ICAI NEW SCHEME:

The Institute of Chartered Accountants of India (ICAI) has released the much awaited New scheme for 2024, and onwards.

The official notification was published in June, 2023. The notification has covered all three levels of CA Course: Be it be CA FOUNDATION, INTERMEDIATE, or FINAL.

Team Chartered Connects will introduce you with the in-depth analysis of the ICAI NEW SCHEME, mentioning the latest updates, and every necessary thing.

LATEST UPDATES OF ICAI NEW SCHEME

In the New CA scheme, some papers has been eliminated, while some got combined, and in addition the articleship tenure has been reduced from 3 years to 2 years only.

CHANGES IN NEW SCHEME

COURSE LEVEL	CHANGES
CA FOUNDATION	6 SUBJECTS TO 4 SUBJECTS
CA INTERMEDIATE	8 PAPERS TO 6 PAPERS
CA ARTICLESHIP	PERIOD 3 YRS TO 2 YRS
CA FINAL	8 PAPERS TO 6 PAPERS

ICAI New Scheme of Education and Training 2024

It must be a proud moment that, now the prestigious title of CHARTERED ACCOUNTANT, will take only 42 months in total: The bifurcation is as follows:

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

ICAI New Scheme Updates

1. Registration for Foundation / Appear for 10+2: Similar to the current scheme, aspirants can register for the CA Foundation course after the completion of Class 10th examinations.
2. Appear for Foundation Examination: After a gap period of 4 months, aspirants can appear for the CA Foundation examination.
3. Study for Intermediate Examination: Following the clearance of CA FOUNDATION level, candidates can initiate preparing for the CA Intermediate examination, which now requires an 8-month study period.
4. Articleship: One of the significant changes in the new scheme is the reduction of articleship period. After the clearance of the Intermediate examination ,students after clearing both the groups, must undergo a 2-year articleship instead of the previous 3 years.
5. Study for Final Examination: Following the articleship time period, students can begin preparing for the CA Final examination, which now requires mandatory Six months of study.
6. Total Period to Become ICAI Member: With the revised duration of articleship and the reduced study period for the Final exam, the total time required to become an ICAI member under the new scheme is approximately 42 months.

CA FOUNDATION UPDATE:

The two subjects: BCR, and BCK has been removed, hence the curriculum has only 4 papers now.

1. Principles and Practice of Accounting
2. Business Laws
3. Business Mathematics and Logical Reasoning & Statistics
4. Business Economics

CA INTERMEDIATE UPDATE:

In CA Intermediate, the registration validity of CA INTERMEDIATE has been increased to 10 years. Additionally, there is a merger of Accountancy, and Advanced Accountancy, following the elimination of ‘Enterprise information Systems‘ subject. The curriculum has only 6 papers now:

1. Advanced Accounting
2. Corporate and other Laws
3. Taxation
4. Cost and Management Accounting
5. Auditing and Ethics
6. Financial Management and Strategic Management

The candidate will be marked Passed only if the candidate clears all the papers from Group 1 and Group 2 in one sitting with a minimum score of 40% in each of the papers and 50% in aggregate of all the papers.

CA FINAL COURSE UPDATE:

Once the aspirant has cleared the CA INTERMDIATE examination, one can register for CA FINAL Examination. The appearance in CA FINAL examination, can only be valid after the fulfilment of the following conditions:

• Completion of ICITSS
• Undergoing a practical training (PT) of 2 years
• Completing the PT, the candidate has to undergo an Advanced ICITSS
• Additionally, the candidate has to complete the self paced modules with a minimum of 50% score.

SELF PACED MODULES:

The self paced learning modules consists of the following.

SETS	PAPER NAME
SET A (COMPULSARY)	CORPORATE AND ECONOMIC LAWS
SET B (COMPULSARY)	STRATEGIC COST AND PERFORMANCE MANAGEMENT
SET C (ANY ONE)	Risk Management Sustainable Development & Sustainability Reporting Public Finance & Government Accounting The Insolvency and Bankruptcy Code, 2016 International Taxation The Arbitration and Conciliation Act, 1996 Forensic Accounting Valuation Financial Service and Capital Markets Forex and Treasury Management
SET D (ANY ONE)	The Constitution of India and Art of Advocacy Psychology and Philosophy Entrepreneurship and Start Up Ecosystem Digital Ecosystem and Controls

Candidates can appear in the CA Final exam six months after completion of the Practical Training. Presently, the CA Final exam is held twice a year – May/June and November/December.

CA FINAL PAPERS INCLUDE:

1. FINANCIAL REPORTING
2. ADVANCED FINANCIAL MANAGEMENT
3. ADVANCED AUDITING, ASSURANCE, AND PROFESSIONAL ETHICS
4. DIRECT TAX LAWS & INTERNATIONAL TAXATION
5. INDIRECT TAX LAWS
6. INTEGRATED BUSINESS SOLUTIONS

Once the candidate clears all the papers with a minimum of 40% marks in individual papers and scores 50% in aggregate, they will be said to have passed the CA Final examination. They can apply for membership with the Institute of Chartered Accountants of India and qualify to become a Chartered Accountant.

UPDATED ON BUSINESS ACCOUNTING CERTIFICATE:

Before appearing for CA FINAL EXAMINATION, a candidate can apply for BAC if one meets the following conditions:

• Cleared both groups of Intermediate Examination
• Completed ICITSS
• Completed PT
• Completed Self paced module

The information provided is based on the data available on the ICAI website: www.Icai.org