“What to choose? What not to choose?”
This question rings abuzz in the minds of many Gen-Z students who aspire of pursuing a flourishing career and making it big in their professional lives. This has been a significant deviation from students belonging to the previous generation (read, our parents) where career opportunities were comparatively limited, and as a result, they chose the safer options which provided them job security and an assured stream of fixed monetary benefits.
But today, as the corporate world evolves into a dynamic and globalized shell; with multiple newer career options finding their way in – students have an array of interesting career options to choose from. Regarding accounting and taxation, as the mechanisms increasingly evolve into a more automated and digitized form, students now have a multitude of options to choose from.
Career Opportunities in Accounting
Considered the backbone of every business entity, accounting is a key role needed in every industry to sustain itself well enough. Simply put, accounting is summarizing all the economic activities of a business entity and forwarding this summarized information to its various stakeholders, within and outside of the entity.
One of the most respected professions in the corporate world, professional accountants are certified as Chartered Accountants (CA) in India and Certified Public Accountants (CPA) in numerous other countries. Roles within the accounting field can vary level-wise, with demand increasing in companies given the recent boom in business volumes.
Preparation & presentation of financial statements, financial budgeting, and compliance with appropriate Financial Reporting Framework (FRF), numerous tax compliances, and providing consultancy on a wide range of financial issues – all come under the ambit of accounting. Using automated accounting ERP systems such as SAP serves the complex accounting needs of larger organizations.
SAP – A Revolution in the Field of Accounting & Obtaining its Certification
With an increasing number of organizations implementing SAP as their preferred mode for ERP and business accounting, accountants having sound and advanced knowledge of SAP are in great demand amongst organizations to handle their complex accounting transactions. Professionals employed in SAP accounting roles are paid handsomely and thus possess great opportunities to benefit from the accounting industry.
For a fresher, it is advisable to commence work in the banking, manufacturing, supply chain management, or similar fields to gain some hands-on experience in SAP since many established organizations look for professionals having the minimum required experience. SAP Certification can then be acquired by passing an examination conducted by SAP AG, a leader in the field of Enterprise Resources Planning (ERP).
An SAP certification is required if one wants to pursue a career in the field of SAP consultancy, with placing a primary focus on two technical aspects – Functional and Technical. The technical side is more focused on programming and module customization, with opportunities in project management with SAP modules, business analysis, planning workflow, and optimum utilization of industry solutions. A background in computer science and programming/developer experience shall be more helpful in this case.
Whereas the functional side is all about SAP modules used for business roles, such as Human Resources (HR), Financial Controls, Production Controls, Sales & Distribution, Quality Management, Materials Management, Plant Maintenance, Warehousing, and many others.
Career Opportunities in Taxation
One of the very few careers where communication skills are as equally paramount as technical skills, Taxation is one of the few special career fields that bring new challenges every second day. Tax professionals are considered the pillars of the economy who know the nitty-gritty of tax laws and devise innovative ways to help individuals and organizations save money.
Taxation is also not just about number-crunching, having a deep understanding of the law and keeping up with the ever-changing laws is also imminent when it comes to excelling in this sub-field. To put forward a perspective, the implementation of GST back in 2017 created a demand for 1.3 million GST professionals alone.
Taxation allows the liberty for a professional to explore any field, ranging from entertainment to construction, from non-profits & start-ups to consumer retail. Apart from working across diverse industries, a tax professional can also choose to practice independently as an entrepreneur with various clients, thus amassing vast experience and knowledge in due process.
A successful career in taxation entails a well-paying monetary package, constant growth, a plethora of working environments to choose from, and an intellectually challenging field that keeps evolving with each passing day. Specialization can also be obtained to establish a successful career in practice; for example, the GST Practitioner Training and Certification Course helps professionals to specialize in GST and related litigations.
Today, the global industry demands a human pool of combined talent – tax professionals possessing expertise with in-depth tax knowledge of Indian Taxation and also the capability to collaborate & think strategically for seamless coordination of international projects. A perfect blend of a sound knowledge of Indian Taxation laws, as well as cross-border implications of International Taxation & Transfer Pricing laws; is in huge demand amongst corporate entities seeking to employ a well-qualified tax professional.
Litigation – An Emerging Professional Path
Apart from conventional return filing and other compliance work, tax litigation promises a well-rounded career that is the least competitive but offers the best rewards. With an analytical mind, tax litigation practice is an area of law that engages one’s creativity and also demands a lot of intellectual acumen.
In tax litigation and assessment proceedings, one is expected to stay abreast with the current developments and be on his/her toes about the latest circulars, exemption notifications, and other developments. Grooming well-rounded tax litigation professionals include developing a trait of understanding the larger context of tax laws and the underlying comprehension of how tax laws significantly evolve in response to industry requirements and past tax representations in legal forums (i.e. landmark case laws).
Keeping in mind the increased traction of International Taxation with economies across the globe opening up, the demand for tax professionals who can interpret Double Tax Avoidance Agreements (DTAA) and Bilateral Tax Treaties is shooting up rapidly. It is only going to gain impetus in the current global village with the ‘Make in India’ and other similar initiatives.
Tax litigation professionals in this field would require an in-depth understanding of the micro & macro business and economic policies of various governments. One can carve out a niche for themselves by obtaining training across various practical simulations and understanding the nature of different transactions either through internships or online courses.
Besides, many unexplored avenues are waiting to be harnessed in litigation in GST as well as Customs. These areas often get neglected by many others owing to the technical nuances involved in understanding the law. Advisory services to businesses regarding legal matters in taxation as well as compliance can take a tax professional miles ahead in his already flourishing professional career.
To drive it Home – Conclusion
Accounting and Taxation – both are promising career options for budding professionals. Yet they are seen as one of the most demanding yet fulfilling career options that provide a headstart to one’s professional caliber and expand their knowledge. Immense scope and opportunities await students wishing to pursue a rewarding career in either/both of the two abovementioned fields. It can thereby be said that Accounting and Taxation both rank as one of the best choices for students wishing to hone their professional skills and build a promising career path ahead.
