Career Opportunities for a Company Secretary
A company secretary is the principal officer of a company who acts as an advisor and mediator between the company and its Board of Directors, regulatory authorities, government and share holders regarding the legal matters of various corporate decisions. Company secretary acts as a compliance officer of any company in context of different laws including tax laws, company laws, economic laws and labour laws. He also plays a crucial role in the decision-making process in the corporate world. The Companies Act, 1956 has denoted company secretaries as “Officer in default” thereby casting major responsibility on their shoulders. Here are some of the major career opportunities for a company secretary that can be divided into two categories –career in practice and career in employment.
Career in practice
To start a career in practice, a company secretary needs to obtain the Certificate of Practice from the Institute of Company Secretaries of India. Once a person gets this certificate, personal practice can be started. These company secretaries are given huge recognition for providing a variety of services, some of which include the following:
- Companies Act, 1956, Section 383A states that companies having paid up capital of over 2 Crores need to appoint a company secretary. And those, who have paid up share capital of lesser amount, have to provide a compliance certificate created by a company secretary in practice. This opens up numerous opportunities for people in this profession.
- As per the Tax laws of India, company secretaries in practice can work as tax consultants in various situations. They can also work as valuers of securities under the Wealth Tax Act.
- Today, even banks and many other financial institutes hire the services of company secretaries in practice to create compliance reports and search reports of the assisted units, before the credit is extended.
- The services of company secretaries in practice are used by the common people to get help in filing MCA21 and income tax returns. These secretaries can start up their own Facilitation Center to provide these services. They can also act as tax administration of enterprises.
- For company secretaries having over 15 years of experience, there is opportunity for the positions of Member of Company Law Board or National Company Law Appellate Tribunal.
Career in employment
There are numerous options for company secretaries who want to find career options in employment. Some of the available opportunities are:
- Companies Act, 1956, Section 383A states that it is mandatory for any company who has paid up share capital of 2 Crores or more to hire a full-time company secretary. The only educational qualification required to get a job in such companies is a membership of the Institute of Company Secretaries of India.
- Companies who have their shares listed in the stock exchanges need to appoint a full-time company secretary. As several companies are being set up every year, the career prospects for company secretaries are abundant.
- The Government of India has recognised this qualification for the appointment at higher level designations. For instance, it is one of the criteria to get employed in the Indian Company Law Service.
- Company secretaries are required in the organisations that are run by councils, boards or other corporate organisations. The big Co-operative firms also hire company secretaries.
- Students completing their education in this field can further go for making a career in research. They can also work as lecturers in Commerce Faculty.
- Many banks, financial institutes, professional organisations recruit company secretaries for various senior positions.