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CA new scheme 2024 of Education and Training All you need to know ICAI
CA new scheme 2024 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 2024
- 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.
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. No negative marking.
Exemption Standards for Intermediate Under CA New Scheme
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 under CA New scheme
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.
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.
Detailed Syllabus
FAQs
SCHEME OF EDUCTATION AND TRAINING
Foundation Course
Q 1: When can I register for Foundation Course?
Ans: Candidates may register in Foundation Course after passing Class 10th Examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government or the State Government as equivalent thereto.
Q 2: What is the fee for Foundation Course?
Ans: Fee for Foundation Course is Rs.9,000/- which is to be paid at the time of registration. This fee is inclusive of Prospectus for CA Course and Study Material of Foundation Course.
Q 3: Where can I get the Prospectus for CA Course and Study Material of Foundation Course?
Ans: After successful registration in the Foundation Course, the student will receive an e-mail bearing the login credentials for ordering the Study Material through Centralized Distribution System (CDS) Portal. Prospectus for CA Course will be delivered to the student along with the Study Material, whenever ordered by the student.
Q 4: When will I get the Study Material of Foundation Course?
Ans: Study Material of Foundation Course will be available on the BoS Knowledge Portal at the link https://www.icai.org/post/new-scheme-of-education-and-training after the launch of the New Scheme of Education and Training on 1st July, 2023. Hard copy of the Study Material
will be available for ordering on Centralized Distribution System (CDS) Portal upon confirmation of registration in Foundation Course.
Q 5: I have already registered in Foundation Course after passing Class 10th Examination and presently I am in Class 11. When I will be eligible for Foundation Examination and under which Scheme of Education and Training.
Ans: Your first attempt for Foundation Examination under New Scheme of Education and Training will be in June, 2025 after appearing in Class 12th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government or the State Government as equivalent thereto.
FOUNDATION COURSE
Q 6: I have already registered in Foundation Course and presently I am in Class 12. When I will be eligible for Foundation Examination and under which Scheme of Education and Training. Ans: Your first attempt for Foundation Examination under New Scheme of Education and Training will be in June, 2024 after appearing in Class 12th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government or the State Government as equivalent thereto.
Q 7: When I can register in Foundation Course to become eligible for June/ December Foundation Examination.
Ans: You should be registered in Foundation Course with the Board of Studies of the Institute for a minimum period of four months on or before the 1st day of the month in which the examination is held. For example, you should be registered in Foundation Course on or before 1st February, 2024 for June, 2024 Foundation Examination and on or before 1st August, 2024 for December, 2024 Foundation Examination. Before appearing in the Foundation Examination, you should also have appeared in Class 12th Examination conducted by an examining body constituted by law in India or an examination
recognized by the Central Government or the State Government as equivalent thereto.
Q 8. Do I need to fill any separate form for appearing in Foundation Examination?
Ans: After registration in Foundation Course, you need to submit the online examination form for appearing in Foundation Examination. The examination form for June and December
examination usually opens in the month of February and August respectively.
ICAI makes an announcement when the examination forms open for the forthcoming examination. You are advised to visit the Institute’s website for announcements.
Q 9: What are the papers in Foundation Course?
Ans: There are 4 papers in Foundation Course which are as under: Paper 1: Accounting (100 marks)
Paper 2: Business Laws (100 marks)
Paper 3: Quantitative Aptitude (100 marks)