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Industrial Training Guidance
Industrial Training 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 industrial Training 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 Chartered Accountancy course.
A candidate desirous of pursuing Industrial Training must fulfill the below-mentioned eligibility criteria:
- As per the Chartered Accountant Regulations, A candidate who has passed the Intermediate 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 Industrial Trainee only during the last year of his/ her prescribed period of Practical Training/ 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.
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 to Articleship Cycle
- Click on the Articleship/ Auditship tab available on the left side of the portal
- Click on the articleship menu
- Go to Industrial Training (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.
- After application approve, go to the “Submitted/ Pending Actions” (in the articleship tab of the articleship cycle option of the SSP Portal) 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.
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 Chartered Accountant Regulations.
Is it mandatory to pursue Industrial Training during the CA course?
It is not mandatory to pursue Industrial Training. 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.
However, it is not mandatory for the candidates to pursue Industrial Training but it definitely provides an edge over the candidates who don’t. Some of the advantages are as 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
- A Brand Name to your profile
- Increasing opportunities of placements in larger organizations (outside of Audit Firms)
Which Companies provide ?
Only the companies which has approval by the Institute of Chartered Accountants of India can provide Industrial Training.
There is a complete region-wise list of companies offering Industrial Training to CA students on the Institute’s official website, click on the given link:
Some of the Companies are HSBC, Citi Bank, Wipro, HDFC, Kotak, etc.
How to apply 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.
Enrol yourself on the ICAI Articleship and Industrial Training Portal to get an opportunity of pursuing articleship in the companies registered on the portal.
Register on various job portals to find an Industrial Training opportunity that best suits you.
Selection Process: The selection process for Industrial Training generally includes a telephonic interview by the company or an online written test or sometimes both.
Working Hours and Days of Training
Normally, the timings for Industrial Training 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 Industrial Training.
Stipend in Industrial Training
The amount of stipend offered varies from Industry to industry, company to company. But generally, companies give a handsome amount of stipend ranges from Rs.15,000 to Rs.40,000 a month.
Under whom an article can pursue Training
The industrial training shall be received under a member of the Institute working in the company where you register.
An Associate who has been a member for a continuous period of three years, entitled to train one industrial trainee. A fellow member can train two industrial trainees at a time. Whether such trainees be articled, clerks or audit clerks.
After successful completion of the Industrial Training –
A Certificate of service will be issued by the member under whom industrial training was received in Form No. 105.
Exam Leaves allowed during Training
Every company has a different policy regarding exam leaves to be given to the Industrial Trainees for CA Final Exams. But normally a study leave of 2- 3 months is allowed .
How to create better chances of selection in companies for Industrial Training
Create better selection opportunities for yourself in Industrial Training. You must understand the subject effectively and practically in which you want to join Industrial Training. (e.g, say you wish to pursue your Industrial Training in the field of finance. Focusing more on subjects like Financial Management, Risk Management will be of great help)
At last all the best 🙂
All doubts discussion regarding CA Industrial Training :
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