When students clear their CMA foundation and register for the CMA intermediate, students have many doubts about where should they apply for CMA articleship /practical training, whether they can do their training from CA/CS firm or not, how long will the training /articleship period or what are the conditions under which they work under CA/CS firms.
In this blog, we will address all your questions regarding this topic, so go through the entire blog.
What is the total duration of the CMA Articleship/practical training?
15 months [for all students who enrolled in the intermediate course on or after February 11, 2020]
When should I begin the CMA Articleship/ Practical Training?
When you register for the Intermediate Level Course, you will be able to start your articleship/ Practical Training immediately.
How long should the articleship/ practical training period be?
The CMA articleship/practical training period should be of 15 months and 10 months of articleship training should be done before filling out the exam form.
What are the objectives of CMA Articleship/Practical training?
The following are the objectives of the CMA Articleship/practical training:
- To provide students with the skills needed to apply their theoretical knowledge of cost and management accounting in practical situations in a variety of professional fields.
- To give students hands-on experience with the eco-system in which various organisations operate, in order to help them understand the dynamics of the industry.
- To provide students with on-the-job training in practical and current aspects of cost and management accounting, allowing them to gain hands-on experience and practical insights into the field.
- To create and nurture a pool of employable and future-ready professionals who have the necessary skills and experience to succeed in the industry.
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From Where can the CMA students do their Articleship/Practical training?
The yearly turnover for a manufacturing organisation should be 50 lakhs, and the yearly turnover for a service organisation should be 25 lakhs.
An exception is there that CMA students cannot do an articleship in a CA/CS firm, and if you have done a prior articleship in a CA/CS firm, you will not be eligible for exemption.
And if you have previously completed an articleship or training in an organisation that meets the prior criteria of the turnover of manufacturing or service organisations, you will be eligible for exemption.
**Check out this as well**
How SJC is helping CMA students to get Articleship/practical training?
What is the condition in which CMA students do Articleship/ Practical training in CA/CS Firms?
Yes, under the CMA's New Practical Training Scheme-2020, you can do articleship/Practical Training in a CA/CS Firm only If :
- If a firm of Chartered Accountants/Company Secretaries has a separate division for Management Consultancy and the applicant has only worked in that division, the value of that experience will be assessed as a percentage of the total experience required. The percentage granted will be determined by factors such as the nature of the job in cost management, management accounting, financial accounting, taxation, MIS, or similar roles, the size of the firm, the nature of the applicant's duties, and the size of the client companies.
- The yearly turnover should be 25 lakhs then only CMA students can work.
- Or can work as a Management Consultant in an individual capacity, depending on the size of the firm and the nature of the applicant's responsibilities in cost and management accounting/financial accounting/taxation/MIS or of similar nature, client company size, and so on.
In any case, it's best to check with the appropriate authorities or the CMA institute for specific guidelines and requirements regarding the CMA New Practical Training Scheme-2020.
There is also a 'Bypass Route'
Many CA firms assist students in obtaining articleship certificates from companies in their network that meet the above-mentioned criteria. Students will work in the CA firm itself and gain more exposure, but the certificate will come from an eligible company in their network. In such cases, you must ensure that the turnover criteria are met.
Then you can gain more exposure in the CA Firm and get the certificate also.
See this video to know more:
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