ICAI Proposed CA New Scheme of Education and Training 2023

CA New Scheme 2023 - The ICAI recently recommended a CA new education and training scheme. The redesigned educational program includes revisions to all three levels of the CA Course as well as the three-year practical training. Previously, in 2017, ICAI changed the CA curriculum, introducing new CA Foundation, CA Intermediate, and CA Final course syllabuses. Some papers from all three levels are integrated and some are withdrawn in the CA revised syllabus 2023. Furthermore, the CA articleship time is decreased from three to two years under the new arrangement.

There are also several modifications in eligibility, registration validity, curriculum, subjects, paper pattern, passing requirements, exemptions, training leaves, and leaving the CA course.

So, in this blog, we’ll explain to you all you need to know about the ICAI’s proposed new education and training system in 2023, as well as a comparison of the old and new schemes.

Applicability Date of the ICAI CA New Scheme 2023 - Latest Update:

CA New Scheme 2023 will be adopted beginning with the May 2024 attempt. According to an ICAI representative, the new course will be discontinued in November 2023.

Previously, according to ICAI Vice-President, CA Aniket Sunil Talati, the CA New Scheme 2023 will be implemented beginning in November 2023 if the MCA approves it before February 2023. If the MCA delays approval, the revised plan will be implemented beginning with the May 2024 attempt.

1.CA Foundation 2023 New Course:

There are currently no requirements for the number of tries in the CA Foundation course. As a result, students can attempt as many times as they like. The validity of the CA Foundation registration can also be revalidated many times.

However, under the planned education and training program, students can enroll after the tenth grade, and the CA Foundation registration is valid for four years.

Furthermore, students cannot revalidate their foundation registration after four years.

There will also be no more cut-off dates for the CA Foundation enrollment, such as January 1 and July 1. This will allow the ICAI to hold three examinations every year.

 CA Foundation New Syllabus 2023:

The CA Foundation syllabus now consists of six courses and four papers. ICAI has recently withdrawn two topics from the CA new scheme: Business Correspondence & Reporting and Business & Commercial Knowledge.

The revised CA Foundation syllabus for 2023 is as follows:

• Paper – 1: Accounting (100 Marks)
• Paper – 2: Business Laws (100 Marks)
• Paper – 3: Quantitative Aptitude (100 Marks)

1. Business Mathematics
2. Logical Reasoning
3. Statistics

• Paper – 4: Business Economics (100 Marks)

Criteria for Passing the CA Foundation:

The ICAI has modified the CA Foundation exam pattern. Students must get 50% to pass the CA Foundation examinations under the new method, and there will be a .25 negative marking for each incorrect MCQ answer.

All of these modifications are part of the revised education and training program for the CA Foundation course.

If you want to prepare for the 2023 examinations, you can enroll in Academy Tax4wealth's CA Foundation online course. Our lectures are based entirely on the most recent ICAI exam format and study materials.

2. CA Intermediate Course under the New Scheme 2023

 CA Eligibility for Intermediate

The qualifying conditions for the CA Intermediate course remain unchanged. However, to sit for the tests, direct entrance candidates must complete an 8-month study term

 Validity of CA Intermediate Registration

The CA Intermediate registration is now valid for five years rather than four. Furthermore, CA Intermediate students can only revalidate their registration form once with the stipulated costs.

CA Intermediate Syllabus Update 2023:

The CA Intermediate course will now consist of six papers rather than eight. The ICAI has recommended the following modifications to the CA Intermediate subjects:

• Papers 1 and 5 have been combined into one, and one paper is titled Advanced Accounting.
• Enterprise Information Systems (EIS) has been dropped from paper 7, and Economics for Finance has been dropped from paper 8. The remaining portion is included in paper 6 as financial management and strategic management (50 marks each).
• Paper 2 of corporate law will completely cover the companies act. Its business law element will be addressed at the CA Foundation level.

CA Passing Criteria for Intermediate:

The CA Intermediate exam passing requirements will also change. As a result, all six papers will have 30% MCQs. Furthermore, .25 negative markings for each incorrect answer.

3. CA Final Course under the New Education and Training Scheme:

 CA Final Eligibility and Registration:

Students must pass both rounds of CA Intermediate examinations and complete the ICITSS training to be eligible to apply for the CA Final course.

However, to take the CA Final examinations, students must:

• Finish the Advanced ICITISS Course
• After the practical training, complete a 6-month study session.
• Complete all four self-paced modules.

CA Final registration is good for ten years. After ten years, aspirants can revalidate their registration for the stipulated cost.

 CA New Syllabus Final 2023:

ICAI has decreased the number of CA Final papers from eight to six in the CA New Scheme 2023. Now, each group will have three papers.

The following are the major changes made to the CA Final Subjects:

• Papers 4 and 5 subjects will be deleted and replaced with self-paced modules.
• Paper 6 will no longer have any options. Strategic Management will be a multi-disciplinary case study.
• Risk management, financial services, and capital markets are now included in Set C of the self-paced modules.

 CA Final Exam Pattern:

All CA Final examinations, like the CA Intermediate new course 2022, will have 30% MCQ-based questions. There will also be a 25% penalty for each incorrect objective answer.

Business Accounting Associate - Exit Route

Under the New CA Course 2023, the exit route will also change. Students usually drop out of the CA Program after failing to pass the CA Final Exams.

Instead of Accounting Technician, ICAI will now provide the Business Accounting Associate credential. They must, however, meet the following requirements:

• Passed both CA Intermediate groups.
• Finish the CA Articleship Training.
• Completed soft skills and information technology courses.
• Completed all four self-paced modules.

Students can check out the ICAI's PPT presentation and pdf for the new suggested system, which is also the source of this blog.

Conclusion:

This is all about the recently proposed CA New Scheme of Education and Training by ICAI. The new course will help future Chartered Accountants by preparing them for international markets.

Stay connected to this page of Academy Tax4wealth as we will update it with all ICAI news on the new CA Course structure.