Practical Training During the CMA Course
CMA Training Programmes
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.
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
- 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 You have worked in the following recognized areas of training:
- 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.
If you have already made the decision of going for CMA and are looking for a training institute then Bharadwaj is an institute that provides CMA training online and offline and the 360-degree training approach will help you clear your exams easily. Check the CMA course details and enroll now.