ICSI has passed a new training structure for CS students. Confused about the applicability under the new structure? Let’s dive deep and find out more about the latest notification from ICSI effective 3rd February, 2021.
What is the new training structure?
In a nutshell, the students are required to complete the following training programmes after clearing CS Executive:
What is the Executive Development Programme?
The EDP has to be done in 2 modes – 15 in the classroom and 15 through the ICSI e-learning portal – for a total of 30 days. You can do both the classroom mode EDP as well as e-EDP simultaneously.
You can register for e- EDP through the https://stimulate.icsi.edu. ICSI has launched e-EDP through its e-learning platform which works on anytime, anywhere basis. The fees for the same is Rs. 2,000.
Exemption from EDP –
· If you have completed 15 days Academic Program under the old structure, you are eligible to get exemption from the 15 days classroom mode EDP.
· However, there is no exemption for eEDP, you have to complete 15 days e-EDP program
What is CS Practical training?
You can start the practical training only after completing one month EDP. You have to undergo 21 Months Practical training which is applicable from 3rd Feb, 2021.
· If you are undergoing training in accordance with the provisions of the old training structure, you may continue and complete the training in accordance with the said structure.
· You may, at your own discretion. switch over to the new training structure under the CS (Amendment) Regulations, 2020.
· As per the Guideline, a total number of 52 leaves are allowed in 21 months training under New Training structure
This is an internship programme where you have to train under specified entities.The duration of the programme is 21 months. As a trainee, you will get work-related learning experiences that will give you more than just textbook knowledge. You need to work towards improving and polishing skills throughout your term. The following are some of the important skills you will learn:
1.Drafting
You will most likely become an expert in drafting legal documents like resolutions, notices, draft responses to Notices, agreements etc.
2.Exposure to the finance field
CS trainees usually have to work with Finance departments especially during preparing and signing financial statements.
3.Communication
You will learn how to communicate in professional English. For example, dealing with banks, writing e-mails on behalf of the company, and conference calls, all require excellent English. If you’re working in a corporate environment, you shall also act as a link between the Board of Directors and stakeholders.
4.Initiative
During the term, you will learn the importance of taking initiative and learning to be open to new ideas and fields.
What are some of the factors to consider before joining an entity for articleship?
1.Specialisation vs. diversification of skills
Corporate: There is very limited scope for diversification in a company since these are divided into broader specialised wings/departments. You will be joining as a part of a particular business unit and shall be specialising within the limits.
Firm/PCS(Practising CS): The scenario is much different in a firm/PCS due to the vast range of work each firm takes up. You will be given projects ranging from incorporation & business setups, liquidations, M & A's (rarely), compounding offences, holding AGM's and the related functions, XBRL, listing compliance's, due diligence, matters relating to indirect taxation, drafting and vetting, board restructuring and financial restructuring and last but never the least, the experience of dealing with Directors and clients alike.
2. Networking and career opportunities
Being in a corporate setting, the company definitely offer a huge space and opportunity for professional networking. If a CS student completes his/her training in a company he or she can utilise the brand value of the company in the CV, but 4-5 years down the lane the CS salaries and the recognition shall be of same as non-corporate CS. On a different note, the impact of where the articleship is been done not affect as long as you have inhibit the skills and knowledge to be a good Company secretary.
3. Workload and managing studies
Big 4: The higher compensation given by corporates can also be translated into longer work hours and more intense workload. The time, energy and effort demanded by corporate clients can often be very taxing and stressful. This can often interfere with studies.
Midsize: Even though the compensation is less. the work is relatively less stressful than if you worked in a corporate structure. So, this is more suitable for students who are focusing on their CS Professional exam.
What is Corporate Leadership Development Programme (CLDP)?
This is a mandatory programme which is to be done after passing Professional Program, completing their Practical training and one month EDP. The training can be anywhere between 30-60 days as may be decided by the Institute before applying for ACS membership.
So, we hope you got an idea about the new structure implemented by ICSI. If you have more queries, feel free to reach out to us at ArivuPro!
Let our professional teaching and resources release your true potential, and get the perfect blend of knowledge and practical skills you need.
Remember, the articleship period is one of the most critical time period during your CS journey as it prepares you into your professional journey once you complete all your exams! So when things get too difficult, always think about your future as a Company Secretary to give you more motivation to focus on learning.