Dear readers, welcome to Mastermindsindia.com. The Institute of Chartered Accountants of India has recently introduced an ICAI New Scheme 2024. The officials published a detailed notification in the Gazette of India on 22nd June 2023, and the scheme’s implementation is scheduled to begin on 1st July 2023. This new scheme significantly alters the CA course curriculum and practical training duration.
The CA new scheme of education and training by ICAI covers all three levels of the CA course: CA Foundation, CA Intermediate, and CA Final. It incorporates several changes regarding the syllabus, subjects, registration validity, and passing criteria. Continue reading to explore the specific modifications at each level.
ICAI New Scheme 2024 – Latest Updates
One of the most notable changes in the new scheme is the revision of the syllabus across all levels of the CA course. The updates are designed to ensure that the curriculum remains relevant and comprehensive, covering the latest accounting, auditing, and finance developments.
| 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) |
ICAI New Scheme of Education and Training 2024
To better understand the impact of the new scheme, let’s compare it with the previous scheme:
| ICAI New Scheme 2024 Education and Training | ||
| 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 |
Relaxation to ICAI CA Old Course
Relaxation to Old Course Students to commence 3 years of Practical Training
- Who has passed one of the groups of Intermediate Examination under the Old Scheme?
- Who has enrolled or provisionally enrolled in Intermediate through the Direct Entry Route under the Old Scheme?
- Who has converted from Intermediate (Foundation/CPT Route) to Intermediate (Direct Entry Scheme) for appearing in the November 2023 Examination?
ICAI New Scheme of Education: Old Scheme Vs. New Scheme
ICAI Old Scheme:
- Registration for Foundation / Appear for 10+2: Students can register for the CA Foundation course after completing Class 10 examinations or its equivalent.
- Appear for Foundation Examination: After a study period of 4 months, candidates can appear for the CA Foundation examination.
- Study for Intermediate Examination: Upon clearing the Foundation level, students can begin preparing for the CA Intermediate examination, which typically requires 8 months of study.
- Articleship: After passing the Intermediate exam, students must undergo a 3-year articleship period, during which they gain practical experience under the guidance of a practicing Chartered Accountant.
- Study for Final Examination: After completing the articleship, candidates can study for the CA Final examination.
- Total Period to Become ICAI Member: The entire process to become a member of the Institute of Chartered Accountants of India (ICAI) takes approximately 48 months.
ICAI New Scheme:
- Registration for Foundation / Appear for 10+2: Similar to the current scheme, students can register for the CA Foundation course after completing Class 10 examinations.
- Appear for Foundation Examination: After a study period of 4 months, students can take the CA Foundation examination.
- Study for Intermediate Examination: Following the Foundation level, candidates can start preparing for the CA Intermediate examination, which now requires an 8-month study period.
- Articleship: One of the significant changes in the new scheme is the reduced articleship period. After clearing the Intermediate exam, students must undergo a 2-year articleship instead of the previous 3 years.
- Study for Final Examination: Following the articleship period, students can begin preparing for the CA Final examination, which now requires 6 months of study.
- 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.
Optional Business Accounting Certificate
Under the new scheme, an optional Business Accounting Certificate is introduced. Students can pursue this certificate program after clearing the CA Intermediate exam. It involves self-paced learning modules and completing the Professional Training and Integrated Course on Information Technology and Soft Skills.
The ICAI New Scheme aims to streamline and expedite the process of becoming a Chartered Accountant while maintaining the quality and relevance of education and practical training. These changes reflect the institute’s efforts to align with international education standards and better prepare aspiring Chartered Accountants for their professional journey.
CA Foundation New Course 2024
Currently, there are no criteria for the number of attempts in the CA Foundation course. Hence, students can give any number of attempts. The CA Foundation registration validity can also be revalidated multiple times.
However in the proposed scheme of education and training, students can register after the 10th, and the CA Foundation registration in June 2024 is valid for four years. Moreover, students cannot further revalidate their foundation registration after those 4 years.
CA Foundation New Syllabus 2024
Currently, the CA Foundation syllabus consists of 6 subjects and 4 papers. Now, in the new scheme, ICAI removed 2 subjects: Business Correspondence & Reporting and Business & Commercial Knowledge.
