In areas where the employer is looking for people with knowledge, ability and intelligence all the three professionals may be considered to have same standing.
Such jobs or positions where people with professional accounting knowledge are needed are what you would be generally coming across as Financial Manager, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor, Managing Director etc.However it is up to the employer to decide which one best suits his/her need. Therefore even in such cases you would see that there is a specific preference for a CA over CWA/ICWA in some cases or a CWA/ICWA over a CA in other cases.
A qualified professional can set up his/her own private practice as a practicing chartered accountan. Apart from the statutory opportunities that would be available to a chartered accountant, one can play the role of a consultant for any organisation relating to the functions of accounting, taxation, auditing, cost management etc.
The law places certain conditions on the performance of certain functions. Where the law requires that a particular function be performed only by a certain professional, it should be so. Therefore in such cases and in those cases where the specialised knowledge of the professional would be very much crucial in performing the function, we find that the functions performed would be specific to the profession.
Special Government ServicesUnder Sec 44 of the Income -Tax law every assessee with a gross receipts of Rs. 10 lakhs in the case of professionals and Rs. 40 Lakhs in the case of business concerns is compulsorily required to maintain accounts and get them audited by a CA.
- CA’s services are employed by the tax department for auditing complicated cases, having large revenue potential.
- CA’s services are employed by the Reserve Bank of India and the Comptroller and Auditor general of India for conducting Statutory Audit of Banks every year.
All the three courses are recognized as equivalent to post graduate qualification in commerce by a number of universities and government bodies. Therefore for all the government services where such a qualification is necessary, these professionals would also be eligible for being employed.