From a Chartered Accountant Intern at a Small Firm to an Industrial Trainee at IIFL - Treasury

Today I have a great article by Devansh Kakkad a Chartered Accountant student at The Institute of Chartered Accountants of India (ICAI).

He is sharing about Industrial Training - How he applied for Industrial Training, Why he Applied and all his learnings.

Devansh is a CA Final student and Industrial trainee at IIFL (India Infoline Finance Limited-NBFC) in their Treasury department, Mumbai, India.

Note: When one pursues Chartered Accountancy from ICAI there is a mandatory internship of 3 years. 2 years of the total 3 year period internship has to be in a traditional Chartered Accountant Firm and the last 1 year could be (optional) from a Corporate. This 1 year in a corporate organization is known as Industrial Training.

MY JOURNEY

I am basically from Rajkot, India and born and brought up there.

I came to Mumbai to do my CA internship. I did the first 2 years of my CA internship from a very small Chartered Accountant Firm in Mumbai.

In my last year, I decided on going for Industrial Training.

I cleared the CA - CPT (1st level CA exam from ICAI) in my 1st attempt. I cleared CA - IPCC exam (2nd level CA Exam from ICAI which consists of 2 groups - Group 1 and Group 2) in my 3rd attempt.

So it is a COMPLETE MYTH that only those who clear IPCC in their 1st attempt can apply for Industrial Training.

Anyone can apply for Industrial Training.

Having done my articleship from a small Chartered Accounting firm, getting IIFL for my Industrial Training was a BIG THING.

I had never seen such an amazing workplace earlier except for in movies.

It also made me believe that - Even Interns from small firms can get amazing opportunities as Industrial Trainees.

I have completed 6 months of my Industrial Training so far and my experience has been REALLY GOOD.

Fortunately, I have amazing colleagues, kind and understanding seniors who guide me in every step.

WHEN DID I START APPLYING FOR INDUSTRIAL TRAINING

  • My 1st preference for industrial training was Nomura. But when I applied there, there was no vacancy at that time.
  • However, after joining IIFL, I got a call from Nomura.
  • So I feel that every student must start applying 1.5 – 2 months before joining anywhere else.
  • Example: I wanted to start my IT from 1st May 2018, so I started applying on 1st April 2018 but ideally I needed to start applying from 10-15 March 2018.
  • Luckily IIFL is amazing and I am blessed to be a part of it.

HOW MANY COMPANIES DID I APPLY FOR INDUSTRIAL TRAINING

  • I sent my resume to every possible company where I could reach through various websites.
  • The selection process is not very long; it depends on organizations need. For me, it took almost 8-9 days starting from sending my resume and to get an offer letter from IIFL.
  • Normally they conduct interviews based on departmental needs, and we can apply to those areas where we are interested in.
  • I also got a call from Morgan Stanley (did you attend the interview) and the lady on the other side told me it will take 1 month for all the background check, test, and interviews so yes depends on company’s policy.
  • I did not attend any rounds of the interview at Morgan Stanley as the process was around 1-1.5 months and working hours were almost 10-11 hour day plus my office was far from my hostel.
  • Also, CA Final study leave was only 65 days at Morgan Stanley which was too little for me.
  • So I politely declined the opportunity as it did not meet my goals.

INTERVIEW TIPS WHEN APPLYING TO IIFL FOR INDUSTRIAL TRAINING

My interview at IIFL was awesome as I prepared really well for it. This is what I exactly did.

Prepared Yourself for the Interview

  • I read my resume and identified potential questions that could be asked during the interview.
  • I then prepared my answers accordingly to those potential questions.
  • So I took the time to practice answering interview questions that could be asked during the interview. This strategy will help give you a chance to prepare and practice answers, and will also help calm your nerves because you won't be scrambling for an answer while you're in the interview hot seat.
  • I also reviewed common job interview questions and answers and thought about how I could respond to those questions.
  • Before you go on a job interview, it's important to find out as much as you can about not only the role your applying for but also the company.

Company Research:

  • This is a critical part of interview preparation.
  • It will help you prepare to answer interview questions about the company and to ask the interviewer questions about the company.
  • You will also be able to find out whether the company and the company culture are a good fit for you.
  • I personally went through the entire company’s website as well as Wikipedia, Bloomberg, Moneycontrol, LinkedIn, YouTube and every possible information available on the internet about IIFL.
  • Most important is to remember - The names of Key the Management Personnel of the organization, the latest news of the organization and the last financials of the company.
  • I was even asked the current share price of the company.
  • I also brushed up my knowledge of what I learned during my articleship.
  • So I did my research really well and impressed the interviewer with that.
  • I told them about how the founders met each other, how they decided to start this company (these details were available online).
  • So yes I did a lot of reading on IIFL. Doing this shows the interviewers that you really are keen on joining the organization.

RESUME TIPS

  • Keep your resume simple. Nobody is going to read a long story on your CV.
  • Keep it simple and make sure you do not exaggerate much about yourself.
  • Have a nice cover letter as well.

INTERVIEW ROUNDS

When I interviewed at IIFL for the role there were 2 rou­­nds of the interview – Telephonic and Personal Interview.

So basically I got a call from the HR at IIFL informing me that I have been shortlisted.

Then they asked me a few basic questions like - Tell me about yourself, tell me about your Articleship experience, etc. This was hardly around 4-5 mins.

Basically what they asked me during the interview are as follows:

  • Why Industrial Training and not articleship.
  • Why you want to apply for Treasury
  • Why this company and not any other company
  • Give us a little background about our organization
  • Your Learnings from articleship following and a few technical questions based on my articleship

I also had a Telephonic interview with DMI Finance where they asked me a few technical stuff on Tax Audit as I had mentioned the same in my resume.

He also asked me how Tax audits are conducted and how you Start a Tax Audit.

So in short the questions were all based on what I mentioned on my resume.

REMUNERATION DURING INDUSTRIAL TRAINING

  • Normally an MNC gives INR 20 to 30K per month.
  • Some organizations like Goldman Sachs gives INR 50K per month, P&G gives INR 50-55K per month. (These are all rough estimates as per my research. So pls do your own research before going ahead)
  • But remember one thing the more you get paid the more you need to devote your time to the office.

TO CONCLUDE...

  • Even if you have cleared IPCC in multiple attempts - YOU CAN APPLY FOR INDUSTRIAL TRAINING.
  • If you are from a small Chartered Accounting Firm it will be really helpful if you apply for Industrial Training.
  • Start applying for Industrial Training at least 2 months before joining.

The Finance Story is now on Telegram. Click here to join our channel and get updates with latest stories of finance professionals.

Sign up for The Finance Story Fortnightly newsletter

Inspiration, Learnings, Knowledge in your in-box

Get stories delivered to your inbox

Subscribe to our weekly newsletter
By subscribing, you agree to our Terms of Use & Privacy Policy.
Learning Learning Partner Partner
Which Dell Technologies offerings do you wish to know more about?

Message Us