Icwai training exemptions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2012
Hello
Currently i am working with my Father's Friend Business.It is not a private company i mean it is not registered as Pvt Ltd and located in rural area.
They are dealing in Manufacturer and suppliers of Automotive parts and having a turnover of above 5 corers. Besides this they have ISO 9000 too.
Now my Question if i carry my ICWAI training over there can i apply my experience for the cwa practical training exemption. i dnt know how we can bifarcated this oragnization under the category beacause they just use the name "Indutries" behind them ie, Shree xyz industries.(may be due to rular area)
Currently i am working with my Father's Friend Business.It is not a private company i mean it is not registered as Pvt Ltd and located in rural area.
They are dealing in Manufacturer and suppliers of Automotive parts and having a turnover of above 5 corers. Besides this they have ISO 9000 too.
Now my Question if i carry my ICWAI training over there can i apply my experience for the cwa practical training exemption. i dnt know how we can bifarcated this oragnization under the category beacause they just use the name "Indutries" behind them ie, Shree xyz industries.(may be due to rular area)
12 October 2012
You will get exemption from undergoing practical training equivalent to your
working experience in the Organizations listed below provided you are
working/worked in the recognized areas listed below:
Organizations recognized for Training: (i) Central/State Government /
Semi-Government / Public Utilities (ii) Banks and other Financial Institutions
(iii) Insurance Company (iv) Public Sector Unit (v) Public Limited Company (vi)
Private Limited Company (vii) Information Technology Sector (viii) KPO / BPO
(ix) Stock Exchange (x) Universities, Management Institutes and any other
educational institute (xi) Limited Liability Partnership Firm (xii) Management
Consultancy Firms (xiii) NGO (xiv)Co-operative societies engaged in Banking
or Manufacturing and (xiii) Any other institution as approved by the Council
from time to time
Recognized areas for Training: (i) Cost Accounting (ii) Financial Accounting
(iii) Financial Management (iv) Auditing (v) Regulatory compliances (vi) Direct
Taxation (vii) Indirect Taxation (viii) Corporate Laws, Industrial Laws and
Commercial Laws (ix) Systems Analysis and Information Technology
(including ERP system) (x) Project Management (xi) Banking Operations (xii)
Insurance (xiii) Valuation (xiv) Financial Services (xv) Teaching in Finance,
Accounts, Costing, Taxation, Management and subjects covered in ICWAI
Syllabus (other than visiting faculty) (xvi) Management Consultancy Services
(xvii) Any other areas approved by the Council from time to time.
working experience in the Organizations listed below provided you are
working/worked in the recognized areas listed below:
Organizations recognized for Training: (i) Central/State Government /
Semi-Government / Public Utilities (ii) Banks and other Financial Institutions
(iii) Insurance Company (iv) Public Sector Unit (v) Public Limited Company (vi)
Private Limited Company (vii) Information Technology Sector (viii) KPO / BPO
(ix) Stock Exchange (x) Universities, Management Institutes and any other
educational institute (xi) Limited Liability Partnership Firm (xii) Management
Consultancy Firms (xiii) NGO (xiv)Co-operative societies engaged in Banking
or Manufacturing and (xiii) Any other institution as approved by the Council
from time to time
Recognized areas for Training: (i) Cost Accounting (ii) Financial Accounting
(iii) Financial Management (iv) Auditing (v) Regulatory compliances (vi) Direct
Taxation (vii) Indirect Taxation (viii) Corporate Laws, Industrial Laws and
Commercial Laws (ix) Systems Analysis and Information Technology
(including ERP system) (x) Project Management (xi) Banking Operations (xii)
Insurance (xiii) Valuation (xiv) Financial Services (xv) Teaching in Finance,
Accounts, Costing, Taxation, Management and subjects covered in ICWAI
Syllabus (other than visiting faculty) (xvi) Management Consultancy Services
(xvii) Any other areas approved by the Council from time to time.
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2012
But do the Oranization should be a company.
I mean to say My fater freinds is using word "Industries" behind the name of the Business. what it mean?
I have heard that the minimum capital requirement for adding word "Industires" is 1 corers.
So can i claim in this organization if all other condition are matched
I mean to say My fater freinds is using word "Industries" behind the name of the Business. what it mean?
I have heard that the minimum capital requirement for adding word "Industires" is 1 corers.
So can i claim in this organization if all other condition are matched
28 July 2024
In the ICWAI (now CMA) qualification process, practical training is a critical component. However, the eligibility for training exemptions depends on whether your practical experience aligns with the requirements set by ICMAI (Institute of Cost and Management Accountants of India). Here’s how you can navigate the situation based on your description:
### **1. **Understanding Practical Training Requirements:**
**ICMAI Requirements:**
- **Training Period:** ICMAI requires practical training for a specified period (e.g., 3 to 6 months) as part of the CMA qualification process.
- **Training Content:** The training should cover areas such as cost accounting, management accounting, financial management, etc.
