AUBSP Description

Revised Practical Training Scheme for CMA Students

Students who are desirous of appearing for CMA Final examinations from Dec 2013 to Dec 2014 shall enrol for I-CMA Training (I-CMAT) module of ICWAI.

Practical Training Scheme
For becoming a thriving proficient professional, only theoretical knowledge is not enough and therefore one should have to go for practical training to develop the necessary skill required to apply theoretical knowledge to practical situations in different professional fields.

Accordingly, the Institute of Cost Accountants of India (ICAI) has made a compulsory requirement for every student having registered under Revised Syllabus 2008/Syllabus 2012, to undergo practical training for a period of 3 years on whole time basis.

You can start the practical training immediately on registration into Intermediate course or during Course. Only requirement is that you have to complete at least 6 months training as on 31st March/ 30th September for appearing in the Final examination held in June/December respectively. This is applicable from December 2013 Final examination.

However, the students who are desirous of appearing for CMA Final examinations from December 2013 to December 2014 shall enrol for I-CMA Training (I-CMAT) module of the Institute and at least complete 100 hours of training to make an application to appear in the final examinations.


Therefore, under the present scheme of practical training there are three options for students for being eligible to make an application to appear in the final examination:

A) Complete Practical Training: You shall complete at least six months of practical training in any one or more of the organization as may be specified/ approved by the council of ICAI, and in areas as specified by the Council; or

B) Having Experience: You must have an experience of at least 6 months in any one or more of the organizations and in areas as specified by council of CMA Institute; or

C) I-CMA Training: You should enrol for I-CMA Training Module as indicated in Appendix C. Note that this I-CMA module will be available for the students appearing for final examination till December 2014 only. Thus, students who are appearing for final examination from June 2015 or further will have to complete either (A) or (B).

The online form will be available from 29th July 2013 till 16th August 2013 on the website of the Institute at icmai.in. You have to enrol for the I-CMA Training Module by submitting Form T-6 along with the Demand Draft for Rs. 3000 drawn in favour of the Institute Cost Accountants of India, payable at New Delhi.

Each of the students enrolled for this Module needs to complete at least 100 hours of Active Learning Hours (ALH). 100 ALH is to be accumulated by the students within 25th Oct 2013, to become eligible for December 2013 final examination.

Organizations recognized for CMA Practical Training
APPENDIX A

Apart from practicing Cost and Management Accountants (CMAs) and firm of Cost Accountants, following organisations are recognised for practical training:

a) Govt. Sector: Central/State Government / Semi-Government / Public Utilities.

b) Banking Sector: Banks/Insurance/ other Financial Institution

c) Public Sector: Public Sector Unit

d) Educational Institute: Universities, Management Institutes and any other recognized educational institute

e) Co-operative societies: Co-operative societies engaged in Banking, Manufacturing.

f) Other organization: Any other organization with a turnover of Rs. 50 Lakhs in case service sector or Rs. 1 crore in case of other than service sector.

g) CA/CS Firms: If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, credence to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc.

h) Management Consultant: Management Consultant in individual capacity depending on the size of the firm, nature of duties handled by the applicant related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the client companies etc.

Minimum Stipend to Cost and Management Trainees
Type of Employer
Minimum Monthly Stipend
1st year
2nd year
3rd year
Practicing Cost Accountant/ a firm of Cost Accountants
Rs. 2000
Rs. 3000
Rs. 4000

Organization
Rs. 4000
Rs. 5000
Rs. 6000

The Institute of Cost Accountants of India and Food Corporation of India (FCI) (Government of India Undertaking) have signed an MOU on 28th February'2012. As per this MOU the intermediate passed students of the Institute will be able to undergo Practical Training with FCI.




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