Blog

ICAI CA New Scheme of Education and Training for 2023 | Latest Update

ICAI CA New Scheme of Education and Training 2023

Let’s first take a look at how long the CA Course will be under the new structure before delving into the specifics of each course and training.

Therefore, under the new CA plan, which will take effect in May 2024, a student will need to finish 42 months of education in order to become a chartered accountant.

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

Latest Update on ICAI CA New Course

ICAI New Course Approved by Central Government

The CA New course has received approval from the Law Ministry, and starting with the May 2024 tests, the new methodology will be applied. Anupam Sharma, a CA and ICAI member, tweeted the information. It will be made public very soon by the ICAI.

It is recommended that all CA students attempt to adequately plan their studies before their papers are due in May 2024.

Anupam Sharma, CA, tweeted on May 26, 2023 that the council meeting for the CA new course has been postponed to June 15, 2023. Students won’t receive official confirmation of the new ICAI course 2023 for a while.

Beginning in July 2023, the ICAI CA course will be taught in its new format. ICAI President Aniket Talati announced the information during the press conference. In order to help CA students become globally competent, the new course will address blockchain and AI.

CA Foundation New Course 2023

There is no restriction on how many times one must retake the CA Foundation course. Students are allowed to attempt as often as they like. It is also possible to repeatedly renew your CA Foundation registration.

Children may enrol in the planned education and training plan after the tenth birthday, and their registration with the CA Foundation is good for four years. After those four years, students cannot revalidated their foundation registration.

There will no longer be a January 1 or July 1 deadline for joining the CA Foundation. As a result, the ICAI will be able to hold three exams per year.

CA Foundation New Syllabus 2023

The CA Foundation syllabus now consists of 6 subjects and 4 exams. Business Correspondence & Reporting and Business & Commercial Knowledge are no longer part of the updated curriculum, according to the ICAI.

The updated CA Foundation curriculum is as follows for 2023:

  • Paper – 1: Accounting (100 Marks)
  • Paper – 2: Business Laws (100 Marks)
  • Paper – 3: Quantitative Aptitude (100 Marks)
    • Business Mathematics
    • Logical Reasoning
    • Statistics
  • Paper – 4: Business Economics (100 Marks)

CA Foundation Passing Criteria

The CA Foundation test pattern has changed a bit as a result of the ICAI. Under the new system, students must obtain 50% of the possible points to pass the CA Foundation exams, and they will lose points for each incorrect MCQ response.Score of 25.

Current Proposed
Subjective and Objective both Subjective and Objective with negative marking (.25)

All of these modifications have been made to the CA Foundation course’s updated curriculum and training schedule.

Participate in Lakshya Edu’s CA Foundation tutoring if you wish to get ready for the 2023 CA exams. Every aspect of our classes is built upon the most recent ICAI exam structure and study guides.

CA Intermediate Course under New Scheme 2023

CA Intermediate Eligibility

The prerequisites for the CA Intermediate course remain unchanged. However, those who choose the direct entry route must commit to an 8-month study time in order to take the tests.

CA Intermediate Registration Validity

Instead of having a four-year validity period, the CA Intermediate registration now has a five-year one. CA Intermediate students are only permitted to pay the necessary costs for revalidating their registration form once.

CA Intermediate New Syllabus 2023

Instead of 8 papers like in the past, the CA Intermediate course will instead include 6. For the CA Intermediate subjects, the ICAI has suggested the following changes:

  • The first paper following the merger of Papers 1 and 5 will be Advanced Accounting.
  • Enterprise Information Systems and Economics for Finance, respectively, are dropped from Papers 7 and 8. The remaining material is split into the Financial Management and Strategic Management parts of Paper 6 (both worth 50 points).
  • Paper 2 of the corporate law course will cover the Companies Act in great detail. The CA Foundation level will cover the subject of business law.

CA Intermediate Passing Criteria

Additionally, the criteria for passing the CA Intermediate exams will alter. There will therefore be MCQs for 30% of the questions on each of the six exams. The final mark will also be reduced by.25 for each incorrect response.

Exemption Criteria for CA Intermediate

With the new method, if you are given an exception, it will be applicable to all prospective job submissions. This suggests that the ICAI will consider the exempted papers to have effectively passed in all respects. To obtain a CA intermediate result, you must, however, pass the remaining exams with a minimum score of 50%.

