Practical Training During the CMA Course
by Swati, on 2 May, 2019 6:00:00 PM
CMA Training Programmes.
Know it all!
There are a number of training programmes that you have to participate in so as to make it through the CMA Course. These programmes help you not just academically, but aid in your overall personality development - something that you could use in the long run, in any job you apply for, or for any career path you choose. Let’s take a detailed look on what these training programmes are, how they fit into your CMA coursework and how they are of use to you.
Training programmes are mandatory in the Intermediate and Final courses at ICMAI. You need to keep the following factors in mind before we proceed:
- All students must contact their respective Regional Council or Chapter for the time schedule of the training (except in the case of Practical training in the CMA Final course)
- All students must complete the prescribed training before registering for any of the examinations – online or offline
- A student eligible for exemption of training in Inter/Final course can apply online ONLY
- Foreign students or students overseas have to write to the Directorate of Studies at firstname.lastname@example.org
The CMA Intermediate course has two compulsory training programmes, i.e.,
- CMA Intermediate Training in Computers in detail
- English Communication and Soft Skills Training
The CMA Final course has the following training programmes:
- CMA Final IOTP Training or Industry Oriented Training Programme
- CMA Practical Training
We've talked about these training programmes in detail earlier.
In today’s blog, we’ll be taking a closer look into CMA Practical Training and how you can go about it.
What is CMA Practical Training?
CMA Practical Training duration is of three years and you should complete at least six months of it prior to appearing for the Final Exam. You are applicable for the training if you have registered for the CMA Intermediate course after 1/1/2008. You must get your training documents in by 30th November if you’re applying for the December term and by 31st May if you’re applying for the June term. Students are required to undergo practical training immediately after admission into the Intermediate course or before appearing in the Final examination.
The chart below shows you when you are expected to start and complete practical training during the CMA Course:
There are a lot of objectives that this training wishes to fulfill such as:
- Inculcating the necessary skill required to apply theoretical knowledge of cost and management accounting to practical situations wherever, whenever required and in whichever field
- Exposure to environments under which different organizations work
- Providing a learning curve and on-the-job experience
- Preparing students to be presentable and confident in the real and professional world
- Creating awareness on ethical values required in all professions
CMA Practical Training Forms
Practical Training forms range from both registering for the training as well as exemption from the training. These forms include:
- Form T1 Intimation for Engagement of CMA Students as Trainees (for PCA / Firm of PCA)
- Form T4 Intimation for Engagement of CMA Students as Trainees (for Company / Organization)
- CMA Practical Training Form T5 - Certificate of Training Imparted by PCA or Firm of PCA or Organization
- Form T3 for exemption from CMA Practical Training
Note: As per the most recent notification, ONLY an Online Form T3 with an online payment gateway for practical training exemption is acceptable. Hard copies of the same will not be accepted.
However, students who had submitted offline training forms/deeds to the Delhi office need not submit them again. Those students can submit a scanned copy of their Form T5 at email@example.com with their name and registration number in the mail. All NEW students are required to submit only online form T1 and T4.
We’ll be getting into what each form is for in one of our future blogs. Stay tuned for that. In the meantime, why don't you try signing up for our online video lectures? This provides flexibility in your learning while you undergo your practical training!
Moving on, let’s look at CMA Practical Training exemptions and what it takes to be eligible.
CMA Practical Training Exemptions
You are eligible if:
- You have already worked in the following recognised organisations:
- Central, State Government, Semi-Government, Public Utilities
- Banks, Insurance, other Financial Institutions
- Public Sector Unit
- Universities, Management Institutes and any other recognized educational institute
- Co-operative societies engaged in banking and/or manufacturing
- You have worked in the following recognized areas of training:
- Management Accounting
- Cost Accounting
- Financial Accounting
- Financial Management
- 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
- 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
You can claim your exemption from CMA Practical Training by submitting the Online Form T-3 (as mentioned above) to the Directorate of Training and Placement of the Institute along with Rs. 2,000 to be paid online via Debit or Credit Card.
Students whose exemptions are accepted on or before 31st May will be eligible to appear for the June examination and for those on or before 30th November will be eligible to appear for the December Exam.
We’re sure you have a lot more questions. Here are some CMA Practical Training FAQs and answers that might come handy
CMA Practical Training FAQs
Do I have to undergo Practical Training?
Yes, it is compulsory for every student to go through Practical Training in their CMA Final Course. If you wish to be exempted from the training, you can see how by scrolling up.
I wish to enrol in the CMA Final course. Are there any CMA Practical Training vacancies?
Yes, you can see what CMA Practical Training Vacancy suits you and enrol in the training programme by downloading the relevant form from the ICMAI training form page and submitting it on the page itself.
When should I start the Practical Training programme during the course?
You can start the Practical Training immediately once your registration for the Intermediate course is complete, or even during the course. Just make sure you have completed at least 6 months of training as on 31st May for the June term and before 30th November for the December term.
I have been working in an organisation for the past 2 years. Does this mean I qualify for exemption from the CMA Practical Training programme?
If your work experience is in any of the organisations listed above (check exemption organisations and fields of work) you will be exempted from practical training equivalent to your work experience. CMA Practical Training exemption for all private companies might also apply in some cases.
I registered with ICMAI on or after 1st January 2008 but before registering for the CMA course, I was undergoing Articleship Training with the Chartered Accountant or Firm of Chartered Accountants. Does this qualify as relevant Practical Training experience?
No. Unfortunately, Articleship Training under Chartered Accountant(s) or Firm of Chartered Accountants is not recognised by ICMAI and as a result, the training is also of no relevance.
What if I’m unable to find an employer, can ICMAI assist me in joining an organisation who imparts training under the Training Scheme of the institute?
If, for any reason, you are unable to find an employer for the training, you may visit the ICMAI website and see the list of Practising Cost Accountants and entering the name of your city.
We hope this post was somewhat helpful in understanding some important aspects of the CMA Practical Training. If you still have more questions, queries or concerns, feel free to contact or just log on to the ICMAI website.
We will be back with more information on this topic soon!