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A Guide to Become a Chartered Accountant: Chartered Accountancy or CA is a highly sought after career option. It is financially lucrative and at the same time difficult to crack. Any new candidate who wants to become a Chartered Accountant should note that the Institute of Cost Accountants of India (ICAI) has released a new scheme of education and training for CA which has become effective from July 1, 2023. The first exam under the new scheme will be conducted in May 2024. The applicability of the new scheme would be in force for all new candidates who are registering for all the three levels of the CA exam - CA Foundation, CA Intermediate and CA Final from the year 2024. Details about the new CA syllabus have been announced on July 1, 2023. Read the complete article to know about the ICAI new scheme of education 2023 and the path to become a CA.
The ICAI has devised a CA Final new scheme and CA Inter new scheme to streamline the CA course as per the New Education Policy, 2020 (NEP) and international education standards. ICAI’s new scheme was notified on 22nd June, 2023 in the Gazette of India would become applicable from July 1, 2023 impacting anyone who wants to pursue the dream of becoming a CA. The last CA Foundation exam under the existing scheme would be conducted in December, 2023 and the last CA Inter and CA Final exam under the existing scheme would be conducted in November, 2023. After this period ICAI new scheme applicability will start.
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Given below is a table that provides an overview of the difference between the ICAI new scheme and old scheme.
Activity | Current Scheme | New scheme |
---|---|---|
Registration for Foundation / appear for 10+2 | After Class 10 | After Class 10 |
Appear for Foundation Examination | After 4 months study period | After 4 months study period |
Study for Intermediate Examination | 8 months | 8 months |
Articleship | 36 month | 24 months |
Study for Final Examination | - | 6 months |
Total period to become ICAI member | 48 months | 42 months |
Business Accounting Certificate (Optional) | - | After clearing CA Inter and self paced learning modules and completion of PT and Integrated Course on Information Technology and Soft Skills |
Given below are important dates for the implementation of the new education scheme of ICAI
Last date for Registering for Foundation course under Existing Scheme | July 1, 2023 |
Last date for Registering for Intermediate and Final Courses under Existing Scheme | June 30, 2023 |
Date of commencement of Registration and Conversion in Foundation Course under the New Scheme | August 2, 2023 |
Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme | July 1, 2023 |
First Foundation Exam under CA Foundation new scheme | June, 2024 |
First Intermediate and Final Exam under New Scheme | May, 2024 |
Last Foundation Examination under Existing Scheme | December, 2023 |
Last Intermediate and Final Examination under Existing Scheme | November, 2023 |
Last date of commencement of three years Practical Training | June 30, 2023 |
Date of commencement of two years uninterrupted Practical Training | July 1, 2023 |
The new ICAI scheme lays out the steps to becoming a CA. The CA course consists of three levels namely.
CA Foundation level,
CA Intermediate level
CA Final
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There are two ways to become eligible for the CA Intermediate course
One is by completing the CA foundation course
The other is through the direct route.
Candidates who have completed 12th grade can register themselves for the CA Foundation exam. On the other hand, graduates can directly register themselves for the CA Intermediate level. The intermediate course is referred to as the study course of Chartered Accountancy.
Let’s look at the eligibility criteria and other details for each level of the ICAI new course that will act as a reference guide to become a CA.
A candidate should register with the Board of Studies in order to register for the CA course. One can do so after clearing the 10th Std examination. However, in order to appear for the CA foundation course, a candidate must have completed 4 months of study period and also appeared for the 12th std examination. The candidates will then become eligible to appear for the June or December session of the CA foundation exam.
ICAI has notified the new syllabus for CA Foundation course on July, 1 2023.
The new syllabus has the following papers:
Paper 1 | Accounting |
Paper 2 | Business Laws |
Paper 3 | Quantitative Aptitude Part A: Business Mathematics Part B: Logical Reasoning Part C: Statistics |
Paper 4 | Business Economics |
The present syllabus of CA foundation exam consists of four papers
Paper 1 | Principles and Practice of Accounting |
Paper 2 | Business Laws and Business Correspondence and Reporting |
Paper 3 | Business Mathematics, Logical Reasoning and Statistics |
Paper 4 | Business Economics and Business and Commercial Knowledge |
Once candidates clear the 12th examination and the foundation exam, they become eligible to register for the intermediate course. As per the new scheme, to clear the CA Foundation exam a candidate must score a minimum 40% marks in each paper and an aggregate of 50% in all four papers
Direct Route
Another route to become eligible for registration for the intermediate course is the direct route which one can opt after graduation or after clearing the Intermediate level exam of the Institute of Cost Accountants of India or Institute of Company Secretaries of India.
