Which myth are you suffering from right now as Chartered Accountant?

A few weeks ago, I put up a post for sharing common myths amongst Young Chartered Accountants.

And one of my LinkedIn connections (CA. Sai Jyotheeswar Pola) suggested that I can cover each myth in detail and I thought that’s a great idea…

Here it is. Let’s start now…

1. Only degrees will increase my value in the marketplace

I have seen many young professionals wanting to do other professional courses like CS, CMA, CFA, and many more professional degrees in addition to CA degree…

There is no harm in doing multiple degrees but we have to think - Why are we doing it?

Is it just to match our internal satisfaction of not facing the Fear Of Missing Out?

Or, is it really important for you to pursue so that you can support your current skill set to take your career to next level?

Highly disregarded question … WHY?

Because we feel doing multiple degrees will increase our value. We will get more prestige. We will get more money. We will get more satisfaction in our career.

It is NOT TRUE and if you believe it is true, you will observe it soon because professional degrees alone are not enough unless it is combined with the right skill set to solve a specific problem.

There were days when more degree = more intelligence = more opportunities. Now, it doesn’t matter.

You can do many things in life alone with a CA degree. You don’t need other degrees to validate your skills.

So, if you are doing or planning to do an additional course, STOP for a moment and ask yourself - WHY am I doing this degree and how it really affects me and my career.

2. There is growth only in the finance field

Seriously? So many people are under the illusion that career growth is possible only in the Finance field.

That is one of the reasons people nowadays prefer to go into Private Equity, Investment banking, do CFA without even understanding whether they truly want to build their career in finance.

When people follow each other without thinking, it should not be surprising that most of them keep looking for IB jobs but unable to find one.

Why?

Because they are not passionate about it and the interviewer can observe it.

Unconventional Tip - Finance is NOT the only stream to succeed. Choose a career where your heart unless you only want to make decent money to survive.

3. LinkedIn is only for the Job purpose

When I hear any CA or CA student saying this sentence, I know they are highly ignorant and not aware of what's going in the world today.

WAKE UP!!!

LinkedIn is not only for finding jobs. It is a powerful platform to bring value to the marketplace, build connections and explore business opportunities.

4. Work of CA is limited to audit, tax and finance only

Gone are the days when people used to believe that these are the only areas for Chartered Accountant.

There are so many avenues to build your career in today's world but those will be visible once you remove the forced lid of audit, tax and finance.

Check out my recent article where I explain the biggest mistakes of CA while choosing their career...

5. CAs can't make enough money unless they have decades of experience

Even I had the same myth because I was looking only towards people above me or with me. I thought if they took so much time to earn enough money, even I will take more time to start earning good.

But when I started to look out outside, I realised that there are so many money opportunities to earn more money than following the traditional path for many years and not living life to the fullest...

One more interesting fact I realised about most CAs is this - They can handle client's crores of money but when you ask them about earning that much money for themselves...

They DON'T believe it is possible.

That's the reason I wrote this article - Can Chartered Accountant earn 1 crore?

Let me know your thoughts on this article.

And next is the 6th misconception.....

6. Only 2 career options are there - Traditional Job or CA practice

This is one of the biggest myths I have come across which has killed many dreams?

Why?

Because young CAs are killing their dreams/passion just because they have been told by the society/ seniors/ family/ relatives that only 2 careers exist for a Chartered Accountant.

And the cherry on the top is that CAs are listening to that advice(s) without even evaluating whether they really want to do this or not?

If you want to live a mediocre life like many CAs, then you are free to follow their advice.

But if you have big dreams and you want to have a fulfilled life and career, work on yourself as hard as you have worked to become a CA.

There are various opportunities for you and it depends on various factors.

To sum up this, you can have the life and career you want, provided you don't take it casually and don't follow the crowd.

This article may help you - The biggest mistake of CAs while choosing a career...

Hope you don't let these myths ruin your life and career.

Let me know which one do you resonate with most and share your thoughts in the comment section.

Your Unconventional Friend,

Shubham

PS. If you want to continue to learn insights from the renowned and successful Chartered Accountant, do not forget to experience Shubham Mittal Show.