What is the proposed New Education Scheme of ICAI?

What is the proposed New Education Scheme of ICAI? The Institute of Chartered Accountants of India (ICAI) has proposed New Education Scheme to build global-ready Chartered Accountants (CAs) by equipping them with the requisite competencies. The Scheme also takes care that there is a Common Curriculum for domestic and international students, with the exception of country specific papers. The Scheme focuses on Virtual Soft Skills and Information Technology Training. Another new concept of the scheme is that now a candidate residing outside India may undergo Practical Training under eligible Members of Accounting Bodies outside India recognized by the International Federation of Accountants (IFAC) However, there would be three levels as in the present scheme i.e., Foundation, Intermediate and Final levels.

Change in number of Papers

There would be 4 papers at the foundation level. 6 papers at the intermediate level (2 Groups of 3 papers each). 6 papers at the final level (2 Groups of 3 papers each). Ethics and Information Technology would be integrated with the curriculum of subjects at the Final Level. Four self-paced online learning modules encompassing different fields, are being introduced. Student can learn and qualify the modules at their own pace after qualifying the intermediate level examination

Validity of Registration in CA

Foundation: Validity of Registration is for 4 years. No Revalidation. Intermediate: Validity of Registration is for 5 years. Revalidation allowed, thereafter Final: Validity of Registration is for 10 years. Revalidation allowed, thereafter

Assessment Pattern

Foundation: Partly Subjective and Partly Objective Intermediate:

• Closed book examination
• 30% assessment by way of case scenario/study-based MCQs and 70% by way of descriptive questions.

Final:

• Open book/restricted open book pattern for all papers
• 30% assessment by way of case scenario/study-based MCQs and 70% by way of descriptive questions.
• Mandatory Multi-disciplinary case study Paper.

Eligibility of Appearing at Different Levels of Examination

Foundation

• After completion of Four Months Study Period and
• After appearing in Class XII Examination.

Intermediate After completion of eight months Study for students registering through Foundation Route as well as Direct Entry Route. Final

• After passing both the Groups of Intermediate Examination
• Completion of two year of Practical Training,
• Completion and passing of Four Self-Paced learning Modules, and,
• Completion of Management and Communication skills (MCS) and Advanced ITT (second level)
• Six months after the two-year Practical Training is completed and courses completed as mentioned above, appear for Final examination.

Passing Criteria Foundation

50% in each paper (with 25% negative marking for each wrong answer to MCQs in papers 3 and 4).

Passing Criteria Intermediate & Final

40% marks in each individual paper and 50% marks in aggregate to pass the Group with 25% negative marking (for wrong answers to MCQ based questions). Exemption: A candidate getting exemption in any paper will need to pass the remaining papers within the next 3 attempts. The exemption can be availed further subject to passing marks of 50% in each paper (Applicable for Intermediate and Final Group wise exams)

Certification of Business Accounting Associate (BAA)

Students not qualifying Final Level Examination may apply for Business Accounting Associate (BAA) after fulfilling the prescribed criteria.

Practical Training or Articleship

• Seamless and focused practical training for 2 years
• Practical Training can be commenced after qualifying both the groups of Intermediate examination (for students through Foundation and Direct Entry Route) and completion of IT Training and Orientation Course.
• Examination-free period, therefore, 12 days of Leaves in a year is prescribed.
• Option to undergo Industrial training for 9 months to 1 year (in the last leg of practical training)
• 100 percent increase in the stipend presently paid to the articled assistants.

Soft Skills and Information Technology Training

• Orientation Course and ITT (first level) to be undergone before the commencement of practical training.
• Management and Communication skills (MCS) and Advanced ITT (second level) will be undergone during the Practical Training period or thereafter, but to be completed before appearing for the Final Examination.
• Training will be mix of virtual and physical mode.

Certificate of Practice (COP)

• One-year post-qualification work experience in a CA firm required by Members applying for Certificate of Practice at any point of time.
• Requirement of one year post qualification work experience not applicable for a member who has worked for a minimum period of one year with a fellow chartered accountant in practice in the immediately preceding five years before the date of making such application.