Becoming a Chartered Accountant just got a bit different with the introduction of the ICAI CA New Scheme in 2024. If you're a new candidate aspiring to become a Chartered Accountant (CA), here's a breakdown of the eligibility criteria and changes to the syllabus.
Introduction and Effective Date:
The Institute of Chartered Accountants of India (ICAI) introduced the CA New Scheme, effective from July 1, 2023. The first exam under this new scheme is scheduled for May 2024.
Key Changes in the CA Course:
The CA New Scheme brings significant changes to the course curriculum and practical training period. Some papers across all three levels are merged, while others are removed. Additionally, the articleship period is reduced from 3 to 2 years.
Relaxation to Old Course:
Candidates under the old course are granted relaxation in practical training duration.
CA Foundation New Course 2024:
In the CA Foundation course, there are notable changes in registration process. Now, students can register after the 10th grade, and the registration is valid for four years.
Changes in CA Foundation Syllabus:
The CA Foundation syllabus has also been revised, alterations with the removal of two subjects: Business Correspondence & Reporting and Business & Commercial Knowledge. The new syllabus includes Accounting, Business Laws, Business Mathematics, and Business Economics.
CA Foundation Passing Criteria:
Under the new scheme, students must secure 50% marks to pass CA Foundation exams, and there is a negative marking of .25 for every incorrect MCQ answer.
CA Intermediate Course under New Scheme 2024:
CA Intermediate eligibility remains the same, but the study period for direct entry route students has increased to 8 months. Registration validity is extended to 5 years.
Changes in CA Intermediate Syllabus:
The syllabus has undergone changes, reducing the number of papers from 8 to 6,with certain subjects merged. The passing criteria include 30% MCQ-based questions with a negative marking of .25.
CA Articleship Training:
Articleship duration is reduced to 2 years, and aspirants aiming for CA practice must gain one year of experience in a CA firm to receive a certificate of practice. Students have to clear both CA Intermediate groups and ICITSS training to be eligible for articleship.
CA Final Course under New Scheme:
CA Final eligibility involves passing both groups of CA Intermediate exams and completing ICITSS training. The CA Final registration is valid for 10 years.
Changes in CA Final Syllabus:
The CA Final papers are reduced from 8 to 6, with alterations in subjects and the introduction of a multi-disciplinary case study with Strategic Management.
In summary, the ICAI CA New Scheme 2024 has made big changes to how people become Chartered Accountants. If you're planning to be a CA, it's important to check the new rules for eligibility, the updated syllabus, and the different ways exams will be done. Make sure you know what's new and use the helpful resources from RMS CA Coaching by CA Anny Middha to do well in your CA journey. Stay tuned @ 9988056377.
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