ICAI New Scheme 2024, The ICAI New Scheme, 2024, was just unveiled by the Institute of Chartered Accountants of India (ICAI). The scheme’s implementation is set to start on July 1st, 2023, after the official notification was issued in the Indian Gazette on June 22, 2023. The CA course curriculum and the length of practical training are drastically changed by this new plan. All three levels of the CA course—CA Foundation, CA Intermediate, and CA Final—are covered in the ICAI’s new education and training program. It includes a number of modifications to the subjects, syllabus, registration requirements, and passing standards. To learn more about the particular changes at each level, keep reading. The ICAI New Scheme will be thoroughly examined in this essay, with a focus on the most recent developments and a comparison of the old and new.
Contents
Latest Updates on ICAI New Scheme
A number of papers from all three levels have been consolidated, while others have been removed, in the 2024 change to the CA syllabus. The length of the CA articleship is also shortened from three to two years under the new arrangement. The eligibility requirements, registration validity, syllabus, subjects, paper format, passing requirements, exemptions, and clauses pertaining to training leaves and cessation have all changed in the CA course. View the table below for the most recent ICAI New Scheme Updates:
| Latest Updates on ICAI New Scheme | |
| ICAI CA Course Level | New Changes |
| CA Foundation | 4 Subjects from 6 Subjects |
| CA Intermediate | 6 Papers (3 in each Group) |
| CA Articleship | The period Reduced from 3 to 2 years |
| CA Final | 6 Papers (3 in each Group) |
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ICAI New Scheme of Education and Training 2024
Let’s examine the length of the CA Course under the new plan before getting into the details of each course and training. Students would need to complete 42 months in total to earn the esteemed designation of Chartered Accountant under the updated CA program, which will go into effect in May 2024.
| ICAI New Scheme of Education and Training 2024 | ||
| ICAI CA Course Level | Current | New Changes |
| CA Foundation Registration/ Appear 10 + 2 | Start | Start |
| CA Foundation Study Period | 4 Months | 4 Months |
| CA Intermediate Study Period | 8 Months | 8 Months |
| CA Articleship | 36 Months | 24 Months |
| CA Final Study Period | – | 6 Months |
| Total CA Course Duration | 48 Months | 42 Months |
| Work Experience for CoP | – | 12 Months |
Update on ICAI CA Course
Giving Former Students a Break to Start Three Years of Hands-on Training –
- (i) If you have passed one of the Old Scheme’s Intermediate Examination groups.
- (ii) if, under the Old Scheme, you were enrolled or provisionally enrolled in Intermediate using the Direct Entry Route.
- (iii) if you are taking the November 2023 Exam after switching from Intermediate (Foundation/CPT Route) to Intermediate (Direct Entry Scheme).
Comparing the New and Old ICAI Education Schemes
ICAI Current Scheme:
- Registration for Foundation/Appear for 10+2: Following successful completion of Class 10 exams or their equivalent, students are eligible to enrol in the CA Foundation course.
- Take the Foundation test: Candidates are eligible to take the CA Foundation test following a four-month study period.
- Study for the Intermediate Exam: After passing the Foundation level, students can start getting ready for the CA Intermediate exam, which usually takes eight months.
- Articleship: Students must complete a three-year articleship tenure under the supervision of a practising chartered accountant after passing the Intermediate exam.
- Study for the Final Exam: Candidates can prepare for the CA Final Exam following the conclusion of their articleship.
- Total Time to Become an ICAI Member: It takes roughly 48 months to complete the Institute of Chartered Accountants of India (ICAI) membership application process.
ICAI New Scheme:
- Registration for Foundation/Appear for 10+2: After passing the Class 10 exams, students can sign up for the CA Foundation course, much like under the current plan.
- Take the Foundation test: Students are eligible to take the CA Foundation test following a four-month study session.
- Study for the Intermediate test: Candidates can begin preparing for the CA Intermediate test, which currently needs an 8-month study period, after completing the Foundation level.
- Articleship: The shortened articleship duration is one of the major modifications to the new plan. Students are required to complete a two-year articleship rather than a three-year one after passing the Intermediate test.
- Study for Final Exam: After completing an articleship, students can start getting ready for the CA Final Exam, which now calls for six months of study.
