The ICAI web portal offers information about the government extended helping hand for the CA aspirants. The ICAI notifications for 2023 explain the date and amount of the scholarship. The scholarship would be given to the students in April and October before the commencement of the new batch. ICAI offers need-based CA scholarships and merit-based scholarships. In a need-based scholarship, income is the criterion to get the scholarship amount. The total family income of the student should be less than one lakh. The student receives 1500 per month as a scholarship amount. In merit-based scholarship, the criteria are the income of the family. The income should be less than or equal to 1, 50,000 per year. The criteria illustrate the financial status of the students. The students get a receipt of 2000 to 2500 rupees every month from the Indian government. The intermediate students get the cash reward for 18 months, and the final level students are eligible to receive the cash reward for thirty months or an article ship period, whichever is less. The content of this blog engages the readers with information related to the application of scholarships, fee changes in the 2023 year, and syllabus changes in the 2023 year.
How to apply for the ICAI scholarship?
The student pursuing a CA applies for this scholarship with the documents available. The Board of studies from ICAI provide notification to the students regarding the schemes of scholarship. PhD students also get a scholarship from ICAI. Scholarship amounts differ for the different levels of studies. The following points explain the details needed to apply for the ICAI scholarship:
• The membership details from ICAI.
• Mark sheet of the tenth and twelfth standard.
• The student must enclose the Income statement of the parents or guardians.
• The letterhead of the principal is essential. Past students got the scholarship by using a letter from the principal. The principal needs to be a member of ICAI or from the head of the audit firm where the student is taking up the article ship training.
• The last date of submission is April 2023 and October 2023.
ICAI syllabus changes in 2023:
CA foundation has four subjects only. In the previous year, there were six subjects written in four papers. At the intermediate, the six papers are dispersed into three subjects in each group. The article ship period is reduced to two years from three years. The proposed new scheme reduced the article ship training from three to two years. For aspirants willing to practice as independent practitioners, one year of experience with an audit firm is mandatory before starting the profession. This rule is for practitioners. And not for those willing to do the job. The CMA course and ACS course have already introduced the reduction of the training period. The CA course also restricts the period of article ship training now. The international accounting courses ask for two years of job experience only. The standard required to understand the job role is two years. This practice from other accounting courses gets its implementation in the CA course also. There is a proposed change for a long time in the foundation level, final level syllabus and the period of article ship training. The new course of CA structure reveals that the CA final students write six papers. Previous batch students completed the course after writing eight subjects at the final level. The old syllabus has eight subjects. The difference in the subjects are corporate laws, and compliances changed as corporate and economic laws, strategic cost management- decision making is as strategic cost management and performance evaluation, and corporate financial reporting is as financial reporting. Paper six was given as an elective subject. And now, it is renamed as a self-paced module. The students can take their own time and write this paper after doing the research and reading. The sixth subject is not with the option now. It is a multi-disciplinary case study with strategic management. Cost and management audit and strategic performance management, and business valuation are the excluded papers on the new CA structure. These papers will be added to the self-paced module. The self-paced module increases higher-order thinking and prepares the professional for the international markets.
What is the difference between an elective subject and a self-paced module?
Self-paced modules help the working professional to write their subject at their own pace. The self-paced module helps the examiners to evaluate without stress. The burden of examining all the subjects makes it difficult. The core subjects are under the evaluation of writing patterns. The allied subjects are added to the self-paced module. The subjects from the old syllabus are added to the self-paced module. The student who writes from old and new syllabi finds this useful. This new structure of the syllabus helps both the teachers and students.
Books for CA course 2023:
The ICAI book is the right book for exam preparation. Apart from ICAI books, the RR Academy teacher’s notes are helpful to understand the subject intensively. The other publications recommended to the students are from Taxman, Sultan Chand and sons, and Wolters Kluwer India Pvt. Ltd. In the intermediate level, the books from the following authors are helpful: M.P.Vijay Kumar, D.S.Rawat and Deepti Maheshwari, and P.C.Tulsian. In the CA final, the books relevant apart from the ICAI books are from B Saravana prasath, G Sekar and B Saravana prasath, CA Raj Kumar, and Yashwant Mangal. The first preference is the ICAI books and RR Academy teacher’s notes. In case the student needs to work out more problems, they can choose the books that interest them.
The CA new scheme 2023 comes with a new structure and reach. The faculties and students feel it as comfortable. It takes a few months to accept and start the new syllabus for the old syllabus students. RR Academy faculties train the students in the old and new schemes. The proposed changes help with managing time effectively, writing the exam with proper planning and understanding the core subject intensively.