The CA Foundation’s new syllabus 2024 is as follows:
- 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 ICAI has also made some changes in the CA Foundation exam pattern. In the new scheme, students have to get 50% marks to crack the CA Foundation exams, and there will be a negative marking of .25 for every wrong MCQ answer.
| Current | Proposed |
|---|---|
| Subjective and Objective both | Subjective and Objective with negative marking (.25) |
CA Intermediate Course under New Scheme 2024
CA Intermediate Eligibility
The eligibility criteria for the CA Intermediate course are the same as before. However, to appear in the exams, the direct entry route students must undergo an 8-month study period.
CA Intermediate Registration Validity
The validity of the CA Intermediate registration is now for 5 years as against four years. CA Intermediate students can validate their registration form only once with the prescribed fees.
CA Intermediate New Syllabus 2024
Now, there will be only 6 papers in the CA Intermediate course and not 8 papers. The changes proposed by the ICAI in the CA Intermediate subjects are:
- Papers 1 and 5 are merged into one, and the 1st paper will be – Advanced Accounting.
- Enterprise Information Systems is removed from paper 7, and Economics for Finance is removed from paper 8. The remaining part is combined in paper 6 as Financial Management and Strategic Management (50 marks + 50 marks).
- Paper 2 of corporate law will cover the Companies Act entirely. Its portion of Business law will be covered at the CA Foundation level.
CA Intermediate Passing Criteria
The passing criteria for the CA Intermediate exams will also change. So, there will be 30% MCQ-based questions in all 6 papers. Furthermore, the negative marking of 0.25 will be deducted for every wrong answer.
Exemption Criteria for CA Intermediate
After the new scheme, if you get an exemption in any paper, then the exemption will be permanent for that paper. That means the ICAI will treat the exempted papers as permanently passed. However, you need to clear the rest of the papers with 50% marks in the CA intermediate result.
CA Intermediate Exam Pattern under New Scheme 2024
| 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
ICAI has reduced the CA articleship duration from 3 years to 2 years. It is good news for all the CA aspirants as now they can become CA earlier than before.
However, with the reduced period of CA Articleship, there comes a condition for aspirants who want to become a practitioner.
Students who want to practice CA must have 1 year of experience in a Chartered Accountancy firm. Afterward, they will get a certificate of practice.
CA Articleship Eligibility
Under the CA new scheme 2024, students have to clear both the groups of CA Intermediate and completion of ICITSS training to be eligible to start the articleship training.
CA Articleship Stipend
Many students often complain that their CA articleship stipend is low. So, ICAI has decided to increase the stipend by 100%.
CA Articleship Leaves
Since students don’t have to take any exams during the practical training, ICAI has reduced the number of leaves. Students can take only 12 leaves in a year, which means 24 leaves in two years.
ICAI Self Paced Modules
ICAI has introduced self-paced modules under the new scheme of education and training. Students can study these modules at their own pace and take online exams.
To become eligible for the CA Final exams, students have to clear these 4 sets. To clear these modules, they have to score more than 50% marks in each module.
Among the 4 sets, Sets A and B, which are Economics Law and Strategic Cost Management, are compulsory. Also, these are the deleted subjects of the CA Final old course.
CA Final Course under New Scheme of Education and Training
CA Final Eligibility and Registration
To become eligible to register for the CA Final course, students have to pass both groups of CA Intermediate exams and complete the ICITSS training.
- Complete the Advanced ICITISS Course
- Complete 6 month study period after the practical training is over.
- Crack all 4 self-paced modules.
The CA Final registration is valid for 10 years. Aspirants can revalidate their registration after 10 years with the prescribed fee.
CA Final New Syllabus 2024
In the CA new scheme 2024, ICAI has reduced the CA Final Question papers from 8 to 6. Now, 2 groups will include 3 papers each.
Major changes done in the CA Final Subjects are:
- Subjects of papers 4 and 5 will be removed and included in the self-paced modules.
- Now, there will be no options in Paper 6. It will be a Multi-disciplinary case study with Strategic Management
- Elective subjects such as risk management, financial services, and capital markets are now part of the Set C of the self-paced modules.
CA Final Exam Pattern
| CA Final | 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 4: Multi-Disciplinary Case Study with Strategic Management | 35 Marks | 15 Marks |
Exit Route Under ICAI New Scheme
The exit route will also change under the CA New Scheme 2024. Students generally exit the CA Course as they are not able to crack the CA Final exams.
The Business Accounting Associate certification provides students with a valuable qualification even if they do not proceed to become Chartered Accountants. To attain this certification, students must fulfill the following criteria:
- Cleared both groups of CA Intermediate.
- Complete the CA Articleship Training.
- Completed the soft skills and Information technology courses.
- Cleared all 4 self-paced modules.
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