With thousands of CA students qualifying and joining the workforce every six months, how does one differentiate themselves in this competitive market?
In a scenario where the Job market and Naukri portals are filled with CVs of CAs, how can one beat this race?
In this dynamic field of financial world, how can you carve a niche skill for yourself and ensure your career growth?
Not only companies, but also individuals face competition. Hope you remember Darwin’s law of evolution– “Survival of the fittest.”
Companies throughout the world face competition. Competition from peers’ products, competition from substitute products, competition from foreign companies, etc. Companies, in order to ensure survival, need to constantly innovate and stay ahead of the curve. That is the only way of growth as well as survival.
By innovating, companies create a niche for themselves and try to explore this advantage until others start copying and replicating their success. By which time they need to again move ahead and bring about newer innovations.
Do you think this game is any different for individual professionals in the field of finance?
Similar to companies, Finance Professionals also face competition from fellow finance professionals and other field experts. So, how can they innovate to ensure survival as well as growth?
Like companies innovate for survival and growth, finance professionals need to stay relevant with changing time to ensure survival and growth.
Finance is a dynamic field and finance professionals need to always keep learning. Every year changes in the tax laws requires finance professionals to learn the changes to be able to provide valuable advice to individual taxpayers, corporations in tax planning and even to plan their taxes.
The recent most introduction of Goods and Service Tax and the constant changes in its procedures required the finance professionals to keep learning and updating themselves all the time. Being updated with the current development and changes helps one to identify unexplored opportunities and untapped markets. Like GST, there is another significant change in the finance field. However, like GST, this one is not yet fully explored.
This development has more importance for companies, employees, CA professionals and students. This is Ind AS, the new accounting principles adopted by India in 2015. These are converged from International Financial Reporting Standards – IFRS and mandatorily adopted by all Indian companies with a net worth of Rs. 250 crores and more.
Although it’s been four years since its adoption, yet only a handful of finance professionals have acquired any formal qualification to portray themselves as IFRS qualified. The demand for IFRS is on the rise and will increase significantly once companies realize that the current set of professionals are not well-equipped to handle the nuances of reporting and compliances.
Corporates cannot bank on external consultants for long to handle all their Ind AS compliance, because that would be cost ineffective and result in talent pool not getting created in-house. Corporates have started to train their in-house finance team in IFRS / Ind AS to enable them to handle their roles in the organization effectively.
If your organization is not amongst these forward-thinking organizations, what should you do? Should you wait for a day when that happens or worse a day when a replacement is considered?
Learning the latest development of the relevant field is the responsibility, nay, personal responsibility of everyone so that not only can he/she add value to his organization but also keep progressing in career.
Benefits of Learning IFRS
1.Globally recognized qualification
2.More than 120 countries mandate or permit reporting based on IFRS
3.India is moving toward the IFRS-way with the first big step of adopting Ind AS (which are nothing but converged IFRS)
4.Finance professionals with IFRS qualification has more demand across industries and geographies
Currently, not many professionals are keen on learning IFRS, but it will be only a matter of time that everyone realizes that “IFRS is not a luxury, but it has already become a necessity.”
However, those who are able to keep themselves relevant with changing time will find themselves ahead of the curve and get the benefits of early movers. That’s the way you can carve a niche skill for your growth.
Stay ahead of the curve and carve a niche skill for your growth
Finance First, ConTeTra’s service vertical is devoted to providing solution to corporates in the field of finance as well as skill-up their finance team for long term benefits.
Our next batch for Diploma in IFRS begins on 3rd August 2019.
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