Could not clear CA exam? Some fulfilling careers options in finance & accounting

Accounting has long been a backbone of India’s financial services, with Chartered Accountants (CAs) playing an important role in everything from bookkeeping to financial management. However, the path to becoming a CA in India is extremely challenging, with a pass rate of less than 15%. This leaves many aspiring accountants disheartened and trapped in the vicious circle of reappearing for the exam year on year.
Interestingly, the global demand for qualified accountants is on the rise, particularly in the United States, where a significant percentage of the accounting workforce is set to retire, creating a critical shortage. This gap has led many multinational corporations (MNCs) and large firms to seek skilled accounting professionals from India, further boosted by the country’s robust financial outsourcing sector.
This scenario presents a unique opportunity for Indian students. While the CA qualification remains prestigious, alternative global certifications like ACCA, US CPA, US CMA, and IFRS are gaining momentum. These certifications are increasingly becoming prerequisites for working in Big Four accounting firms and multinational corporations. Not only do they open doors to high-paying and diverse roles, but they also position students for success in an evolving finance and accounting sector. As a result, these certifications offer a viable and lucrative path for those looking to build a successful accounting career beyond the traditional CA route.
It’s a good opportunity for the Indian students to explore these qualifications and apply for job roles that bridge the gap that exists in the employment opportunities globally and a skilled workforce.
Regarded as one of the prestigious certifications in accounting and finance industry, US CPA offers extensive career opportunities, high earning potential and professional recognition to accounting professionals both in India and US. CPA is administered by the US-based National Association of State Boards of Accountancy (NASBA) and is widely accepted by companies in over 180 countries, including India. Indian CPAs are equipped to manage profiles in corporate governance, international financial accounting and many other roles in the financial service industry. Big 4 firms in India often recruit US CPAs for audit, tax, and advisory services. The starting salary package is INR 5-7 lakh per annum.
US CMA is a sought-after professional certification in the field of financial management and management accounting. It involves skills like financial analysis, planning, and strategy and makes it suitable for students interested in management roles. The US CMA qualification is recognised in over 170 countries. In India, the job opportunities range from general accountants to top leadership roles such as CFOs. The starting salary package is INR 4-6 lakh per annum.
One of the most widely accepted accounting qualifications, ACCA is recognised in about 180 countries including India. ACCAs are widely accepted in consulting jobs, advisory firms, the public and corporate sector, in addition to people starting their own tax practice. They are skilled professionals who can work in multiple roles like treasurers, auditors, financial analysts, risk managers, forensic accounting, etc. ACCAs are in high demand in India due to their skillset and expertise and can apply for positions in all major multinational companies and in Big 4s. The starting salary of an ACCA in India can range between INR 4-6 lakh per annum, but as they gain experience and hone their skillset further, the package offerings can be much higher.
International Financial Reporting Standards (IFRS) are globally recognised accounting standards developed by the International Accounting Standards Board (IASB). The course is intended to bring consistency, transparency, and proficiency to account disclosures around the world. Developing specialised skills in IFRS makes IFRS professionals a needed player on the global business stage. One also stands to gain a deeper knowledge and understanding of international accounting standards. In India, the starting salary package for an IFRS professional is INR 6-7 lakh.
In addition to traditional accountancy roles with government, corporates or individually in the global market, one can explore job opportunities such as Forensic Accounting that allows one to investigate financial fraud, embezzlement, and other financial crimes; Tax Accounting that specialises in tax planning, compliance, and preparation for individuals, businesses, and organisations; Management Accounting that provides financial analysis, cost management, and decision support to help organisations improve performance and profitability; Financial Planning and Analysis (FP&A) which analyses financial data, creating forecasts, and providing strategic financial insights to support decision-making within organizations. Further, as Statutory & Internal Audit professionals, one can conduct independent assessments of an organisation’s internal controls, risk management processes, and governance practices to ensure compliance and efficiency.
In addition to the above roles, Teaching Finance courses at colleges/universities, and conducting research, and contributing to the academic community. One can even start their own practice and provide advisory services to clients on various accounting, and business-related issues, such as mergers and acquisitions, financial restructuring, and process improvement.
While Chartered Accountants has long been a benchmark for accounting profession, the evolving need of the economies world over has paved way for diverse professional qualifications such as US CPA, US CMA, UK ACCA, & IFRS that offer tailored services to customers globally. The qualifications offer a diverse career, a competitive edge, and open many doors to fulfilling careers in finance and accounting.
(Author Pankaj Dhingra is CA, US CPA, Managing Partner, Co- Founder, FinTram Global LLP. Views expressed are personal.)