Do you know that the USA, Canada, and Japan are among those nations that pay quite premium salaries to chartered accountants? The average salary for a CA (Chartered Accountant) in the USA is around USD 165,000. Chartered accountants are well-paid as they help organizations to use their limited resources judiciously and achieve business objectives. The chartered accounting industry is also growing in the Asian continent. Now is the best time to search for an internship for CA and start building your career. Read on to know about practical tips for choosing an article-ship/internship for CA.
Choosing between a tax firm and an audit firm
Audit and taxation are the fundamental processes that CA firms conduct. One should analyze their competencies and choose accordingly between taxation and audit. If you are good at understating organizational processes, you can select an audit firm. If you possess good analytical and interpretation skills, you can opt for a taxation firm. However, if you plan for CA practice, you will require exposure to both audit and taxation processes.
Be on the lookout for CA firms.
You can either target an internship for CA in the top firms or can join medium-sized CA firms. If you belong from a remote location, then you may not find a top CA firm in your vicinity. You may have to relocate to another city for joining a more prominent CA firm. The competition is also much higher in a big CA firm and, you will need to level up. However, there is no harm in joining a middle-sized CA firm for an internship, as it will also provide you with great exposure and enrich practical learning. Once you know about the industry processes, you can join a more prominent CA firm to have polished all the required skills.
Review all factors before joining an internship
You should not choose an internship for CA just based on the stipend. Remember, the primary purpose of training is to get to know about the industry processes. If you are getting an opportunity in a top CA firm that offers work according to your interests, you should join it without hesitation. Besides stipend, you should also analyse the exposure and expandability while making a decision.
Give priority to transferability.
While joining a CA firm for an internship, you should review the transferring policy. Not all firms allow easy transfer to other CA firms, and it is inflexible for the interns. The rules of transfer from one CA firm to another also changes as per the order from regulatory authorities. Choose a CA firm for an internship that offers easy transferability.
Working in more than one firm will lend you more exposure and helps build a successful career in the long run. One should always have the option of changing their CA firm within a year to work in different environments.
Don’t miss out on CA exam preparations.
If you cannot pass your CA exams, an internship in a top CA firm will also be of little value. Passing the CA exam in limited attempts is of utmost importance. If your CA exams are near, take leave from the internship and start preparing.
Plan your internship journey
In the first year of a CA article-ship, join a big/mid-sized firm that allows a transfer and learn about the industry best practices. When you have known about the industry processes, choose the type of work that best suits you. Once you have found out your areas of interest, join a specialized firm to hone your skills. In the second or third year of internship, you will have ample experience and enter your dream CA firm.
Be aware of the trends.
Internship for CA often involves a competitive recruitment process. For cracking a CA interview, you should be aware of the latest trends in the industry. You should know about the new-age technologies that are disrupting traditional accounting methods. Knowing the current market scenario can also help you in cracking a CA interview.
In a Nutshell
An internship for CA will provide industry-oriented learning and will help in shaping a successful career. One should choose a reliable CA firm for training that can provide work experience in your areas of interest. Besides a CA internship, passing the CA exam on time is also essential. So, start searching for training for CA!