### **2. **Eligibility for Training Exemption:**
**Key Criteria for Practical Training:**
- **Type of Organization:** The organization where you do your training should generally be a company or firm involved in relevant accounting and finance activities.
- **Turnover and Certification:** While a turnover of 5 crores and ISO 9000 certification are positive indicators, the organization should meet the specific criteria set by ICMAI for the training to be recognized.
### **3. **Specific Concerns:**
**Organizational Structure:**
- **Company vs. Industry:** The term “Industries” does not necessarily indicate a registered company. It could be a trade name or descriptor for the type of business.
- **Private Limited Requirement:** ICMAI typically requires training to be conducted in a registered entity. While your organization deals with significant business and has ISO certification, the key factor is whether it is a registered company.
**Capital Requirement:**
- **Minimum Capital for 'Industries':** The term "Industries" doesn’t have a specific capital requirement universally but is often used in the name of businesses engaged in manufacturing or large-scale operations.
### **4. **Steps to Verify and Claim Exemption:**
**Check with ICMAI:**
- **Clarify Requirements:** Contact ICMAI or your regional council to get clear guidelines on whether practical training at a non-registered entity can be considered for exemption.
- **Document Submission:** Inquire about the documentation required to prove the validity of the organization and the relevance of your training.
**Documentation:**
- **Training Details:** Maintain detailed records of your work, including the nature of tasks performed, to demonstrate alignment with the ICMAI training requirements.
- **Supporting Documents:** Gather supporting documents such as the organization’s turnover, ISO certification, and detailed job descriptions.
### **5. **Alternative Training Options:**
**Local Firms or Companies:**
- **Seek Alternatives:** If ICMAI does not accept the rural industry as valid for training, consider alternative companies or firms that are registered and meet ICMAI’s criteria.
**Online or Virtual Training:**
- **Explore Options:** Check if ICMAI offers any online or virtual training options that can be used to meet the practical training requirement.
### **Summary:**
For your practical training to be eligible for ICMAI’s requirements, the organization typically needs to be a registered company involved in relevant accounting and finance activities. While having a high turnover and ISO certification is beneficial, the organization’s registration status is a critical factor.
Contact ICMAI for specific guidance on whether your current training situation can be accepted or if alternative arrangements are necessary. Ensure all required documentation and details are accurately presented to support your case.
### **1. **Understanding Practical Training Requirements:**
**ICMAI Requirements:**
- **Training Period:** ICMAI requires practical training for a specified period (e.g., 3 to 6 months) as part of the CMA qualification process.
- **Training Content:** The training should cover areas such as cost accounting, management accounting, financial management, etc.
### **2. **Eligibility for Training Exemption:**
**Key Criteria for Practical Training:**
- **Type of Organization:** The organization where you do your training should generally be a company or firm involved in relevant accounting and finance activities.
- **Turnover and Certification:** While a turnover of 5 crores and ISO 9000 certification are positive indicators, the organization should meet the specific criteria set by ICMAI for the training to be recognized.
### **3. **Specific Concerns:**
**Organizational Structure:**
- **Company vs. Industry:** The term “Industries” does not necessarily indicate a registered company. It could be a trade name or descriptor for the type of business.
- **Private Limited Requirement:** ICMAI typically requires training to be conducted in a registered entity. While your organization deals with significant business and has ISO certification, the key factor is whether it is a registered company.
**Capital Requirement:**
- **Minimum Capital for 'Industries':** The term "Industries" doesn’t have a specific capital requirement universally but is often used in the name of businesses engaged in manufacturing or large-scale operations.
### **4. **Steps to Verify and Claim Exemption:**
**Check with ICMAI:**
- **Clarify Requirements:** Contact ICMAI or your regional council to get clear guidelines on whether practical training at a non-registered entity can be considered for exemption.
- **Document Submission:** Inquire about the documentation required to prove the validity of the organization and the relevance of your training.
**Documentation:**
- **Training Details:** Maintain detailed records of your work, including the nature of tasks performed, to demonstrate alignment with the ICMAI training requirements.
- **Supporting Documents:** Gather supporting documents such as the organization’s turnover, ISO certification, and detailed job descriptions.
### **5. **Alternative Training Options:**
**Local Firms or Companies:**
- **Seek Alternatives:** If ICMAI does not accept the rural industry as valid for training, consider alternative companies or firms that are registered and meet ICMAI’s criteria.
**Online or Virtual Training:**
- **Explore Options:** Check if ICMAI offers any online or virtual training options that can be used to meet the practical training requirement.
### **Summary:**
For your practical training to be eligible for ICMAI’s requirements, the organization typically needs to be a registered company involved in relevant accounting and finance activities. While having a high turnover and ISO certification is beneficial, the organization’s registration status is a critical factor.
Contact ICMAI for specific guidance on whether your current training situation can be accepted or if alternative arrangements are necessary. Ensure all required documentation and details are accurately presented to support your case.
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