Industrial training
This query is : Resolved
12 March 2012
Hello..
I want to know about Industrial Training.
1) What industrial training actually is?
2) What type of work we can learn in industrial training?
3) How it differs from normal article training?
4) Whether an IPCC student can also do Ind Training?
4) What are the benefits of doing ind. training?
4) If we do ind training, then what is its scope in future, means, how will it help us in future?
5) According to you, whether one should do ind. training or continue his/her normal article training in the 3rd year?
Plz clarify the above points..
Thanks in advance.
I want to know about Industrial Training.
1) What industrial training actually is?
2) What type of work we can learn in industrial training?
3) How it differs from normal article training?
4) Whether an IPCC student can also do Ind Training?
4) What are the benefits of doing ind. training?
4) If we do ind training, then what is its scope in future, means, how will it help us in future?
5) According to you, whether one should do ind. training or continue his/her normal article training in the 3rd year?
Plz clarify the above points..
Thanks in advance.
12 March 2012
Hi Khushboo
Please read about Industrial Training:
What is industrial training?
It is a training scheme by which a student can undergo practical training within an approved industrial undertaking having specified amount of fixed assets or turnover or paid – up share capital.
What are the objectives of industrial training?
•Training in an industrial / commercial / financial environment provides the trainees with the opportunity to develop a problem solving attitude and to have an insight into the functioning of the accounts department.
•It also diversifies their practical experience and helps them in developing the attributes of team work and correlation with members of other professions and disciplines.
•It is intended to provide the trainees with a new dimension to their experience.
•This would necessarily involve exposure of trainees to the entire gamut of activities of industrial establishments in a phased and systematic manner.
•An exposure to the working environment of a large commercial organization will give them an integrated view of its operations.
•It is essential that the member imparting training in industrial including commercial and financial enterprises, recognizes that perception of the overall business environment is the prime objective of such training.
When can an articled assistant commence industrial training?
An articled assistant after passing PCE can undergo industrial training during last 9-12 months of articled training.
Is it required to take prior permission of the MIT / Principal for joining an industrial training?
Yes. An articled assistant shall intimate to the MIT / Principal about his intention to undergo industrial training at least 3 months before the date on which such training is to commence.
What is the specified size of the organization where in industrial training can be performed?
Industrial training can be performed in financial, commercial, industrial undertakings with minimum fixed assets of Rs.1 crore; or minimum total turnover of Rs.10 crore; or minimum paid–up share capital of Rs.50 lakhs; or such other institutions or organization as may be approved by the Council from time to time.
What is the duration of the industrial training?
The period of industrial training may range between 9 months to 12 months.
Should industrial training be received under the member of the Institute?
Yes. The industrial training shall be received under the member of the Institute. An associate who has been a member for a continuous period of at least 3 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.
Is there any agreement of industrial training just like Deed of Articles (standard format of which is available in Form No.102)?
Yes. It is Form No.104. Refer to Training Guide for a specimen copy of this Form.
Is there any industrial training completion of certificate?
Yes. On satisfactory completion of industrial training by an articled / audit assistant, the associate / fellow member under whom the industrial training is received shall issue a certificate in Form No.105 in respect of the training undergone. Refer to Training Guide for a specimen copy of this Form.
Is it required to maintain any industrial training record?
Yes. It is required to maintain details of work undertaken and training received in the prescribed format. Refer to Annexure VII of the Training Guide. Record of the industrial training should be signed by the Principal (the associate / fellow member under which the industrial training is received) in all circumstances.
What is the enabling regulation for articled training?
A student has to undergo articled training along with theoretical education (namely, Professional Competence Course, Final Course) under Regulation 50 of the Chartered Accountants (Amendment) Regulations, 2006.
What is the practical training?
