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CA New Scheme of Education and Training | Academy Tax4wealth

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CA New Scheme of Education and Training | Academy Tax4wealth

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  1. ICAIProposedCANewSchemeof EducationandTraining2023

  2. CA New Scheme 2023 - The ICAI recently recommended a CA new education and training scheme. The redesigned educational program includes revisions to allthreelevelsoftheCACourseaswellasthethree-yearpracticaltraining. Previously,in2017,ICAIchangedtheCAcurriculum,introducingnewCA Foundation,CAIntermediate,andCAFinalcoursesyllabuses.Somepapersfrom allthreelevelsareintegratedandsomearewithdrawnintheCArevisedsyllabus 2023.Furthermore,theCAarticleshiptimeisdecreasedfromthreetotwoyears underthenewarrangement. Therearealsoseveralmodificationsineligibility,registrationvalidity, curriculum,subjects,paperpattern,passingrequirements,exemptions,training leaves,andleavingtheCAcourse. So,inthisblog,we’llexplaintoyouallyouneedtoknowabouttheICAI’s proposedneweducationandtrainingsystemin2023,aswellasacomparisonof theoldandnewschemes. ApplicabilityDateofthe ICAICANewScheme2023-LatestUpdate: CANewScheme2023willbeadoptedbeginningwiththeMay2024attempt. AccordingtoanICAIrepresentative,thenewcoursewillbediscontinuedin November2023. Previously,accordingtoICAIVice-President,CAAniketSunilTalati,theCANew Scheme2023willbeimplementedbeginninginNovember2023iftheMCA

  3. approvesitbeforeFebruary2023.IftheMCAdelaysapproval,therevisedplan willbeimplementedbeginningwiththeMay2024attempt. • 1.CAFoundation2023 NewCourse: • TherearecurrentlynorequirementsforthenumberoftriesintheCA Foundationcourse.Asaresult,studentscanattemptasmanytimesasthey like.ThevalidityoftheCAFoundationregistrationcanalsoberevalidatedmany times. • However,undertheplannededucationandtrainingprogram,studentscanenroll afterthetenthgrade,andtheCAFoundationregistrationisvalidforfouryears. • Furthermore,studentscannotrevalidatetheirfoundationregistrationafterfour years. • Therewillalsobenomorecut-offdatesfortheCAFoundationenrollment,such asJanuary1andJuly1.ThiswillallowtheICAItoholdthreeexaminationsevery year. • CA FoundationNew Syllabus2023: • TheCAFoundationsyllabusnowconsistsofsixcoursesandfourpapers.ICAI hasrecentlywithdrawntwotopicsfromtheCAnewscheme:Business Correspondence&ReportingandBusiness&CommercialKnowledge. • TherevisedCAFoundationsyllabusfor2023isasfollows: • Paper – 1:Accounting(100 Marks) • Paper –2:Business Laws(100Marks) • Paper – 3:QuantitativeAptitude(100Marks) • BusinessMathematics • LogicalReasoning • Statistics • Paper – 4:BusinessEconomics(100Marks)

  4. Criteriafor Passingthe CAFoundation: • 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 willbea.25negativemarkingforeachincorrectMCQanswer. • Allofthesemodificationsarepartoftherevisededucationandtraining programfortheCAFoundationcourse. • Ifyouwanttoprepareforthe2023examinations,youcanenrollinAcademy Tax4wealth'sCAFoundationonlinecourse.Ourlecturesarebasedentirely onthemostrecentICAIexamformatandstudymaterials. • 2.CA IntermediateCourseundertheNew Scheme2023 CA EligibilityforIntermediate • ThequalifyingconditionsfortheCAIntermediatecourseremainunchanged. However,tositforthetests,directentrancecandidatesmustcompletean8- monthstudyterm • Validity of CAIntermediateRegistration • TheCAIntermediateregistrationisnowvalidforfiveyearsratherthanfour. • Furthermore,CAIntermediatestudentscanonlyrevalidatetheirregistrationform oncewiththestipulatedcosts. • CA IntermediateSyllabusUpdate2023: • 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 1and5have been combinedintoone,andonepaperistitledAdvancedAccounting. • EnterpriseInformationSystems (EIS)hasbeendropped frompaper7, and Economicsfor Finance has beendroppedfrompaper8. Theremainingportion isincluded in paper6 as financial managementandstrategicmanagement(50 marks each).

  5. Paper2ofcorporatelawwillcompletelycoverthecompaniesact. Itsbusinesslawelementwill beaddressedat theCAFoundation level. • CA PassingCriteriaforIntermediate: • TheCAIntermediateexampassingrequirementswillalsochange.Asaresult,all sixpaperswillhave30%MCQs.Furthermore,.25negativemarkingsforeach incorrectanswer. • 3. CA Final Course under the New Education and Training Scheme: CA FinalEligibilityandRegistration: • StudentsmustpassbothroundsofCAIntermediateexaminationsand completetheICITSStrainingtobeeligibletoapplyfortheCAFinalcourse. • However,totaketheCAFinalexaminations,studentsmust: • Finish theAdvancedICITISSCourse • Afterthe practicaltraining, completea6-monthstudysession. • Completeall four self-pacedmodules. • CAFinalregistrationisgoodfortenyears.Aftertenyears,aspirantscan revalidatetheirregistrationforthestipulatedcost. • CANewSyllabusFinal 2023: • ICAIhasdecreasedthenumberofCAFinalpapersfromeighttosixintheCA NewScheme2023.Now,eachgroupwill havethreepapers. • ThefollowingarethemajorchangesmadetotheCAFinalSubjects: • Papers 4and 5subjectswill be deletedandreplaced withself-pacedmodules. • Paper6 willnolongerhave anyoptions. StrategicManagementwill bea multi-disciplinarycase study. • Riskmanagement, financialservices, and capitalmarketsare nowincludedinSetCoftheself- • pacedmodules.

  6. CAFinalExamPattern: • AllCAFinalexaminations,liketheCAIntermediatenewcourse2022,willhave 30%MCQ-basedquestions.Therewillalsobea25%penaltyforeachincorrect objectiveanswer. • BusinessAccountingAssociate-ExitRoute • UndertheNewCACourse2023,theexitroutewillalsochange.Students usuallydropoutoftheCAProgramafterfailingtopasstheCAFinalExams. • InsteadofAccountingTechnician,ICAIwillnowprovidetheBusinessAccounting Associatecredential.Theymust, however,meetthefollowingrequirements: • Passedboth CAIntermediategroups. • FinishtheCAArticleshipTraining. • Completedsoftskillsand informationtechnologycourses. • Completedallfourself-pacedmodules. • StudentscancheckouttheICAI'sPPTpresentationandpdfforthenewsuggested system,whichisalsothesourceofthisblog. • 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 preparingthemforinternationalmarkets. • StayconnectedtothispageofAcademyTax4wealthaswewillupdateitwithall ICAInewsonthenewCACoursestructure.

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