{"id":372,"date":"2024-05-17T19:18:36","date_gmt":"2024-05-17T19:18:36","guid":{"rendered":"https:\/\/skillarbitra.ge\/blog\/?p=372"},"modified":"2024-05-17T19:21:50","modified_gmt":"2024-05-17T19:21:50","slug":"what-prevents-cas-cmas-and-finance-professionals-from-being-rich-in-todays-india","status":"publish","type":"post","link":"https:\/\/skillarbitra.ge\/blog\/what-prevents-cas-cmas-and-finance-professionals-from-being-rich-in-todays-india\/","title":{"rendered":"What prevents CAs, CMAs and finance professionals from being rich in today\u2019s India\u00a0"},"content":{"rendered":"\n

What does it take to be rich in today\u2019s India? <\/p>\n\n\n\n

There are two types of people who become rich quite fast.<\/p>\n\n\n\n

One is the type of people who can build products or a service delivery mechanism – this is why engineers, entrepreneurs get rich. <\/p>\n\n\n\n

Service entrepreneurs also exist – someone who builds a law firm, architect firm, fashion designer or CA\/CS firm is essentially a service entrepreneur.<\/p>\n\n\n\n

Second type of people who get easily rich are those who can create distribution for a product or a service – essentially marketers and those who can build large sales teams.<\/p>\n\n\n\n

So what happens to all the other professionals? What about HR, lawyer, CA, CS and such other professionals? Are they not valuable? How can they get rich?<\/p>\n\n\n\n

As a CA or CS or finance professional, you are someone who debottleneck the company from finance, tax or compliance perspective.<\/p>\n\n\n\n

Your work ensures that show goes on and the entrepreneurs, engineers, creators and marketers do not face any challenge from compliance, regulatory or tax side.<\/p>\n\n\n\n

After all, a serious slip up in this department can cost a lot, can even bring a business in grave trouble.<\/p>\n\n\n\n

Look at what happened at Paytm Payments Bank – the entire trouble got created due to lack of compliance. It cost thousands of crores to the investors and the business lost its licence!<\/p>\n\n\n\n

This is what makes compliance professionals like you valuable to businesses.<\/p>\n\n\n\n

But can the top compliance or tax guy @ paytm hope to be as rich as Vijay Shekhar Sharma or some other cofounder of the company?<\/p>\n\n\n\n

Who do you think gets paid more, the CTO, CMO or the Chief Compliance Officer? I am not sure whether the CTO or the CMO is paid more, but definitely they get paid more than the Chief Compliance Officer I would suspect.<\/p>\n\n\n\n

Like it or not, what do you guess?<\/p>\n\n\n\n

Such essential professionals are valuable enough that they can command a good salary and get good, secure jobs in top organisations. But as a team member in such organisations, you are still a side player, not a main character.<\/p>\n\n\n\n

You go from being the side character to the main character.<\/p>\n\n\n\n

How?<\/p>\n\n\n\n

So how can I be rich as a CA or CS or finance professional? Am I supposed to learn software development or become a marketer if I want to get rich?<\/p>\n\n\n\n

Not at all.<\/p>\n\n\n\n

You become rich by becoming a service entrepreneur.<\/p>\n\n\n\n

If you can build a successful business around compliance, finance or tax services, you can be as rich as a marketer or a software engineer.<\/p>\n\n\n\n

However, most CAs, CMAs and CS have to worry about how they will navigate the ICAI\/ICWA\/ICSI restrictions on solicitation and advertising. <\/p>\n\n\n\n

Online platforms, social media, and YouTube are loudspeakers in today\u2019s world. <\/p>\n\n\n\n

Today, a client list that took decades to build can take only 2 years because of AI, internet and social media, if you know how to use these superpowers correctly.<\/p>\n\n\n\n

Most professionals do not.<\/p>\n\n\n\n

Before they can learn how to wield these superpowers, it\u2019s important to identify what CAs\/CMAs and CS can and cannot do.  <\/p>\n\n\n\n

We referred to the ICAI\u2019s Code of Ethics, and we realised<\/p>\n\n\n\n

Here is what you are prohibited from doing: <\/p>\n\n\n\n

    \n
  1. Directly or indirectly asking for work in your cold emails\u00a0<\/li>\n\n\n\n
  2. Asking people to reach out to you for paid assignments on your social media posts<\/li>\n\n\n\n
  3. Paid social media advertising\u00a0<\/li>\n\n\n\n
  4. Sharing your client names publicly – you can only share this with potential clients when they request it\u00a0<\/li>\n\n\n\n
  5. Posting an invitation on social media to hire you – \u201cI will do your taxes for Just Rs 5000. Hire me!\u201d – Not allowed.<\/li>\n<\/ol>\n\n\n\n

