ICAI Corporate Mitra Program: The Institute of Chartered Accountants of India (ICAI) launched the application process for the 'Corporate Mitra' program on July 15. Interested candidates can apply until July 31.

Corporate Mitra Scheme: If you are a graduate aspiring to build a career in accounting, taxation, or finance, here is some significant news for you. The Institute of Chartered Accountants of India (ICAI) has commenced the application process for the 'Corporate Mitra' program as of July 15, with applications open until July 31. The program aims to train para-professionals capable of assisting the country's Micro, Small, and Medium Enterprises (MSMEs) with tasks related to accounting, taxation, financial management, and regulatory compliance.

This program was announced in the Union Budget. Under this initiative, the government entrusted ICAI, ICSI, and ICMAI with the joint responsibility of preparing professionals for the MSME sector. As part of this initiative, ICAI has launched the course on the SWAYAM Plus platform in collaboration with IIT Madras.

Who can apply?

Any Indian citizen who has completed graduation from a recognized university is eligible to apply for this program. Students in their final year of graduation are also eligible to apply, though they will receive the certificate only after successfully completing their degree. Applicants must be between 20 and 30 years of age. The 'Corporate Mitra' course is hosted on the SWAYAM Plus platform. The course fee is set at ₹3,000, plus an additional 18% GST.

150 Hours of Study and 6 Months of Training

The program will be conducted through IITM Pravartak. It comprises a total of 150 hours of study and is designed to be credit-eligible under NCRF Level 5.5. After completing the training, candidates must also undergo six months of on-the-job training. Only then will the final assessment and certification process be completed.

What will be taught in the program?

The course is divided into six key modules. These include subjects such as Accounting, Taxation, Banking, Financial Management, Legal and Secretarial Practice, and Cost and Management Accounting. The Accounting module will cover the preparation of journals, ledgers, trial balances, bank reconciliations, profit and loss accounts, balance sheets, and cash flow statements. Training in the use of digital tools like MS Excel and Tally will also be provided. The Taxation module will provide information on processes related to income tax, tax return filing, TDS, TCS, advance tax, and GST.

Meanwhile, the Banking module will focus on banking systems for MSMEs, credit requirements, digital banking, and financial technology. Financial Management will cover the analysis of financial statements, working capital, and essential documentation. The Legal and Secretarial module will include information on company law, MSME registration, labor codes, board meetings, AGMs, SEBI regulations, and the MSME online dispute resolution portal. Finally, Cost and Management Accounting will cover subjects such as costing, budgetary control, and standard costing.

How the assessment will be conducted

Following the course completion and the six-month on-the-job training, candidates will be assessed through a center-based MCQ examination. The exam will be jointly conducted by ICAI, ICSI, and ICMAI. Successful candidates will be awarded a verifiable certificate from SWAYAM Plus. Those who do not pass the exam will be required to register afresh for the entire program and pay the fee again, as there is no provision for a re-examination within the same assessment cycle.