ICAI New Scheme 2024, Eligibility and Updated Syllabus

ICAI New Scheme: The Institute of Chartered Accountants of India (ICAI) has recently introduced an ICAI New scheme, 2024. The official notification was published in the Gazette of India on June 22, 2023, and the scheme's implementation is scheduled to begin on July 1st, 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 concerning the syllabus, subjects, registration validity, and passing criteria. Continue reading to explore the specific modifications at each level. This article will provide an in-depth analysis of the ICAI New Scheme, highlighting the latest updates and comparing the old and new CA schemes.

Latest Updates on ICAI New Scheme

In the CA syllabus 2024 update, several papers across all three levels have been combined, while some have been eliminated. Additionally, the revised structure shortens the CA articleship duration from 3 to 2 years. The CA course has undergone various alterations, including changes in eligibility criteria, registration validity, syllabus, subjects, paper pattern, passing criteria, exemptions, and provisions related to training leaves and discontinuation. Check the latest ICAI New Scheme Updates in the table below:

ICAI New Scheme of Education and Training 2024

Before delving into the specifics of each course and training, let's take a look at the duration of the CA Course in the new scheme. Under the revised CA scheme starting May 2024, it will take students a total of 42 months to achieve the prestigious title of Chartered Accountant.

Update on ICAI CA Course

Offering a Reprieve for Former Course Participants to Begin 3 Years of Practical Training – (i) If you've successfully cleared one of the Intermediate Examination groups in the Old Scheme. (ii) if you've enrolled or provisionally enrolled in Intermediate through the Direct Entry Route under the Old Scheme. (iii) if you've switched from Intermediate (Foundation/CPT Route) to Intermediate (Direct Entry Scheme) to take the November 2023 Examination. 

ICAI New Scheme of Education: Old Scheme Vs. New Scheme  

ICAI Current Scheme: 

1. Registration for Foundation / Appear for 10+2: Students can register for the CA Foundation course after completing Class 10 examinations or its equivalent.
2. Appear for Foundation Examination: After a study period of 4 months, candidates can appear for the CA Foundation examination.
3. 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.
4. 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.
5. Study for Final Examination: After completing the articleship, candidates can study for the CA Final examination.
6. 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:

1. 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.
2. Appear for Foundation Examination: After a study period of 4 months, students can take the CA Foundation examination.
3. 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.
4. 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.
5. Study for Final Examination: Following the articleship period, students can begin preparing for the CA Final examination, which now requires 6 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.

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.

ICAI New Scheme Important Dates

This overview provides a concise summary of the critical timelines under the new scheme, including registration, examination periods, articleship duration, and the total period to become an ICAI member. Stay informed and plan your CA journey accordingly with these crucial dates.

CA Foundation New Course in the Proposed CA Scheme 2023

ICAI is set to introduce significant changes to the CA Foundation course under the ICAI new scheme 2023. Here are the key modifications proposed by ICAI:

CA Foundation Eligibility: Under the new scheme, the eligibility criteria for CA Foundation will be updated. Students can now appear for the CA Foundation examination after clearing their Class 12 board exams and completing a minimum study period of 4 months. This change aims to ensure that students better understand the foundational concepts before embarking on their CA journey.

CA Foundation Registration Validity: The CA new course's validity period for CA Foundation registration will be extended to 4 years. Students are required to complete the Foundation course within this given timeframe. Failure to pass the CA Foundation level within this period will result in the inability to revalidate the registration. Students who face this situation must opt for the CA direct entry route to continue pursuing the CA course. Students must plan their studies efficiently and aim to clear the CA Foundation exams within the designated timeframe.

CA Foundation New Syllabus: The CA Foundation syllabus will change the new scheme. ICAI will remove two subjects: "Business Correspondence & Reporting" and "Business & Commercial Knowledge." The revised CA Foundation syllabus will include the following subjects:

1. Accounting
2. Business Laws 
3. Quantitative Aptitude
4. Business Economics

CA Foundation Pass Percentage: Under the ICAI new scheme 2023, students must score at least 50% marks to pass the CA Foundation exams. Additionally, ICAI will introduce a negative marking of 0.25 for every wrong Multiple Choice Question (MCQ) answer in the new course. This change aims to ensure that students have a strong grasp of the concepts and can apply them effectively. To excel in the exams, students must practice extensively with CA Foundation mock test papers to refine their preparation and test-taking skills.

