Main Qualities of Chartered Accountant Students
Good students have a growth mindset. They are brave and organised. The qualities that can differentiate between good students and bad student is their consistency and persistence. ·In the same context, there are certain qualities of Chartered Accountant students that make them successful in their career.
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CA Course Overview:
CA is known to be one of the toughest exams in India, with an overall success rate of 15-18%. Competition is fierce.The salary of a Chartered Accountant student in India depends on his/her skills, qualities, capabilities, and experience.
Chartered Accountancy is a recognized profession by industry mainly focused on Finance, Auditing and Accounting. They are the only authorized professionals who enjoy the monopoly of auditing the Financial Statement of an organization. Without a CA’s signature, Financial Statements could not be presented in the AGM before shareholders. Chartered Accountants enjoy a high reputation in society besides fascinating incentives. All-in All CA course is way better than any other profession related to finance
Nevertheless, as a pioneer in providing CA Coaching in India, we help Chartered accountant students to acquire the required skills and qualities that will help them excel in their career. We know the best way to crack this hard nut. As the most reliable mentor for CA courses in India, we try to provide authentic information related to every query. Among many, the one most common query among students is What qualities and skills a CA student requires?
Read further to know what VSI has to say about the qualities of a Chartered accountant.
10 Main Qualities of Chartered Accountant Students
As a CA student, one should be comfortable with word- excel to prepare accounting books, maintenance of accounts and generate tax liability and audit the accounting process; Hence they need to have a sharp memory, stamina to give long sitting hours to study and have a conceptual understanding of their syllabus.
Qualities refer to a distinctive attribute or characteristic possessed by someone or something, whereas skills are to complete any task with this expertise.
Below are some of the personal and professional qualities that chartered accountants students should already have, and if not, they should develop them during the course.
Integrity in keeping information confidential
Confidentiality is both a legal and professional principle that an accountant must follow. A client shares all of their business data and finances with the person who audits their business. That is CA. So they should keep all the information private unless the law requires them to disclose it or the employer has permitted them to do so. The company can take legal actions against the accountant if any confidential information has leaked without their permission.
A chartered accountant knows all the classified information about a company’s merger, amalgamation, dissolution, etc. So if such information is revealed, it will have an immense impact on the finances and reputation of the company.
Strong and clear communication skills
Having good communication skills is vital for every profession. If you can communicate well with your clients and colleagues, it will help you score more clients and recognition.
If you can explain financial details in a way that everyone can understand and listen to your client’s needs, then they will feel more comfortable working with you. Crisp and explicit communication is not only the key to success in your professional life but also in your social life. It helps in maintaining good relations with people.
Being aware and awake
As chartered accountants, students must keep themselves updated with government rules and laws. They should know all the amendments that keep happening with the employment law, taxation, etc. They should also keep an eye on the other commercial factors that impact the businesses. If you are updated, then you will be able to inform your clients on time and can give them good advice. It will make you more reliable and increase your demand in the market.
Being ethical human
Being ethical is not easy in this job as you will get many offers for doing tax frauds, but it is crucial. Doing frauds for your client will not only get them in trouble, but it will also cause problems for you. If you notice some discrepancies in accounts or anything dubious, you should inform the company management and save them from duplicities. One should be compliant no matter what.
Good ms-excel skills are much required for CA student
Having good ms-excel skills is vital for accountants because they work closely with this tool to manage the accounts. They should know all the shortcuts as their back of hand because it saves a lot of time and as we all know time is money. There are many other tools, but excel is the most cost-effective and known tool. ICAI has made it compulsory to give an understanding of ms-excel in the training.
Nothing better than Confidence
Confidence is something that will always help you achieve great heights in student life. If you are confident enough and believe in yourself, others will too, and nothing will seem impossible. Every employer and client sees this quality as the most significant aspect of your personality. The client will feel most comfortable in sharing their finances and other confidential details when they have confidence in their chartered accountant.
Time management skills
Time management skills are something that every individual should implement in student lives, no matter their profession. Chartered accountants students need it most as they have so many assignments to manage at the same time. To increase their time efficiency, they should know how to prioritize tasks with time management tip and be well equipped with the latest technology in order to deliver results on time.