The unique requirement of practical training is instrumental in shaping a well–rounded professional to ensure that students have an opportunity to acquire on–the–job work experience of a professional nature. Such a practical training:
•Inculcates a disciplined attitude for hard work;
•Develops necessary skills in applying theoretical knowledge to practical situations;
•Provides exposure to overall socio–economic environment in which organisations operate; and
•Develops ethical values.
The entire period of practical training can be served with a practising member or it can be served partly with a practising member and partly in an approved industrial establishment as an Industrial Trainee. The period of such industrial training may range between 9–12 months during the last year of the prescribed period of practical training. Only students of Final Chartered Accountancy Course are eligible for Industrial training.
What is the eligibility for admission to articled training?
Under Regulation 45 of the Chartered Accountants (Amendment) Regulations, 2006 a person who –
•has passed the Professional Education (Examination – II) under these regulations; and has successfully completed 250 Hours Compulsory Computer Training or 100 Hours Information Technology Training Programme is eligible to join articleship training.
•in addition, a person who has passed Common Proficiency Test held under these regulations and also 10+2 examination conducted by an examining body constituted by a law in India or an examination recognized by the Central Government as equivalent thereto; or has passed the Foundation Examination / Professional Education (Examination – I) under these regulations are eligible to admission to articleship.
What is duration of articled training?
It is 3 ½ years.
Should the training be completed before appearing in Final Examination?
Yes.
The training completion requirement has been divided into two parts:
(i) Articleship completion requirement to be eligible to appear in the Professional Competence Examination (PCE): A student should complete not less than 15 months as an articled assistant, 3 months prior to the first day of the month in which Professional Competence Examination (PCE) is held or 18 months of articled training as on 1st May/ 1st November, as the case may be.
(ii) Articleship completion requirement to be eligible to appear in the Final (New) Examination: A student should complete 3 ½ years of practical training prior to the first day of the month in which Final Examination is held.
What are the objectives of practical training?
Unique feature of the chartered accountancy curriculum is balanced approach towards theory and training by way of emphasizing commencement of the training at the beginning of the chartered accountancy curriculum and neither a stand–alone theory nor a practice without theoretical knowledge would make a professional successful. Followings are the objectives of the training:
(a) Developing skills in applying theoretical knowledge to practical situations
(b) Inculcating a disciplined attitude
(c) Imbibing due professional orientation
(d) Developing ethical values.
Is there any standard training programme?
A broad training programme has been given in the training guide. However, the Member In–Charge Training (MIT) / Principal will make a detailed assessment of the training environment and offer training scheme to the students in designing the training programme the MIT / Principal considers the following 4 components:
(a) Categories of Work Experience
(b) In–House Theoretical Training
(c) Development of Professional Attitude
(d) Phasing of Training Programme.
Referred to the training guide for various training modules which is not normally expected of a training programme but not necessarily a MIT / Principal will offer all such modules.
Please read about Industrial Training:
What is industrial training?
It is a training scheme by which a student can undergo practical training within an approved industrial undertaking having specified amount of fixed assets or turnover or paid – up share capital.
What are the objectives of industrial training?
•Training in an industrial / commercial / financial environment provides the trainees with the opportunity to develop a problem solving attitude and to have an insight into the functioning of the accounts department.
•It also diversifies their practical experience and helps them in developing the attributes of team work and correlation with members of other professions and disciplines.
•It is intended to provide the trainees with a new dimension to their experience.
•This would necessarily involve exposure of trainees to the entire gamut of activities of industrial establishments in a phased and systematic manner.
•An exposure to the working environment of a large commercial organization will give them an integrated view of its operations.
•It is essential that the member imparting training in industrial including commercial and financial enterprises, recognizes that perception of the overall business environment is the prime objective of such training.
When can an articled assistant commence industrial training?
An articled assistant after passing PCE can undergo industrial training during last 9-12 months of articled training.
Is it required to take prior permission of the MIT / Principal for joining an industrial training?
Yes. An articled assistant shall intimate to the MIT / Principal about his intention to undergo industrial training at least 3 months before the date on which such training is to commence.
