Company Secretary: Future Prospects and Trends

Naina grew up in Jaipur. She went to a Hindi Medium School and took commerce as her stream in Class XI & amp; XII. She was not a class topper but did well in her class XII Board examinations. After completing her Bachelor Degree in Commerce (BCom), she wanted to do a professional course in the field of Accounting. That is when an uncle suggested she try her hand at becoming a Company Secretary. Naina followed his advice and, in due course, duly became a qualified Company Secretary from the Institute of Company Secretaries of India (ICSI). She soon got married. She came to Kolkata to live with her husband and, after a year of marriage, took up a job as a Company Secretary in a construction firm in Kolkata. She now works as Secretarial Head for a technical service provider in the Infrastructure sector. This is one of the many such success stories emanating from Corporate India today.

This simple but true story of Naina gives us three following important insights:

1. Basic Competency in English: Naina was from a Hindi Medium school. Since ICSI allows students to appear for their examinations in Hindi, Naina comfortably and confidently cleared all her papers. This breaks the myth that those students who are from a Hindi Medium Background or from a small town will not be able to compete unless they have good English speaking and writing skills. The reality is you need to have only a basic skill set in English, and once you graduate and start working, if you are diligent at your work and a quick learner, you will automatically graduate to a higher level of competency in English. Today, Naina confidently completes all her official tasks in English, as if by muscle memory, and even conducts important meetings in English. This breaks the myth that if you do not know how to speak and write well in English, you will not succeed as a Company Secretary in Corporate India.

2. Women as Company Secretaries:Not very many people are aware that the percentage of women in ICSI is almost same as that of men. As of 2024, women constitute 49% of ICSI as against 51% men.

3. Securing a Job as a CS:The ICSI expects that, that with the current rate of growth of India, the demand for Company Secretaries is going to be around 100,000 or One Lack by the year 2030. Currently, as of March 2024, there are approximately 72,000 Company Secretaries in India. The future prospects of those wishing to become a Company Secretary or those who have already graduated, are bright and assuring.

What is being a Company Secretary really all about? What does the work of a Company Secretary really entail? How is it different from other branches of business, such as Chartered Accountancy?

Firstly, the company secretary does not fall under the category of accounting. Many young students find it difficult to decide between becoming a Chartered Accountant or becoming a Company Secretary. This is one of the common dilemmas that young students face.

Company Secretary comes under Legal, Secretarial, and Corporate Governance. It is definitely not a branch of Accounting, though Company Secretaries are trained in Accounting principles and interpreting Financial Accounts. The key responsibilities of a Company Secretary are as follows:

1. Corporate Governance: Corporate Governance is primarily about ensuring the interests of the shareholders, employees, and the rest of the eco-system connected with the organization, ensuring Transparency, keeping a close watch on the progress and performance of the company, and establishing processes for Decision making.

2. Statutory Compliance: All companies are bound under certain statutes like the Indian Companies Act 1956, Income Tax Act 1961, GST Act 2017, and others. It is the job of the Company Secretary to ensure Compliance with the filing of all documents as required by the respective Acts from time to time.

3. Legal Compliance: The Company has an identity of its own. Therefore, like all other identities, it needs to follow the laws of the land, which keep changing from time to time, and it is the Company Secretary who is responsible for ensuring this Compliance.

4. Communication: It is through the Company Secretary that most communications flow between the Shareholders and Top Management. Apart from the above, there are other ancillary responsibilities also, like flexibility, financial and business acumen, etc.

The next question, therefore, is what makes a good Company Secretary?

Apart from knowledge and business acumen, a competent Company Secretary will have the following main skills and virtues:

1. Organised and Methodical Planning: Since there are so many critical tasks on the desk of a Company Secretary, he needs to be thoroughly organized in prioritizing them, planning them, delegating them, and then ensuring their timely execution.

2. Integrity: Integrity is the most important attribute for a Company Secretary to possess. Unless the Company Secretary is ethical, no organization will be able to instil this in its very DNA.

3. Composure: A Company Secretary routinely faces extremely stressful situations that require delicate handling. Without a clear and composed head, this will not be possible.

4. Promptness & Ownership: Decisions sometimes need to be taken fast. Procrastination can result in losses and complications. A competent Company Secretary will be adept at making quick decisions and taking ownership of them.

5. Logical Mind: In order to overcome some of the tricky issues that a Company faces, the Company Secretary will be required to think logically, arrive at a solution, and quickly implement it.

 So, if you feel that you possess the above characteristics and are keen on growing in the Business Administration field, then the company secretary position is the right place for you to go. As in every aspect of life, patience is always the key to success.

 Any job portal you open will clearly show the huge demand for Company Secretaries in Corporate India at all levels of experience. A competent company secretary with a sharp business mind and an excellent work ethic can reach the level of CEO or managing director in an organization. For the hardworking, diligent, and ambitious company secretary, the future has never been brighter, and the best part is that it is getting even better day by day.