CA Intermediate New Course in the Proposed CA Scheme 2023

ICAI has introduced significant changes to the CA Intermediate course under the ICAI new scheme 2023. Here are the key modifications implemented by ICAI:

CA Intermediate Eligibility: The eligibility criteria for CA Intermediate remain the same under the new scheme. Students can appear for the exams after completing the CA Foundation course or through the direct entry route. However, students taking the direct entry route must undergo an 8-month study period before being eligible to appear for the exams. This study period ensures that students have sufficient time to prepare adequately for the CA Intermediate level.

CA Intermediate Registration Validity: In the CA new course, the registration validity for CA Intermediate has been extended from 4 years to 5 years. This change allows students more time to complete the CA Intermediate course and appear for the exams. Students need to revalidate their registration by paying a prescribed fee only once to maintain it. This extension offers flexibility and ensures that students can manage their studies effectively within the given timeframe.

CA Intermediate New Syllabus 2023: One of the significant changes in the CA Intermediate course is the reduced number of papers. The revised CA Intermediate syllabus will now consist of 6 papers, down from the previous 8. ICAI has merged "Paper 2: Corporate & Other Laws" with the business law component of the foundation level and "Paper 7: Enterprise Information Systems & Strategic Management" with subjects of the final level. The revised CA Intermediate syllabus includes the following:

Group I:

• Paper 1: Accounting
• Paper 2: Corporate & Other Laws and Business Laws (from the foundation level)

Group II:

• Paper 3: Cost and Management Accounting
• Paper 4: Taxation
• Paper 5: Advanced Accounting
• Paper 6: Auditing & Assurance

CA Intermediate Pass Percentage: In the CA new scheme 2023, the passing percentage criteria for CA Intermediate will also change. Each paper will consist of 30% Multiple Choice Questions (MCQs) and 70% descriptive questions. Additionally, there will be a negative marking of 25% for each wrong MCQ answer. This shift encourages students to understand the concepts better and improve their preparation and application skills for MCQ-based questions.

CA Intermediate Exemption: Under the CA new scheme 2023, students who score 60% or more in one attempt for any paper will be granted an exemption for the next 3 attempts for that specific paper. Beyond the three attempts, students will be permanently passed with the exemption. However, to pass the remaining papers individually, they must score at least 50% marks.

Introduction of ICAI Self-Paced Online Modules

Under the ICAI New Scheme, the Institute of Chartered Accountants of India (ICAI) has introduced the ICAI Self-Paced Module for four compulsory subjects. Candidates must successfully clear these modules with a minimum of 50% marks to become eligible for the CA Final Exam. The ICAI Self-Paced Modules are designed to be entirely online, offering candidates the convenience of studying at their own pace and granting them complete access to the module content. These modules bring several advantages to the candidates and educators alike.

Educators can now benefit from the ease of accessing professional development materials from the comfort of their own homes, eliminating the need to bear the expenses associated with travel and accommodation. For candidates, the flexibility of revisiting the modules for up to six months after purchase ensures ample time for revision and consolidation of knowledge. Furthermore, the modules cover a diverse range of hyper-focused topics, which are not commonly included in traditional professional development workshops and events related to the International Baccalaureate (IB). This approach ensures that candidates comprehensively understand the essential subject matter, enhancing their overall preparedness for the CA Final Exam.

CA Final New Course in the Proposed CA Scheme 2023

The Institute of Chartered Accountants of India (ICAI) has recently implemented several changes in the CA Final course. These changes encompass eligibility criteria, registration validity, syllabus modifications, pass percentage requirements, and exemption rules. Let's delve into the details of each aspect:

CA Final Eligibility: To be eligible for the CA Final course, aspiring students must meet the following criteria:

1. Successfully pass both groups of the CA Intermediate level.
2. Complete the Integrated Course on Information Technology and Soft Skills (ICITSS) training.
3. Obtain a passing score of more than 50% in each set of self-paced modules.
4. Fulfil a minimum of 6 months of study period after completing the practical training.

CA Final Registration Validity: The CA Final course registration remains valid for 10 years. Students who wish to extend their registration beyond this period can do so by re-validating their registration and paying the prescribed fees.

