Chartered accountancy course in India is among the hardest professional courses in the world. If you are trying to make a career as a chartered accountant, you need to know everything regarding the CA course. As per ICAI guidelines, all students should go for an articleship during the CA course. CA articleship will help you become job-ready and gain practical experience in chartered accountancy. Internship for CA should be done with a reputed professional services firm to build a successful career. Read on to know the importance of articleship for those perusing the CA course.
Understanding CA internships
Just like any other internship, a CA internship gives you practical experience in the industrial processes. Along with passing the CA Intermediate, Foundation, and Final exams, you also have to go through an articleship to complete the CA course. According to ICAI guidelines, it is compulsory to complete a three-year internship period during the CA course. CA internships help prepare students for real-world challenges when they become certified CAs. CA internships aim to provide practical knowledge and experience to future accountants.
The booking knowledge learned during the CA course is put to test in the internship period. There are certain requirements for doing an internship as per ICAI. Normal CA students need to pass the CA Foundation exam to begin their internship. After passing any group exam of the CA Intermediate course, students can begin their internship.
For direct entry students, there are relaxations for CA articleships. Direct entry students can commence their internship any time after enrolling in the CA Intermediate program. However, every CA student has to also go through 100 hours of IIT training. Both regular and direct-entry CA students have to complete 90 hours of orientation along with their internship. CA students have to complete their internship under a working chartered accountant. One can also join a CA firm in India to complete their internship period. Under no circumstances, you should undermine the importance of a CA internship in your career.
Things to consider for choosing the perfect CA internship
CA internship will prepare you for the upcoming responsibilities and challenges in the industry. It is undoubtedly one of the highlights of the CA course. While choosing an internship for CA, you should compare several options to choose the best one. Some factors to consider before starting a CA internship in 2022 are as follows:
• Many CA students choose any firm they first stumble upon for their internship. Well, you need to consider the reputation and experience of a professional services firm before joining it for a CA internship. When you complete your internship with an experienced firm, you have the chance to learn from better practitioners and working accountants.
• Look out for the professional services offered by CA firms before joining them for an internship. You need to choose a CA firm that offers professional services like accounting, audit, assurance, and advisory. You can learn more by working in professional services firm than a firm that focuses only on one service (like accounting services only).
• You also need to consider the company values of CA firms before choosing one for internship. Look for a CA firm that follows a client-centric approach in its operations. It will help you learn the best industry practices to satisfy the clients during your CA career.
• You should choose a CA firm with a PAN India presence for your articleship. When you complete your internship with a big CA firm, you increase your chances of getting a lucrative salary as a practitioner. A little research before choosing your CA internship can provide better results in long run.
According to the ICAI guidelines, every student has to complete the CA internship. If you are eligible for a CA internship, fill out Form 102 and Form 103 and get registered for an internship with ICAI. You should also collect information regarding working hours, permissible holidays, and other ICAI rules for CA internships.
Even if you are continuing a CA internship, you can still search for a better option. ICAI allows you to take a transfer during your CA internship. A reputed CA firm will help you gain practical experience during your articleship. Register for your CA articleship right away!