Practical Training Scheme

  1. Objectives of the Practical Training
    • To develop among the students the necessary skill required to apply theoretical knowledge of cost and management accounting to practical situations in different professional fields.
    • Exposure to environments under which different organizations work.
    • Providing on-job experience of practical aspects of cost and management accounting.
    • Developing disciplined attitude required for a professional.
    • Creating awareness on ethical values in professional work.
  2. Who are to undergo Practical Training

    Every student having registered for the intermediate course on or after 1st January, 2008 shall be required to undergo practical training for a period of 3 years on whole time basis to the satisfaction of council in any one or more of the organization specified in Appendix A, and in areas as specified in Appendix B for the recognition for training.
    However, students for being eligible to make an application to appear in the final examination must
    • complete at least 6 months of Practical Training in any one or more of the organization specified in Appendix A, and in areas as specified in Appendix B;

    • (Or);
    • must have an experience of at least 6 months in any one or more of the organization specified in Appendix A, and in areas as specified in Appendix B ,
  3. Exemption from Practical Training

    A student of the Institute who is working or has already worked in any of the recognized Organizations as given in Appendix A and in any of the recognized areas as given in Appendix B, can claim exemption from Practical Training by following the procedures given below:
    • Submission of Online Form T-3 to Directorate of Training and Placement of the Institute along with a Payment for Rs. 2000/- online with Debit or Credit Card.
    • ii. The students whose applications are received & found eligible on or before 31st May will be eligible to appear for June Examination & 30th November will be eligible to appear for December Examinations.
    • A student can seek exemption from Practical Training immediately after joining the Intermediate course, or at any time during the course of studies subject to dates given in 3(ii) if he is otherwise eligible.

    Documents to be submitted along with Form T-3
    • Scan copy of Experience certificate (stating designation, area of work & duration), duly signed by the Competent Authority of the organization in which employed/were employed.
    • Scan Copy of Audited balance sheet of employers or any other proof of turnover (A letter mentioning the turnover of the company on the letterhead of the company, signed with seal)
    • Scan Copy of current salary slip duly attested by employer.
  4. Procedure for Intimation of Practical Training

    A student desirous of undergoing Practical Training can approach any Organizations as defined in Appendix A or Practicing Cost Accountants.

    A student after joining an Organization/Practicing Cost Accountants has to intimate the Institute within 30 days from the date of joining about the fact of his/her Training by following the given below procedures:
    • Online Submission of Form No. T-1 in case of PCA/firm of Cost Accountants.
    • Online Submission of T-4 in case of Organizations.
    • c. The qualifying dates for the purpose of determining the eligibility for Final Examination would be:

      31stMay- for June Term Examination
      30thNovember- for December Term Examination

      (The intimation of Practical Training in the Form T-1/ T-4 should reach the Institute before the above dates)
    • A student shall inform any change in the Principal or employer to the Institute within 30 Days of such changes with all the relevant documents i.e. New online Form T1/ T4, experience certificate from past principal or employer along with a fee of Rs. 1000/- through Debit or Credit Card.
    • After completion of at least six months training, with PCA/firm of Cost Accountants/Organization a student shall submit Online Form T-5 with the link http://eicmai.org/training-forms-new/
    • All the forms T-1, T-4, T-5 relating to Practical Training can be downloaded from the link http://eicmai.org/training-forms-new/
    • In order to help the students, Institute will also maintain database of organizations and firms interested to impart practical training to the students, in its website www.icmai.in
    • Change of Employer
      • In case of change of Principal/Employer, i.e. students serving under different Principal/Employer, the accumulated period of training shall include training periods undergone with different Principal/Employers, including the days of leave availed as per rules but excluding excess leave availed, if any. Not more than two changes shall be allowed within a period of one year. This scheme of completion of at least 6 (Six) months of Training, having registered for training of one year will be effective from December 2013 term of examination onward.
    • Minimum Stipend to Cost and Management Trainees
      Every Trainee shall receive the following minimum monthly stipend from the employer:
    • Employer 1st year 2nd year 3rd year
      Practising Cost Accountant / Firm of Cost Accountants Rs. 2000 Rs. 3000 Rs. 4000
      Corporate/Organization Rs. 8,000*/
      Rs. 10,000**
      Rs. 10,000*/
      Rs. 12,500**
      Rs. 12,000*/
      Rs. 15,000**

      ** Metropolitan and ‘A’ Grade Cities
      *Other Places
      This will be effective from 1st October, 2018 onwards.

      The stipend indicated above is minimum prescribed by the Institute. However, Practicing Cost Accountant/a firm of Cost Accountants/ Organizations may fix higher stipend. The stipend under this regulation shall be paid by the principal to the trainee either by (a) a crossed a/c. payee cheque every month or (b) by depositing the amount every month in an account opened by the trainee in his own name with a branch of the bank to be specified by the principal.

    • Leave to Cost and Management Trainees:
      • A Cost trainee shall be entitled to one day’s leave with pay per month excluding the normal holidays.
      • The trainee shall be eligible for one month leave without pay for appearing in the examination of the Institute.
      • The trainees availing leave in excess of the period of leave to which he is entitled to shall be required to undergo training for a further period equivalent to the excess leave taken by him.

       
    • Working Hours of Cost Trainee:
      • The minimum working hours of a Cost Trainee shall be 35 hours per week.
      • Hours spent on any conference, course, seminar organized by the Institute/Region/Chapter shall be treated as period covered under training.


    • Restriction on Number of Trainees
      The Firms and the organizations intending to engage Trainees shall have the following restriction on the number of trainees.
Practicing Cost Accountant No. of Trainees
a) Practicing Cost Accountant
(Associate Member)
10
b) Practicing Cost Accountant
(Fellow Member)
15
c) Firms of Cost Accountants Depending upon status of the partner as given in (a) and (b) above.
For the purpose of calculation of number of Trainees, the total number of trainees under a Cost Accountant as Individual member and a partner in firm(s) shall not exceed the limit prescribed in (a) or (b) above, as the case may be.
Organizations No Limits

 

APPENDIX A Organizations recognized for Practical Training     Read More

 

APPENDIX B Recognized areas for Training     Read More