ICAI Exemption Criteria for May 2024 New Course
The ICAI has set exemption criteria for candidates who are ready for the May 2024 examinations. Here, we will explain the ICAI Exemption Criteria for the May 2024 New Course!
Ca Narayan22 Apr, 2025
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ICAI Exemption Criteria: The Institute of Chartered Accountants of India (ICAI) is a respected organization in India that oversees the accounting and auditing profession. Each year, many people work hard to become Chartered Accountants (CAs) by studying the Chartered Accountancy course offered by ICAI.
In 2022, ICAI introduced a new syllabus for this course, and they have now set some rules for candidates who want to take the exams in May 2024 without studying the entire new syllabus. The following article will explain the ICAI Exemption Criteria for May 2024 New Course.ICAI Exemption Criteria
The Institute of Chartered Accountants of India (ICAI) has been updating the CA curriculum to stay relevant to the changing business world and international standards. In May 2024, they will conduct exams based on the new course introduced in 2022. This new course is designed to give future CAs the most up-to-date knowledge and skills, making them more competitive in the global job market. However, ICAI understands that some students may have already finished parts of their studies under the old syllabus. To be fair to these students and ensure a smooth transition, they set up ICAI exemption criteria. This means that students who have covered certain topics in the old syllabus may not need to relearn them in the new course, making the process more manageable for them.ICAI Exemption Criteria For New Course
Aspiring CA candidates can check below all the important points for the ICAI Exemption Criteria for May 2024 New Course:1. Eligibility for Transition:
To shift to the new course for the May 2024 exams, ICAI has set some rules:- You must have signed up for the old course before a certain date that ICAI will tell you about.
- You shouldn't have passed both parts of the CA Intermediate or CA Final exams using the old study material.
- Your sign-up for the old course should still be active when the May 2024 exams happen.
2. ICAI Exemption Criteria for CA Foundation:
If you've successfully passed the CA Foundation exam using the old syllabus, you don't need to take the CA Foundation again under the new course. You can skip that step and directly enrol for the CA Intermediate, saving you some time and effort. This is part of the ICAI Exemption Criteria.3. ICAI Exemption Criteria for CA Intermediate:
If you've successfully passed both groups of the CA Intermediate exam in the old syllabus, you don't have to take the Intermediate exam again in the new course. You can move directly to the CA Final stage of your Chartered Accountancy journey. Also, here is a complete table of the corresponding papers between the existing scheme and the new scheme of CA Intermediate:| ICAI Exemption Criteria: CA Intermediate | |
| Paper(s) under Existing Scheme | Corresponding paper(s) under New Scheme |
| Paper 1: Accounting | Paper 1: Advanced Accounting |
| Paper 2: Corporate and Other Laws | Paper 2: Corporate and Other Laws |
| Paper 3: Cost and Management Accounting | Paper 4: Cost and Management Accounting |
| Paper 4: Taxation | Paper 3: Taxation |
| Paper 5: Advanced Accounting | Paper 1: Advanced Accounting |
| Paper 6: Auditing and Assurance | Paper 5: Auditing and Ethics |
| Paper 7: Enterprise Information Systems & Strategic Management | Paper 6: Financial Management and Strategic Management |
| Paper 8: Financial Management & Economics for Finance | Paper 6: Financial Management and Strategic Management |
4. Transition Scheme for CA Final:
For candidates who signed up for the CA Final exam using the old syllabus, here's how the transition works:- If you've passed one group of the CA Final exam under the old syllabus but not the other, you won't have to retake the corresponding group in the new course. So, if you cleared Group I in the old syllabus, you're exempt from Group I in the new course.
- If you've successfully cleared both groups of the CA Final exam under the old syllabus, you're exempt from the entire CA Final exam in the new course.
