ICAI New Scheme:- With the launch of the ICAI New Scheme 2023, training and education have been simplified. Some of the modifications made to meet worldwide CA criteria include shortened articles, an optional Business Accounting Certificate, and an updated syllabus. Recently, the Institute of Chartered Accountants of India (ICAI) presented the ICAI New scheme, in 2023. The official announcement appeared in the Indian Gazette on June 22, 2023. The implementation of the program is scheduled to begin on July 1st, 2023. This new approach significantly alters the length of the practical training program and the curriculum of the CA courses.
The new education and training program for CAs created by ICAI covers the three levels of the CA course: CA Foundation, CA Intermediate, and CA Final. It involves numerous changes to the disciplines, enrollment dates, passing requirements, and curricula. Continue reading to learn about the specific changes at each level.
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Latest Updates on ICAI New Scheme
- The adoption of the ICAI New Scheme of Education brought international educational standards and the New Education Policy, 2020 (NEP) into compliance with the CA program. The most recent upgrade drastically alters the structure of the CA examination and the course material.
- For students who completed Group 1 of the CA Intermediate course satisfactorily under the previous curriculum and plan to sit for the May 2024 tests under the new ICAI scheme, there is a favorable provision. They won’t have to retake the advanced accountancy and cost papers because they will receive exemptions for them. Rather, students just have to show up for the FMSM (Financial Management and Strategic Management) and Audit exams.
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What is the ICAI New Scheme of Education?
- In order to bring the CA program into compliance with the New Education Policy, 2020 (NEP) and global educational standards, ICAI created the New Scheme of Education.
- This updated program will impact individuals aspiring to become chartered accountants (CAs) and will go into effect on July 1, 2023. June 22, 2023, saw its publication in the Indian Gazette. For individuals who aspire to become Certified Accountants, there will be major changes following the implementation of this new strategy.
- The final CA Intermediate and CA Final tests under the current scheme will take place in November 2023, while the final CA Foundation exam under the new scheme, which follows the current curriculum, will take place in December 2023. Following these dates, all next CA exams will adhere to the updated New Scheme laws and syllabus.
- This New Scheme aims to modernize the CA course, improve its relevance in the ever-changing corporate environment of today, and bring it into line with international educational norms.
- The goal of the ICAI is to provide aspiring Certified Public Accountants (CPAs) with the skills and information required to succeed in their professional careers and make valuable contributions to the finance and accounting industry by incorporating the most recent developments in the educational system and taking the NEP’s recommendations into consideration.
Old Scheme vs. New Scheme in the ICAI New Education Scheme
ICAI Current Scheme:
- Register for Foundation/Appear for 10+2: After passing the Class 10 exams or their equivalent, students can sign up for the CA Foundation course.
- Appear for Foundation Examination: Candidates are eligible to take the CA Foundation examination following a four-month study term.
- Study for the Intermediate test: Students can start getting ready for the CA Intermediate test, which normally takes eight months to complete, after passing the Foundation level.
- Articleship: After passing the Intermediate exam, students must follow a three-year program in which they gain practical experience by working with a practicing chartered accountant.
- Study for Final Exam: Following their articles, applicants have the opportunity to prepare for the CA Final Exam.
- Total Time Needed to Become an ICAI Member: The Institute of Chartered Accountants of India (ICAI) membership procedure takes about 48 months to complete.
ICAI New Scheme:
- Registration for Foundation / Appear for 10+2: In keeping with the existing curriculum, students who pass their Class 10 exams are eligible to register for the CA Foundation course.
- Show Up for the Foundation Exam: Students are eligible to take the CA Foundation exam following a four-month study session.
- Study for the Intermediate Exam: Candidates can begin preparing for the CA Intermediate examination, which currently necessitates an 8-month study period, after passing the Foundation level.
- Articleship: A notable modification to the new plan is the shortened article duration. Instead of the customary three years, students must do a two-year articleship after passing the Intermediate test.
- Study for Final Exam: After completing their articles, students can start getting ready for the six-month CA Final examination.
- Entire Time Needed to Become an ICAI Member: Under the current plan, becoming an ICAI member will take about 42 months altogether due to the shortened articles and the shorter study period for the final exam.
