Procedures for Practical Training exemption.
I. Please check whether the organisation in which you are working or worked comes under the following..
When can I be exempted from undergoing practical training of 3years?
You will get exemption from undergoing practical training equivalent to your
working experience in the Organizations (whose annual turnover is Rs.5 crores or more) 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.
If I am not working in the recognized areas for training but working in an recognized Organization(s), will I get the exemption from practical training?
but not full period of 3 years. You will get exemption equivalent to your
working experience not exceeding 2 years and 6 months. You have to either
gain working experience/or undergo training for a period of six months in the recognized areas of training in your Organization itself or in other recognized
Organization(s) as listed above.
When should I pay training exemption fee?
The students who are already employed, they have to register with Institute
within 45 days from the date of registration by sending exemption fee of Rs.
2,000/- (Rs. Two thousand only) by Demand Draft favouring ICWAI payable at
New Delhi to Director (Training & Placement),
ICWAI Bhawan, 3 Institutional Area,
Lodhi Road, New Delhi-110 003.
What documents are to be submitted to claim the exemption?
The following Documents should be sent to Delhi Office within 45 days from
the date of registration to claim the exemption:
(As happened in my case, I think they may accept your application even after 45 days, But my advise to apply as soon as possible..)
(i) Application in Form T3 for claiming exemption from practical training.
download form T3 https://students.icwai.org/TnP/docs/form-t3.pdf
(ii) Attested copy of the Experience Certificate (if more than one employer,
attach all the certificates from respective employers). Experience Certificate(s)
should clearly mention the areas where student was/is working
iii) Demand Draft of Rs. 2000/- towards exemption;
(iv) Attested copy of Form T2 duly verified by the respective Regional
Council/ Chapter mentioning receipt of requisite Training Registration Fee
from the student claiming exemption. ( see attached file)
Are both part experience and part practical training period counted for
reckoning 3 years period?
A student who is already employed but does not have full years experience at
the time of registration but intends to be employed with the present employer
or future employer, but would meet the eligibility conditions as per Training
Scheme of the Institute, will be granted exemption on completion of required
period of 3 years. However, students who intend to claim exemption need to
apply within 45 days of their registration with Institute as student.
A student who has part experience at the time of registration and wants to
undergo training for the balance period of 3 years, they are allowed for the
same. Both periods will be reckoned for the purpose of training.
For more details check https://www.icwai.org/icwainew/docs/FAQ/Training_FAQ.pdf
Please Note: Please check https://www.icwai.org/icwainew/index.asp for any changes in the procedure.. before you apply..
Goodluck
CAclubindia
