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.
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.
- 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.
- 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.
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.
- 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.