Quality of Precision Work
When dealing with a company’s finances, being precise is vital. Even a little single mistake can cause blunders for the company. CA students should be careful and attentive while working. Try to be right the first time because double-checking will take too much of your time.
Equipped with the latest technology
Get well equipped with new technologies and Softwares trends related to your field. Companies keep using new technologies because they usually are more efficient in every way. So one has to keep oneself updated with the technology so that one doesn’t lag. Learning new technologies now and then might seem like a task, but once you get familiar, it makes your work life easy. Some of the new emerging technologies that chartered accountants students can use are cloud computing, blockchain, and cybersecurity.
Good organizational skills
A chartered accountant should have good organizational skills because they have to manage lots of paperwork and data daily. Good organizational skills make it easy to find old data whenever required.
Chartered Accountant Salary in India on the Basis of Skills
The three main skills that are required in a good Chartered Accountant are analytical, compliance, and reporting skills. These are the skills based on which they are paid. A Chartered Accountant with skills like budget management, strategic accounting, management auditing, financial analysis, and controlling gets an average salary of over 8 lakhs. Given below is the table showing the salary of a Chartered Accountant on the basis of their skills.
|Skills||Average salary p.a|
|Budget management||9.5-11 lakhs|
|Strategic accounts||8.9-9 lakhs|
|Evaluation and management auditing||8.5-9 lakhs|
|Financial analysis||8.5-8.8 lakhs|
|Financial advisor||8.5-8.75 lakhs|
|SAP financial accounting and controlling||8.10-8.25 lakhs|
|Financial reporting||8.-8.2 lakhs|
|Account management||7-7.25 lakhs|
|Internal audit||7.25-7.35 lakhs|
|Tax consulting||7.10-7.25 lakhs|
|Tax compliance||7-7.1 lakhs|
Other Qualities Of CA Students
Students need good memorization skills remembering the extensive syllabus of the CA course. So VSI helps students with study tips and to build sharp memory using these methods:
- Mnemonics technique: We all know the mnemonics technique from an early age. This is a very effective technique for remembering long processes or steps, or even names and dates.
- Relate to visuals: You can use visuals, be it presentations, simple images and diagrams, or even mind maps and flowcharts. The visuals will help you in easy memorization.
- Write repeatedly: When you write any topic repeatedly, it leaves a better impact on your memory. You can also use different pens, notebooks, sticky notes, or a unique writing style. So when this topic comes as a question, you can relate to the different things you used while writing it.
- Chunking: You can break things into small parts to remember them easily. For example: just like we remember mobile numbers or bank account numbers in small chunks.
As any other profession CA job needs the right acumen and dedication to do the work. The Chartered accountant course will keep students on their toes throughout the day hence having some qualities is also important to keep you in running. Students need to engage in physical exercise daily. At the same time, CA syllabus demands complete awareness about economic updates and current affairs. So, make sure to spend some time in the morning listening to national and international news before hitting his work. Living CA Student life is worth becoming CA.
Opportunities for CA Students
In CA course, the students are trained in accounting, taxation and auditing. The need for chartered accountants is highly increased in both large-scale and small-scale industries.
If you want to be a CA or want to pursue the course, you have to be accustomed to busy and tight schedules. This is because the course demands a lot of hard work. But the hard work is once justified with the results when the student will be selected for the CA profile.
The course’s increased hype has also increased the demands of CA abroad, as many multinational firms are looking out for deserving CA’s working with them and assisting in the management of their accounts.
Must Check: Top CA Firms in India
As can be seen, VSI is the best CA institute in India to help students with CA exams. At the same time, CA is one of the most searched professional courses after 12th commerce. VSI provides exclusive online CA coaching for students clearing 2022 class 11th and 12th exams. Together, we provide CA foundation coaching, CA intermediate coaching and CA final coaching all, under one roof.
We Know what it takes to be a CA. As a CA student, it is important to acquire the right skills and qualities so that you can take a leap in exams and make a successful career as a chartered accountant.