The Institute of Chartered Accountants of India (ICAI) has incorporated a new scheme of education and training for the candidates of chartered accountants. The new scheme would be in association with international education standards and provide the guidelines of the National Education Policy, 2020 (NEP).
On the coming date of 1st July 2023, the scheme which would be executed has the objective to furnish the complete and acknowledged education and training from the world for those pursuing a career in Chartered accountancy.
New exemptions in CA Exams under Revised Scheme by ICAI from May 2024.
Under the New Scheme of Education and Training Exemption(s) from appearing in the paper(s) or Group of Chartered Accountancy Examinations would come into force from May 2024 Examination.
From 1st July 2023, the New Scheme of Education and Training of the Institute of Chartered Accountants of India has been implemented. Under the New Scheme of Education and Training, the examination at Intermediate and Final levels will be held with effect from the May 2024 Examination.
The Council of the Institute chooses to allot exemptions under the New Syllabus approved by it for the Intermediate Examination
(under sub-regulation (4) of regulation 28G of the Chartered Accountants Regulations, 1988) and for the Final Examination (under clause (v) of regulation 31 of the Chartered Accountants Regulations, 1988) of existing students for papers passed by them under
Check here for the old/Existing Scheme as follows: https://resource.cdn.icai.org/75658exam61200.pdf
The major facts of the new scheme and its executions for aspiring chartered accountants are been specified in this article.
#1. Entry Routes
There would be two entry routes available for the candidates who want to do the course of Chartered Accountancy under the new scheme-
A. Foundation Route
Students who have finished their class X exams can proceed through the foundation route. The process engaged through the same route would have complied as-
i) After passing the Class X examination register with the Board of Studies (BOS).
ii) The students become eligible to appear for the June/December examination post 4 months of study duration and on the completion of the Class XII examination.
iii) To progress further pass both the Class XII examination and the Foundation Examination
B. Direct Entry Route
For the candidates, the direct entry route will be available who are qualified for the stated criteria. Such criteria comprise of-
i) A minimum of 55% marks should be needed to obtain for the Commerce graduates/post-graduates and there is a minimum criterion of 60% marks for the graduates/post-graduates from non-commerce backgrounds.
ii) The Candidates who have passed the intermediate level examination of the Institute of Cost Accountants of India or the Institute of Company Secretaries of India are also qualified.
iii) Undergraduates/postgraduates in the final year of their graduation/post-graduation can apply for the course given that they submit their final year mark sheets with the specified minimum marks.
#2. Intermediate Course
The students are able to enrol for the intermediate course post selecting the precise entry route. The same course comprises the specified below steps-
i) The students are able to appear for the intermediate exams post the 8-month duration of the study.
ii) In order for further progress the students are obligated to pass both the groups of the intermediate examinations.
iii) The students would need to finish the Integrated Course on Information Technology and Soft Skills (ICITSS) prior to starting the practical training.
3. CA Final Registration and Practical Training
Students could register for the CA Final and start their practical training after finishing the Intermediate Course. The following conditions must be met:
i) The students are required to finish and qualify for the self-paced online modules.
ii) There must be a two-year practical training period.
iii) Before being allowed to appear in the Final Examination, students must successfully complete the Advanced ICITSS after completing the practical training.
4. Final Examination
The final stage to become a certified chartered accountant is the Final Examination. This is what it involves:
i) After completing their practical training, students can apply for the Business Accounting Associate (BAA) Certificate and sit in the final exam.
ii) The Final Examination must be passed by both groups in order to earn the designation of Chartered Accountant.
iii) After passing the exam, students can apply for ICAI membership, becoming officially Chartered Accountants.
Dates to remember
Important registration and exam dates have been provided by the ICAI in order to guarantee a smooth transition to the new system. The following dates are involved:
|S. No.||Particulars||Date/ Attempt|
|1||Last date for Registration in the Foundation under the Existing Scheme||1st July 2023|
|2||Last date for Registration in Intermediate and Final Courses under Existing Scheme||30th June 2023|
|3||Date of commencement of Registration and Conversion in Foundation Course under New Scheme||2nd August 2023|
|4||Date of commencement of Registration and Conversion in Intermediate and Final Courses under the New Scheme||1st July 2023|
|5||First Foundation Examination under New Scheme||June 2024|
|6||First Intermediate and Final Examination under New Scheme||May 2024|
|7||Last Foundation Examination under Existing Scheme||December 2023|
|8||Last date for Registration in the Foundation under Existing Scheme||November 2023|
|9||Last Intermediate and Final Examination under the Existing Scheme||30th June 2023|
|10||Date of commencement of two years of uninterrupted Practical Training||1st July 2023|
FAQ on the New Education and Training Scheme by ICAI
PART A: GENERAL FAQs
Q.1 – On which day does the New scheme of education and training would get incorporated?
Ans: On CA day i.e. 1st July 2023 the new scheme of education and training would have been incorporated.
Q.2 – What would be the crucial dates for the new scheme execution of education and training?
Ans: Below are provided crucial dates for the execution of the new scheme of education and training
Q.3 – What is the Chartered Accountancy Course structure beneath the new scheme of education and training?
Ans. Foundation, Intermediate, and Final including Self-Paced Online Modules are the 3 levels of the new scheme of education and training.
Q.4 – Under the new scheme of education and training, what will be the method to register?
Ans: Under the New Scheme of Education and Training the students would be required to enroll for the Foundation/ Intermediate/ Final level via Self Service Portal (SSP) at the link https://eservices.icai.org/.
