To prepare accounting books, maintain accounts, generate a tax liability, and audit the accounting process, a CA student must be at ease using Word and Excel. They also need to have a strong memory, the endurance to sit still for extended periods while studying, and a conceptual grasp of their course material.
While skills refer to the ability to carry out any work using this knowledge, qualities refer to a specific quality or trait that someone or something possesses.
The following are some personal and professional traits that students studying to become chartered accountants should already possess; if not, they should work on them throughout the course.
Integrity
An accountant must adhere to confidentiality as both a legal and professional rule. The client gives the auditor access to all of their financial information and company data. CA is that. Therefore, they should keep all information secret unless the employer has given them permission to do so or the law requires them to do so. If any proprietary information has been disclosed without the company's consent, the accountant may be subject to legal action.
Any secret information regarding a company's merger, amalgamation, dissolution, etc. is known to a chartered accountant. Therefore, if such information is made public, it will significantly affect the company's finances and image.
Communication Abilities
For any career, having effective communication skills is essential. Your ability to interact effectively with clients and coworkers can help you get more business and respect.
They'll feel more at ease dealing with you if you can communicate financial data in a way that everyone can comprehend and pay attention to their demands. The secret to success in both your business and social lives is clear, direct communication. It supports preserving positive interpersonal relationships.
Being Aware
As chartered accountants, students must stay current on legislative requirements. They should be aware of all the changes that the law, including tax and employment laws, keeps through. They must pay attention to any additional commercial aspects that affect the company. If you stay informed, you can provide your clients with timely information and wise counsel. You'll become more dependable as a result, which will raise your marketability.
Ethics
Being ethical is difficult in this position since you may receive several offers to commit tax fraud, but it is essential. Not only may committing fraud on behalf of your customer get them in hot water, but it will also generate issues for you. You should alert the firm management if you see any suspicious activity or anomalies in the accounts to prevent fraud. No matter what, compliance is required.
Strong MS Excel abilities
Accounting professionals must be proficient in MS Excel since they use it frequently to handle accounts. They should be familiar with every shortcut since they save a ton of time, and as we all know, time is money. Although there are many alternative programs, excel is the most affordable and well-known. The ICAI has mandated that the training include a discussion of MS Excel.
Confidence
You will always be able to achieve great things as a student if you have confidence. Nothing will appear impossible if you have enough self-confidence and faith in yourself. This trait is the most important component of your personality in the eyes of any potential employer and client. When the customer has faith in their chartered accountant, they will feel most at ease discussing their finances and other sensitive information.
Time Management
everyone should practice time management skills when they are still students. Because they must manage so many assignments at once, students studying to become chartered accountants need it the most. They should be well-versed in the newest technologies and know how to prioritize work with time management advice to maximize their time efficiency and produce outcomes on schedule.
Work of High Precision
Being exact is essential while managing a company's finances. Even a minor error might result in mistakes for the business. While working, CA students should use caution and focus. Because it will take too much time to double-check, try to do it properly the first time.
Containing the newest technologies
Get up to speed on the latest software trends and technology in your profession. Companies continue to adopt new technology since they are often more effective overall. Therefore, it's important to stay current with technology to avoid falling behind. Now and again, picking up new technologies can seem like a chore, but once you become used to them, they make your job easier. Students studying chartered accounting may employ emerging technologies like blockchain, cloud computing, and cybersecurity.
Strong organizational abilities
Chartered accountant has to be well-organized since they deal with a lot of paperwork and data regularly. Finding outdated data whenever necessary is made simple by having good organizing abilities.