Introduction:
The Institute of Chartered Accountants of Pakistan (ICAP), recognizing the evolving global landscape and the presence of its professionals in diverse industries, has introduced the “Training Outside Practice” (TOoP) initiative. This program allows organizations outside the traditional practice domain to become Training Organizations Outside Practice (TOoP) under the TOoP Scheme, thereby fostering industry-specific expertise.
Approved Training Organizations Outside Practice (TOoP):
Benefits of TOoP:
As businesses expand and diversify, they face increasingly complex challenges that demand specialized knowledge. The TOoP initiative offers numerous advantages to Training Organizations Outside Practice:
- Human Capital Development: Provides an opportunity to train and nurture highly motivated CA Trainee Students, equipping them with deep organizational knowledge and industry-specific expertise.
- Professional Growth: Employees working in TOoP can pursue the CA qualification while continuing their employment, enhancing their professional development and career advancement.
- Sustainable Talent Pool: Once qualified, trainees become valuable assets, possessing relevant knowledge and skills that contribute to business growth and societal development.
Eligibility Criteria:
CA Trainee students must meet the following criteria to join a TOoP, which aligns with the requirements for Training Organizations in Practice (TOiP):
- CAF-qualified students
- Four-year Graduate/Postgraduate from Specified Degree Awarding Institutes (SDAI)
- Graduates from recognized local or foreign universities approved by the competent higher education authority in Pakistan
- Minimum 16 years of education with at least 45% aggregate marks or equivalent grades
- Minimum 14 years of education with at least 45% aggregate marks or equivalent grades
Advantages of Joining a TOoP:
- Development of technical and conceptual competencies tailored for the corporate sector
- Enhanced career progression opportunities within corporate industries
- Specialization in key skills required by industry leaders
- A structured pathway to integrate into the corporate sector
Approved Training Organizations Outside Practice:
Organizations approved under the TOoP Scheme will provide structured training opportunities for CA Trainee Students, ensuring they gain practical knowledge aligned with industry requirements.
Training Duration:
The training period for CA Trainee Students under the TOoP Scheme varies based on their educational background:
| Qualification | Training Period |
|---|---|
| CAF passed or equivalent | 3.5 years |
| Four-year Graduate/Postgraduate from SDAI | 3 years |
| Four-year Graduate/Postgraduate in Accounting or Finance from any recognized institute | 3 years |
| All other graduates, including those with a 14-year associate degree | 4 years |
Conditions for Practice License:
As per bye-law 109, a Chartered Accountant wishing to commence practice as a Chartered Accountant or Management Consultant must fulfill the following conditions:
- A minimum of two years of training with a Training Organization in Practice (TOiP); or
- Additional training with a TOiP to complete an aggregate of at least two years in such an organization.
The TOoP initiative serves as a bridge for aspiring chartered accountants to gain practical industry experience while advancing their professional qualifications, ensuring a well-equipped workforce for the evolving corporate sector.
