As per the new practical training scheme of ICMAI, CMA students are entitled to attend 15 months of training and ACS students are entitled to attend 21 months of training. The practical training for the Chartered accountancy course is the same as before. It demands three years of article ship training.
In case of CMA job experience with the relevant department as mentioned in Appendix A need to claim exemption with submission of T-3 and payment of 2000/-. If the student wants to use the job experience then it should be done immediately after joining the intermediate course. The new scheme is applicable for the students who have registered for the examination on February 11th, 2020, or later to this date.
One prime question which astounds the mind is that all three courses prepare the students for professional life. Each domain requires knowledge and continuous learning from the current market, then why the guidelines impose a difference of 3 years, 15 months, and 21 months for the three courses. This blog gives answers to the frequently asked Questions regarding CMA article ship training and tries to rationale the variations in the article ship training.
Relaxation of terms from ICMAI
For the June 2021 CMA Final examination, ICMAI had announced an exemption from article ship training. Before this announcement, the institute had relaxed the orientation course and IT training relaxation with five months of extra time. Those who need to complete by July 2020 can complete the same by December 2020. Due to the pandemic crisis, the institute is introducing relaxation to the students. ICAI had announced the opt-out option for the students who wish to appear for the next term. Online training and practical training seem to be controversial topics as there is a lack of smooth functioning due to the upsurge of Coronavirus cases.
Online training and online examinations became the new normal but practical training is the thing which is still a question mark. The tenure changes and opt-out option help the students to complete the article ship training with ease. CMA USA exams are offered with pro-metric options which facilitate pro-metric tests all over the world. Pro-metric test centers deliver exams offered by the government, academic institutes, healthcare departments, the financial sector, and associations.
Multiple roles of CMA
The concept of one nation and one tax reform encouraged the implementation of GST. The idea behind bringing all functions under one roof is to implement the advanced technologies of automation and data analytics. Cloud computing, automation, data analytics, and business intelligence are the technologies that make compliance management easy. Technology is the gateway to cost reduction. So cost accountants get training in using the technology wisely to make business decisions successful. For making them future-ready knowledge about technology gears them up. So, the practical training of 15 months opens the door to learn intensively about the concepts of cost and management accounting. CMA student after completing CMA inter training from RR academy declared that she spent 14 to 16 hours per day for CMA studies. Completing two groups is stressful which requires confidence. Selecting RR academy is the best place to learn as we have experience in supporting different types of students.
As china is losing its place in the list of manufacturing hubs, India is engaging producers from multiple sectors like textiles, synthetic fabric, medical devices, electronics, and mobiles. As India wants to increase the foreign investment it had cut down the tax rates to corporate level companies and new start-ups. India has a market for all types of products and as there is no huge demand in the local market it needs to export the products. Cost of production, tax policies and finance professionals form the part of the relocation of manufacturing businesses to India. So, it is necessary to produce a good number of Cost accountants with practical knowledge. For this reason, 6 months of training like before is not sufficient and ICMAI changed the training to 15 months.
The role of cost accountants is the strategic management of the cost of production and technological backups. Cost of production is the term that differentiates the Indian companies and foreign companies. The cost of production and technology is a difficult concept to understand without practical knowledge. Cost and management accountants are business leaders with specialized knowledge about business decisions. So, article ship training educates the students about the routine application of management accounting principles. Article ship training increases the value of the students, makes the resume impressive, enhances job security, and increases job opportunities. This change of training is confined to the student from the 2020 batch and for the other students, the terms and conditions would be updated then and thereby the ICAI institute.
Final words
The roles and responsibilities of CA, CMA, and ACS vary as per the industry and specialization that they enter. Practical training makes them industry-ready. Join RR academy coaching to provoke a sense of achievement. Irrespective of the interest of the student, the faculties of RR academy motivate the students which help for the time management and stress management during article ship training. Personal care eases the difficulties and grants them grand success.
