The long-held question about the syllabus introduction from ICAI ends by this July. The new syllabus has many attributes. The changes are with the subjects, number of subjects, article ship training period and collaborations. In a gathering, the ICAI president Aniket Talati said that the CA course will prepare chartered accountants for the global market. The institute takes immense care in designing the curriculum as per the guidelines of National education policy 2020. Mutual recognition agreements or MOU facilitates the recognition of qualification, study period, and documents related to the qualifications. It helps for working in foreign countries.
Credit transfer through MCRA:
Credit transfer is continuing education in different institutions. If there is credit transfer, it is easy to adapt to the courses available in other universities. There are two types of credit transfer. Course transfer and program transfer are the two types used in foreign countries for higher education. The course transfer values the completed part and helps get an equivalent certificate. The program transfer is the continuation of the program after the fundamental level to the advanced level. Credit transfer helps students to continue their education in other universities or institutions. ICAI also has plans to introduce accounts subjects to school-level students. By incorporating commerce education, students understand the value of professional courses at a young age. Medical and engineering courses require technological advancement and research activities. Financial backup and experience are essential for medical and engineering qualifications. The finance courses come with less cost and more research activities. It is suitable for students from multiple backgrounds. If school students and foreign universities value chartered accountancy courses, the course gets more focus. A chartered accountant can use one or two of the completed subject papers for credit transfers.
In the new scheme, the number of subjects is reduced in the three levels. And important chapters are added to make the professionals withstand the ongoing changes. The Indian constitution, psychology, philosophy, artificial intelligence, and block chain prepare students for the global job market. The self-paced examinations help work professionals. The new subjects help us understand global changes. ICAI also has plans to set up Indian institutes of accounting. There are changes in the foundation-level subjects. The law subject becomes tougher with the contract act. The pass percentage was forty per cent in earlier batches. The pass percentage will be fifty from the new batch of students. The difficulty level and pass percentage at the foundation level was around 25 per cent. The difficulty level in the intermediate and final levels was around 12 per cent. From 2023, the students are gauged with high-level screening from the foundation level. This process will enhance the standard of CA education.
In the old scheme, at the intermediate level, the students from the direct route are allowed after the completion of nine months of practical training. In the new scheme, the students can start the course immediately. The study period is for eight months. The students learn about FEMA, SARFESI, IBC, PMLA, SEBI Act, arbitration and conciliation, SCRA, and FCRA. The students should allocate the right time for self-paced online and final examinations.
The students need to understand the other professions and related subjects. To incorporate the traits of multidisciplinary professionals, ICAI had attributed the subject entrepreneurship, philosophy, communication, the Indian constitution and psychology.
The expert team felt that the ERP systems are an outdated concept. So, the institute is planning to add new technologies such as data analytics, block chain and behavioural economics to enhance the technical knowledge. Technology has diverse uses in different industries.
Change in Article ship training:
The changes in Article ship training and online self-paced examination bring the international model of courses. The reduction of the training period helps CA completion at the right time. There are some changes in the communication and IT training that prepare the students for the job roles. In the previous scheme, the students are requested to take three years of article ship training, and there is no training period for CA final examination. In the new scheme, the practical training is for two years, and there is a mandatory learning of six months after the completion of the practical training. The students should write the online modules before to final examination and after the intermediate level. After the intermediate level, the students go for article ship training. During the training, the students learn new experiences. It is easy for the students to write the online modules during the practical training period. These self-paced examinations give a sense of learning to the students. The students learn and apply the knowledge on the job roles.
Collaboration with schools, universities and institutes:
Collaboration with universities and institutions enhances the innovation aspect. It also helps to organise workshops, conferences, seminars, and international courses. There is a need to adapt to digital transformations. Collaboration with other universities helps to increase opportunities and growth. ICAI is maintaining connections with 111 higher education institutions. In collaboration with NCERT and NCTE, ICAI hosted the first national education summit. The policy of ICAI is to encourage educators, leaders and deans around the globe to work for commerce education. Mr Talati said that the institute has collaborated with 111 universities.
Concession to students:
ICAI also introduced fee reductions for students from northeast states and Union territories. This change will be in operation till the year 2025, March. This concession is to encourage education for students from remote areas. In these states, students find graduation and government jobs as the best option. Finance education helps develop these states.
The ICAI celebrates July one as CA Day. ICAI celebrates its 75th anniversary in 2023 July. The ICAI president said that the institute is planning to roll out the new scheme in July. The celebration of the anniversary, CA Day and the new syllabus go hand in hand. Students and faculties are eager to learn and teach the new syllabus with advanced concepts.