AllAbout CAIndustrialTraining - Process, Eligibility & Duration
IndustrialTraining refers to the practical training in a company or an industrial environment that helps the students in developing the required skills which will help them in becoming a professional of the future.
ICAI industrialTraining aims to equip the candidates who wish to pursue a career in the industry with the required practical exposure and appreciation about the functioning of the finance department in an industrial environment. It develops a problem-solving attitude amongst future chartered accountants and prepares them for work later on.
In this article, we will be discussing all the important aspects of Industrial training in the CharteredAccountancy course.
Eligibility Criteria for Industrial Training
Acandidate desirous of pursuing IndustrialTraining must fulfill the below-mentioned eligibility criteria:
As per the CharteredAccountant Regulations,Acandidate who has passed the ca intermediate or CAIPCC Examination (both groups) is eligible to serve as an industrial trainee in any of the financial, commercial, industrial undertakings as may be specified by the council or such other institution or organization as may be approved by the council from time to time
An article assistant can serve as an IndustrialTrainee only during the last year of his/ her prescribed period of PracticalTraining/Articleship.
The article assistant has to intimate to his/ her principal about the intention to take such industrial training at least three months before the date on which such training is to commence.
Procedure for Industrial Training
Candidates who wish to serve in a company as an industrial trainee must register themselves with the ICAI in Form No. 104 electronically on ICAI’s website.
How to fill Form No. 104?
You can fill form no. 104 by following the below steps:
Go to ICAI Self Service Portal (SSP)
Log in using your User Id and Password
Go toArticleship Cycle
Click on theArticleship/Auditship tab available on the left side of the portal
Click on the articleship menu
Go to IndustrialTraining (Form No. 104) option
Submit all the required details and click on submit
Now your form has been submitted and will be sent to the Principal (under whom industrial training will be done) for approval.
Once your application has been approved, go to the “Submitted/ PendingActions” (in the articleship tab of the articleship cycle option of the SSPPortal) tab, download the PDF of the form, get it signed by the Principal and upload the scanned copy along with the deed in order to complete the registration process.
Duration of Industrial Training
The period of industrial training may range between a minimum of nine months and a maximum of twelve months during the last year of the prescribed period of practical training. The period of industrial training is treated as service under articles for all purposes of the CharteredAccountant Regulations.
Is it mandatory to pursue Industrial Training during the CAcourse?
It is not mandatory to pursue IndustrialTraining. It is entirely up to the discretion of the candidate whether he/she wants to pursue Industrial training or complete 3 years of articleship under his/her existing Principal.
Advantages of Industrial Training
However, it is not mandatory for the candidates to pursue IndustrialTraining but it definitely provides an edge over the candidates who don’t. Some of the advantages are listed below:
It gives a new learning experience
You get to interact with the members of other disciplines
Fixed office timings
Only five working days a week
High Stipend amount
Good contacts for future opportunities
ABrand Name gets added to your profile
Increased opportunities of getting placed in larger organizations (outside ofAudit Firms)
Which Companies provide Industrial Training
Only the companies which are approved by the Institute of CharteredAccountants of India can provide IndustrialTraining.
There is a complete region-wise list of companies offering IndustrialTraining to CAstudents on the Institute’s official website which can be accessed by clicking on the given link: https://www.icai.org/post.html?post id=823
Some of the Companies are HSBC, Citi Bank, Wipro, HDFC, Kotak, etc.
How to apply for Industrial Training and Selection Process
You can directly apply in the ‘careers’section of the company’s website where you wish to pursue Industrial training in case there is a vacancy.
You can also enroll yourself on the icai ca interArticleship and IndustrialTraining Portal to get an opportunity of pursuing articleship in the companies registered on the portal.
You can also register on various job portals to find an IndustrialTraining opportunity that best suits you.
Selection Process:The selection process for IndustrialTraining generally includes a telephonic interview by the company or an online written test or sometimes both.
Working Hours and Days of Industrial Training
Normally, the timings for IndustrialTraining in most of the companies is 10 am to 6 pm (approximately 8 hours)
And generally, there are five working days during a week during IndustrialTraining.
Stipend in Industrial Training
The amount of stipend offered varies from Industry to industry, company to company. But generally, it is seen that companies give a handsome amount of stipend to their Industrial Trainees which ranges from Rs.15,000 to Rs.40,000 a month.
Under whom an article can pursue Industrial Training
The industrial training shall be received under a member of the Institute working in the company where you register as an IndustrialTrainee.
As per the ICAI guidelines,AnAssociate who has been a member for a continuous period of at least three years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time, whether such trainees be articled, clerks or audit clerks.
After successful completion of the IndustrialTraining, a Certificate of service will be issued by the member under whom industrial training was received in Form No. 105.
Exam Leaves allowed during Industrial Training
Every company has a different policy regarding exam leaves to be given to the Industrial Trainees for CAFinal Exams. But normally a study leave of 2- 3 months is allowed by the companies.
How to create better chances of selection in companies for Industrial Training
To create better selection opportunities for yourself in IndustrialTraining you must understand the subject effectively and practically in which you want to join IndustrialTraining. (e.g, If you
wish to pursue your IndustrialTraining in the field of finance, focusing more on subjects like Financial Management, Risk Management will be of great help)
Article Source: AllAbout CAIndustrial Training – Process, Eligibility & Duration