ICAI CA Inter, Final exam results: Professional certifications offer a bounty of alternate opportunities

In essence, CA aspirants who embrace continuous learning and equip themselves with globally recognised certifications can achieve remarkable success in the international arena. Sripal Jain (CA, CPA), Co-Founder and Global Instructor at Simandhar Education, tells us
Sripal Jain (CA, CPA), Co-Founder and Global Instructor at Simandhar Education
Sripal Jain (CA, CPA), Co-Founder and Global Instructor at Simandhar Education(Pic: EdexLive Desk + Simandhar Education)

The Institute of Chartered Accountants of India (ICAI) - CA exam results are out!

Year after year, we see thousands of CA aspirants cultivate and nurture their dream of becoming Chartered Accountants. Out of all those aspirants, only a small percentage are able to overcome their struggles and achieve their dream.

With a passing rate in single digits, the notoriously difficult exam is known to shatter many aspirations. As per the Institute of Chartered Accountants of India (ICAI), in 2023, the student base for Chartered Accountancy hit 8.63 lakh, with just 3.96 lakh succeeding in becoming CAs.

For such CA aspirants, there are plenty of opportunities available to shine in the finance sector and continue their passion for accounting.

The answer is simple: professional certifications.

Professional certifications offer a multitude of benefits. By augmenting your knowledge and skill set, they empower you to work smarter, increase productivity, and elevate your professional standing. These advantages provide a competitive edge in the job market and open doors to higher earning potential.

Here are some certifications that can propel you towards global success:

1. US Certified Public Accountant (US CPA)

CPA is the way to go
CPA is the way to go(Pic: CPA)

This accounting credential is respected by employers globally. It signifies in-depth knowledge of financial analysis, tax preparation, auditing, and various accounting specialisations. It is divided into four exams, which can be completed within 9-12 months.

Licensed Certified Public Accountant (CPA) professionals have access to a wide range of career opportunities in various sectors, from public accounting firms to corporate accounting.

Additionally, pursuing a CPA certification after obtaining a CA qualification can also be transformative in an accounting professional’s career.

The combined knowledge, skills, and global recognition offered by both designations significantly enhance career prospects, earning potential, and professional versatility.

2. US Certified Management Accountant (CMA)

Heard of CMA?
Heard of CMA?(Pic: CMA)

This globally recognised advanced professional certification focuses on corporate finance and management accounting, measuring critical accounting and financial management skills. It is conducted in two parts, and it takes around six to nine months on average to finish this certification.

Graduates with a bachelor’s and two years of relevant experience can pursue the Cost And Management Accountant (CMA) certification.

However, any individual who has passed Class XII is eligible to take the exam. Upon achieving the CMA certification, professionals can qualify for job roles such as Finance Manager, Financial Analyst, Financial Controller, Cost Accountant, or Chief Financial Officer (CFO).

The CMA certification optimises the chance of landing their dream careers and grants expertise in skills such as industrial experience, financial modeling, and presentation skills, which are highly sought after in candidates. 

3. The Enrolled Agent (EA) certification

Let's do this
Let's do this(Pic: EdexLive Desk)

It is considered to be the highest credential in taxation, awarded by the Internal Revenue Service (IRS). An EA is a person who is authorised to represent their clients or individuals before the IRS.

Consisting of three exams, this certification can be completed within a period of six to eight months. To be eligible for the Special Enrollment Exam (SEE), candidates must be at least 18 years old and obtain a PTIN (Preparer Tax Identification Number).

The Bureau of Labor Statistics (BLS) projects 4% employment growth for tax preparers from 2019-2029, which aligns with the average growth rate for all occupations, indicating favorable job possibilities for EAs.

4. Now, let us look at the benefits of the certification 

Plus points
Plus points(Pic: EdexLive Desk)

Employers value certified professionals who can manage complex tasks, take on greater responsibilities, and demonstrate a commitment to professional development.

With the growing global demand for accounting professionals, candidates familiar with international accounting standards are highly sought after.

According to the Global Accounting Services Market Report (2021-2030) by Research and Markets, the global market for accounting services reached $544 billion in 2020 and is projected to reach $736 billion by 2025.

By acquiring globally recognised certifications, CA aspirants can upskill themselves to tackle complex financial challenges, ensuring they excel in a global marketplace that demands the highest levels of expertise and adaptability, swiftly climbing the corporate ladder.

These certifications enable professionals to position themselves with the largest multinational corporations (MNCs) like Deloitte, KPMG, Ernst & Young, and PwC