Direct Entry Route Eligibility Overview
1. | Commerce Graduate/ Post-Graduate with minimum of 55% marks. Graduate/ Post-Graduate Other than Commerce with minimum of 60% marks |
2. | Passed the Intermediate level Examination of Institute of Cost Accountants of India / Institute of Company Secretaries of India |
3. | Under- Graduate / Post- Graduate in the last year of their Graduation / Post- Graduation can also apply provided that they produce their qualifying certificate with the prescribed minimum marks before registering to appear for the CA Intermediate exam. |
The second step in the CA exam is the CA Inter program.
As per the new CA intermediate syllabus released on July 1, 2023 by ICAI, the following 6 papers are included in it
Paper 1 | Advanced Accounting |
Paper 2 | Corporate and Other Laws Part 1: Company Law and Limited Liability Partnership Law Part 2: Other Laws |
Paper 3 | Taxation Section A: Income Tax Law Section B: Goods and Services Tax |
Paper 4 | Cost and Management Accounting |
Paper 5 | Auditing and Ethics |
Paper 6 | Financial Management and Strategic Management Section A: Financial Management Section B: Strategic Management |
The present Intermediate exam syllabus of CA comprises of eight papers divided into two groups
Group 1 | Group 2 |
Paper 1: Accounting | Paper 5: Advanced Accounting |
Paper 2: Corporate and Other Laws | Paper 6: Auditing and Assurance |
Paper 3: Cost and Management Accounting | Paper 7: Enterprise Information Systems and Strategic Management |
Paper 4: Taxation | Paper 8: Financial Management and Economics for Finance |
The new CA scheme specifies that candidates can appear for the CA Intermediate Exam if they satisfy the following requirements:
Candidates have to register themselves with the Board of Studies. Candidates who joined through the CA Foundation route are already registered with BOS so they can skip this condition
Candidates have to complete a study period of 8 months and produce a certificate in that regard as stipulated by the ICAI council.
On fulfilment of the above conditions, a candidate can appear for the exam. The registration for the intermediate course is valid for a period of 10 years after which the candidate needs to revalidate the registration for another period of 10 years. Presently, the CA Intermediate exam is held twice a year - May/June and November/December.
The candidate would have passed the CA Intermediate exam on fulfilling the conditions mentioned below:
Candidate clears all the papers from Group 1 and Group 2 in one sitting with a minimum score of 40% in each of the papers and 50% in aggregate of all the papers.
Also Read: CPA Salary in India - Job Opportunities, Roles & Responsibilities
Once candidates clear the second level of the CA course, they can register for the CA final level.
Before appearing for the CA Final exam, candidates have to fulfil the following conditions.
Complete Integrated Course on Information Technology and Soft Skills (ICITSS) after registration for Intermediate course but before commencement of Practical Training (PT)
Undergo a practical training (PT) of two years as per Regulation 50 of the Chartered Accountants (Amendment) Regulations, 2023. Earlier this training period was of three years which has been reduced under the new scheme.
After completion of the practical training but before appearing for the CA final examination, candidates also have to undergo an Advanced Integrated Course on Information Technology and Soft Skills for such duration as specified by the ICAI Council.
Also, a candidate needs to complete the self-paced online learning modules with a minimum of 50% marks after completing the CA Intermediate exam but before appearing for the CA Final exam.
The self paced learning modules consists of the following.
Sets | Paper Name |
Set A (Compulsory) | Corporate and Economic Laws |
Set B (Compulsory) | Strategic Cost and Performance Management |
Set C (Any One) | Risk Management Sustainable Development & Sustainability Reporting Public Finance & Government Accounting The Insolvency and Bankruptcy Code, 2016 International Taxation The Arbitration and Conciliation Act, 1996 Forensic Accounting Valuation Financial Service and Capital Markets Forex and Treasury Management |
Set D (AnyOne) | The Constitution of India and Art of Advocacy Psychology and Philosophy Entrepreneurship and Start Up Ecosystem Digital Ecosystem and Controls |
Candidates can appear in the CA Final exam six months after completion of the Practical Training. Presently, the CA Final exam is held twice a year - May/June and November/December.
