With effect from 1st day of January 2008, every registered student under the Revised syllabus 2008 shall be required to undergo practical training for a period of 3 years on whole time basis to the satisfaction of the Council in any one or more of the following organizations given under clause 2 and in the areas given in clause 3 for the purpose of recognition for training.
A student working in any of the organizations specified in clause 2 in the functional areas given in clause 3 below shall be exempted from training.
1. Objectives of the Practical Training
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To develop among the students the necessary skills required to apply theoretical knowledge of cost and management accounting to practical situations in different professional fields
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Exposure to environments under which different organizations work
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Providing on-job experience of practical aspects of Cost and Management Accounting
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Developing disciplined attitude required for a professional
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Awareness on ethical values in professional work
2. Organizations recognized for Training
Student working as Trainee will be hereinafter referred to as Cost & Management Trainee. The Cost & Management 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 under a professionally qualified person. The organizations other than the firms of professionals will be recognized for the purpose of training of the students if its annual turnover is Rs 5 crores or more. The authority under which the training is undertaken is referred to as Principal hereinafter.
- Central/State Government / Semi-Government / Public Utilities
- Banks and other Financial Institutions
- Insurance Company
- Public Sector Unit
- Public Limited Company
- Private Limited Company
- Information Technology Sector
- KPO / BPO
- Stock Exchange
- Universities, Management Institutes and any other educational institute
- Limited Liability Partnership Firm
- Management Consultancy Firms
- NGO
- Co-operative societies engaged in Banking, Manufacturing
- Any other institution as approved by the Council
3. 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 Operations
- Insurance
- Valuation
- Financial Services
- Teaching in Finance, Accounts, Costing, Taxation, Management and subjects covered in ICWAI Syllabus (other than visiting faculty)
- Management Consultancy Services as defined in appendix 6 under Regulation 111 of CWA Regulation, 1959
- Any other areas approved by the Council
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