What is 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 get hands-on experience with a company that has a certain amount of fixed assets, turnover, or paid-up share capital. It's essentially an articleship in any industry, such as FMCG or finance, where you can finish your final year of articleship. Companies are on the lookout for articles, and you must apply for them online. You will be contacted for an interview, and if chosen, you will be able to join them. The inclusion of industrial training in the CA curriculum is intended to offer businesses with candidates who are adaptive to industrial settings and suitable with their unique working structures.
Criteria for Eligibility
- A candidate who has passed the CA intermediate or IPCC examination (both groups) is eligible to serve as an industrial trainee in any of the financial, commercial, or industrial undertakings as specified by the council or such other institutions or organisations as may be appeared by the council from time to time, according to the Chartered Accountant regulation of 1988.
- An article can only work as an industrial trainee if they have finished their practical training for at least 18 months.
- The candidate must notify his or her principal at least three months prior to the start of the ICAI training.
Duration
During the last year of practical training, industrial training might take anywhere from nine to twelve months.
Industrial Training Benefits for CA Students
1. Workplace Exposure
The exposure to industry is the most important purpose and advantage of Industrial Training for CA students. You begin working in a corporate setting, where your function is less defined than it was during your articleship. It widens the range of possibilities. As a result, you will gain excellent industry exposure while working in the business. And you will be given tasks that will provide you with adequate exposure to corporate finance.
2. A more prosperous career in the industry
Industrial training is the best option for CA students who want to work in the industry once they finish their CA. Exposure to the industry will be extremely beneficial to you.
3. Assists you in advancing in your field of expertise
Nowadays, everyone is heading toward specialisation, therefore having the appropriate expertise for a specific field can provide you a competitive advantage in your job. If you choose industrial training, you will be able to obtain this specialisation in your field.
4. A new way of functioning
Many students enrol in industrial training to gain experience in a different working environment and culture. This allows them to gain experience in a variety of working contexts during their training.
Contrary to popular belief, industrial training for CA students has a number of drawbacks.
1. Tight schedule
When opposed to industrial training, articleship is a lot less stressful. Your company will want to make the most of you throughout industrial training by giving you a lot of work. To finish your work duties, you may have to miss a lot of other activities.
2. Danger Factor
Your time and commitment will be required for industrial training. This may cause you to shift your attention away from your CA Final study and onto your work. Because you will have to acclimatise to the new surroundings, your study pattern may be disrupted. It's possible that you won't have time for your coaching. As a result, there will be a greater chance of passing your CA tests.
3. Take a study break
Your industrial training employer will aim to get the most work out of you. As a result, he will not provide you with as many study leaves as you would receive during your articleship. Many CA corporations provide 5 to 6 months of test leave, but most companies only provide 3 months of exam leave.
The following major points are emphasised in the Chartered Accountants (Amendment) Regulations 2022:
The industrial training must be under the supervision of a member of the Indian Institute of Chartered Accountants. However, to take on a trainee at a time, the individual must be a member of the ICAI for at least 3 years, and the fellow shall be able to train two industrial trainees at a time, whether they be articled, assistants, or audit assistants.
- If no member of the Institute referred to in this sub-regulation is available, industrial training can be provided by an officer of that Government, Authority, Body, Bank, department of central or state government, institution or organisation.
- The council will establish the officer's entitlement from time to time based on the number of years of service and the nature of the services provided by the department in question.
This year, a total of 4,455 firms/companies have advertised for articleship and industrial training positions. However, there are only 66 positions available for industrial trainees. Every year, the importance of industrial training grows, and with it, the number of job openings grows. It is prudent to apply for such training in order to gain a better understanding of the manufacturing processes, gain an advantage over other candidates, and boost your chances of landing the desired work position.
