Industrial training

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2015 Sir can mutual funds and investment bank are approved by icai and if yes thn how can i apply for the same??

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2015 S.ir can mutual funds and investment bank are approved by icai and if yes thn how can i apply for the same??

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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01 August 2024 Yes, mutual funds and investment banks can be considered for industrial training under the CA curriculum, provided they meet the criteria set by ICAI. Here’s how you can approach this:

### **1. Verification of Approval:**

- **Check ICAI’s List:**
- Start by checking the official list of approved organizations for industrial training on the ICAI website or contact ICAI for the latest list. This will confirm whether the specific mutual funds or investment banks are listed.

### **2. Applying for Industrial Training:**

- **Eligibility:**
- Ensure that the mutual fund company or investment bank meets the eligibility criteria specified by ICAI. They should have a turnover exceeding ₹20 crore and the ability to provide substantial practical experience.

- **Preparation:**
- **Resume and Cover Letter:**
- Prepare a strong resume and cover letter highlighting your interest in industrial training, your qualifications, and why you want to work with them.
- **ICAI’s Industrial Training Guidelines:**
- Familiarize yourself with the guidelines for industrial training provided by ICAI, including the necessary documentation and procedures.

- **Approaching the Company:**
- **Direct Application:**
- Reach out to the HR department or the relevant contact person in the mutual fund or investment bank. Submit your application, including your resume, cover letter, and any supporting documents.
- **Follow-Up:**
- Follow up with the company to check the status of your application and be prepared for interviews or assessments.

### **3. ICAI Approval Process:**

- **Form 109 and Cover Letter:**
- Once you receive an offer letter from the mutual fund or investment bank, you need to fill out Form 109 and a cover letter detailing the specifics of your industrial training.

- **Submission:**
- Submit Form 109 along with the offer letter, a cover letter from your current principal, and any other required documents to ICAI for approval.
- Ensure that your current principal signs off on the necessary forms.

- **Processing Time:**
- The processing time for ICAI’s approval can vary, so it’s advisable to submit all documents well in advance of your intended start date for industrial training.

### **4. Documentation and Requirements:**

- **Documents to Submit:**
- **Form 109:** For reporting your industrial training details.
- **Cover Letter:** From your current principal giving consent for the transfer and approval of your industrial training.
- **Offer Letter:** From the mutual fund or investment bank confirming your industrial training appointment.
- **Recommendation Letter:** From your current principal, if required by ICAI.

- **Leave Policy:**
- Understand and discuss the leave policy with the mutual fund or investment bank for preparation and exams. It’s essential to confirm that you can balance your training with your CA Final preparations.

### **5. Additional Considerations:**

- **Networking:**
- Network with professionals in the industry to get insights and referrals. This can be helpful in securing a position and understanding the expectations.

- **Documentation from ICAI:**
- Ensure you have all necessary documentation from ICAI, and be in touch with them throughout the process to address any concerns or queries.

By following these steps, you can effectively apply for industrial training with mutual funds or investment banks and ensure a smooth process. If you need further guidance or have specific questions, feel free to ask!

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