CMA Practical Training: All You Need to Know About In The New Scheme
CMA Practical Training: All You Need to Know About In The New Scheme
Table of Contents |
1. The Minimum Duration Of Training As Prescribed By ICMAI:
15 months.
(Every student who registered CMA for the intermediate level on or after February 11, 2020)
2. Why ICMAI Prescribed Practical Training?
ICMA prescribes practical training for its students to build the necessary skill sets that enable them to apply their theoretical understanding of cost and management accounting to real-world scenarios across a range of professions.
The practical training also provides students with real-world insights into the ecosystem in which various firms function, allowing them to gain on-the-job experience with current and practical areas of the cost and management accounting field.
Additionally, the training helps establish the disciplined mindset necessary for professional development. Through practical training, students are also able to enhance their knowledge of and consciousness of ethical ideals in the workplace, making them more effective and responsible professionals in the future.
Overall, ICMA's prescribed practical training is an essential component of their curriculum, as it equips students with the practical skills and knowledge required to succeed in their chosen field.
3.Who Has to Do The Practical Training?
3.Who Has to Do The Practical Training?
Every student who registered for the CMA intermediate on or after February 11, 2020, must complete 15 months of practical training, to the satisfaction of the Council, in any one or more of the organization(s) specified in "Appendix A" and in areas, as specified in "Appendix B" in order for the training to be recognized. They have to complete before the result of their remaining group/groups.
Nonetheless, a student must meet the requirements by the cut-off date that may occasionally be mentioned in order to be qualified to appear in the CMA final examination.
To know more click here.
4. Who Will be Exempted from the Practical Training?
- A student of ICMA who has worked in recognized organizations or areas can claim exemption from Practical Training by submitting Online Form T-3 to the Directorate of Training and Placement of the Institute and paying Rs. 2000.
The application must be received and found eligible on or before 31st May for June Exam and 30th November for December Exam.
The exemption can be sought immediately after joining the Intermediate course or at any time during the course of studies subject to the above dates.
Documents to be submitted include a scanned copy of the experience certificate, audited balance sheet or proof of turnover, and current salary slip attested by the employer.
Practicing Chartered Accountants/Company Secretaries are also exempted from the Practical Training Scheme and can seek exemption by following the prescribed procedures and paying the exemption fee.
5. Procedure of Intimating ICMAI After Joining an Organization
5. Procedure of Intimating ICMAI After Joining an Organization
ICMA students can approach recognized organizations as prescribed in 'appendix A' or practicing Cost Accountants for Practical Training.
After joining an organization, students must inform the Institute within 30 days by submitting Form T-1 (for PCMA/firm of Cost Accountants) or T-4 (for recognized organizations) online.
Students must also submit Form T-5 before applying for both or the remaining group in the Final Examination.
All forms can be downloaded from Here
The Institute maintains a database of organizations and firms interested in imparting practical training to students on its website, www.icmai.in, to assist students.
6.Stipend To be Given to CMA Trainee
Trainee's Employer Type | First-Year Minimum Stipend | Second Year Minimum Stipend | Third-Year Minimum Stipend |
Practicing Cost Accountant | Rs. 2,000 | Rs. 3,000 | Rs. 4,000 |
A firm of Cost Accountants | Rs. 2,000 | Rs. 3,000 | Rs. 4,000 |
Corporate Organization | Rs. 8,000* - 10,000** | Rs. 10,000* - 12,500** | Rs. 12,,500* - 15,000** |
** Metropolitan and ‘A’ Grade Cities
* Other Places
Note: Employers may choose to pay higher stipends to their trainees, and the stipend must be paid monthly through a crossed account payee cheque or deposited in a bank account opened by the trainee in their name with a specified bank branch.
Important Links:
To get the prescribed organization for practical training clickHERE (APPENDIX A)
To Know the recognized areas of training click HERE (APPENDIX B)
To Know About the leave structure and change of employerClick Here
7. Get Help From SJC
As you now can understand the CMA students need to undergo 15 months of training after clearing their intermediate exams, as per the guidelines of the ICMAI institute. However, finding a suitable company to apply for training in can be a challenge.
The guidelines require a company with a turnover of 25-50 lakhs for training, But as students don't get more opportunities, students started working in CA firms and students also prefer working in accounting & compliance related area .
The program, spanning 2-3 months with 3 hours of dedication per day, 6 days a week, ensures a comprehensive understanding of these fields. Moreover, SJC guarantees placements with stipends in preferred locations for students who complete the training and want to join practical training in these fields. Additionally, grooming sessions are provided to further develop students' professional skills. This initiative aims to broaden students' career prospects beyond traditional roles, opening up new and diverse opportunities in the industry.
Watch this video to know more:
To get more information regarding the program , students can contact us at : 8100112222.