- Total Time Needed to Become an ICAI Member: Under the current plan, it will take about 42 months to become an ICAI member due to the shortened study period for the final exam and the updated articleship term.
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Optional Business Accounting Certificate
An optional Business Accounting Certificate is now offered under the new program. After passing the CA Intermediate test, students can continue with this certificate program. Completing the Professional Training and Integrated Course on Information Technology and Soft Skills as well as self-paced learning modules are required.
While preserving the calibre and applicability of education and hands-on training, the ICAI New Scheme seeks to simplify and accelerate the process of becoming a chartered accountant. The institute’s attempts to better prepare aspiring chartered accountants for their career paths and conform to worldwide education standards are reflected in these modifications.
ICAI New Scheme Important Dates
The important dates under the new plan, such as registration, examination times, articleship lengths, and the total time required to become an ICAI member, are succinctly summarised in this overview. Keep yourself updated and use these important dates to plan your CA trip appropriately.
| ICAI New Scheme Important Dates | ||
| S.No. | Particulars | Date/ Attempt |
| 1. | The last date for Registration in the Foundation under the Existing Scheme | 1st July, 2023 |
| 2. | Last date for Registration in Intermediate and Final Courses under the Existing Scheme | 30th June, 2023 |
| 3. | Date of commencement of Registration and Conversion in Foundation Course under New Scheme | 2nd August, 2023 |
| 4. | Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme | 1st July, 2023 |
| 5. | First Foundation Examination under New Scheme | June, 2024 |
| 6. | First Intermediate and Final Examination under New Scheme | May, 2024 |
| 7. | Last Foundation Examination under Existing Scheme | December, 2023 |
| 8. | Last Intermediate and Final Examination under the Existing Scheme | November, 2023 |
| 9. | Last commencement date of three years Practical Training | 30th June, 2023 |
| 10. | Date of commencement of two years uninterrupted Practical Training | 1st July, 2023 |
Exit Route Under ICAI New Scheme
The exit path for students pursuing the CA course has undergone substantial modifications according to ICAI’s new education and training strategy. In the past, a lot of students had trouble passing the CA final exams, which caused them to drop the course. However, by providing a different credential known as the Business Accounting Associate, the new program seeks to overcome this problem.
Even if students decide not to pursue a career in chartered accounting, they can still benefit from earning the Business Accounting Associate credential. Students must meet the following requirements in order to receive this certification:
- Pass both CA groups. Intermediate level: This criterion guarantees that students have proven they have a thorough comprehension of the basic ideas and concepts in taxation, accounting, and other relevant fields.
- Full two-year CA articleship: Students can hone their professional abilities by applying their academic knowledge in real-world situations through the practical training experience they receive during their articleship time.
- Final AICTSS Instruction: Students who complete the Advanced Integrated Course on Information Technology and Soft Skills (AICTSS) program will have the fundamental IT and soft skills needed to succeed in the contemporary business world.
- All sets of self-paced online modules are eligible for: These self-paced online courses cover a wide range of important subjects, giving students an in-depth understanding and useful insights related to the accounting field.
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Faq’s
Q. What is the ICAI New Scheme of Education?
Ans: The Institute of Chartered Accountants of India introduced the ICAI New Scheme of Education, a revised curriculum designed to bring the CA program into compliance with international educational norms and the New Education Policy (NEP). It seeks to update the CA curriculum and increase its applicability in the contemporary business environment.
Q. What major adjustments have been made to the CA Intermediate course under the new plan?
Ans: The articleship period for the CA Intermediate course will be shortened from three years to two years under the new plan. The syllabus will now have six papers rather than eight, and the study duration for the CA Intermediate exams will be eight months.
Q. What qualifications are required to become a Business Accounting Associate?
Asn: Students must pass both CA Intermediate level groups, finish AICTSS Training, complete two years of CA Articleship, and be eligible for all sets of self-paced online courses in order to earn the Business Accounting Associate certification.
Q. What is the new scheme’s validity duration for CA Foundation registration?
Asn: Under the new program, the CA Foundation registration validity period has been extended to four years. Students have this amount of time to finish the Foundation course.
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