ICAI recently proposed a CA new education and training plan. Redesigned educational programme includes revisions to all three levels of CA Course and three-year practical training.
Reetu | May 3, 2023 |
ICAI to notify Implementation of New CA Course soon; Let’s take a look into New Changes
The Institute of Chartered Accountant of India(ICAI) recently proposed a CA new education and training plan. The redesigned educational programme includes revisions to all three levels of the CA Course and the three-year practical training.
Previously, in 2017, ICAI changed the CA curriculum, introducing new CA Foundation, CA Intermediate, and CA Final course syllabuses.
CA Anupam Sharma shared this via his twitter handle, “ICAI’s hard work pays off, and all hurdles are cleared in the implementation of the new CA course. Official notification will be issued shortly, perhaps within 10–15 days. Students wait until official notification.”
Some papers from all three levels are merged and some are removed in the CA new syllabus 2023. Furthermore, the CA articleship period is reduced from three to two years under the new scheme.
| ICAI CA Course Level | New Proposed Changes |
| CA Foundation | 4 Subjects instead of 6 Subjects |
| CA Intermediate | 6 Papers (3 in each Group) |
| CA Articleship | Period Reduced from 3 to 2 years |
| CA Final | 6 Papers (3 in each Group) |
Eligibility, registration validity, curriculum, subjects, paper pattern, passing requirements, exemptions, training leaves, and leaving the CA course have all changed.
As confirmed by ICAI official CA Anupam Sharma, the new ICAI CA course would not be implemented beginning with the November 2023 attempt. As a result, the CA new scheme may be applied beginning with the May 2024 attempt.
As stated above CA new scheme applicable from May 2024, a student will now take 42 months to become a Chartered Accountant.
| ICAI CA Course Level | Current | New Changes |
| CA Foundation Registration/ Appear 10 + 2 | Start | Start |
| CA Foundation Study Period | 4 Months | 4 Months |
| CA Intermediate Study Period | 8 Months | 8 Months |
| CA Articleship | 36 Months | 24 Months |
| CA Final Study Period | – | 6 Months |
| Total CA Course Duration | 48 Months | 42 Months |
| Work Experience for CoP | – | 12 Months |
The new ICAI CA course structure will roll out in July 2023. Aniket Talati, president of ICAI, made the announcement during a press conference. In addition, to enable CA students become globally competent, the new course will cover Blockchain and AI.
Previously, according to ICAI Vice-President, CA Aniket Sunil Talati, the CA New Scheme 2023 will be implemented beginning in November 2023 if the MCA approves it before February 2023. If the MCA delays approval, the new plan will be implemented beginning with the May 2024 attempt.
Currently, there are no criteria for the number of attempts in the CA Foundation course. As a result, students can make as many attempts as they like. The registration validity of the CA Foundation can also be revalidated many times.
However, under the proposed education and training scheme, students can register after the tenth grade, and the CA Foundation registration is valid for four years. Furthermore, students cannot revalidate their foundation registration after four years.
There will also be no more cut-off dates for the CA Foundation enrollment, such as January 1 and July 1. This will allow the ICAI to hold three exams every year.
The CA Foundation syllabus currently consists of six subjects and four papers. ICAI removed two subjects from the new scheme: Business Correspondence & Reporting and Business & Commercial Knowledge.
The ICAI has also made several changes to the CA Foundation test pattern. Students must obtain 50% in order to pass the CA Foundation exams under the new scheme, and there will be a.25 negative marking for each incorrect MCQ answer.
The eligibility conditions for the CA Intermediate course remain unchanged. However, in order to sit for the exams, direct entry students must complete an 8-month study period.
The CA Intermediate registration is now valid for five years instead of four. CA Intermediate students can revalidate their registration form just once with the stipulated fees.
Now CA Intermediate course will consist of six papers rather than eight. The ICAI has proposed the following changes to the CA Intermediate subjects:
The passing requirements for the CA Intermediate exams will also alter. So, there will be 30% MCQ-based questions in all 6 papers. Furthermore, the negative marking of 0.25 will deduct for every wrong answer.
If you get an exemption in any paper after the new scheme, the exemption will be permanent for that paper. That is, the ICAI will consider the exempted papers to be permanently passed. However, you must pass the remaining papers with at least 50%.
ICAI has recommended significant improvements to the CA articleship Training that will benefit students.
The ICAI has reduced the duration of the CA articleship from three to two years. It is great news for all CA aspirants because they can now become CAs sooner than before.
However, with the shorter period of CA Articleship comes a condition for aspirants who want to become practitioners.
Students who desire to practise CA must have one year of experience in a Chartered Accountancy firm. They will then receive a practise certificate.
Existing CAs will be considered fulfilled if they have worked for one year in a CA firm within the last five years. This condition does not apply to anyone seeking employment.
To be eligible to begin articleship training under the CA new scheme 2023, students must pass both groups of CA Intermediate and complete ICITSS training.
The student will benefit from the change because they will be able to focus solely on practical training and will not have to worry about exam preparation.
Many students complain that their CA articleship stipend is inadequate. As a result, the ICAI has decided to increase the stipend by 100%.
Because students are not required to take exams during their practical training, the ICAI has reduced the number of leaves. Students can only take 12 leaves every year, for a total of 24 leaves in two years.
Students must pass both rounds of CA Intermediate exams and complete the ICITSS training to be eligible to register for the CA Final course.
However, in order to take the CA Final exams, students must:
The CA Final registration is valid for ten years. After 10 years, aspirants can revalidate their registration for the prescribed fee.
ICAI has reduced the number of CA Final papers from eight to six in the CA New Scheme 2023. There are now two groups of three papers each.
Major changes done in the CA Final Subjects are:
CA Final papers will also have 30% MCQ questions. There will also be a 25% negative marking for each incorrect objective answer.
The CA Final exemption regulations are the same as the CA Intermediate rules.
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