ICAI Proposed Scheme, ICAI New Scheme: The 2024 ICAI New scheme 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 formal notice was issued in the Indian Gazette on June 22, 2023. The CA course content 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.
This essay will compare the previous and new CA schemes and offer a detailed study of the ICAI New Scheme, emphasizing the most recent changes.
Contents
Latest Updates on ICAI New Scheme
A number of examinations 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 its equivalent, students are eligible to enroll 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 test: After passing the Foundation level, students may start getting ready for the CA Intermediate test, which usually takes eight months.
- Articleship: Students must complete a three-year Articleship tenure under the supervision of a professional 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 articles.
- Total Time to Become an ICAI Member: It takes around 48 months to complete the Institute of Chartered Accountants of India (ICAI) membership application procedure.
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 existing 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 studying for the CA Intermediate test, which currently needs an 8-month study period, after completing the Foundation level.
- Articleship: The shortened article 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 article, students can start getting ready for the CA Final Exam, which currently calls for six months of study.
- Total Time Needed to Become an ICAI Member: Under the current plan, it will take around 42 months to become an ICAI member due to the shortened study period for the final test and the updated article term.
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 study modules are required.
While preserving the caliber 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 educate prospective chartered accountants for their career paths and conform to worldwide education standards are reflected in these modifications.
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ICAI New Scheme Important Dates
The important dates under the new plan, such as registration, examination times, article lengths, and the overall time required to become an ICAI member, are succinctly summarized 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. | 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 |
CA Foundation New Course in the Proposed CA Scheme 2023
Under the ICAI new scheme 2023, ICAI plans to make major modifications to the CA Foundation course. The following are the main changes that ICAI has suggested:
CA Foundation Eligibility:
The CA Foundation qualifying requirements will be revised under the new program. After passing their Class 12 board examinations and putting in at least four months of study time, students are now eligible to sit for the CA Foundation test. The purpose of this modification is to guarantee that students have a deeper comprehension of the fundamental ideas before to starting their CA journey.
CA Foundation Registration Validity:
The new CA course will have a four-year validity term for CA Foundation registration. Within the allotted period, students must finish the Foundation course. The registration cannot be revalidated if the CA Foundation level is not passed within this time frame. In order to continue taking the CA course, students in this circumstance must choose the CA direct admission path. In order to pass the CA Foundation examinations in the allotted period, students must effectively arrange their studies.
CA Foundation New Syllabus:
The new system will be modified by the CA Foundation syllabus. “Business Correspondence & Reporting” and “Business & Commercial Knowledge” will no longer be offered by ICAI. The following topics will be covered in the updated CA Foundation syllabus:
- Accounting Principles and Practice, Business Laws, and Business Reporting and Correspondence
- Statistics, Business Mathematics, and Logical Reasoning
- Business and Commercial Knowledge and Business Economics
CA Foundation Pass Percentage:
In order to pass the CA Foundation examinations under the ICAI new scheme 2023, students must receive at least 50% of the possible points. In the new course, ICAI will also implement a negative marking of 0.25 for each incorrect Multiple Choice Question (MCQ) response. The goal of this modification is to guarantee that students understand the ideas well and are able to use them successfully. Students must thoroughly practice using CA Foundation sample test papers to hone their test-taking and preparation techniques if they want to do well on the examinations.
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Exit Route Under ICAI New Scheme
The exit path for students taking the CA degree 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 examinations, which caused them to leave 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 Intermediate level groups: This criterion guarantees that students have shown a thorough comprehension of the core ideas and concepts in accounting, taxes, and other relevant fields.
- Finish the two-year CA articleship: Students can hone their professional abilities by using their theoretical knowledge in real-world situations through the practical training experience they get throughout the articleship term.
- 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 corporate 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.
Faq’s
Q. The ICAI New Scheme of Education: What is it?
Asn: The Institute of Chartered Accountants of India established the ICAI New Scheme of Education, a revised curriculum designed to bring the CA program into compliance with worldwide educational norms and the New Education Policy (NEP). It seeks to update the CA curriculum and increase its applicability in the contemporary corporate environment.
Q. What major adjustments have been made to the CA Intermediate course under the new plan?
Asn: 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 examinations will be eight months.
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