Now we all know that CA is a very competitive profession and students need to learn how to market themselves. Best 20 Business ideas for Chartered Accountants
At the same time, they need to make ends meet by working part-time or somehow continuing their education after completing their graduation. But there are lots of ways through which accountants can utilize their skills to make quick money. Following article will give you 20 such business ideas for chartered accountants.
Best 20 Business ideas for Chartered Accountants
1. Start your own practice:
This is perhaps the most obvious business idea that comes to your mind when you think of earning through the profession. But this doesn’t mean that it will be easy to maintain a clientele without any advertisement or marketing efforts.
So, if you can’t afford it, you can take the help of the internet and put your client’s details on networking sites like LinkedIn. If needed, you can also provide them with testimonials from other clients so that they know about your credibility. But never forget to update your social profiles regularly and keep a track of everything that is happening in this field.
2. Practice as an Indirect Tax consultant:
Now it is very well known that various goods and services attract different kinds of indirect taxes. Such businesses can be a great source for you to make quick money. And the best part about this job is that you will need not only CA skills but also knowledge about other related fields like finance, management, etc.
But make sure not to let your knowledge be confined only to the theoretical level and keep yourself updated by reading appropriate journals and magazines. You can also take a course in Indirect Taxation from a specialist institute.
3. Act as an Investment consultant:
Many CA students think that investing money is a very difficult task and they can’t manage to do it on their own. But trust me; if you know how to read the market and keep a track of trends then there is nothing that can stop you from making quick profits.
Not only this but taking part in various seminars and workshops related to the investment will also help you build knowledge about this field and decide what should be the best strategy to invest in.
4. Work as an Auditor:
If you are looking for a job which will help you make good use of your skills, then choosing this option is always better. No auditing, in itself, is a very broad concept and CA graduates should have enough knowledge about all its aspects before taking up a job.
But if you just want to start working with a reputed firm, then there is nothing wrong with it, because most of the experienced people in the field will tell you that only practical knowledge is more important when it comes to doing this job.
5. Work as an IT consultant:
Nowadays almost all businesses have an internet presence, and those who don’t have one are considered to be out of the competition. So, if you want to help such businesses and accountants by taking up a job as their IT consultant, then this is another good business idea for CA students.
6. Start your own practice as an insurance agent:
Insurance is another field where knowledge of CA can help you come up with unique ideas which will certainly benefit the people in need. Begin by joining any reputed insurance company as a trainee, and then move on to start your own business. You should know that for this job you need both theoretical knowledge about various insurance policies as well as good networking skills.
So, along with studying the basics of insurance, you should also try to attend various seminars and workshops related to this field.
7. Start an investment advisory business:
If you have good experience in managing investments then why not start your own business where you can advise customers for taking up a particular investment route. But make sure that you study the market first and then only take a decision. Also, you need to be well versed with taxation laws as everything that you advise will have tax implications.
8. Start your accounting firm:
This is one of those business ideas for CA students which can help them have a very successful career provided they work hard from day 1. You can choose to start your own CA firm or work under someone else. But you should have enough knowledge about this field before even thinking of taking up a job in any accounting firm.
9. Get into the teaching profession:
Many students think that pursuing CA after 12th is the only option for them because this was what they were originally planning to do. But if you want to make a good career for yourself and at the same time gain knowledge about this field, then what can be better than joining any reputed CA institute as a professor.
10. Work with Tax Research:
Tax research is yet another area that you can take up as your business idea if you have enough knowledge and experience about taxation laws. It is true that this subject can become very tedious and boring, but if you know how to present it in a simple manner then there is no stopping you from having a successful career as a tax researcher.
Business ideas for CA
11. Work as an author:
If you have written any good book related to taxation or something else, then you can certainly market it online and offline to gain maximum benefits out of it. You may not get immediate returns for all your hard work but if you continue working towards the goal, then surely someday you will watch yourself making a name in this field for yourself.
12. Work as an advisor:
Another good idea for CA students is to start their own advisory firm where they can suggest various types of financial products and policies according to the needs of their clients. If you have good communication skills, then there is nothing stopping you from having a successful career in this field.
13. Work with companies:
As we stated earlier that auditing is one of the most sought-after professions among CA students, and so if you can get a job in any reputed company which is into auditing then it will help you grow both as an individual and as a professional. But you should try your best to learn this subject properly so that the skill required for the job doesn’t go wasted.
14. Work in IT firms:
Yes, you can start your own IT company as a CA student if you have enough knowledge about this subject and know the right people. But remember that it will be too early for you to think of starting an IT firm as this is a very competitive field which requires years of hard work and patience as well. So, instead of taking this risk, you can always try your luck as a consultant first before thinking of starting a full-fledged IT company on your own.
15. Work in non-profits:
If you feel that joining any reputed organization working for the welfare of society is the best way to serve the people, then why not consider it as one of those business ideas for CA students? You can even work part-time as a social worker to earn some money and at the same time gain enough experience in this field.
16. Work in government:
This is yet another option that you should keep open if you have the proper knowledge and skills required to serve the people who are associated with the government. You can either start your own department or work under someone else. But you should definitely consider this field because you will be helping society in a much better way.
17. Start up your own business online:
There are various e-commerce portals that are growing at a very fast pace nowadays and you can even become part of one of them if your product is good and you know the right strategies to promote it properly.
18. Work as a consultant:
Many CA students who don’t wish to work under anyone until they get enough experience in the field, prefer this option of becoming a consultant and earning money without putting in too much effort and time. But keep in mind that this is not the right path if you are looking to start your own company in the future.
19. Work as an analyst:
If you have strong knowledge of finance and economics, then you can always opt for a job in any reputed organization where you will be working as an analyst. Along with studying CA, if you also enroll yourself for some high-profile exams related to finance and economics, then you can certainly get placed in any reputed organization.
20. Work as an assistant manager:
If you are looking for something very challenging but don’t want to experiment with your career at the same time, then you should definitely go for this option of becoming an assistant manager at any firm. You will be required to work very hard and put your best effort into every task assigned to you by the seniors.
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21. Work as a freelancer:
If your time is very limited and wants to earn some extra money, then this option of working as a freelancer might suit you better because, with this kind of work, you can easily manage your timings and give proper time to all those tasks.
These were some business ideas for CA students which you should consider if you are looking ahead in your career path. The list is not ending here because this subject is very vast and there are many more options available once you clear the exams of CA.
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Professional courses like CA and CMA involve a lot of hard work and are definitely not an easy task to achieve. But if in case you are still looking for some other business ideas for CA students or simply plan to solve your financial problems by investing money, then you should try using the online trading software which is available these days.
Just keep in mind that you will have to invest a certain minimum amount as the software charges a small amount from its users. But it is definitely worth trying because if you start making profits, then you can reinvest it to earn even more money.
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