In any course, an internship is essential to learn hands-on skills and industry practices. Similarly, CA students go through the internship period to learn professional skills. Certified chartered accountants are responsible for many processes like accounting, financial due diligence, and business advisory. To ensure students have practical experience in these processes before starting their careers, internships are needed. However, CA students might face a few hurdles before choosing the right firm for their training. It’s crucial to note that internships are often termed articleships in the CA industry. Here’s a definitive guide on internship for CA students.
What exactly is articleship in the CA course?
The Indian CA course consists of three exam papers. It includes the CA Intermediate, Foundation, and Final exams. Once students clear the Intermediate and Foundation papers, they are eligible for CA articleship. The ICAI (Institute of Chartered Accountants of India) has made CA articleship compulsory for every student. After clearing two papers, every student must go through three years internship with a certified CA firm. CA students will not get certified if they fail to complete the three-year articleship.
During the articleship period, CA students also have to prepare for the Final CA exam. Once they clear the Final CA exam and complete the three-year training period, they are good to go. As per ICAI, CA students also have to dedicate some hours to orientation and ITT training. Once all these activities are completed, the student will complete their CA course. In addition, ICAI has dedicated rules for CA interns. From total work hours to transfer norms, there are several rules decided by ICAI to make internships more accessible to students.
How does a CA internship aid in professional development?
As discussed above, it is essential to get hands-on experience before starting a CA career. How a CA internship develops a student is as follows:
- An internship for CA students is essential to develop business communication skills. Accountants have to be in contact with business owners, managers, stockholders, and investors regularly. In addition, chartered accountants have to deliver the findings and research results to business owners and stockholders. CAs cannot get in touch with prospective clients without excellent business conversational skills. A CA internship hones the conversational skills of students.
- Professional chartered accountants have to indulge in due diligence activities. For example, CAs might collect info about the target company before a client tries to acquire it. An internship helps a CA to develop investigative skills.
- CA professionals have a vast professional network of clients and businesses. Therefore, they need excellent networking skills to meet with clients from different geographical locations. In addition, reputed CAs have a global clientele. With an internship, CA students can get the required exposure to develop networking skills. An internship will also allow students to learn to multitask, enabling them to deal with multiple clients concurrently.
- With an articleship, a student can learn interpretation skills. Professional CAs often have to find errors in the accounting books or ledgers. If they pay attention to the detail, they can find loopholes easily.
How to choose the right company for completing the CA internship period?
CA students are free to choose a firm of their choice to complete the internship period. However, hasty decisions will do no good for a CA student. Some things to consider before selecting a CA company for completing the internship period are as follows:
- Internship for CA students is as important as clearing the Final exam. If the Final exam isn’t cleared, there is no point in completing the internship. Without clearing the Final exam, a student cannot be certified as a professional. Ensure the CA company offers preparation leaves when the Final exam approaches.
- Before selecting a CA company for an internship, conduct reputational research. Does the company have clients from all over the world? Is the CA company among the best companies in the state/country? Many times, reputed CA companies hire interns as permanent employees after the completion of the internship period.
- CAs are responsible for a wide range of professional services. Choose a CA firm that offers different services to its clients. By doing so, a CA student will become a master of all traits. Choose a reputed CA company and start your internship right away!