ICAI Industrial Training, Eligibility Criteria, Checklist, Benefits

ICAI Industrial Training: First, students must understand that participating in ICAI Industrial Training isn't obligatory for the Chartered Accountancy course, unlike articleship training. The purpose of including ICAI industrial training in the curriculum by ICAI is to equip members and industries with a sufficient understanding of how industries operate.

ICAI Industrial Training offers a chance for articles to cultivate a problem-solving mindset. It also allows them to gain valuable insights into the operations of the accounts department within industrial, commercial, or financial settings.

ICAI Industrial Training Eligibility Criteria

To apply for industrial training, individuals need to meet specific eligibility as outlined below:

CA Intermediate/IPCC Examination: As per the Chartered Accountant Regulations of 1988, those who have successfully cleared both CA intermediate or IPCC examination groups are eligible for industrial training. This training can be undertaken in financial, commercial, or industrial settings specified by the ICAI.

Practical Training Completion: Candidates must finish at least 18 months of their practical training before starting ICAI industrial training.

Notification to Principal: It is mandatory for candidates to inform their principal at least three months before beginning the ICAI industrial training.

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Procedure for ICAI Industrial Training

To enroll in industrial training, candidates must complete Form Number 104, available for download on the ICAI website. Once filled out, the form should be submitted to the respective regional council of ICAI based on the candidate's location. The contact details for submission vary by region and are provided above.

How to Fill Form No 104?

Here are the instructions on how to fill out Form No. 104:

• Visit the ICAI Self Service Portal (SSP).
• Log in with your User ID and Password.
• Look for the Articleship Cycle section.
• Click on the Articleship/Auditship tab on the left side of the portal.
• Choose the Articleship option from the menu.
• Find the Industrial Training (Form No. 104) and select it.
• Fill in all the required details and click submit.
• Your form is now submitted and will be sent to the Principal (the person overseeing your industrial training) for approval.
• After approval, go to the "Submitted/Pending Actions" tab in the Articleship section of the SSP Portal.
• Download the PDF of the form, have it signed by the Principal, and upload the scanned copy along with the deed to finish the registration process.

Guide for ICAI Industrial Training Form No. 104

Here is the checklist for Form No. 104 for ICAI Industrial Training:

• Inform your Principal at least three months before starting the training.
• Submit Form 104 on non-judicial stamp paper or affix a 'Special Adhesive Stamp' within 30 days of starting the training.
• Articled Assistants should have passed both groups of Intermediate/PE-II/PCC Examination.
• The Industrial Training duration should be between nine to twelve months, including any extra leave, and it should be done in the last year of Practical Training.
• Industrial Training is only valid under a member of the Institute and within an Institute-approved organization. Make sure the employment details of the members are up-to-date in our database.

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Duration Period of the ICAI Industrial Training

The duration of industrial training can be anywhere from nine to twelve months, specifically in the final year of the practical training period required. This period of industrial training is considered as service under articles for all aspects governed by the Chartered Accountant Regulations.

Working Hours and Days and Stipend in ICAI Industrial Training

Typically, Industrial Training in many companies follows a schedule of 10 am to 6 pm, which is around 8 hours. Usually, there are five working days in a week for Industrial Training. The stipend amount can differ based on the industry and company. However, it's commonly observed that companies provide a generous stipend to their Industrial Trainees, ranging from Rs.15,000 to Rs.40,000 per month.

Checklist for ICAI Industrial Training

To make sure your application process goes smoothly, remember these points:

• The company offering industrial training needs approval from ICAI. You can find the list of approved companies on the ICAI website.
• Submit Form 104 on non-judicial stamp paper or with a 'Special Adhesive Stamp' within 30 days of starting your training.
• Articled Assistants should have passed both groups of the Intermediate/PE-II/PCC Examination.
• The industrial training duration should be between nine to twelve months, including any extra leave. This training can happen in the last year of practical training.

Benefits of ICAI Industrial Training

ICAI Industrial Training is highly beneficial for CA students for various reasons:

Practical Learning: ICAI Industrial Training allows students to apply what they've learned in classrooms to real-world situations by working alongside experienced chartered accountants.

Building Connections: While undergoing industrial training, students get the chance to collaborate and connect with a diverse group of professionals in their field. This includes working closely with practicing chartered accountants and other industry experts.

Skill Development: The hands-on experience gained during the training period aids in the development of crucial skills such as communication, problem-solving, time management, and leadership.

Improved Job Opportunities: Completing the CA Industrial Training program enhances students' attractiveness in the job market. The practical experience and skills acquired make them more competitive and stand out positively when seeking employment after graduation.

Challenges to ICAI Industrial Training

There are some challenges to CA Industrial Training:

• Time Pressure: Industrial training consumes time that could be spent on regular studies and preparing for exams.
• Limited Coverage: Training in a specific company may not cover all aspects of the CA syllabus.
• Workload Issues: Trainees might be assigned tasks that are repetitive or less challenging, which can be demoralizing.
• Job Uncertainty: Completion of industrial training doesn't guarantee a job offer from the company.
• Location Constraints: Not all CA students may have access to companies offering industrial training in their local area.
• Financial Strain: Some companies may require a fee for industrial training, creating a financial burden for students.