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)

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.

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 recognised. 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. 

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. 

Procedure of intimating ICMAI after joining an organisation 

• 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.

Read More : 

Can CMA Students Do Articleship/ Practical Training in CA/CS Firms?

Stipend To be given to CMA trainee: 

As you now can understand that 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.  Many companies may not be aware of the CMA course in India itself. Additionally, even if a student applies for training, they may not be selected due to high competition.

To address this issue, CA Satish Jalan, who has been guiding CMA students for the past 15 years, is offering to connect CMA students with companies willing to accept trainees. Through the organization's references, students can apply for training by filling out a form.

SJC has connected with many companies across India that are ready to accept trainees, and students can learn various skills related to costings, systems, scheduling, and more. The training will be as per the institute criteria, and a stipend will be provided.

However, students need to keep certain things in mind while filling out the form.

It is essential to provide accurate contact information, including a valid phone number and email ID, as our organization will use this information to contact the student. Additionally, students should be prepared to relocate if necessary, as training may not be available in every town.

SJC Institute is not expecting anything in return from students or the company and is simply trying to bridge the gap between the right company and the trainee.

It is important to note that this training is not a job and trainees will be required to perform various tasks as per the company's requirements.

Watch this video to know more: 

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