ICAI Expands PM Internship Scheme Participation Through Chartered Accountant Firms

The Institute of Chartered Accountants of India (ICAI) is set to facilitate the participation of 25 medium and large-sized Chartered Accountant (CA) firms under the Prime Minister Internship Scheme (PMIS), creating internship opportunities in accounting, taxation, audit, compliance, and finance-related functions. The selected firms are expected to have a minimum of ten partners and are likely to be registered under the scheme shortly, with the first batch of interns anticipated to commence their assignments in the coming month.

ICAI has adopted a phased implementation approach by initially onboarding a limited number of firms to assess operational processes, training methodologies, supervision mechanisms, and administrative requirements before expanding participation to a broader network of CA firms across the country. The institute has set a target of facilitating approximately 2,000 internships under the scheme by the end of the current year.

The Prime Minister Internship Scheme, launched in 2024, aims to provide internship opportunities to one crore youth over a five-year period. Under the scheme, eligible interns receive a monthly stipend of ₹9,000, comprising a government contribution of ₹8,100 and an employer contribution of ₹900. Earlier, professional firms such as CA firms were unable to participate due to provisions linking employer contributions to Corporate Social Responsibility (CSR) funding. Subsequent coordination between ICAI and the Ministry of Corporate Affairs (MCA) has enabled the inclusion of professional firms within the scheme framework.

With the scheme currently progressing through its third phase, ICAI’s role has expanded from that of a stakeholder to an implementation partner. The inclusion of CA firms is expected to widen access to structured practical training in professional domains such as auditing, taxation, accounting, financial reporting, compliance, and advisory services while supporting broader workforce development and skill enhancement objectives.

According to ICAI, the initial focus remains on firms possessing adequate professional infrastructure, training capabilities, and supervisory capacity to ensure effective internship delivery. Insights gained during the pilot phase will be used to facilitate a wider rollout involving a larger number of firms nationwide.

The move also comes amid efforts to improve participation and retention rates under the PM Internship Scheme. Previous rounds witnessed a significant gap between internship offers and actual joining figures. While participating companies extended over 82,000 internship offers in the first round and more than 83,000 offers in the second round, the number of candidates joining remained comparatively low. Government responses have indicated that geographical relocation requirements and related logistical challenges contributed to lower conversion rates and higher attrition among participants.

The extensive presence of CA firms across Tier-II and Tier-III cities is expected to improve accessibility by offering internship opportunities closer to candidates’ locations. This could help reduce relocation barriers and expand skill development opportunities beyond major metropolitan centres.

ICAI has also indicated that a structured training and monitoring framework will be implemented to ensure interns receive meaningful professional exposure rather than routine administrative assignments. The framework is intended to provide hands-on learning opportunities and practical industry experience across various finance, taxation, audit, and compliance functions.

While participation in the internship programme will not guarantee permanent employment with the host CA firms, the professional exposure and practical training received during the internship period are expected to enhance participants’ employability and strengthen their prospects for future opportunities within the accounting and finance profession.