Meaning

All those economic activities that involve the rendering of personal service of specialized and expert nature based on professional training and skill and require the observance of certain rules and regulations are termed as Profession.

Features of Profession

(a) Special knowledge and skill

Profession is an occupation for which the individual has to acquire a special knowledge and skill.

(b) Remuneration

The money they get for providing such a service is usually known as ‘fee’.

(c) Professional body

Most of the professionals are regulated by a professional body, which frames the code of conduct to be followed by the member professionals e.g. ICAI.

(d) Specialized knowledge

Professionals acquire the specialized knowledge and training mostly from colleges, universities or specialized institutes.

(e) Freedom of work

Professionals usually work on their own and get a fee for their services and termed as those in practice. Some of them may work in organizations as employees or consultants.

(f) Service motive

The primary objective of every profession is to provide service though they may charge a fee. They should not exploit the people using their knowledge of expertise.

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