CA Final New Syllabus 2023: ICAI has introduced changes to the CA Final syllabus , which will now comprise a total of 6 papers instead of the previous 8 papers. Both groups at the CA Final level will include 3 papers each. The specific changes applied to the CA Final syllabus are as follows:

1. Subjects covered in Papers 4 and 5 will be removed and integrated into the first set of self-paced modules.
2. Paper 6 will now feature compulsory multi-disciplinary case studies and strategic management. Moreover, there will be no further optional topics in Paper 6.
3. Elective subjects, such as risk management, financial services, and capital markets, will be included in SET-C of the self-paced online module.

CA Final Pass Percentage: The pass percentage requirements for the CA Final level mirror those of the CA Intermediate level. All 6 papers will be structured with 30% Multiple Choice Questions (MCQs) and 70% descriptive questions. Additionally, there will be a negative marking of 25% for each incorrect MCQ response.

CA Final Exemption: The rules for exemptions at the CA Final level are consistent with those at the CA Intermediate level. To be eligible for permanent exemption in the next 3 attempts, students must score 60% or more in individual papers in a single attempt. A minimum score of 50% is necessary to pass the remaining papers individually.

CA Articleship Under ICAI New Scheme 2023

ICAI proposed significant changes in the CA Articleship training, aiming to offer various benefits to the students pursuing the Chartered Accountancy course. These changes, scheduled to be implemented under the ICAI New Scheme 2023, are as follows:

CA Articleship Duration: In a notable development, ICAI will be reducing the duration of the CA Articleship from the existing 3 years to 2 years. This reduction is expected to expedite the process of becoming a chartered accountant, allowing students to attain the coveted designation earlier than before. As a result of this change, students will also have the opportunity to register for the CA Final examination upon completing their practical training and an additional 6 months of study period.

ICAI Practical Training Eligibility: To be eligible for CA Articleship under the ICAI New Scheme 2023, students must clear both groups of the CA Intermediate level and complete the Integrated Course on Information Technology and Soft Skills (ICITSS) training. By integrating these eligibility criteria, students can now pursue their CA Articleship without worrying about switching their focus to remaining and further attempts in the CA Intermediate examination.

CA Articleship Stipend Criteria: With the implementation of the new course, ICAI has taken a progressive step by increasing the stipend for articles to 100%. This move aims to provide better financial support to students during their Articleship period, recognizing the significance of their practical training in shaping their professional competence.

CA Articleship Leaves: Under the ICAI New Scheme, students will no longer be required to appear for any exams during the CA Articleship period. Consequently, ICAI has restricted the number of leaves that students can take during their training. According to the new regulations, students will be allowed 12 leaves per year and 24 leaves in the complete training duration.

Introduction of COP in Articleship: A new condition exists for aspiring practitioners with reduced practical training. Those who wish to obtain a Certificate of Practice (COP) must now acquire one year of experience in a Chartered Accountancy firm. This measure ensures that future practitioners gain adequate exposure and expertise in the field before obtaining their COP. These proposed changes in the CA Articleship training are expected to enhance the overall learning experience, provide timely opportunities for students to complete their CA journey, and equip them with the necessary skills and knowledge to excel in their careers as Chartered Accountants. As students prepare to embark on this new scheme, they should familiarize themselves with the updated guidelines and regulations to maximize its benefits.

Exit Route Under ICAI New Scheme

In the revamped scheme of education and training, ICAI has introduced significant changes to the exit route for students pursuing the CA course. Previously, many students faced challenges in clearing the CA final exams, leading to their exit from the course. However, the new scheme aims to address this issue by offering an alternative certification called the Business Accounting Associate. 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:

1. Pass both groups of the CA Intermediate level: This requirement ensures that students have demonstrated a comprehensive understanding of the fundamental concepts and principles in accounting, taxation, and other related subjects.
2. Complete 2 years of CA Articleship: The practical training experience gained during the articleship period allows students to apply their theoretical knowledge in real-world scenarios, honing their professional skills.
3. Complete AICTSS Training: The Advanced Integrated Course on Information Technology and Soft Skills (AICTSS) training equips students with essential IT and soft skills necessary for success in the modern business environment.
4. Qualified for all sets of self-paced online modules: These self-paced online modules cover various crucial topics, providing students with in-depth knowledge and practical insights relevant to the accounting profession.