When the ICAI introduced the Articleship, it laid down that upon completion of professional education, a student shall serve as articles for three years under a practicing chartered accountant to gain practical and working knowledge relating to several laws and rules.
The CA Articleship is the foundation of the Chartered Accountancy program and perhaps the toughest time for a CA student, say it from the experience of many individuals who survived this period. In fact, it is also the most important period as one can make or break their career during this period. Dummy practical training should never be an option if you really wish to understand and learn everything there is to know about the practicality of an Accountant's life as during this period you will learn more about what being a Chartered Accountant entails than you will in any other 3 year period of your life. While it's not really as big a jump as it may feel, having relatively little experience and no prior understanding of the tasks most likely to fall to you at the start, it is still daunting.
Every company has its own domain in which it works. Some might have significant audit clients, while others would have tax clients. Before beginning an articleship, one should always conduct research on the firm's primary domain areas. So, there are plenty of things that can be learned during this period depending upon one's interests and mentor preferences.
Taxation
If one is to begin practicing after becoming a CA, they must be well-versed in taxation, as everyone around will want them to save their tax as a Chartered Accountant. As a result, during one's articleship training, one should concentrate a great deal on taxation. Furthermore, basic filing of ITRs will too mandate familiarity with taxation matters.
Audit
As an article, you will be sent out to audit many firms. It's highly likely that you'll be sent out for the first step of an audit called Vouching the very day you start your Articleship. Auditing entails anything from simple vouching to providing the correct judgement on financial statements. One must learn how to use the Auditing Standards that we read in books in real life.
Accounting and Accounting Softwares
What good is a Chartered Accountant if they haven't done any real accounting work? Simple client data input can help you better comprehend core accounting principles. It is critical to learn how to operate the two most often used accounting software, Tally and Busy. They are the most commonly used to keep track of clients' accounts. Both not only provide significant reporting capabilities but also aid in corporate administration. Learning from them can also help you develop managerial and reporting skills that will be valuable in the long term.
Workspace Ethics and Communication Skills
Want to learn about workplace culture, how to clothe properly, and how to communicate with clients, among other things. These are just some of the skills that one can learn during their articleship period. Know that an ordinary CA with strong communication skills will fare significantly better than a top performer with bad communication abilities.
Maintaining Balance Between Personal, Student, and Articleship Life
Remember that while one's three years as an article are crucial, they are not the only three years of their career. Understand when it is appropriate to unwind. Some people are unable to cope with the stress of having extreme job and academic demands on them at the same time. Also, keep in mind that one can be asked to do more than they're capable of. While this is understandable at times, you should know when to relax and take it easy.
These are some of the most important things to remember during one's Articleship. Apart from a few minor aspects that may have been overlooked, these key points are the foundation of one's education.
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