Optional Business Accounting Certificate
The plan includes a new optional Business Accounting Certificate. After passing the CA Intermediate test, students are eligible to pursue this certificate program. It entails finishing the Professional Training and Integrated Course on Information Technology and Soft Skills, as well as self-paced learning modules.
The goal of the ICAI New Scheme is to expedite and simplify the process of becoming a chartered accountant while preserving the caliber and applicability of the coursework and hands-on training. These enhancements are a result of the institute’s efforts to better equip prospective chartered accountants for their career paths and to align its curriculum with global educational standards.
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CA Articleship Under ICAI New Scheme 2023
In an effort to provide a number of advantages to students enrolled in the Chartered Accountancy programme, ICAI suggested substantial modifications to the CA Articleship training program. The following adjustments are mandated by the ICAI New Scheme 2023:
CA Articleship Duration:
A significant change is that ICAI will shorten the CA Articleship from its current three years to only two. The goal of this reduction is to assist students in obtaining the certificate sooner rather than later by speeding up the process of becoming a qualified chartered accountant.
With this modification, students will also be able to register for the CA Final exam after finishing their practical training and an extra six months of study time.
ICAI Practical Training Eligibility:
Students must pass both groups of the CA Intermediate level and finish the Integrated Course on Information Technology and Soft Skills (ICITSS) program in order to be eligible for CA Articleship under the ICAI New Scheme 2023. Students can now pursue their CA Articleship without worrying about refocusing their attention on remaining and subsequent tries in the CA Intermediate test thanks to the integration of these eligibility criteria.
CA Articleship Stipend Criteria:
ICAI has increased the article stipend to 100% as part of the new course, marking a progressive move. This action recognizes the importance of practical training in developing professional competence and attempts to better support students financially throughout their Articleship time.
CA Articleship Leaves:
Under the ICAI New Scheme, there will be no exams for students to take throughout their CA Articleship. For this reason, the maximum number of leaves that students may take during their training has been set by ICAI. According to the new laws, students are entitled to 12 leaves annually and 24 leaves during their training.
Introduction of COP in Articles:
For aspiring practitioners with less practical experience, there is a new requirement. Anyone applying for a Certificate of Practice (COP) must now have one year of experience working for a chartered accountancy company. By doing this, it is guaranteed that prospective practitioners will have enough industry experience and understanding before to being granted a COP.
With these proposed changes to the CA Articleship program, it is hoped that students will receive the knowledge and skills necessary to excel in their careers as chartered accountants, as well as an overall improved educational experience and a timely chance to complete their CA voyage.
To get the most out of this new program, students should familiarise themselves with the most recent rules and guidelines as they get ready to start.
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Exit Route Under ICAI New Scheme
The ICAI has made major modifications to the exit path for students studying the CA course in the redesigned education and training system. In the past, a lot of students had trouble passing the CA final exams, which resulted in their withdrawal from the program. The Business Accounting Associate certification is a new curriculum that is being provided to address this issue.
Even if students choose not to pursue chartered accounting, the Business Accounting Associate certification offers them a meaningful credential. In order to receive this certification, students need to meet the requirements listed below:
- Pass the CA’s two groups. Intermediate level: This prerequisite makes sure that students have proven to have a thorough comprehension of the underlying ideas and theories in taxation, accounting, and other relevant fields.
- Finalize your two-year CA article ship: Students can hone their professional abilities by applying their academic knowledge in real-world circumstances through the practical training experience they receive during their article time.
- Finish your AICTSS training: Students who complete the Advanced Integrated Course on Information Technology and Soft Skills (AICTSS) programme will have the IT and soft skills crucial for success in today’s workplace.
- Acceptable for every set of online self-paced modules: These self-paced online courses cover a number of important subjects and give students in-depth understanding and real-world applications related to the accounting industry.
FAQ’s
Q. What is new scheme in ICAI 2023?
Ans-The following are some of the changes that will be included in the ICAI’s new CA Foundation syllabus in 2023: 1. The new plan cuts the number of papers from four to four and the number of themes from six to four. Trade and Industry Knowledge as well as Business Communication & Reporting have been dropped.
Q. What date did the New Scheme of Education and Training go into effect?
Ans- The New Scheme of Education and Training became operative on July 1, 2023, also known as “CA Day.”
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