As per the new syllabus notified on July 1, 2023 the new CA Final syllabus comprises of the following papers:
Paper 1 | Financial Reporting |
Paper 2 | Advanced Financial Management |
Paper 3 | Advanced Auditing, Assurance and Professional Ethics |
Paper 4 | Direct Tax Laws and International Taxation |
Paper 5 | Indirect Tax Laws: Part I: Goods and Services Tax Part II: Customs and FTP |
The current syllabus of the CA Final exam consists of the following papers:
Paper 1- Financial Accounting | Paper 6C- International Taxation |
Paper 2- Strategic Financial Management | Paper 6 D- Economic laws (100 Marks) |
Paper 3- Advanced Auditing and Professional Ethics | Paper 6E- Global Financial Reporting Standards |
Paper 4- Corporate and Economic Laws | Paper 6F- Multidisciplinary Case Study |
Paper 5- Strategic Cost Management and Performance Evaluation | Paper 7- Direct Tax laws and International taxation |
Paper 6A- Risk Management | Paper 8- Indirect Tax Laws |
Paper 6 B- Financial Services and Capital Markets |
Once the candidate clears all the papers with a minimum of 40% marks in individual papers and scores 50% in aggregate, they will be said to have passed the CA Final examination. They can apply for membership with the Institute of Chartered Accountants of India and qualify to become a Chartered Accountant.
Additionally, before appearing for the CA Final exam, a candidate can also apply for a Business Accounting Certificate (BAC) if they meet the following conditions:
Clear both Group 1 and Group 2 exams of the CA Inter level
Complete the Integrated Course on Information Technology and Soft Skills
Completes the practical training as laid down in the CA regulations
Completes the self paced learning modules
Upon earning the certificate, the candidate can proceed to appear for the CA Final exam.
There are three steps. One needs to complete the Foundation, Intermediate and Final levels of the CA exam.
The ICAI new scheme of education has come into effect from July 1, 2023.
A commerce graduate with minimum 55% marks or a graduate in other streams with minimum 60% marks can join the CA Inter level.To join the CA foundation course a candidate should complete 12th grade.
Yes. One can join the CA foundation course after 12th grade by registering with the Board of Studies.
If you chose chartered accountant (CA), then you have to write several exams and practical training. Here are some exams to write in your road to pursue CA, that are conducted by ICAI.
Dear aspirant !
Hope you are doing well !
CA Foundation Exam Pattern 2024 – Details
Candidates must successfully clear their 10th and 12th exams from a recognized educational institute . Also, the minimum mark they need to attain in their 12th standards is 50% aggregate. There is no age restriction to apply for the CA foundation.
The details of this exam is given below ;-
Hope it helps you !
Thanking you !!
A breach of contract refers to the failure of one party to fulfill its responsibilities under the terms of a contract, that leads to legal consequences and potential remedies for the non breaching party. In simple terms, it's when one party doesn't do what they promised to do in a contract.
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Hello,
I'm assuming you mean that you wrote wrong question booklet number in CA Foundation Maths exam and then corrected it using a whitener and wrote the correct number over it. If this is the case, then you don't need to worry as such mistakes happen a lot among students every year and as we cannot replace the OMR sheet, the invigilators suggest to use whiteners.
It's perfectly normal and acceptable. You need not worry about anything.
Hope this helps,
Thank you
Hello aspirant,
Due to unforeseen circumstances, the Institute of Chartered Accountants of India (ICAI) has changed the exam dates for the CA Foundation 2023 December session. The CA Foundation December 2023 exam will be held on December 31, 2023, and January 2,4,6, 2024, according to the updated CA Foundation timetable. Registration for the December 2023 session of the ICAI CA Foundation is currently closed. The CA Foundation June 2023 results had already been made public by the institute on August 7, 2023. A new education and training programme has also been announced by ICAI, and it will go into effect on July 1st, 2023.
For more information you can visit our site by clicking on the link given below.
https://finance.careers360.com/articles/ca-foundation-important-dates
Thank you
Hope this information helps you.
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