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Is CA(Indian CPA) course a good basis for a fastlane business and can a CA firm be a fastlane business?

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Akshay Kumar

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Hi Everyone!!!

I am a high school student from India. After checking out on multiple options, I found that CA is a suitable course for me as I love working with numbers.
But I want to make it clear that I don't wish to do a JOB as I value freedom a lot in my life. After consulting a lot of people, I came to know that I can also launch my own CA firm(providing services on specializations like Accounting, Taxation, Finance, etc.) Moreover, I also feel that knowledge in the above mentioned specializations will be very helpful if I plan on starting a new business. There's also a barrier to entry in opening a CA firm as only a person who has cleared the course and has extensive knowledge in these specializations can do it.

In addition to the above, this course is also dirt cheap(it actually has one of the best ROI ratio here) and most of the cost incurred on the course will be recovered through stipend earned during three years of articleship (similar to internship). So, I won't have to take on any sort of crazy debt imo.

So, I actually have two questions here. Will this course benefit me in future? And can a CA firm be a fastlane business? I am also open to hiring staff for my business. Moreover, after gaining some experience, I also plan to sell digital products with my expertise online and to my existing clients.

Thanks in advance!!!
Have a nice day, guys.
 

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Raja

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Hi Everyone!!!

I am a high school student from India. After checking out on multiple options, I found that CA is a suitable course for me as I love working with numbers.
But I want to make it clear that I don't wish to do a JOB as I value freedom a lot in my life. After consulting a lot of people, I came to know that I can also launch my own CA firm(providing services on specializations like Accounting, Taxation, Finance, etc.) Moreover, I also feel that knowledge in the above mentioned specializations will be very helpful if I plan on starting a new business. There's also a barrier to entry in opening a CA firm as only a person who has cleared the course and has extensive knowledge in these specializations can do it.

In addition to the above, this course is also dirt cheap(it actually has one of the best ROI ratio here) and most of the cost incurred on the course will be recovered through stipend earned during three years of articleship (similar to internship). So, I won't have to take on any sort of crazy debt imo.

So, I actually have two questions here. Will this course benefit me in future? And can a CA firm be a fastlane business? I am also open to hiring staff for my business. Moreover, after gaining some experience, I also plan to sell digital products with my expertise online and to my existing clients.

Thanks in advance!!!
Have a nice day, guys.
c'mon dude,

you exactly know what is the probability that you will even become one in 3 tries.

if you think that is what you should do, go right ahead but it, not Fastlane(no control, no time, no scale, only Entry, need (well it depends) ), unless you build a firm out of it.




Disclaimer: BTech IT student(about to graduate).
get a job(so your parents and relatives won't annoy you for a year or two, and start a business in your spare time).
 

Akshay Kumar

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Read Millionaire Fastlane
May 10, 2020
34
12
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India

com/community/threads/is-this-idea-business-blah-blah-fastlane-uh-no-it-isnt.58554/[/URL]
Sorry, I am new to this forum and to this mindset shift in general. I wasn't aware of this. Thanks for pointing this out.
 

Akshay Kumar

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Read Millionaire Fastlane
May 10, 2020
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12
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c'mon dude,

you exactly know what is the probability that you will even become one in 3 tries.

if you think that is what you should do, go right ahead but it, not Fastlane(no control, no time, no scale, only Entry, need (well it depends) ), unless you build a firm out of it.




Disclaimer: BTech IT student(about to graduate).
get a job(so your parents and relatives won't annoy you for a year or two, and start a business in your spare time).
I do believe in myself and I do think that I WILL do this(become a CA). And I did say that above that I am building a firm. So, I am meeting all the CENTS principles.
Thanks!!!
 
Last edited:

Raja

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I do believe in myself and I do think that I WILL do this(become a CA). And I did that say that above that I am building a firm. So, I am meeting all the CENTS principles.
Thanks!!!
well, good luck
we are rooting for you!
 

Sadik

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Hi Everyone!!!

I am a high school student from India. After checking out on multiple options, I found that CA is a suitable course for me as I love working with numbers.
But I want to make it clear that I don't wish to do a JOB as I value freedom a lot in my life. After consulting a lot of people, I came to know that I can also launch my own CA firm(providing services on specializations like Accounting, Taxation, Finance, etc.) Moreover, I also feel that knowledge in the above mentioned specializations will be very helpful if I plan on starting a new business. There's also a barrier to entry in opening a CA firm as only a person who has cleared the course and has extensive knowledge in these specializations can do it.

In addition to the above, this course is also dirt cheap(it actually has one of the best ROI ratio here) and most of the cost incurred on the course will be recovered through stipend earned during three years of articleship (similar to internship). So, I won't have to take on any sort of crazy debt imo.

So, I actually have two questions here. Will this course benefit me in future? And can a CA firm be a fastlane business? I am also open to hiring staff for my business. Moreover, after gaining some experience, I also plan to sell digital products with my expertise online and to my existing clients.

Thanks in advance!!!
Have a nice day, guys.
It's not fastlane "out of the box" but it can be modified into one. My CA accounts for all my companies and family files and charges more than most others. But I am happy paying him more as he is super helpful and always available. One most important factor in your success as a CA firm is your people and relationship skills. I have single handedly brought an additional six figure yearly income to my CA by referring friends and family to him. Because he is always available and pleasant to talk to and responds to the silliest of questions. Keep this in mind.
 

Akshay Kumar

New Contributor
Read Millionaire Fastlane
May 10, 2020
34
12
20
India
It's not fastlane "out of the box" but it can be modified into one. My CA accounts for all my companies and family files and charges more than most others. But I am happy paying him more as he is super helpful and always available. One most important factor in your success as a CA firm is your people and relationship skills. I have single handedly brought an additional six figure yearly income to my CA by referring friends and family to him. Because he is always available and pleasant to talk to and responds to the silliest of questions. Keep this in mind.
Thanks for your valuable inputs, sir. I will surely keep these points in mind.
 

Raja

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@Akshay Kumar

one thing recently came to mind which I read previously on the forum.

you don't need to be CA to build and run a firm.

you can hire a CA or partner with one.




now tell me how can you get started this week and what skills you have which you can leverage.

waiting 4 years is wasting almost 6% of your life. (you can also do both simultaneously)
 

Akshay Kumar

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Read Millionaire Fastlane
May 10, 2020
34
12
20
India
@Akshay Kumar

one thing recently came to mind which I read previously on the forum.

you don't need to be CA to build and run a firm.

you can hire a CA or partner with one.




now tell me how can you get started this week and what skills you have which you can leverage.

waiting 4 years is wasting almost 6% of your life. (you can also do both simultaneously)
No, that's against ICAI rules. ICAI clearly states that only a practicing CA can open a CA firm. In other countries, it's possible but not here in India.
 

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Raja

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No, that's against ICAI rules. ICAI clearly states that only a practicing CA can open a CA firm. In other countries, it's possible but not here in India.



this
partner with one.

ask a lawyer casually, they could tell you for free(or even better, call a law professor using LinkedIn, 1 out of 10 will answer and take you seriously).
you could be a majority stakeholder in that firm.
 

Raja

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ask lawer.

you can not start but you can own(I guess)
 

Akshay Kumar

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May 10, 2020
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ask lawer.

you can not start but you can own(I guess)
Bro, the council for lawyers and CAs is different. They follow Bar Council while we follow ICAI. ICAI has clearly stated that only a practicing CA can get a stake in a CA firm.
 

Raja

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ask a lawyer about the legalities of opening a firm, not what you understood
 

Raja

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remember in fastlane we are in the business of solving problems.


EDIT: in the end, you have to decide what you want to do.
 

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