CMA Articleship – Cost and Management Accountant Training

  • Exam|CMA|
  • 4 Min Read
  • By Taxmann
  • |
  • Last Updated on 23 December, 2023

CMA Articleship

Table of Contents

  1. Eligibility and Training Period
  2. Companies Eligible for Providing Practical Training
  3. Areas of Training
  4. Stipend
  5. Leaves and Working Hours
  6. Transfer/ Change of Trainer
  7. Maximum Trainees Allowed
  8. Important Forms
  9. Conclusion

Cost and Management Accountancy (CMA) is a professional course specifically designed to build and test the critical accounting and financial management knowledge. It involves three stages – Foundation, Intermediate and Final besides the mandatory trainings as a part of the course.

One such significant training required is the compulsory practical training of minimum 15 months out of a total training period of 3 years, which helps the students acquire practical knowledge which shall come to aid in their profession once they clear the examinations.

The Institute of Cost Accountants of India (ICMAI) passed a new practical training structure in the year 2020 and has also introduced new CMA curriculum in the year 2022.

1. Eligibility and Training Period of CMA Articleship

A CMA student becomes eligible to begin the practical training once he/she registers for Intermediate level. The Institute mandates 3 years of practical training for CMA students. However, it gives flexibility in undergoing training i.e. it is not required to be completed in continuation.

As per the new practical training structure, a student is required to complete 10 months of training four months before the month in which CMA Final examination is due and 15 months of training before the declaration of CMA Final examination result (both or balance group). The balance 21 months training is required to be completed so as to be eligible to obtain membership from the institute post qualification. Thus, the training requirement is broken down to reduce the gap between Intermediate and Final exams, thereby encouraging students to complete the course early.

Cost & Management Accounting

2. Companies Eligible for Providing Practical Training

A Cost and Management Trainee shall undergo practical training under:

    • practicing Cost Accountant or
    • a firm of Cost Accountants or
    • in any of the following organizations:
      1. Central/ State Government/ Semi-Government/ Public Utilities
      2. Banks/ Insurance/ Other Financial Institutions
      3. Public Sector Undertakings
      4. Universities, Management Institutes and any other recognized educational institute
      5. Co-operative societies and NGOs
      6. Management Consultancy Division of firm of Chartered Accountants/ Company Secretaries
      7. Management Consultant in individual capacity depending on the size of the firm, nature of duties handled by the applicant, etc.
      8. Any other organization(s) with a turnover of Rs. 25 Lakhs in case service sector or Rs. 50 Lakhs for others.

[Note: CA/CS Practical Training cannot be set off against CMA Practical Training.]

3. Areas of Training

The areas in which CMAs/ CMA trainees put their hands on are very much similar to the roles of a Chartered Accountant. However, in CMA, more emphasis is given on financial and management accounting as compared to auditing and taxation. The following areas, inter alia, are recognised by ICMAI in which students can pursue their practical training:

    • Management Accounting
    • Cost Accounting
    • Financial Accounting
    • Financial Management
    • Auditing
    • Regulatory Compliances
    • Direct Taxation
    • Indirect Taxation
    • Corporate Laws, Industrial Laws, Commercial Laws
    • Systems Analysis, Information Technology (including ERP system)
    • Project Management
    • Banking Operations
    • Insurance
    • Insolvency & Valuation’Financial ServicesTeaching in Finance, Accounts, Costing, Taxation and Management
    • Management Consultancy Services as defined in appendix 6 under Regulation 111 of CWA Regulation, 1959.
    • Engineering Services involved in production of power or any manufacturing activities, Project Planning & Management, Quality Assessment, and Supply Chain Management. | Practice

4. Stipend

The minimum monthly stipend payable to CMA trainees by their employers is as follows:

Employer 1st Year 2nd Year 3rd Year
Practicing Cost Accountant/ Firm of Cost Accountants Rs. 2,000 Rs. 3,000 Rs. 4,000
Corporate/ Organisations Rs. 10,000*/ Rs. 8,000 Rs. 12,500*/ Rs. 10,000 Rs. 15,000*/ Rs. 12,000

*Higher stipend for metropolitan and ‘A’ grades cities.

5. Leaves and Working Hours

General Leaves: A CMA trainee can avail 1 day leave per month with pay.

Examination Leaves: CMA trainees are eligible for 60 days leaves without pay for exam preparation.

Excess Leaves: Any excess leave taken by the trainee is to be compensated by further extension of practical training for that excess period.

Working Hours: The working hours of a CMA Trainee shall be 35 hours per week.

6. Transfer/ Change of Trainer

If there is a change in the Principal providing the training, the same needs to be intimated to the Institute within 30 days of such change along with the relevant prescribed documents and fees. Only three changes/ transfers are allowed within the period of 15 months of CMA practical training.

Tax and Accounts Professional Course

7. Maximum Trainees Allowed

The firms and the organisations intending to engage CMA trainees shall have the following restriction on the number of trainees:

Practicing Cost Accountant No. of Trainees
Associate Member 10
Fellow Member 15

8. Important Forms

The various forms required to be filled online as per the requirements are as follows:

Form No. Purpose
Form T-1 To intimate Institute of engagement of CMA students as trainees in cost accounting firms
Form T-3 To intimate Institute of exemption from training
Form T-4 To intimate Institute of engagement of CMA students as trainees in corporates/organisations
Form T-5 To intimate Institute about training undertaken

9. Conclusion

With the advent of Goods & Services Tax, valuation standards, Ind-AS, changes in Companies Act, 2013, reforms in foreign exchange regulations, etc., the role of CMAs has increased significantly. Completion of practical training as per the Institute guidelines with a zeal to learn will not only push a person to do well in the examinations but also enable him/her to excel in his/her career trajectory.

Performing tasks like budget analysis and planning, being able to make investment decisions and risk management will certainly enhance a CMA trainee’s professional capabilities. Therefore, honest and diligent involvement in practical training will help the students clear the exams while securing deserving marks and also becoming a true professional and industry-ready leader.

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