    Here is what you can do: <\/p>\n\n\n\n

      \n
    1. Educating your community and sharing insightful content (articles, reels, shorts, infographics, videos, presentations) on social media\u00a0<\/li>\n\n\n\n
    2. Publishing blog posts on your website, on your social media account, or guest posts on 3rd party websites (Firstpost, Logical Indian, Quartz, Newslaundry, etc.)<\/li>\n\n\n\n
    3. Delivering TEDx talks or sessions at other events to build your personal brand and authority<\/li>\n\n\n\n
    4. Publishing case studies on your website (as you do not name the client and you don\u2019t mention the fee charged)<\/li>\n\n\n\n
    5. Authoring books around your area of expertise<\/li>\n\n\n\n
    6. Sending newsletters to people who have signed up on your mailing list<\/li>\n\n\n\n
    7. Sending updates, regulatory developments, insights and checklists through Whatsapp broadcasts and emails<\/li>\n\n\n\n
    8. Organising Insta Live, AMAs, Twitter Spaces, etc. to interact with your community of potential clients, give them valuable information or clear their doubts<\/li>\n\n\n\n
    9. Building your own website (all regulatory bodies actually allow you to build a website as it is based on a \u201cpull model\u201d, that is, an inbound model)\u00a0<\/li>\n\n\n\n
    10. Creating a brochure which can be accessed by clients who visit your website or read your newsletter\u00a0<\/li>\n\n\n\n
    11. Getting quoted in newspapers and mainstream media on recent developments and controversies<\/li>\n<\/ol>\n\n\n\n

      You must ensure that you do not market your services at this point.<\/p>\n\n\n\n

      Of course, if any of your readers want to reach out to you for further information, book 1-on-1 calls after going through your content, they are free to do so. <\/p>\n\n\n\n

      Here are examples of some compliance, finance and tax professionals whom we have professionally trained, who are doing some of these things: <\/p>\n\n\n\n

      Mehul Mehta, senior Chartered Accountant who authored 5 books! <\/p>\n\n\n\n

      \"\"\/<\/figure>\n\n\n\n

      Mehul Mehta, a Chartered Accountant with 25 years of experience has been actively posting on LinkedIn and building his strong social media presence with more than 26,000 followers. He has authored 5 books till date since 2008, and the recent book \u201cThe Complete Guide to Start-Up Funding\u201d is published by Notion Press. (Link<\/a>)<\/p>\n\n\n\n

      Vivek Suman, a finance professional who delivered a TED talk and authored a book:<\/p>\n\n\n\n

      \"\"\/<\/figure>\n\n\n\n

      Vivek Suman <\/strong>(December 2022 batch), <\/strong>a CFA and investment banker with over 20 years of experience in the financial sector, started networking and building his brand after joining us. He delivered a TEDx talk on the growing importance of ESG investing. Here is the link: https:\/\/youtu.be\/8RCwibwsjN0<\/a> <\/p>\n\n\n\n

      He has also authored a book named From Underdog to Unicorn: (Book link<\/a>)<\/p>\n\n\n\n

      \"\"\/<\/figure>\n\n\n\n

      Manoj Sonawala, a senior compliance professional who delivered guest lectures at ICSI Ahmedabad and Bombay Stock Exchange, and he also got appointed as an independent director, which is a masterstroke for brandbuilding!<\/p>\n\n\n\n

      \"\"\/<\/figure>\n\n\n\n
      \"\"\/<\/figure>\n\n\n\n

      Jayesh Bhanushali,<\/strong> a Jamnagar-based CA who built his website<\/a> catering to international clients, and has an active social media profile<\/a> and YouTube channel<\/a> where he posts educational content:<\/p>\n\n\n\n

      \"\"\/<\/figure>\n\n\n\n

      Can senior citizens also use social media, write books and build an online presence?  <\/p>\n\n\n\n

      One of our learners, Satish Bhattu is a senior CS, and now a faculty in our corporate governance program, actively posts on LinkedIn! You can see the traction on some of his posts here<\/a> and here<\/a>. <\/p>\n\n\n\n

      He has taken lectures at ICSI for over 50 batches of compliance professionals and is also co-authoring books with several other professionals. <\/p>\n\n\n\n

      \"\"\/<\/figure>\n\n\n\n

      Would you also like to get started with your brand building? <\/p>\n\n\n\n

      Some of you may have the following questions on your mind:<\/p>\n\n\n\n

      How do I find the time and resources to build my own social media presence?<\/p>\n\n\n\n

      How do I build my own website like these professionals?<\/p>\n\n\n\n

      How do I build a content generation engine so that I can share my insights through blog posts and social media, and even start a newsletter?<\/p>\n\n\n\n

      How can I deliver my own TEDx talk? <\/p>\n\n\n\n

      Is it possible to use AI to do some of these things? <\/p>\n\n\n\n

      How can I get started in the next 10 days?<\/p>\n\n\n\n

      Is it worth exploring these things for 9 hours over the next 3 days?<\/p>\n\n\n\n

      What are the key skills that can set you up for success in this journey? Are compliance skills enough or do you need to learn some basic business development & marketing skills too?<\/p>\n\n\n\n

      Can it be a game changer in your journey to get rich?<\/p>\n","protected":false},"excerpt":{"rendered":"

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