Deepak Gupta | Jun 5, 2022 |
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.
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
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
Foundation: Partly Subjective and Partly Objective
Intermediate:
Final:
Foundation
Intermediate
After completion of eight months Study for students registering through Foundation Route as well as Direct Entry Route.
Final
50% in each paper (with 25% negative marking for each wrong answer to MCQs in papers 3 and 4).
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)
Students not qualifying Final Level Examination may apply for Business Accounting Associate (BAA) after fulfilling the prescribed criteria.
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