No. Although students can undertake practice work, they cannot use the term chartered management accountant as they are not fully qualified and cannot register as members in practice.
If they undertake practice work, they must ensure they adhere to the charter and byelaws and also CIMA's code of ethics - particularly Part B which has information for accountants in public practice.
They must also ensure they are competent in the work they undertake. Terms of engagement should be drawn up between the parties involved so that both sides know where they stand and the student should take out professional indemnity insurance.