What is the specified size of the organization where in industrial training can be performed?
Industrial training can be performed in financial, commercial, industrial undertakings with minimum fixed assets of Rs.1 crore; or minimum total turnover of Rs.10 crore; or minimum paid–up share capital of Rs.50 lakhs; or such other institutions or organization as may be approved by the Council from time to time.
What is the duration of the industrial training?
The period of industrial training may range between 9 months to 12 months.
Should industrial training be received under the member of the Institute?
Yes. The industrial training shall be received under the member of the Institute. An associate who has been a member for a continuous period of at least 3 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.
Is there any agreement of industrial training just like Deed of Articles (standard format of which is available in Form No.102)?
Yes. It is Form No.104. Refer to Training Guide for a specimen copy of this Form.
Is there any industrial training completion of certificate?
Yes. On satisfactory completion of industrial training by an articled / audit assistant, the associate / fellow member under whom the industrial training is received shall issue a certificate in Form No.105 in respect of the training undergone. Refer to Training Guide for a specimen copy of this Form.
Is it required to maintain any industrial training record?
Yes. It is required to maintain details of work undertaken and training received in the prescribed format. Refer to Annexure VII of the Training Guide. Record of the industrial training should be signed by the Principal (the associate / fellow member under which the industrial training is received) in all circumstances.
What is the enabling regulation for articled training?
A student has to undergo articled training along with theoretical education (namely, Professional Competence Course, Final Course) under Regulation 50 of the Chartered Accountants (Amendment) Regulations, 2006.
What is the practical training?
The unique requirement of practical training is instrumental in shaping a well–rounded professional to ensure that students have an opportunity to acquire on–the–job work experience of a professional nature. Such a practical training:
•Inculcates a disciplined attitude for hard work;
•Develops necessary skills in applying theoretical knowledge to practical situations;
•Provides exposure to overall socio–economic environment in which organisations operate; and
•Develops ethical values.
The entire period of practical training can be served with a practising member or it can be served partly with a practising member and partly in an approved industrial establishment as an Industrial Trainee. The period of such industrial training may range between 9–12 months during the last year of the prescribed period of practical training. Only students of Final Chartered Accountancy Course are eligible for Industrial training.
What is the eligibility for admission to articled training?
Under Regulation 45 of the Chartered Accountants (Amendment) Regulations, 2006 a person who –
•has passed the Professional Education (Examination – II) under these regulations; and has successfully completed 250 Hours Compulsory Computer Training or 100 Hours Information Technology Training Programme is eligible to join articleship training.
•in addition, a person who has passed Common Proficiency Test held under these regulations and also 10+2 examination conducted by an examining body constituted by a law in India or an examination recognized by the Central Government as equivalent thereto; or has passed the Foundation Examination / Professional Education (Examination – I) under these regulations are eligible to admission to articleship.
What is duration of articled training?
It is 3 ½ years.
Should the training be completed before appearing in Final Examination?
Yes.
The training completion requirement has been divided into two parts:
(i) Articleship completion requirement to be eligible to appear in the Professional Competence Examination (PCE): A student should complete not less than 15 months as an articled assistant, 3 months prior to the first day of the month in which Professional Competence Examination (PCE) is held or 18 months of articled training as on 1st May/ 1st November, as the case may be.
(ii) Articleship completion requirement to be eligible to appear in the Final (New) Examination: A student should complete 3 ½ years of practical training prior to the first day of the month in which Final Examination is held.
What are the objectives of practical training?
Unique feature of the chartered accountancy curriculum is balanced approach towards theory and training by way of emphasizing commencement of the training at the beginning of the chartered accountancy curriculum and neither a stand–alone theory nor a practice without theoretical knowledge would make a professional successful. Followings are the objectives of the training:
(a) Developing skills in applying theoretical knowledge to practical situations
(b) Inculcating a disciplined attitude
(c) Imbibing due professional orientation
(d) Developing ethical values.
