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All You Need to Know about the New CA Syllabus, MCA-approved CRET Scheme and CA Course Structure Changes Proposed by ICAI
Category: ICAI , Posted on: 09/05/2023
, Posted By:
CA SOHRABH JINDAL
Visitor Count:341
The Ministry of Corporate Affairs (MCA) has recently approved the new CRET Scheme proposed by the Institute of Chartered Accountants of India (ICAI), amidst fake news of the scheme being rejected and making rounds in Social Media. MCA had asked ICAI to propose the scheme excluding the training part post membership. The Institute of Chartered Accountants of India (ICAI) proposed a new scheme of education and training to improve the education and training procedures for aspiring chartered accountants in June 2022.
Committee for Review of Education and Training (CRET), ICAI In 2014, the ICAI set up the present Committee for Review of Education and Training (CRET), to review the existing system of education and training including the curriculum and to examine whether or not it is adequate in the context of existing requirements and anticipated changes in the environment. The Committee for Review of Education and Training (CRET) broadly focuses on five main areas, namely, Entry Requirements, Practical Training, Course Curriculum, Examination System and Accounting Technician Course.
NEW Scheme by CRET, ICAI
The new Scheme is expected to be implemented in May 2024. It incorporates adjustments to all levels of the course, including changes made to the training procedure and merging and reducing of some subjects. Additionally, eligibility criteria, syllabus, exemptions, paper patterns, and leaving procedures have undergone changes. The new scheme incorporates best practices from international accounting bodies, which will help reduce the burden on students. The changes have been made to make the course more efficient, effective, and relevant to the industry. The goal is to provide students with a well-rounded education and prepare them for successful careers as Chartered Accountants. The new scheme will also ensure that students are up-to-date with the latest developments and trends in the industry. The new scheme proposed by the Institute of Chartered Accountants of India (ICAI) includes adjustments to all levels of the course, along with changes to the training procedure, eligibility criteria, syllabus, exemptions, paper patterns, and leaving procedures. Let’s take a closer look at the duration of each course level under the new scheme:
CA Foundation
The study period for CA Foundation stays the same at four months. This level serves as an entry-level exam for students who have completed their 10+2 and wish to pursue a career as a Chartered Accountant. There were six subjects, at the CA foundation level but now two subjects have been removed from the course which are: Business Corresponding & Reporting and Business & Commercial Knowledge. So, as per the New scheme, there are 4 subjects.
CA Intermediate
The study period for CA Intermediate also stays the same at eight months. This level serves as an intermediate-level exam for students who have completed the CA Foundation course or hold a relevant degree and wish to pursue a career as a Chartered Accountant. Currently, there are 8 subjects in the CA intermediate level which will now be reduced to 6 subjects with : Paper 1 and Paper 5 merged into one subject which is Advanced Accounting. Paper 2 which was corporate law, will now cover all the portions of the Companies Act. Paper 7 has Enterprise Information Systems removed, and Paper 8 has Economics for Finance removed. And the remaining parts of Paper 7 & Paper 8 are merged in Paper 6 as Financial and Strategic Management.
CA Articleship
Under the new scheme, the duration of the CA Articleship is proposed to be reduced from 36 months to 24 months. Articleship is a mandatory training period that every CA student must undergo. During this period, students work under a practising Chartered Accountant and gain practical experience in accounting, auditing, taxation, and other related areas.
CA Final
The study period for CA Final has been increased from 0 to 6 months. This level serves as the final exam for students who have completed the CA Intermediate course and the mandatory Articleship training period. It assesses the students’ knowledge and understanding of advanced accounting, auditing, taxation, and other related areas. As per the New Scheme of ICAI, there have been major changes in the CA Final syllabus – There are 6 subjects that are divided into 2 groups. Subjects of paper 4 and 5 are removed, as it is included in the self-paced module. And there will be no options in paper 6 as it will be a multi-disciplinary case study with strategic management. Elective subjects like risk management and capital market are now part of Set C and Set D of the self-paced module.
Self-paced Module
ICAI has added this module to the New Scheme of Education and Training. Students can also study these modules at their own pace and take online tests. Set A, Set B, Set C, and Set D are the four modules. And in which Sets A and B are compulsory economic laws and strategic cost and management, which are also deleted subjects from the old CA Final syllabus. In the rest sets, students can choose their own topic and study at their own pace throughout their articleship. The students have to secure more than 50% marks in each module. Total CA Course Duration: The total duration of the CA course has been reduced from 48 months to 42 months under the new scheme. This reduction in duration is expected to make the course more efficient and effective for students.
In conclusion, the new scheme proposed by the ICAI aims to make the CA course more relevant to the industry and efficient for students. The adjustments made to the course levels, duration, and training procedure are expected to provide students with a well-rounded education and prepare them for successful careers as Chartered Accountants.
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