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Exemption from practical training icwa

ganesh (student) (120 Points)

04 July 2017

Hi Friends,

I have registered under the new syllabus 2016 CMA final recently. I am working in Accenture for the past one year. I would like to appear one group in december 2017. Shall I show my Accenture work experience for the industrial training exemption? Can someone clarify this. Thank you.

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Karan Batra (Creator: TheProTalks) (2325 Points)
Replied 05 July 2017

Just to clarify what you are asking, are asking about exemption from practical training required by ICAI or ICMAI if you are asking for ICMAI then please provide in which field were you working at Accenture, as only following organisations and following fields are exempted as mentioned in Appendix A and B respectively.

APPENDIX A

Organizations recognized for Practical Training

A Cost Trainee shall undergo practical training under (1) Practicing Cost Accountant or (2) a firm of Cost Accountants or (3) in any of the following organizations.

Central/State Government / Semi-Government / Public Utilities.
Banks/Insurance/ other Financial Institution
Public Sector Unit
Universities, Management Institutes and any other recognized educational institute
Co-operative societies engaged in Banking, Manufacturing.
Any other organization with a turnover of Rs. 50 Lakhs in case service sector or Rs. 1 crore in case of other than service sector.
If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, credence to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc.
Management Consultant in individual capacity depending on the size of the firm, nature of duties handled by the applicant related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the client companies etc.
Note: Practicing Chartered Accountants/Company Secretaries are exempted from the Practical Training Scheme and they will have to seek exemption after duly following the procedures on payment of exemption fee as prescribed.
Any other institution as approved by the Council

APPENDIX B

Recognized areas for Training

Management Accounting
Cost Accounting
Financial Accounting
Financial Management
Auditing
Regulatory compliances
Direct Taxation
Indirect taxation
Corporate Laws, Industrial Laws, Commercial Laws
Systems Analysis, Information Technology (including ERP system)
Project Management
Banking Operation
Insurance
Valuation
Financial Services
Teaching in Finance, Accounts, Costing, Taxation and Management.
Management Consultancy Services as defined in appendix 6 under Regulation 111 of CWA Regulation, 1959.
Engineering Services involved in production of power or any manufacturing activities, Project Planning & Management, Quality Assessment, and Supply Chain Management.
Any other areas approved by the Council.