Is there any standard training programme?
A broad training programme has been given in the training guide. However, the Member In–Charge Training (MIT) / Principal will make a detailed assessment of the training environment and offer training scheme to the students in designing the training programme the MIT / Principal considers the following 4 components:
(a) Categories of Work Experience
(b) In–House Theoretical Training
(c) Development of Professional Attitude
(d) Phasing of Training Programme.
Referred to the training guide for various training modules which is not normally expected of a training programme but not necessarily a MIT / Principal will offer all such modules.
12 March 2012
Thanks Ajay Sir for sharing this information. But sir, most of ur points i already knew. I already read the same from the previous threads. But my queries are different. My queries are above 5 points. & by reading your above points, only my first point is solved, rest are still remained as it is. So i request u to plz again read my queries and then answer it accordingly, plzzz. Once again thanks.
01 August 2024
Certainly! Here’s a detailed overview of industrial training for CA students:
### **1) What is Industrial Training?**
Industrial training is a specialized training program designed for CA students in their final year of articleship. It is aimed at providing practical exposure to students by placing them in industries or large organizations. This training is different from traditional articleship as it is focused on working within an industry environment rather than a CA firm.
### **2) Types of Work Learned in Industrial Training**
In industrial training, students can gain experience in a variety of areas depending on the industry and role. Typical work includes:
- **Financial Analysis:** Understanding financial statements, preparing financial reports, and analysis of financial performance.
- **Management Accounting:** Budgeting, cost control, and financial planning.
- **Audit and Compliance:** Internal audits, regulatory compliance, and risk management.
- **Taxation:** Handling corporate tax issues, tax planning, and compliance.
- **Corporate Finance:** Involvement in mergers, acquisitions, and corporate restructuring.
- **Operational Functions:** Exposure to operations, procurement, supply chain management, and other key business functions.
### **3) How it Differs from Normal Articleship Training**
- **Environment:** Industrial training is conducted in industries or large corporations, whereas normal articleship training is typically conducted in CA firms.
- **Scope of Work:** Industrial training often provides exposure to broader business functions and larger scale operations compared to the more specialized work in CA firms.
- **Duration and Structure:** Industrial training generally lasts for a minimum of 9 to 12 months, whereas articleship in a CA firm is usually more focused on audit and taxation work with flexibility on the duration.
### **4) Can an IPCC Student Do Industrial Training?**
No, IPCC (Intermediate) students cannot undertake industrial training. It is specifically designed for students who have completed their IPCC exams and are in the final year of their articleship or have completed the requisite period of articleship.
### **5) Benefits of Doing Industrial Training**
- **Broader Exposure:** Gain practical experience in a large corporate environment, which can provide a comprehensive understanding of business operations.
- **Enhanced Skills:** Develop skills in areas like financial management, strategic planning, and business analysis that are valuable in various roles.
- **Networking:** Build professional connections and potentially open doors for future career opportunities.
- **Competitive Edge:** Industrial training can make you more competitive in the job market by demonstrating practical experience in a large organization.
### **6) Scope and Future Benefits of Industrial Training**
- **Career Opportunities:** Experience in an industry can lead to opportunities in corporate finance, management roles, and other high-level positions.
- **Skill Development:** The skills and knowledge gained during industrial training are transferable to various roles in finance and management.
- **Industry Knowledge:** Understanding industry-specific operations and challenges can be beneficial in roles related to financial analysis, business strategy, and corporate governance.
### **7) Should One Do Industrial Training or Continue Normal Articleship?**
- **Advantages of Industrial Training:**
- If you are interested in gaining experience in a corporate environment and aspire to work in industry roles, industrial training is advantageous.
- It provides exposure to diverse business functions and strategic decision-making processes.
- **Advantages of Continuing Normal Articleship:**
- If you prefer deepening your expertise in audit, tax, and consulting within a CA firm, continuing normal articleship might be preferable.