CA Intermediate Exam Pattern under New Scheme

The adoption of a code of conduct in CA Inter Auditing is expected to result in significant changes in CA Intermediate Accounting and Auditing.

CA Intermediate Subjective Objective
Paper 1 :Advance Accounting 70 Marks 30 Marks
Paper 2 :Corporate Laws 70 Marks 30 Marks
Paper 3 :Cost and Management Accounting 70 Marks 70 Marks
Paper 4 :Taxation 70 Marks 30 Marks
Paper 5 :Auditing and Code of Ethics 70 Marks 30 Marks
Paper 6 :Financial Management 35 Marks 15 Marks
Paper 6 :Strategic Management 35 Marks 15 Marks

CA Articleship Training

The substantial changes that ICAI has suggested for the CA articleship Training will be advantageous to the students.

Practical Training Time Period/Duration

The ICAI reduced the CA articleship from three to two years in length. Everyone is thrilled that all CA applicants can now become CAs more quickly than before.

Despite the reduced CA Articleship time, there is still a demand for applicants who want to become practitioners.

A year of experience working for a firm that specialises in chartered accounting is required of students who aspire to become CAs. A practising certificate will then be presented to them.

Existing CAs will be regarded as having fulfilled this qualification if they have worked for a CA firm for one year in the prior five years. This stipulation does not apply to applicants who are looking for work.

CA Articleship Eligibility

Students must pass both the CA Intermediate group exams and the ICITSS training, according to the CA New Scheme 2023, in order to be eligible to start the articleship programme.

Since they no longer have to worry about studying for tests, the student will benefit from the shift because they can now totally focus on the practical training.

CA Articleship Stipend

Many students occasionally bemoan the minimal compensation they receive for their CA articleship. As a result, according to ICAI’s decision, the stipend will be increased by 100%.

CA Articleship Leaves

Since there are no tests for students to take during the practical training, the ICAI has reduced the number of leaves. For a total of 24 leaves across two years, students are only allowed to take a maximum of 12 leaves per year.

CA Final Course under New Scheme of Education and Training

CA Final Eligibility and Registration

Before enrolling in the CA Final course, students must successfully complete the ICITSS training and both sets of the CA Intermediate exams.

However, students must in order to sit for the CA Final exams.

  • The Advanced Course for ICITISS.
  • Finish the six-month study period after completing the practical training.
  • Finish the four independent modules.
  • For 10 years, you can register for the CA Final. Candidates can pay the appropriate fee to revalidate their registration after 10 years.

CA Final New Syllabus 2023

The ICAI has reduced the number of CA Final papers in the CA New Scheme 2023 from 8 to 6. There are now 2 groups with a total of 3 papers in each group.

The CA Final Subjects saw significant changes, which include:

  • We will take out the themes from Papers 4 and 5 and add them to the self-paced modules.
  • Paper 6 will no longer offer any possibilities. Strategic management will be employed in a multidisciplinary case study.
  • Set C of the self-paced courses now includes elective topics like capital markets, risk management, and others.

CA Final Exam Pattern

All CA Final exams in 2022 will include 30% MCQs, just like the new CA Intermediate course. Additionally, a 25% deduction will be applied to each wrong objective response.

CA Final May 2024 Subject and New Exam Pattern

CA Intermediate Subjective Objective
Paper 1 :Final Reporting 70 Marks 30 Marks
Paper 2 :Advance Financial Management (AFM) 70 Marks 30 Marks
Paper 3 :Advance Auditing and Professional Ethics 70 Marks 70 Marks
Paper 4 :Multi- Disciplinary Case Study with Strategic Management 70 Marks 30 Marks
Paper 5 :Direct Tax Laws and International Taxation 70 Marks 30 Marks
Paper 6 :Indirect Tax Laws 35 Marks 15 Marks

The CA Intermediate and CA Final exemption regulations are the same. The most recent details regarding the CA Final findings can be found in this in-depth article.

Conclusion

This is everything about the ICAI’s recently proposed CA New Scheme of Education and Training, which will be used starting with the May 2024 exams. The new course will be beneficial to aspiring chartered accountants since it would better prepare them for international markets.

Stay tuned to this Lakshya Edu page as we update it with any ICAI information pertaining to the new CA Course structure.