Industrial Training refers to the practical training in a company or an industrial environment that helps the students in developing the required skills which will help them in becoming a professional of the future.
ICAI industrial Training aims to equip the candidates who wish to pursue a career in the industry with the required practical exposure and appreciation about the functioning of the finance department in an industrial environment. It develops a problem-solving attitude amongst future chartered accountants and prepares them for work later on.
In this article, we will be discussing all the important aspects of Industrial training in the Chartered Accountancy course.
Eligibility Criteria for Industrial Training
A candidate desirous of pursuing Industrial Training must fulfill the below-mentioned eligibility criteria:
Procedure for Industrial Training
Candidates who wish to serve in a company as an industrial trainee must register themselves with the ICAI in Form No. 104 electronically on ICAI’s website.
How to fill Form No. 104?
You can fill form no. 104 by following the below steps:
Duration of Industrial Training
The period of industrial training may range between a minimum of nine months and a maximum of twelve months during the last year of the prescribed period of practical training.
The period of industrial training is treated as service under articles for all purposes of the Chartered Accountant Regulations.
Is it mandatory to pursue Industrial Training during the CA course?
It is not mandatory to pursue Industrial Training. It is entirely up to the discretion of the candidate whether he/she wants to pursue Industrial training or complete 3 years of articleship under his/her existing Principal.
Advantages of Industrial Training
However, it is not mandatory for the candidates to pursue Industrial Training but it definitely provides an edge over the candidates who don’t. Some of the advantages are listed below:
Which Companies provide Industrial Training
Only the companies which are approved by the Institute of Chartered Accountants of India can provide Industrial Training.
There is a complete region-wise list of companies offering Industrial Training to CA students on the Institute’s official website which can be accessed by clicking on the given link:
Some of the Companies are HSBC, Citi Bank, Wipro, HDFC, Kotak, etc.
How to apply for Industrial Training and Selection Process
You can directly apply in the ‘careers’ section of the company’s website where you wish to pursue Industrial training in case there is a vacancy.
You can also enroll yourself on the ICAI Articleship and Industrial Training Portal to get an opportunity of pursuing articleship in the companies registered on the portal.
You can also register on various job portals to find an Industrial Training opportunity that best suits you.
Selection Process: The selection process for Industrial Training generally includes a telephonic interview by the company or an online written test or sometimes both.
Working Hours and Days of Industrial Training
Normally, the timings for Industrial Training in most of the companies is 10 am to 6 pm (approximately 8 hours)
And generally, there are five working days during a week during Industrial Training.
Stipend in Industrial Training
The amount of stipend offered varies from Industry to industry, company to company. But generally, it is seen that companies give a handsome amount of stipend to their Industrial Trainees which ranges from Rs.15,000 to Rs.40,000 a month.
Under whom an article can pursue Industrial Training
The industrial training shall be received under a member of the Institute working in the company where you register as an Industrial Trainee.
As per the ICAI guidelines, An Associate who has been a member for a continuous period of at least three years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time, whether such trainees be articled, clerks or audit clerks.
After successful completion of the Industrial Training, a Certificate of service will be issued by the member under whom industrial training was received in Form No. 105.
Exam Leaves allowed during Industrial Training
Every company has a different policy regarding exam leaves to be given to the Industrial Trainees for CA Final Exams. But normally a study leave of 2- 3 months is allowed by the companies.
How to create better chances of selection in companies for Industrial Training
To create better selection opportunities for yourself in Industrial Training you must understand the subject effectively and practically in which you want to join Industrial Training. (e.g, If you wish to pursue your Industrial Training in the field of finance, focusing more on subjects like Financial Management, Risk Management will be of great help)
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