CA new scheme 2023 of Education and Training All you need to know ICAI
CA new scheme 2023 of Education and Training
The said Notification has also been hosted on the website of the Institute. The link to reach the same is https://resource.cdn.icai.org/70622council56556.pdf. The link for the Booklet “The Proposed Scheme of Education and Training” is Proposed Scheme of education and Training.pdf
- In order to improve education and training, the Indian Institute of Chartered Accountants (ICAI) has developed a new plan for 2022. The CA Institute previously examined the education and training in the years 2014–17. Prior to this, reviews of education and training were conducted for the years 1975–1978, 1985–1988, 1995–1998 and 2004–2008.
- ICAI CA New Scheme 2023 – The ICAI recently recommended a new education and training programme to begin in June 2022.
- The three levels of the CA Course and the three years of practical training have undergone some adjustments under the redesigned educational plan. Prior to that, the ICAI updated the CA course in 2017, introducing a new syllabus for the CA Foundation, CA Intermediate, and CA Final.
- The new CA syllabus for 2023 combines some papers from all three levels while removing others. The new model also shortens the CA articleship time from three to two years.
CA Foundation New Course 2023
- There aren’t any requirements for how many times you can take the CA Foundation course at the moment. Students may therefore make as many attempts as they choose. Additionally, the CA Foundation registration validity may be renewed numerous times.
- However, under the proposed education and training plan, kids may enrol after the 10th, and their registration with the CA Foundation is good for four years. After those four years, students are also not permitted to revalidate their foundation registration.
- Additionally, there will no longer be a cut-off date for CA Foundation enrollment like January 1 or July 1. This will make it possible for ICAI to hold three exams each year.
- Currently, there are 6 subjects and 4 papers in the CA Foundation syllabus. Currently, Business Correspondence & Reporting and Business & Commercial Knowledge have been eliminated from the new programme by the ICAI. Currently, there are 6 subjects and 4 papers in the CA Foundation syllabus. Currently, Business Correspondence & Reporting and Business & Commercial Knowledge have been eliminated from the new programme by the ICAI.
- The CA Foundation test pattern has also undergone some adjustments thanks to the ICAI. According to the new system, students must receive 50% of the possible points to pass the CA Foundation tests, and each incorrect MCQ answer will result in a. 25 point deduction. Subjective and Objective components of the current proposal both have negative marking (.25) All of these modifications have been made to the new programme of instruction and training for the CA Foundation course.
Eligibility for Intermediate CA
The prerequisites for the CA Intermediate course have not changed. The direct entry route candidates must, however, put in an 8-month study period in order to take the tests.
Validity of CA Intermediate Registration
The CA Intermediate registration is now valid for five years rather than four. Students enrolled in CA Intermediate can only revalidate their registration form once with the required costs.
CA Inter New Syllabus
There will no longer be 8 examinations in the CA Intermediate course; instead, there will only be 6 papers. The following adjustments to the CA Intermediate subjects have been suggested by the ICAI:
The papers 1 and 5 have been combined into one, called Advanced Accounting. Enterprise Information Systems and Economics for Finance are dropped from papers 7 and 8, respectively. The remainder is combined into Financial management and Strategic management (50 marks + 50 marks) in Paper 6. The Companies Act will be fully covered in Paper 2 of Corporate Law. The CA Foundation level will cover its section of business law.
CA Intermediate Passing Requirements
The standards for completing the CA Intermediate exams will also alter. Therefore, 30% of the questions in each of the six examinations will be MCQs. Additionally,.25 of the final grade will be subtracted for each incorrect response.
Exemption Standards for Intermediate CA
If you receive an exemption under the new system, it will apply to all future submissions of that work. This means that the ICAI will consider the exempted papers to have passed permanently. You must, however, receive 50% on the remaining exams.
The students will benefit from the considerable modifications that ICAI has suggested for the CA articleship Training.
Timeframe /Duration of the Practical Training
The length of the CA articleship has been shortened by ICAI from three years to two. The fact that all CA applicants can now become CAs sooner than before is fantastic news for everyone. However, there is a need for candidates who desire to become practitioners along with the shorter CA Articleship time. Students who want to work as CAs must have one year of experience at a firm that specialises in chartered accounting.
They will then be given a practise certificate. Existing CAs will be considered to have met this requirement if they have spent one year working for a CA firm in the previous five years. This condition does not apply to aspirants who want to do job. (Students can undergo industrial training for nine months to 1 year (in the last 1 year of the articleship).
Eligibility for CA Articleship
According to the CA New Scheme 2023, students must pass both the CA Intermediate group exams and the ICITSS training to be qualified to begin the articleship training.
The change will be advantageous to the student because they can now completely concentrate on their practical training without having to worry about studying for exams.
Stipend for CA Articleship
Many students frequently lament the meagre pay they receive for their CA articleship. The stipend will therefore be increased by 100%, per ICAI’s decision.
CA Final Eligibility and Registration
Students must pass both groups of the CA Intermediate exams and finish the ICITSS training in order to be able to enrol in the CA Final course. But in order to take the CA Final exams, students must: finishing the Advanced ICITISS Course
- Upon completion of the practical training, complete the six-month study session.
- Complete each of the 4 independent modules.
- The registration for the CA Final is good for ten years. After ten years, candidates can revalidate their registration for the required cost.The ICAI has decreased the number of CA Final papers from 8 to 6 in the CA New Scheme 2023. There are currently 2 groups, each of which will include 3 papers.
Significant revisions made to the CA Final Subjects include:
- Papers 4 and 5’s topics will be eliminated and added to the self-paced modules.
- There won’t be any options in Paper 6 anymore. A multidisciplinary case study with strategic management will be used.
- In the Set C of the self-paced courses, elective topics like risk management, financial services, and capital markets are now included.
CA Final Exemption Rules
Like the new CA Intermediate course in 2022, all CA Final papers will have 30% MCQs. Additionally, every incorrect objective response will receive a 25% negative marking. The CA Final exemption regulations are identical to CA Intermediate.
ICAI Self Paced Modules
Self-paced courses have been added by ICAI as part of the new education and training programme. These modules are available for independent study and online testing.
Set A, Set B, Set C, and Set D are the four sets that make up the self-paced modules. Students must pass these 4 sets of tests in order to be qualified to take the CA Final exams. They must receive more than 50% of the possible points in order to pass these modules.
Sets A and B, which are Economics Law and Strategic Cost Management, are the only two that must be taken. Additionally, here are the CA Final old course’s deleted subjects. The other two groups allow pupils to select their own topics. During the articleship programme, students can study for these self-paced courses online and pass their tests at the same time.