Industrial training is the term used to describe hands-on instruction provided to students in a business or industrial setting in order to help them develop the necessary skills to become future professionals.
CA Industrial Training is a program provided by the Institute of Chartered Accountants of India (ICAI) that provides Chartered Accountancy (CA) students with practical training and experience.
It is an optional component of the CA curriculum and is typically completed near the end of the course. Students work with practicing chartered accountants during this time to gain practical experience in areas like auditing, tax, accounting, and financial management. After completing the training, students must pass an exam to receive the CA designation.
We will cover all of the essential aspects of industrial training in the Chartered Accountancy course in this article.
Industrial Training Eligibility Criteria
A candidate who wishes to pursue Industrial Training must meet the following eligibility criteria:
According to the Chartered Accountant Regulations, a candidate who has passed the CA Intermediate or CA IPCC Examination (both groups) is eligible to serve as an industrial trainee in any of the financial, commercial, or industrial undertakings specified by the council, or in such other institution or organisation as the council may approve from time to time.
Only in the final year of their required Practical Training/Articleship, an article assistant may work as an Industrial Trainee.
At least three months prior to the start date of the industrial training, the article assistant must inform their principal of their intention to participate in the training.
In the final year of the required practical training period, the length of the industrial training can range from a minimum of 9 months to a maximum of 12 months.
For all purposes of the Chartered Accountant Regulations, the time spent in industrial training is regarded as service under articles.
Is Industrial Training required as part of the CA course?
Industrial training is not required. It is entirely up to the candidate whether they wish to pursue industrial training or complete three years of articleship under their current Principal.
What are the Pros of Industrial Training for CA Students?
There are several benefits of CA Industrial Training for Chartered Accountancy (CA) students, including
- Hands-on experience: CA Industrial Training provides students with real-world experience working with practicing chartered accountants. This hands-on experience helps students apply the concepts they have learned in the classroom to practical situations.
- Networking opportunities: During their industrial training, students will have the opportunity to work with and network with a wide range of professionals in their field, including practicing chartered accountants and other industry experts.
- Enhanced skills: The practical experience gained during the training period can help students develop a range of valuable skills, including communication, problem-solving, time management, and leadership.
- Better job prospects: Completing the CA Industrial Training program can help students stand out when applying for jobs after graduation. The hands-on experience and practical skills they have acquired can make them more competitive in the job market.
Overall, CA Industrial Training gives students a well-rounded education in their field while also assisting them in developing the skills and experience required to succeed as professional chartered accountants.
What are the Cons of Industrial Training for CA Students?
Here are some drawbacks to CA Industrial Training:
- Time constraint: Industrial training takes time away from regular studies and exam preparation.
- Limited scope: Training in a particular company may not cover all areas of the CA syllabus.
- Burden of work: Trainees may be given work that is menial or repetitive, which can be demotivating.
- No guarantee of a job: Industrial training does not guarantee a job offer from the company.
- Location constraint: Not all CA students may have access to companies offering industrial training in their location.
- Financial burden: Some companies may charge a fee for industrial training, which can be a financial burden for students.
Industrial Training Days and Working Hours
Most companies typically offer industrial training from 10 am to 6 pm (approximately 8 hours)
During Industrial Training, there are usually five working days per week.
Industrial Training Stipend
Each industry and each company have a different standard stipend amount. However, it is common for companies to pay their Industrial Trainees a handsome stipend ranging from Rs.15,000 to Rs.40,000 per month.
Application Procedure for Industrial Training
Candidates who wish to work as an industrial trainee in a company should register with the ICAI using Form No.104, which is available electronically on the ICAI's website.
How do I fill out Form 104?
The steps listed below can be used to fill out form 104:
- Navigate to the ICAI Self Service Portal (SSP)
- Enter your User ID and Password to log in.
- Go to the Articleship Cycle page.
- On the left side of the portal, select the Articleship/Auditship tab.
- Select the articleship menu.
- Select Industrial Training (Form No. 104).
- Complete all required fields and press the submit button.
Your form has now been submitted and will be forwarded to the Principal (under whose supervision industrial training will be conducted) for approval.
Once your application has been approved, go to the "Submitted/ Pending Actions" tab (in the articleship tab of the SSP Portal's articleship cycle option), download the PDF of the form, have it signed by the Principal, and upload the scanned copy along with the deed to complete the registration process.
2 Comments