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| Aspect | Current | Proposed |
|---|---|---|
| Eligibility for admission | A student who has passed CA Foundation and class 12th Examination. Direct Entry Route: Commerce Graduates / Post-Graduates (with minimum 55% marks) or Other Graduates / Post-Graduates (with minimum 60% marks) or Intermediate level passed candidates of Institute of Company Secretaries of India and Institute of Cost Accountants of India. |
Same as Before |
| Validity of registration | 4 years. Revalidation permitted without restriction. | 5 years. Re-validation with prescribed fee permitted once. |
| Eligibility for appearance in examination | Foundation Route: 8 months study period as decided by the Council. Direct Entry Route: After completion of 9 months of Practical Training. |
Foundation or Direct Entry Route:8 months study period. |
| Aspect | Current Scheme | Proposed Scheme | |
|---|---|---|---|
| A | Total number of days of training | 1095 (365 X 3) | 730 (365 X 2) |
| B | Leaves permitted | 156 leaves (1095 X 1/7th days ) | 24 leaves (12 per year) |
| C | No of Sundays (52 in a year) | 156 (52 X 3) | 104 (52 X 2) |
| D | No. of Gazetted Holidays (Approx 15 in a year) | 45 (15 X 3) | 30 (15 X 2) |
| E | Paid leaves for Advance ITT and MCS | 30 | 0* |
| F | Effective days of Training [Total of A – (B+C+D+E)] | 708=[1095 –(156+156+45+30)] | 572 =[730-(24+104+30+0) |
| Difference between period of the traning under proposed scheme | 136 days (708-572) | ||
| * Advanced ITT and MCS can be done after completion of Training under Proposed Scheme |
| Proposed | Current |
|---|---|
| Paper -1 : Advanced Accounting | Paper -1 : Accounting Paper -5 : Advanced Accounting |
| Paper -2 : Corporate laws | Paper -2 : Corporate and other laws |
| Paper -3 : Cost and Management Accounting | Paper -3 : Cost and Management Accounting |
| Paper -4 : Taxation | Paper -4 : Taxation |
| Paper -5 : Auditing and Code of Ethics | Paper -6 : Auditing and Assurance |
| Paper -6A : Financial Management (50 Marks) Paper -6B: Strategic Management (50 Marks) | Paper -7: Enterprise Information Systems & Strategic Management Paper -8 : Financial Management & Economics for Finance |
| Aspect | Current Scheme | Proposed Scheme |
|---|---|---|
| Registration for Foundation / appear for 10+2 | Start | Start |
| Appear for Foundation Examination | 4 months | 4 months |
| Study for Intermediate Examination | 8 months | 8 months |
| Articleship | 36 months | 24 months |
| Study for Final Examination | - | 6 months |
| Total period to become ICAI member | 48 months | 42 months |
| Work experience for applying CoP | - | 12 months |
The above neither includes time taken for declaration of results nor waiting time before next exam falls due. However, with the proposal to conduct online examination and / or more than 2 exams in a year, the time for results or next exam due would come down.
| Aspect | Proposed / Existing | Intermediate | |||
|---|---|---|---|---|---|
| Number of papers | Existing | 8 papers (2 groups of 4 papers each) | Proposed | 6 papers (2 groups of 3 papers each) | |
| No. of Examinations in a Year | Existing | 2 | Proposed | 2 (to be increased to 3 after systems are in place) | |
| Medium (Language) | Existing | English or Hindi | Proposed | English or Hindi | |
| Manner of assessment | Existing | 30% MCQs / Case Scenario based and 70% descriptive questions in select papers (theory). No negative marking. |
Proposed | 30% case scenario / study based MCQs and 70% descriptive questions in all papers with negative marking of 25% for each wrong answer to MCQs. | |
| Negative marking would prevent students from resorting to guess work while answering questions. They would strive to improve their preparation and hone their application skills in order to answer correctly in the MCQ based papers | |||||
| Pass percentage | Existing | 40% marks in individual paper and 50% marks in aggregate to pass the group. | Proposed | 40% marks in individual paper and 50% marks in aggregate to pass the group. | |
| Aspect | Proposed / Existing | Intermediate/Final |
|---|---|---|
| Exemption | Existing | If student secures 60% or more, in paper/s in one attempt, exemption of such paper(s) for immediate 3 attempts is allowed and thereafter exemption will lapse. |
| Proposed | If student secures 60% or more in paper/s in one attempt, exemption of paper(s) for immediate 3 attempts is allowed. Thereafter, exempted paper/s will be treated as permanently passed and student has to score 50% to pass in the remaining paper/s individually. Student may, however, opt to surrender the exemption after three attempts. |
The Institute of Chartered Accountants of India (ICAI) has formulated the New Scheme of Education and Training in lines with International Education Standards and National Education Policy, 2020 (NEP) after considering the inputs from various stakeholders. The New Scheme of Education and Training has been notified in the Gazette of India on 22nd June, 2023 and will come into effect from 1st July, 2023. The New Scheme of Education and Training at a glance, is available at https://resource.cdn.icai.org/74483bos-nset.pdf
Important dates for the implementation of New Scheme of Education and Training are given as under:
| S.No. | Particulars | Date/ Attempt |
|---|---|---|
| 1 | Last date for Registration in Intermediate and Final Courses under Existing Scheme | 30th June, 2023 |
| 2 | Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme | 1st July, 2023 |
| 3 | First Intermediate and Final Examination under New Scheme | May, 2024 |
| 4 | Last Intermediate and Final Examination under Existing Scheme | November, 2023 |
| 5 | Last date of commencement of three years Practical Training | 30th June, 2023 |
| 6 | Date of commencement of two years uninterrupted Practical Training | 1st July, 2023 |
Syllabus, Transition Scheme and Frequently Asked Questions (FAQs) will be hosted on 1st July, 2023. Paper wise exemption plan will be announced in due course.
