Total Period of Practical Training: 3 Years – Full Time
Mandatory Duration of Training Period to appear for CMA – Final Exam: 15 months full-time training under authorized Principal as directed by ICMAI, for every student who has registered for the intermediate course on or after 11th February 2020.
Objectives of the Practical Training in CMA Course
- To develop among the students, the necessary skill required to apply theoretical knowledge of Cost and Management Accounting to practical situations in different professional fields.
- Exposure to environments under which different organizations work.
- Providing an on-job experience of practical aspects of Cost and Management accounting.
- Developing a disciplined attitude is required for a professional.
- Creating awareness of ethical values in professional work.
Authorized Institutions / Principals to Undergo the Practical Training by a CMA Trainee
A Cost & Management Trainee shall undergo practical training under:
Practicing Cost Accountant or a firm of Cost Accountants or in any of the following organizations:
- Central/State Government / Semi-Government / Public Utilities (or) Banks/Insurance/ other Financial Institution (or) Public Sector Undertaking (or) Universities, Management Institutes and any other recognized educational institute (or) Co-operative societies and NGOs
- Any other organization(s) with a turnover of Rs.25 Lakhs in the case service sector or Rs.50 Lakhs in case of other than the service sector.
- [CA/CS articleship will not be set off / entertained / not recognized for CMA Practical Training]
Exemption from Practical Training
- Practicing Chartered Accountants/ Company Secretaries are exempted from the Practical Training Scheme and they will have to seek exemption after duly following the procedures on payment of exemption fee as prescribed above.
- A student of the Institute who is working or has already worked in any of the recognized Organizations as given in ‘Appendix A’ and in any of the recognized areas as given in ‘Appendix B’, can claim exemption from Practical Training by following the due procedures as directed by the ICMAI.