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Profession is a part of economic activity. A professional acquires formal knowledge to practice profession. Following are the features of profession:
(i) Qualification : A particular qualification is required to practice a profession. A professional needs to acquire knowledge through formal education. Unless he gets a formal knowledge and training, he cannot practice profession, e.g. A Doctor cannot prescribe medicines without having a degree in medicine.
(ii) R eturns: A professional charges fees for the services rendered to the clients, The fees charged by a professional depends on different factors like his knowledge, experience, skill etc. His income is not fixed.
(iii) Capital : Professional requires capital to set up or run his practice. The amount of capital depends upon the nature of practice a professional wants to do.
(iv) Work Nature : A professional who is expert in a particular field, provides services in his field of expertise, eg. an architect will provide his services in the field of building houses.
Beside the above features, there are other features like
1. Aim
2. Registration and Membership
3. N on transferability