CA’s new syllabus is about to start on the first of July. The date is specified as it cherishes beautiful memories from the celebration of CA Day. The new scheme comes with changes in the study period, syllabus, registration, exemption fees, paper pattern, passing criteria, advance ICITSS exam and leaving the CA course. Indian President Droupadi Murmu launches the course with her hands. On the 26th of May, the council said that the plan of releasing the new syllabus was postponed. The postponed date was June 15. ICAI president Aniket Talati on the Twitter handle says that the course will roll out in July 2023. The new rule starts from the hands of the president and entices the ICAI members. A blog is here to write timely information to prepare the students for the new CA course. The new course starts in July 2023, and the exam is on May 2024.
The study period for the foundation and intermediate levels is the same. The change is with the article ship training and CA final level. The CA course period has changed from 48 to 42 months. The students take up the CA final through the online option after completing the CA course. The students find it easy to do the article ship training with less period. Practical knowledge is a matter of exposure and application. 24 months of practical training is enough to get practical knowledge.
The new course has technological advancement. The new CA course has block chain, data science and AI as a part of the syllabus. ICAI collaborated with NCERT, NCTE, IIT, IIM and NESCA. ICAI want to understand the latest changes in technology, management techniques and school-level incorporation of commerce subject. The collaboration is to incorporate the latest technology into the students. Chartered accountants handle large volumes of data. Artificial intelligence and machine learning make predictions out of these data. Artificial intelligence technology has changed the micro soft office tools. Professionals using Word, Excel and PowerPoint can incorporate AI and use the products effectively. Chat GPT is used to incorporate AI in Microsoft Office products. Technology is easing repetitive tasks, predictive analysis, evidence-based understanding, understanding of data patterns, and understanding of fraud activities. Chartered accountants learning in the new scheme would be with opportunities in the domestic and global job market. Technology is the fundamental and the most demanded subject for all the other crucial subjects.
Article ship training:
Students should undergo an article ship training of two years. The period was reduced from three years to two years. Members wanting a certificate of practice can take industrial training of nine months to one year. They can opt for the last year of article ship training for industrial training. The first year is suitable for the auditing firm. The professionals understand the audit firms and industries.
ICAI announced important dates for registration under the old scheme and conversion option. The last date for CA foundation registration in the existing scheme is 1st July 2023, in the intermediate and final level under the old syllabus, is 30th June. The registration window for the new scheme is as follows: conversion to the foundation new scheme 2nd of August, conversion to intermediate and final under the new scheme starts from the 1st of July, the foundation exam under the new scheme is in June, and Intermediate and final registration starts from May 2024. The CA old syllabus’s last examination is December 2023, last happening intermediate and final examination is November 2023. The model of three years of article ship training ends by 30th June 2023. The two years article ship training starts from 1sy July 2023. CA Foundation registration is valid for four years. CA Final registration is applicable for the next ten years.
Question paper pattern:
At the foundation level, there is a reduction of subjects. Earlier, CA students were learning six subjects. Now the students have four subjects. At the intermediate level, EIS systems, and economics for finance are removed from the syllabus. The total number of papers has come down to six from eight. The exemptions claimed are not subject to three attempts alone. It is declared as the passing subject. The question paper is set according to the weightage of the subjects. At the foundation and intermediate level exams, students undergo tests for knowledge and application knowledge. At the final level, students undergo screening with three factors. The knowledge, application knowledge and evaluation decide the learning capacity at the final level.
In the current model, students write subjective and objective at the foundation level. Students have a negative marking of .25 mark in the new scheme. The student should get 40 per cent in each paper and 55 per cent in aggregate. The syllabus is vast and deep. The CA course has a high difficulty level. Students doing CA should work hard to clear the examination.
Advance ICITSS exam:
ICAI has introduced a self-paced model in the new scheme. The self-paced examination has four sets. Students should score 50 marks in each set to clear the CA examination. Before writing the final level examination, students should clear the self-paced and advanced level ICITSS examination.
Leaving CA course:
The students failing in the final level tend to leave the CA course. The new scheme offers a business accounting associate certificate for the students dropping to the final level. The criteria for getting this certificate are passing intermediate levels, completing the article ship training, completing the ICITSS training, and clearing the self-paced modules with fifty marks. After completing the required skill-based exams, the students get an award for a business accounting associate certificate. The students completing the final level are auditors or accounting technicians.
ICAI has updated a PPT and PDF to understand the changes with the new scheme. The new course has the latest subject and the right time for practical training. The students learn with international standards and comfortable real-time practical learning.