#CareerBytes: Want to become successful CA? Master these 5 skills
In India, Chartered Accountancy (CA) is one of the most respected professional courses. It is a three-level program offered by the Institute of Chartered Accountants of India (ICAI). CA is one of the most sought-after professions, thanks to the lucrative opportunities and salaries it offers. There are certain skills one should master to become a successful CA. Here are five such skills to master.
A Chartered Accountant is typically involved in budgeting, accounting, maintaining cash flows, and preparing income statements. So, in order to be successful, CA professionals should know how investments are recorded and possess a strong understanding of other relevant concepts, practices, and methodologies. Nowadays, there are a number of online courses in accounting that help in learning about maintaining records, preparing financial statements, factsheets, etc.
For CA professionals, mastering Microsoft Excel spreadsheet software is necessary. Apart from regular usage, they should know how to use Excel for analytics. They should also have knowledge of other Microsoft tools that can be used for formulas, calculating taxes, etc. Also, CAs should keep themselves in touch with and adopt the latest technologies relevant to their profession to be successful.
CAs should study analytics and investments for businesses, which include quantitative analysis, statistics, and data processing. They are required to possess strong analytical skills to achieve success. CAs deal with numbers a lot and it is crucial for them to have the ability to analyze those properly to make decisions based on those numbers. Calculations and analysis of data are also key to budgeting.
Good communication skills are a must for all professionals, including Chartered Accountants. They need to possess strong communication skills in order to communicate complex technical information and financial data in an easy-to-understand manner and effectively communicate with team members, seniors, clients, etc.
CAs are also required to have excellent commercial awareness to be successful. Being commercially aware is important as it helps them in having a good understanding of the business environment in which they or their clients are operating, industry trends, competition, and associated issues. Commercial awareness is also necessary for budget mapping as well as forecasting financial markets according to the changing environment.