The 2024 starts with the new CA scheme examination for foundation, intermediate and final-level students. The CA foundation students write their CA examinations in December and January. The CA intermediate and final students write their examination in May 2024. The new scheme has a different syllabus and article ship training period. The training period for the old scheme students was three years. The change in the article ship training period requires some relaxation to the old scheme students. The latest update from ICAI states that in the old scheme, students get related in the practical training. The students falling under this category are as follows: The students who have cleared one group in the intermediate level with the old scheme, the students with provisional admission in the intermediate level through direct entry, the student with a conversion from the old to the new scheme for intermediate-level in November 2023. Regulation 205 of 1988 contains the details of the professional difficulties of chartered accountants. The relaxation with the article ship training is to remove the hardship of the students.
The notification from ICAI:
- The form for the registration of article ship training for the students from these three categories is available in the portal from August 2023.
- The students with a pass in either group of intermediate should submit the article registration form before the 30th of September 2023. The institute will not accept the form with a condonation fee after the due period.
- The direct entry students with graduation certificates and provisional registration should complete the ICITSS course and submit the article ship training form before the 30th of September.
- The student from the CPT route with a result of failing the intermediate examination and passing the graduation can shift to a direct entry scheme. The student can appear for the intermediate examination in November 2023. They are exempt from the nine months of practical training before the intermediate course. They can write the CA examination and commence the article ship training. The students from this set should register for the article ship training before the 30th of September.
Why the change in the article ship training period?
Students from the foundation and direct route face challenges during the article ship training. The challenges are as follows: a long time to complete the given tasks, fewer learning opportunities, monotonous work, and balancing study and job. Students get exposure to long-term and monotonous work through article ship training. The students are from different environments. They love to learn a lot. They spend less time on understanding business operations and application knowledge. It takes time for the students to adapt to the working environment. After adopting to the environment, they understand the practical knowledge. The advantages of article ship training are as follows:
- The students learn the usage of the latest technologies such as data science, cloud computing, artificial intelligence and machine learning. The students understand the time-saving methodologies and the importance of accuracy with the usage of technology.
- The difference between college life and professional life is the way of communication. Students understand the communication with colleagues from other departments, clients, managers and regulating authorities.
- The students think about the subjective and objective side of the subject. The article ship training teaches the students to work with an objective. The students work to complete the work on time. The students understand the teamwork and organisational goals after article ship training.
- Students react to the problems with supporting points. Professionals react to the problems with a detailed understanding of the root cause. Students identify, analyse and understand the problem with different departments in a company. The article ship training enhances the problem-solving skills of a student.
- The students understand the pressure in the working environment. The concepts of time management help the students to overcome the pressure. The students get practical knowledge in auditing, accountancy, finance and taxation.
- The students lead a team during article ship training. The students coordinate with other departments for financial information. This relationship makes them understand professional ethics and leadership skills.
- The students develop analytical and soft skills through practical training. The auditors recommend the best practices to the management after understanding the trends and issues. The article ship training is helpful to understand the foundation knowledge.
- The article ship training prepares the students for hectic schedules. The period of two years with a self-paced online examination prepares the students for the advanced level of thinking. The students get application knowledge through article ship training.
The difficulty level and preparation for the CA final:
The new scheme has six subjects. Now, the eight subjects are reduced to six subjects. The removed papers four and five are in the form of a self-paced examination. Paper six is a multi-disciplinary case study and strategic management. The students will have thirty per cent of objective-type questions with negative markings. The negative marking makes the subject tough. The syllabus is vast and tunes the students towards perfection. The students dropping the course after the intermediate level get the BAA certificate. The new syllabus is as per the NEP, 2020 and international job market. The syllabus prepares the students for the future and international jobs.
In the old scheme, students can submit the form for completing the article ship training within three years. The difference in the period has a connection with the structure of the course. The students learn in less time with a research-induced model. The students complete the IT and soft skills training and start the article ship training. The students complete the self-paced online examination to acquire advanced-level skills. The low profile jobs require fundamental knowledge. The high profile jobs demand a constant learning attitude and application knowledge. The students turn out to be studious with the new model of the CA course.