Procedure for practical training exemption (icwai)

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