The Chartered Accountancy (CA) profession is notable for its demanding education and training requirements. The Institute of Chartered Accountants of India (ICAI) has established a new scheme for CA education to guarantee that these requirements are maintained and to stay up with the fast-evolving business environment. The new scheme introduces significant modifications that prospective CAs must be aware of. So let’s look at the major revisions to the new scheme.
About The ICAI CA New Scheme 2023
Before diving into the specifics of each course and training, let’s examine the CA Course duration as per the CA new scheme 2023. Under the new CA scheme, it would take a student 42 months to earn the title of Chartered Accountant. To know more about the CA Course duration, check out this article on VSI Jaipur.
About New CA Foundation New Course 2023
- Under the proposed training and education system, students may register after completing the 10th grade, and CA Foundation registration is effective for four years.
- Further, after four years, students can’t revalidate their CA Foundation registration.
- Additionally, enrollment deadlines like January and July 1 for the CA Foundation will no longer be applicable. Hence, this will allow ICAI to administer three exams every year.
New CA Foundation Syllabus & Passing Criteria
The following modifications have been recommended for the ICAI new scheme 2023:
- The CA Foundation course, which formerly included six subjects and four exams, currently consists of four subjects and four exams.
- Moreover, ICAI has eliminated two subjects from the new CA Foundation curriculum. So, these are the two topics: Business Correspondence & Reporting and Business & Commercial Knowledge.
- ICAI has also introduced 0.25-point negative marks for every incorrect MCQ response.
Hence, these constitute all modifications to the revised education and training scheme for the CA Foundation course.
About New CA Intermediate New Course 2023
Now let’s review the changes in the CA course for the CA Inter.
- The eligibility for the CA Intermediate course has no changes. Nevertheless, direct-entry candidates must complete an eight-month study period to take the tests.
- Further, instead of four years, the CA Intermediate registration will stand valid for five years.
- Yet, CA Intermediate candidates can only revalidate their registration once with the required fees.
New CA Intermediate Syllabus & Passing Criteria
No longer will there be eight subjects for the CA Intermediate course, but only six subjects. The suggested changes to the CA Intermediate subjects are as follows:
- Papers 1 and 5 have been consolidated into one, called Advanced Accounting.
- Enterprise Information Systems is eliminated from paper 7, while Economics for Finance is eliminated from Exam 8. The remainder is integrated into paper 6 as financial and strategic management (50 marks each).
- Paper 2 in corporate law will focus only on the Companies Act. The CA Foundation exams will include the Business law section.
- In addition, the passing standards for the CA Intermediate examinations will change. So, 30% of questions in the six exams will be multiple-choice. In addition, there will be a negative point deduction of 0.25 for each incorrect response.
- If a student scores 60 per cent or higher on one or more subjects in a single try, he or she is free from taking those exams.
- The CA Intermediate exempted papers would be considered permanently passed by ICAI under the CA New scheme. However, students must pass the remaining examinations with an individual score of 50%.
- After three tries, students may choose to surrender in exempted papers.
CA Articleship Training
The CA New scheme 2023 has also changed in the CA Articleship Training. ICAI has shortened the CA articleship from three to two years. So this is great news for all aspiring CAs since they can now become CAs sooner than previously.
Yet, with the shortened duration of CA Articleship comes a requirement for those aspiring to become practitioners.
Students who wish to practice Chartered Accounting must have one year of experience working in a Chartered Accountancy business. They will then receive a certificate of practice.
Existing CAs are considered to have met this requirement if they have been employed in a CA firm for one year during the last five years. This requirement does not apply to job-seeking candidates.
CA Articleship Eligibility Requirement
In the CA new scheme 2023, students must clear CA Intermediate in both groups and also finish the ICITSS training before beginning articleship training.
The change will help the student, as they can concentrate only on practical training without worrying about exam preparation.
About New CA Final Course 2023
Students must pass both groups of CA Intermediate examinations and undergo ICITSS training before applying for the CA Final.
Nonetheless, to sit for the CA Final examinations, candidates must:
- Complete the Advanced Course in ICITISS
- Finish a six-month study session after practical training.
- Complete all four self-paced modules.
The CA Final registration has a 10-year validity period. After ten years, aspirants may revalidate their registration for a charge.
New CA Final Syllabus & Passing Criteria
Under the CA New Scheme 2023, there are now six subjects instead of eight. Hence, there are two groups, each including three papers.
Important modifications to the CA Final Subjects include:
- The subjects of papers four and five will be eliminated and incorporated into the self-paced modules.
- Now, Paper 6 will be devoid of possibilities. It’s going to be a multidisciplinary case study focusing on strategic management.
- Set C of the self-paced courses now consists of elective topics, including risk management and financial services, and capital markets.
Like the CA Intermediate new course, 30% of all CA Final examinations will consist of MCQs. In addition, there will be a 0.25 deduction for every incorrect objective response. Moreover, the exemption rules for CA Final are similar to that of the Inter.
When Will the CA New scheme be implemented?
The CA New scheme 2023 implementation will begin with an attempt in May 2024. As per an ICAI representative, the new course wouldn’t be applicable on November 2023.
Conclusion
That’s all for the CA New scheme. For more updates on CA, CA preparation, coaching, and guidance, keep visiting VSI Jaipur’s official website.