- It offers a more focused approach to the core areas of accounting and auditing.
**Conclusion:**
The decision between industrial training and continuing normal articleship depends on your career goals and interests. If you aim for a career in corporate finance or management roles, industrial training offers valuable experience. If you want to specialize further in audit, tax, or consulting, continuing in a CA firm might be more suitable.
Evaluate your career aspirations, the type of work you enjoy, and how each option aligns with your long-term goals before making a decision.
### **1) What is Industrial Training?**
Industrial training is a specialized training program designed for CA students in their final year of articleship. It is aimed at providing practical exposure to students by placing them in industries or large organizations. This training is different from traditional articleship as it is focused on working within an industry environment rather than a CA firm.
### **2) Types of Work Learned in Industrial Training**
In industrial training, students can gain experience in a variety of areas depending on the industry and role. Typical work includes:
- **Financial Analysis:** Understanding financial statements, preparing financial reports, and analysis of financial performance.
- **Management Accounting:** Budgeting, cost control, and financial planning.
- **Audit and Compliance:** Internal audits, regulatory compliance, and risk management.
- **Taxation:** Handling corporate tax issues, tax planning, and compliance.
- **Corporate Finance:** Involvement in mergers, acquisitions, and corporate restructuring.
- **Operational Functions:** Exposure to operations, procurement, supply chain management, and other key business functions.
### **3) How it Differs from Normal Articleship Training**
- **Environment:** Industrial training is conducted in industries or large corporations, whereas normal articleship training is typically conducted in CA firms.
- **Scope of Work:** Industrial training often provides exposure to broader business functions and larger scale operations compared to the more specialized work in CA firms.
- **Duration and Structure:** Industrial training generally lasts for a minimum of 9 to 12 months, whereas articleship in a CA firm is usually more focused on audit and taxation work with flexibility on the duration.
### **4) Can an IPCC Student Do Industrial Training?**
No, IPCC (Intermediate) students cannot undertake industrial training. It is specifically designed for students who have completed their IPCC exams and are in the final year of their articleship or have completed the requisite period of articleship.
### **5) Benefits of Doing Industrial Training**
- **Broader Exposure:** Gain practical experience in a large corporate environment, which can provide a comprehensive understanding of business operations.
- **Enhanced Skills:** Develop skills in areas like financial management, strategic planning, and business analysis that are valuable in various roles.
- **Networking:** Build professional connections and potentially open doors for future career opportunities.
- **Competitive Edge:** Industrial training can make you more competitive in the job market by demonstrating practical experience in a large organization.
### **6) Scope and Future Benefits of Industrial Training**
- **Career Opportunities:** Experience in an industry can lead to opportunities in corporate finance, management roles, and other high-level positions.
- **Skill Development:** The skills and knowledge gained during industrial training are transferable to various roles in finance and management.
- **Industry Knowledge:** Understanding industry-specific operations and challenges can be beneficial in roles related to financial analysis, business strategy, and corporate governance.
### **7) Should One Do Industrial Training or Continue Normal Articleship?**
- **Advantages of Industrial Training:**
- If you are interested in gaining experience in a corporate environment and aspire to work in industry roles, industrial training is advantageous.
- It provides exposure to diverse business functions and strategic decision-making processes.
- **Advantages of Continuing Normal Articleship:**
- If you prefer deepening your expertise in audit, tax, and consulting within a CA firm, continuing normal articleship might be preferable.
- It offers a more focused approach to the core areas of accounting and auditing.
**Conclusion:**
The decision between industrial training and continuing normal articleship depends on your career goals and interests. If you aim for a career in corporate finance or management roles, industrial training offers valuable experience. If you want to specialize further in audit, tax, or consulting, continuing in a CA firm might be more suitable.
Evaluate your career aspirations, the type of work you enjoy, and how each option aligns with your long-term goals before making a decision.
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