Q.5 – Where can we send any further questions?
Ans: For any additional queries, you might write to the Board of Studies (Academic) at email@example.com
PART B: NEW SCHEME OF EDUCATION AND TRAINING
Q.1 – When is the Foundation Course open for registration?
Ans: Post-passing class 10th exams which the examining body conducts compliance under the law in India or an examination acknowledged by the central government or the state government as equal thereto candidates may register in the Foundation Course.
Q.2 How much does the Foundation Course cost?
Ans: During registration, Rs 9000 would be needed to get paid as a fee for the foundation course. This cost includes the CA Course Prospectus and the Foundation Course Study Material.
Q.3 – Where can I get the Foundation Course Study Material and the CA Course Prospectus?
Ans: The student will receive an email with login information for the Centralised Distribution System (CDS) Portal after successfully registering for the Foundation Course. When a student orders the CA course, the student will receive the study materials and the prospectus.
Q.4 – When will I receive the Foundation Course Study Material?
Ans: On the BoS Knowledge Portal at the link https://www.icai.org/post/new-scheme-of-education-and-training the study material of the foundation course shall be available post-incorporation of the new scheme of the education and training dated 1st July 2023. After confirmation of enrolment in the foundation course, hard copies of the study materials will be available for ordering on the Centralised Distribution System (CDS) Portal.
Q.5 – After clearing the class 10th examination, I enrolled in the foundation course.I am currently a student in class 11. When will I be qualified to take the foundation exam and under what education and training scheme?
After taking the Class 12th examination administered by an examining body established by law in India, or an examination recognized by the Central Government or the State Government as equivalent thereto, you will make your first attempt at the Foundation Examination under the New Scheme of Education and Training in June 2025.
Q.6 – I am now enrolled in Class 12 and have already registered for the Foundation Course. When will I be qualified to take the foundation exam and under what education and training scheme?
Ans: After taking the Class 12th examination administered by an examining body established by law in India, or an examination recognized by the Central Government or the State Government as equivalent thereto, you will make your first attempt at the Foundation Examination under the New Scheme of Education and Training in June 2024.
Q.7 – When to Register for the Foundation Course in Order to Appear for June/December Foundation Examination?
Ans: To ensure eligibility for the Foundation Examination, students must enroll in the Foundation Course offered by the Institute and become registered with the Board of Studies for a minimum duration of four months on or before 1st day of the month in which the examination is scheduled. For example, for the June 2024 Foundation Examination, registration must be completed on or before February 1st, 2024, whereas for the December 2024 Foundation Examination, registration should be done by August 1st, 2024. Furthermore, prior to appearing for the Foundation Examination, candidates must have successfully completed the Class 12th Examination administered by a legally constituted examining body in India, or possess an equivalent qualification recognized by the Central Government or the State Government.
Q.8 – Is It Necessary to Fill a Separate Form for the Foundation Examination?
Ans: After registering for the Foundation Course, it is necessary to submit the online examination form for appearing in the Foundation Examination. The examination forms for the June and December examinations usually open in February and August, respectively. The Institute of Chartered Accountants of India (ICAI) announces the opening of examination forms for the upcoming examination. It is recommended to keep checking the Institute’s website so you do not miss any announcements.
Q.9 – What Subjects Are Included in the Foundation Course?
Ans:The Foundation Course consists of four papers:
- Paper 1: Accounting (100 marks)
- Paper 2: Business Laws (100 marks)
- Paper 3: Quantitative Aptitude (100 marks)
- Business Mathematic
- Logical Reasoning
- Paper 4: Business Economics (100 marks)
Q.10 – What is the syllabus for the Foundation June 2024 Examination?
Ans: The syllabus for the Foundation June 2024 Examination will be based on the New Scheme of Education and Training. You can find the detailed syllabus at the following link:https://www.icai.org/post/new-scheme-of-education-and-training
Q.11 – When Are the Foundation Examinations Conducted?
Ans: The Foundation Examinations are conducted twice a year, in the months of June and December.
Q.12 – What Is the Examination Paper Pattern for the Foundation Examination?
AnsPaper 1 and Paper 2 are subjective types, while Paper 3 and Paper 4 are objective types.
Q.13 – Does the Foundation Examination Have a Negative Marking?
Ans: Yes, there is a negative marking of 0.25 marks for each incorrect answer in the objective-type papers.
Q.14 – How Many Marks Does One Need to Obtain to Passing the Foundation Examination?
AnsIn order to pass the Foundation examination, an aspirant needs to obtain a minimum of 40% marks in each paper and a minimum of 50% marks in the aggregate of all the papers, all in a single attempt.
Q.15 – How Long Will a Student’s Registration in the Foundation Course be Valid?
AnsThe registration in the Foundation Course remains valid for 4 years from the first eligible attempt in the Foundation Examination.
Q.16 – Is Revalidation of Registration Allowed at the Foundation Level?
AnsNo, revalidation is not allowed at the Foundation level.
Checkout official announcement: https://resource.cdn.icai.org/75483bos-faqs-nset-aug13.pdf
A substantial step has been taken towards alignment with international standards and the changing educational landscape with the new education and training program scheme that the ICAI has introduced. The program strives to give aspiring chartered accountants the knowledge and abilities they need to succeed in their field by offering clear entrance paths, organized courses, and hands-on training. It is crucial for anybody thinking about a career in chartered accounting to become familiar with the new scheme and observe the pertinent deadlines for registration and examination.
Check out the official announcement by ICAI: https://www.icai.org/post/announcement-new-scheme-of-education-and-training