a structured day can lead to both professional success and personal satisfaction. In conclusion, the profession of Chartered Accountancy offers a fulfilling yet demanding career path with the power to influence currencies of entire businesses and economies. As exemplified by Sameer Mahajan, those who embrace this role find themselves at the intersection of financial discipline, strategic advising, and continuous learning. This dynamic profession, while challenging, holds tremendous value in fostering the economic health of organizations and societies alike.

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How to get into

Chartered Accountancy?

If you are want to get into Chartered Accountancy, start by investing in a Career Plan.

The 14 hour process, guided by a LifePage Career Advisor, will help you introspect and check whether your interest in Chartered Accountancy is merely an infatuation or is it truly something you wish to do for the rest of your life.

Next, your Career Advisor will help you document how you can get into Chartered Accountancy, what education and skills you need to succeed in Chartered Accountancy, and what positives and challenges you will face in Chartered Accountancy.

Finally, you will get a Career Plan stating which Courses, Certifications, Trainings and other Items you need to do in the next 7 years to become world’s best in Chartered Accountancy.

LifePage Career Plan

14 hour personalized guidance program

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LifePage Plan will not stop at saying "to become an Architect study Architecture". It will guide you on which Certifications, Trainings and Other items you need to do along with your Architecture education to become the world's best Architect.

Links for this Talk

Partner Samir Mahajan's LifePage:

[LifePage]
https://www.lifepage.in/page/samirmahajan

LifePage Career Talk on Chartered Accountancy

[Career]
https://www.lifepage.in/careers/chartered-accountancy-3

[Full Talk]
https://lifepage.app.link/20170821-0001

[Trailer]
https://www.youtube.com/watch?v=x5snFwZdcP4

(Chartered Accountancy, Samir Mahajan, Surinder Mahajan & Associate, Accounts, Finance, Accounts Management, Chartered Accountant, Taxes)

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