Career Choice: Legal, Accounts and Finance as Profession

By Bishwajit Okram
EGF School Batch: 1987
PGDPM (IIPM), LL.M. (Ireland)
ACCA-Chartered Accountant (UK)
Financial Controller, C&F Manufacturing s. r. o.
Email: bishwajit.okram1@gmail.com

[wpspoiler name=”Introduction”]Every career is indeed good; it is you, who has to choose the best. There is a saying, “There is no scarcity of opportunity to make a living at what you love. There is only scarcity of  resolve to make it happen?. The fact is it is very hard to justify any particular career to be the best one. It all depends on the individual?s interests, future goals and the motivation the individual derives from. Let?s take the example of Kalpana Chawla, the first Indian woman astronaut who loved flying and eventually became an astronaut who flew the Space Shuttle Columbia of USA.[/wpspoiler]

[wpspoiler name=”Means to use while choosing the best career/profession”]No matter what career you choose, the only way to make it happen is to make your mind very clear about it. Kalpana Chawla was right when she said “You are your intelligence”. How will your intelligence search for your career then: by making yourself intelligent; how? By reading harder, your own text books as well as referring to other outside sources such as newspapers, magazine, journals, TVs, radios, seminars etc.[/wpspoiler]

[wpspoiler name=”Legal profession as a career choice”]To become a legal professional, you need to read the law of the land and the world. Learning law, these days, can start as early as, immediately, after 12th class. Otherwise, one can do law study any time after graduation. Like any other subjects of study, law also has various branches of studies. It starts anything from civil, criminal, corporate and religious and community law. Thereafter, depending upon your choice you can become a civil lawyer, criminal lawyer, corporate lawyer, human-rights lawyer, legal secretary, company secretary, Judges of courts, public prosecutors, legal officer etc.[/wpspoiler]

[wpspoiler name=”Why should you choose legal as a profession?”]Motivation is the key to succeed in any field. That is why you need to understand the source of your motivation and the goal of the motivation. When you want something to happen and you visualise the same that is the motivation that will drive you through to your ultimate success. Our society today is very corrupt, we all want justice, we all want to do something for it and at the same time, of course, we also want enough money for a decent living. Legal profession is one of the best means to achieve both social and personal goals. Lawyers are there to fight for justice and equality in a society. This way, you can contribute in making a better society.

Apart from this, monetarily, lawyers are one of the best paid professionals in the world. There is a saying that no lawyer goes hungry to bed.[/wpspoiler]

[wpspoiler name=”Some of the Professions related to Law”]Lawyer: The professional who practices law is called lawyer. What do they do? They apply rule of law whenever there is any dispute between or among different individuals or organisations. They can become prosecutors, judges of higher courts and senior advocates in the later years of their career.

Judge: This is the profession which decides (adjudicates) the right or wrong of any dispute based on the lawyers? submissions or of his own understanding of the law. They are one of the most respected citizens of our society.

Prosecutor (Public): This is also a kind of lawyer but work only for the government (State). In this case, you are employed by the state (government). You will help in enforcing the state?s law and order.

Company secretary: This is one of the best professions of law in the world today. In order to become a recognised company secretary, you have to pass the exams conducted by the Institute of Company Secretary of India, (www.icsi.edu). You can write these exams after your graduation. In India, most of the big companies are required by law to have company secretaries, at least one. The demand of Company secretaries are more than the supplies. The salaries are much better than the government and public sector employees. In a way, they are like the secretaries (IAS/MCS) of a state government in many of their activities.

Legal officer/advisor: They are the people, with a degree of law, who work as an employee of an organisation. Their job is to give law related advices to their employers. Most of the companies and government departments have their own legal advisors or officers, as there has been an increase in the legal awareness in our country.[/wpspoiler]

[wpspoiler name=”Finance and Accounts professions as career choice”]To become finance and accounts professional, you need to have a graduate background with finance and accounts. It can be any degree such as commerce, management, economics, science, computer science and accountancy. They are the basic qualifications you need to possess with if you aspire to become finance and accounts professional. However, to become a finance and accounts specialist, you need to pass some further exams conducted by the respective institutes. A normal graduate or post graduate degree is not sufficient to make yourself specialist finance and accounts profession.[/wpspoiler]

[wpspoiler name=”Why should you choose finance and accounts as profession?”]When you grow up you will come to know that finance is like the blood in a human body to the survival of any organisation or country. If you have heard a word called „recession? during the last 2 to 3 years, the source of that is the lack of finance.

Recession is an economic phenomenon where finance is not easily available to run a country. In and around of our families, we hear our family members talking about scarcity of money all the time. It is then become very interesting to know as to why there is such a scarcity of money in our society and the world. If we can solve our own financial problems, we are almost halfway through to solve our own other problems. This mystery of finance and its problems can be understood if you specialise in these fields. The supply of finance and accounts professionals always falls short of their demand in any place of the world. They are highly respected and very well paid.[/wpspoiler]

[wpspoiler name=”Some of the Professions related to finance and accounts”]Chartered Accountants: You have to enrol with the institute of chartered accountants of India (www.icai.org) and follow certain procedures to be eligible to write the exams and become a certified professional accountant. Like lawyers, you can start your own independent practice as auditor or advisor or both. You can also work like employees with companies and organisations. All the big companies are required to have compulsory audit every year. The supplies of chartered accountants can never meet the demand in the country.
Cost accountants: Same like chartered accountants, you also have to enrol with the institute of cost and work accountant of India, www.icwa.org. People in this profession do the work of cost analysis and expenditure analysis. No company can run properly without having their expenditure rightly analysed. Cost accountants do this work. They are also very much in demand in the companies and other organisations.

Actuaries: This is the profession which does the valuation of anything. For example, if we want to value our properties, this can be done by the actuaries. Like the above two professions, this also requires to go through certain procedures and pass the exams become you become a qualified actuaries, www.actuariesindia.org. The demand of actuaries is so high that many companies cannot afford to employ them; rather they have to share with many other companies. Not many students are aware of this course. It would be a very good choice for those who want to do something different.

MBA/PGDM-Finance: Unlike the rigorous requirements of the above mentioned courses, anyone can become an MBA/PGDM-finance (Master in Business Administration (MBA)/ Post Graduate Diploma in Management (PGDM) by studying the course from any institutes.

University grants MBA degrees and non-universities, such as IIMs (the Indian Institute of Management) grants PGDM. But you must be careful while choosing from where you want to do this course. Entries in to the reputed institutes are very competitive. Not all institutes and universities are reputed .It is a costly course; but pay you well if done from a right institute. These days MBAs/PGDMs are very popular. There are thousands of institutes and universities offering this course in India.

Job market for them is very competitive; still for the right person, sky is the limit. In conclusion, legal, finance and accounts profession can be a good try for those who want to pursue non-traditional courses like doctors and engineers. Nowadays, they are well respected and well paid particularly in a growing country like India. Even for those who want to work in foreign countries, this is one of the best bets.[/wpspoiler]

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