Industrial training for CA students
The ICAI introduced the concept of Industrial Training to develop a problem-solving attitude among future CAs and to provide an understanding of the role of a Chartered Accountant in the industry. The addition of industrial training to the CA curriculum is intended to equip businesses with candidates who are adaptive to industrial environments and suitable with their unique working structures. As a result, those applicants who want to pursue employment in the industrial sector will benefit.
In this article, we'll go over all you need to know about CA Industrial Training, including eligibility requirements, duration, procedure, and latest revisions.
Industrial training is a programme in which a student can gain real-world experience working for a company with a particular amount of fixed assets, turnover, or paid-up share capital. It's simply an articleship in any field where you can finish your final year of articleship, such as FMCG or finance. Companies are looking for articles, and you must submit your application online. You will be approached for an interview and will be allowed to join them if chosen. Industrial training is included in the CA curriculum to provide organisations with candidates who are adaptable to industrial environments and fit for their unique working arrangements.
ICAI-approved CA industrial training
An articled clerk who has passed the Professional Education (Examination – II) or the Intermediate examination under these regulations may, at his discretion, work as an industrial trainee for the period specified in sub-regulation (2) in any of the financial, commercial, or industrial undertakings with minimum fixed assets of Rs. 1 crore, minimum total turnover of Rs. 10 crores, or minimum paid-up share capital of Rs. 50 lakhs; or any other Institute or organisation as may be specified in sub-regulation (2).
Which firm provides the finest CA Industrial training?
There are several companies that have been approved by the ICAI to provide industrial training to CA students.
After applying for the positions, I received calls from the following IBs for CA Industrial Training:
- Credit Suisse is a financial institution based in Switzerland.
- Goldman Sachs is a financial services firm.
- J.P. Morgan Chase & Co. (CIB and AWM)
- Shaw, D. E.
- HSBC.
- Elara Capital is a venture capital firm based in New York City
Industrial Training Eligibility
- After passing both groups of the Intermediate Examination/PE-ll Examination/Professional Competency Course.
- During the year of practical training prior to graduation.
- An articled assistant who has passed the Intermediate (IPC) Examination / Professional Competence Examination / Professional Education (Examination – II) or Intermediate examination can work as an industrial trainee in any of the financial, commercial, or industrial undertakings that the Council may specify, or in any other institution or organisation that the Council may approve from time to time.
- Before beginning Industrial Training, an articled assistant must notify his principal at least three months prior to the start date of the training.
- During the last year of the necessary duration of practical training, the period of industrial training may range from nine to twelve months.
- The Industrial Training must be received under the supervision of an Institute member. An Associate who has been a member for at least three years has the right to train one industrial trainee at a time, whereas a fellow has the right to train two industrial trainees at the same time, whether they are articled assistants or audit assistants.
- The approved form, Form No. 104, must be used to record the training agreement.
- The principal must issue a service certificate in the prescribed form, Form No. 105, upon successful completion of industrial training.
Trainees can also participate in specific accounting exercises as part of their industrial training. Thus, the closure of accounts, for example, gives an opportunity for them to acquire the necessary skills in addition to the theoretical knowledge that they have already gained. Industrial training may also introduce trainees to management accounting, cost accounting, management information systems, and electronic data processing (EDP), among other topics. It also allows them to contribute to work on company laws, taxation, and secretarial practise.
Industrial training period:
Registration as an industrial trainee shall last no less than nine months and no more than twelve months, including any time spent on extended leave.
Who Has the Authority to Provide Industrial Training?
- One Industrial Trainee can be trained by an associate member who has been a member for three years.
- Two Industrial Trainees can be trained by a Fellow member.
- Only members of the Institute and organisations approved by the Institute are permitted to obtain industrial training.
- Three months prior to the start date of training, the student must notify his principal of his intent to participate in Industrial Training.
- Obtain Form 109 or 114 (as applicable) from the current principal, as well as the Training Report as outlined in the Training Guide.
- Execute an Apprenticeship Deed in Form 104 on non-judicial stamp paper or affix a 'Special Adhesive Stamp' in duplicate as per rates applicable in respective cities/States and submit the same to the Institute's office within 30 days of the date of commencement of such training, through the "Organisation" where Industrial Training is to be taken.
- Industrial Training is also available to audit assistants who have passed the Intermediate/PE-ll/Professional Competency Course, test, and are in their final year of service. As in the case of an articled assistant, he must meet all of the conditions listed above. He must also submit Forms 104 and 114, both completed and signed.