- If you haven't passed both groups of the CA Final in the old syllabus, you can choose to skip the CA Final exams for the group you've already passed under the old syllabus in the new course.
| ICAI Exemption Criteria: CA Final | |
| Paper(s) under Existing Scheme | Corresponding paper(s) under New Scheme |
| Paper 1: Financial Reporting | Paper 1: Financial Reporting |
| Paper 2: Strategic Financial Management | Paper 2: Advanced Financial Management |
| Paper 3: Advanced Auditing and Professional Ethics | Paper 3: Advanced Auditing, Assurance, and Professional Ethics |
| Paper 4: Corporate and Economic Laws | Self-Paced Online Module SET A: Corporate and Economic Laws |
| Paper 5: Strategic Cost Management and Performance Evaluation | Self-Paced Online Module SET B: Strategic Cost & Performance Management |
| Paper 6: Elective Paper | Paper 6: Integrated Business Solutions |
| Paper 7: Direct Tax Laws and International Taxation | Paper 4: Direct Tax Laws & International Taxation |
| Paper 8: Indirect Tax Laws | Paper 5: Indirect Tax Laws |
5. ICAI Exemption Criteria Period of Transition:
The transition to the new course for the May 2024 examinations is a unique and one-time opportunity. This means that candidates who meet the eligibility criteria we've discussed can take advantage of this transition scheme for this specific examination cycle only, which is in May 2024. Moreover, if you're eligible based on the criteria outlined by ICAI, you have the chance to make the move to the new course, and this opportunity is exclusively available for the May 2024 exams. It's a way for ICAI to ensure that students who might have started their studies under the old syllabus can smoothly transition to the updated curriculum without any undue hurdles. So, if you qualify, seize this opportunity for a smoother journey in your pursuit of becoming a Chartered Accountant.6. ICAI Exemption Criteria Eligibility
To qualify for the exemption, you need to meet these requirements:- You should have a valid registration under the old syllabus.
- You must not have used up all the chances you're allowed to take exams under the old syllabus.
- Additionally, you should meet any extra conditions set by ICAI.
ICAI Exemption Criteria Implications
The ICAI's exemption criteria for the May 2024 new course have several important outcomes for candidates and the accounting profession:- Smooth Shift: These criteria make it easier for students who've already started their studies under the old syllabus to transition smoothly. It acknowledges their past efforts, allowing them to continue their journey to become a CA without unnecessary interruptions.
- Fairness and Flexibility: The exemption criteria are meant to be just and adaptable. They cater to students at various stages of their studies, ensuring that everyone has a chance to pursue a career in chartered accountancy.
- Motivation for Future CAs: These criteria motivate aspiring CAs to finish their ongoing studies, even if they haven't passed all the exams in the old syllabus, by granting them exemptions in the new course.
- Global Readiness: The new course is designed to equip CAs with skills that are valuable on an international scale, making them more competitive in the worldwide job market. Those transitioning to the new curriculum will benefit from these global competencies.
- Current Knowledge: By making the transition to the new course, students will receive education on the most recent accounting standards, technologies, and business practices, ensuring that they stay up-to-date in our ever-evolving business world.
ICAI Exemption Criteria FAQs
What's the new exemption notification by ICAI?
The institute says that if you've already passed the required papers in the old system, you won't have to retake the CA Intermediate and CA Final exams under the new syllabus. For more detailed information on the ICAI Exemption Criteria for May 2024 New Course, check the above article.
When is the last date to register for the CA exams in May 2024?
For the CA Final in May 2024, you need to register by January 1, 2024. Be sure to check if you meet the criteria before applying. Also, For more detailed information on the ICAI Exemption Criteria for May 2024 New Course, check the above article.
Who can apply for CA Intermediate in 2024?
To be eligible for the CA Intermediate Course, you should have passed the CA Foundation exam or hold a degree in commerce, arts, science, engineering, or an equivalent qualification recognized by ICAI. Moreover, For more detailed information on the ICAI Exemption Criteria for May 2024 New Course, check the above article.
What's new in the CA course starting May 2024?
In the new course starting in May 2024, the Articleship duration has been reduced from 3 years to 2 years. The total course duration is now 42 months instead of 48 months. For more detailed information on the ICAI Exemption Criteria for May 2024 New Course, check the above article.
How do I get exempted from the CA exams?
You can get an exemption if you score 60% or more on a paper. You must have attempted all papers in CA Intermediate or Final exams. An exemption is valid for only 3 exams. For more detailed information on the ICAI Exemption Criteria for May 2024 New Course, check the above article.
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