Empanelment of Cost Accountants Firm for Training CMA Student by CMA Samir Biswal

Every student having registered under Revised Syllabus 2008/Syllabus 2012,

shall be required to undergo practical training for a period of 3 years on whole time basis in addition to the regular oral or postal Coaching either with Practicing Cost Accountants or with Industry.

As per the existing training scheme, a student of final course should complete at least 6 months of training for being eligible to make an application to appear in the final examination. This is applicable for students who would be appearing from December 2013 final examination onwards.

In order to enable the students, the list of Cost Accountants in practice has been hosted in the website of the Institute. In order to update the records of the Institute, all practicing Cost Accountants are requested to send the details of the students undergoing training with them. 

A student after joining a Practicing Cost Accountants has to intimate the Institute about the fact of his/her Training by 

a. Submission of Form No. T-1 
b. After completion of one year training, with PCA/firm of Cost Accountants, a student shall submit Form T-5 

The qualifying dates for the purpose of determining the eligibility for Final Examination would be:

31st March- for June Term Examination
30th September- for December term Examination 

The intimation of Practical Training in the Form T-1 should reach the Institute before the above dates. Form T1/ T5 are to be sent to The Director (T&P), Institute of Cost Accountants of India, 4th floor, CMA Bhawan, 3, Institutional Area, Lodhi Road, New Delhi -110003.

The following provisions are applicable to Practicing Cost Accountants /Firms of Cost Accountants:

A) Number of Trainees under PCAs

Practicing Cost Accountant	Maximum No. of Trainees
a) Practicing Cost Accountant (Associate Member)	10
b) Practicing Cost Accountant (Fellow Member)	15
c) Firms of Cost Accountants	Depending upon the status of the partner as given in (a) and (b) above. For the purpose of calculation of number of Trainees, the total number of trainees under a Cost Accountant as Individual member and a partner in firm(s) shall not exceed the limit prescribed in (a) or (b) above, as the case may be.

B) Every Trainee shall receive the following minimum monthly stipend from the employer:

Employer	1st year	2nd year	3rd Year
Practicing Cost Accountant/ a firm of Cost Accountants	Rs 2000	Rs 3000	Rs 4000

The stipend indicated above is minimum prescribed by the Institute. However, Practicing Cost Accountant/a firm of Cost Accountants/ Organizations may fix higher stipend. The stipend under this regulation shall be paid by the principal to the trainee either by (a) a crossed a/c. payee cheque every month or (b) by depositing the amount every month in an account opened by the trainee in his own name with a branch of the bank to be specified by the principal.

In case do not receive the records of the trainees, his/her training shall not be considered by the Institute under the Training Scheme.

For complete details on working hours, leaves to cost trainee etc., please refer training scheme on the website.

This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com

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