Table of Contents
The proposed ICAI New Scheme of Education and Training 2023 – Everything you need to know
ICAI CA New Scheme 2023 – Recently, the ICAI proposed a new scheme of education and training in June 2022. The revised scheme of education has some changes in all three levels of the CA Course and the practical training of three years.
Before that, ICAI revised the CA course in 2017, where CA Foundation, CA Intermediate, and CA Final new syllabus was introduced.
In the CA new syllabus 2023, some papers of all three levels are merged, and some are removed. Moreover, the CA articleship period is reduced from 3 to 2 years in the 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||Period Reduced from 3 to 2 years|
|CA Final||6 Papers (3 in each Group)|
A lot of changes have also been made regarding eligibility, registration validity, syllabuses, subjects, papers, passing criteria, exemptions, training leaves, and leaving the CA program.
For now, the new scheme of education and training is in draft form awaiting approval and amendment. For their suggestions, ICAI has invited the concerned members of the society.
So, in this article, we’ll tell you everything about the ICAI proposed new scheme of education and training in 2023 and the comparison between the old and new schemes.
ICAI CA New Scheme of Education and Training 2023
Currently, there are no criteria for a 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.
But in the proposed scheme of education and training, students can register after the 10th, and the CA Foundation registration is valid for four years. Moreover, students can not further revalidate their foundation registration after those 4 years.
Also, now there will be no cut-off dates like January 1 and July 1 for the CA Foundation registration. This will enable ICAI to conduct three exams in a year.
CA Foundation New Syllabus 2023
Currently, the CA Foundation syllabus comprises 6 subjects and 4 papers. Now, in the new scheme, ICAI removed 2 subjects: Business Correspondence & Reporting and Business & Commercial Knowledge.
|Paper-1: Accounting||Paper-1:principles and Practice of Accounting|
|Paper-2: Business Laws||Paper-2:Business Laws and Business Correspondence and Reporting|
1. Business Mathematics
|Paper-3:Business Mathematics and Logical Reasoning and Statistics|
|Paper-3:Quatitative Aptitude||Paper-4:Business Economics & Business & Commercial Knowledge|
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.
|Subjective and Objective both||Subjective and Objective with negative marking (.25)|
These are all the changes in the new scheme of education and training for the CA Foundation course.
CA Intermediate Course under New Scheme 2023
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. And CA Intermediate students can revalidate their registration form only once with the prescribed fees.
CA Intermediate New Syllabus 2023
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:
- Paper 1 and 5 are merged into one, and one paper is – Advanced Accounting.
- Enterprise Information Systems is removed from paper 7, and Economics for Finance is removed from paper 8. The remaining part is merged in paper 6 as Financial management and strategic management (50 marks + 50 marks).
- Paper 2 of corporate law will cover the company’s act entirely. Its portion of Business law will be covered at the CA Foundation level.
Now, there will be 2 groups of 3 papers each.
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 .25 will deduct 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.
CA Articleship Training
The ICAI has proposed significant changes to the CA articleship training that students will benefit from.
Practical Training Time Period/Duration
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.
For existing CAs, if they have worked for one year in a CA firm in the last 5 years, then this condition will be treated as fulfilled. This condition does not apply to aspirants who want to do a job.
Note: Students can undergo industrial training for nine months to 1 year (in the last 1 year of the articleship).