Industrial training

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ankit (Querist)
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15 November 2010 I hv cleared my ipcc in may'10 and nw i m undergoing articleship..i want some details on industrial training..what it is about? Is is smthing diffrent from regular articleship?how can i pursue it?wht r its benefits?are there any special firms which provide such traning or we culd do it from where we r doing our articleship..

Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 November 2010 Industrial Training https://www.caclubindia.com/forum/about-industrial-training-98583.asp

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Ajay Mishra

Ajay Mishra (Expert)
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15 November 2010 Hi

ARTICLESHIP TRAINING
A student has to undergo articled training for the period of three years along with theoretical education. The entire period of practical training can be served with a practising member or it can be served partly with a practising member and partly in an approved industrial establishment as an Industrial Trainee. The period of such industrial training may range between 9–12 months during the last year of the prescribed period of practical training. Only students of Final Chartered Accountancy Course are eligible for Industrial training. A person registered as an articled assistant is entitled to receive a minimum monthly stipend as per the rates specified under the Chartered Accountants Regulations, from time to time. The current minimum rates of monthly stipend payable, depending on the situation of the normal place of services of the articled assistants

INDUSTRIAL TRAINING
Industrial training is a training scheme by which a student can undergo practical training within an industrial undertaking having specified amount of fixed assets or turnover or paid-up share capital. Industrial training can be commenced during the last one year of articleship. Industrial training can be performed in financial, commercial, industrial undertakings with minimum fixed assets of Rs.1 crore; or minimum total turnover of Rs. 10 crore; or minimum paid–up share capital of Rs. 50 lakhs; or such other institutions or organization as may be approved by the Council from time to time. The period of industrial training may range between 9 months and one year. The industrial training shall be received under the member of the Institute. An associate who has been a member for a continuous period of at least 3 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. There should be an agreement of industrial training in Form No.104. On satisfactory completion of industrial training by an articled/audit assistant, the associate/fellow member under whom the industrial training is received shall issue a certificate in Form No.105 in respect of the training undergone. It is required to maintain details of work undertaken and training received in the prescribed format.

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ankit

ankit (Querist)
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15 November 2010 Thnx a lot for the information.i would also like 2 know that whether its better to go for industrial training or to continue with regular articleship.which option is better?what r the benefits of opting for industrial training and how does it help us further?do we need to take transfer from the place of articleship to opt for industrial training?which firms provide such trainings

ankit

ankit (Querist)
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16 November 2010 Plz reply to my query..

Ankur Garg

Ankur Garg (Expert)
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17 November 2010 Well it depends on your vision...whether u r interested in practice or job...if you r interested in job then go for industrial training to understand the corporate environment in a much better way with working style...

This exp will surely help you during your job...

n if u r interested in practice then stick to articleship.

Regards

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