06 August 2012
Scheme for Practical Training to ICWAI students With effect from 1st day of January 2008, every registered student under the Revised syllabus 2008 shall be required to undergo practical training for a period of 3 years on whole time basis to the satisfaction of the Council in any one or more of the following organizations given under clause 2 and in the areas given in clause 3 for the purpose of recognition for training.
A student working in any of the organizations specified in clause 2 in the functional areas given in clause 3 below shall be exempted from training.
1. Objectives of the Practical Training To develop among the students the necessary skills required to apply theoretical knowledge of cost and management accounting to practical situations in different professional fields
Exposure to environments under which different organizations work
Providing on-job experience of practical aspects of Cost and Management Accounting
Developing disciplined attitude required for a professional
Awareness on ethical values in professional work
2. Organizations recognized for Training Student working as Trainee will be hereinafter referred to as Cost & Management Trainee. The Cost & Management Trainee shall undergo practical training under (1) Practicing Cost Accountant or (2) a firm of Cost Accountants or (3) in any of the following organizations under a professionally qualified person. The organizations other than the firms of professionals will be recognized for the purpose of training of the students if its annual turnover is Rs 5 crores or more. The authority under which the training is undertaken is referred to as Principal hereinafter.
Central/State Government / Semi-Government / Public Utilities Banks and other Financial Institutions Insurance Company Public Sector Unit Public Limited Company Private Limited Company Information Technology Sector KPO / BPO Stock Exchange Universities, Management Institutes and any other educational institute Limited Liability Partnership Firm Management Consultancy Firms NGO Co-operative societies engaged in Banking, Manufacturing Any other institution as approved by the Council 3. Recognized areas for Training: Management Accounting Cost Accounting Financial Accounting Financial Management Auditing Regulatory compliances Direct Taxation Indirect Taxation Corporate Laws, Industrial Laws, Commercial Laws Systems Analysis, Information Technology (including ERP system) Project Management Banking Operations Insurance Valuation Financial Services Teaching in Finance, Accounts, Costing, Taxation, Management and subjects covered in ICWAI Syllabus (other than visiting faculty) Management Consultancy Services as defined in appendix 6 under Regulation 111 of CWA Regulation, 1959 Any other areas approved by the Council 4. Procedure for Registration of Trainees A student required to undergo training may arrange training on his own or may seek assistance from the Institute for the arrangement of Training. The Institute will maintain information on different organizations and firms interested to train the students and their respective areas of training to facilitate placing of the students for training. The registration of trainees with the Institute shall be done by the student within a period of 45 days from the date of execution of the deed, arrangement of training in an organization or employment, as the case may be. In case of students already employed, the period of 45 days will be counted from the date of registration as student.
A student shall inform any change in the Principal or Employer to the Institute with all relevant documents within 45 days from such change.
A. Documents to be submitted The Institute shall maintain a register of Cost & Management Trainees to keep records on fulfillment of different requirements for training such as period of training, name of Principal or Employer under which training is undertaken etc. A student shall register with the Institute for the purpose of training with the following documents:
In case of training in the Cost Accounting Firm, the Deed of training executed by the Principal and the student in the prescribed form.
In case of training in an organization, the documents for deployment of trainee signed by an authority of the organization and the student in the prescribed form.
In case of students who are working, the document(s) of his employment.
B. Fees for the Registration of Trainees
A student shall pay Rs 1000/- as registration fees.
A student who is working shall pay Rs 1000/- as registration fees and additional Rs 2000/- as exemption fees.
In case of change of the principal or employer, the trainee shall have to register the necessary documents along with the fees of Rs 300/-.
for details: http://students.icwai.org/Training/students-SchemeforPracticalTraining.asp
Courtesy: The Institute of Cost Accountants of India(ICAI).
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