Earning While Practicing as a Chartered Accountant (CA) During Articleship

Many aspiring Chartered Accountants (CAs) wonder if they can earn money while performing their articleship. The answer is yes, but itrsquo;s important to understand the parameters set by the Institute of Chartered Accountants of India (ICAI), the practicalities involved, and the legal responsibilities. This guide will explore the possibilities, regulations, and valuable tips for earning money during your articleship.

ICAI Regulations and Minimal Stipend

The ICAI prescribes a minimum stipend of Rs. 2,000 per month for articleship, with yearly hikes. As of now, the stipend can go up to a maximum of:

1st Year: Rs. 15,000 2nd Year: Rs. 20,000 3rd Year: Rs. 25,000

Only firms like EY and KPMG offer the higher stipends of up to Rs. 25,000. Additionally, you may receive reimbursement for expenses such as travel and food, subject to the firmrsquo;s policy.

Importance of Firms

Remember, the stipend is not the sole factor to judge the quality of an articleship firm. For detailed insights, you can refer to my answer on this topic:

CA Shubham Gupta's answer to Is the level of a firm checked by the stipend given to its articles?

Earning Opportunities During Articleship

While financially insignificant, there are indeed ways to earn during your articleship:

Accountancy Assignments: You can take up accountancy assignments such as tax filing, etc. Some people start their practice by supporting their principal for signing work if they have a good rapport. Online Earning Platforms: Consider platforms like LinkedIn, Upwork, or Fiverr to find clients for tax filings and other accounting tasks. The key is to manage your time and maintain good relationships with your principal. Tutoring: Offer to tutor CA-CPT, IPCC students, or non-CA students in subjects related to accountancy. Online Work: Participate in Amazon Mechanical Turk or other online marketplaces for completing small tasks like data entry or research. Freelance Work: Install earning apps like NewsDog, Amazon Turk, etc., and complete the tasks to earn money. Cash Earning Apps: Use cash-earning apps like NewsDog, TEZ, etc., to earn money while saving or earning small amounts of cash.

Practical Considerations and Permission

Even if you decide to venture into earning money, you need to adhere to ICAIrsquo;s regulations and obtain permission under certain circumstances. Here are the steps:

Fill Out Form 112: Submit this form to the ICAI, which requires your principal CA to certify your working hours and ensure that your business activities do not interfere with your regular office hours. Principalrsquo;s Certification: Your principalrsquo;s certification is a crucial part of the process, as it verifies that you are maintaining a good balance between your studies and extra work.

While you can take on similar work as a CA, it is strictly advised against using any wording that implies practicing as a CA. It is important to clarify that you are supporting yourself while pursuing your articleship and the legal requirements set by the ICAI.

Conclusion:

While the ICAI stipend is a significant factor, you can enhance your earning potential during articleship by utilizing your skills and finding opportunities that align with your interests. Remember, the goal of articleship is to gain practical experience, and you can do so while exploring additional ways to earn money. Enjoy your journey towards becoming a qualified Chartered Accountant!

Happy articleship time!