Gulf pays Chartered Accountants four times more than India
Young CAs are now more eager to work outside India, despite the country’s growth prospects. West Asian countries that include Dubai, Kuwait and Muscat are turning out to be the most favoured destinations for them.business Updated: Mar 11, 2014 02:03 IST
Chartered Accountant Prateek Sen who has worked for an Indian firm for two years, is set to shift to Dubai at four times what he has been getting here.
“I would be a fool not to take up the job,” says the 28-year-old, eager to cross the Arabian Sea for what is clearly a treasure in sight.
He is no flash in the pan. Young Indian CAs are now more eager to work outside India, despite the country’s growth prospects. West Asian countries that include Dubai, Kuwait and Muscat — besides Australia and Singapore — are turning out to be the most favoured destinations for them.
It is not just the lucre. Working conditions — which could mean anything from coffee machines and cubicle comfort to weekend lifestyles — are decidedly better in West Asia, say industry officials. “It is nothing to do with the ‘so called’ economic slowdown in India, in fact, there is no problem with the economy but these students are keen to move out of India because they get jobs that pay them much higher,” K Raghu, president, Institute of Chartered Accountants of India told HT.
It is not just West Asia that attracts Indian CAs. Apart from the 10,000 who are employed there, about 2,000 are in Australia, and 1,500 in Singapore.
In India, the entry-level salary for CAs at present is about Rs 7 lakh per annum. And the ICAI, as the body that hones their skills, is happy to dispatch them to where the compensation is the best.
“We, from the institute will help them shift to these countries,” Raghu said.
According to ICAI, more than 10,000 young CAs are likely to shift to the West Asia over the next three years.