Plan your CA Syllabus under the new course

Since the day The Institute of Chartered Accountants of India announced its new scheme of education and training a lot of speculations has been made for the course details, the new reforms in the syllabus etc. Being the institutes’ stakeholder a student ought to be curious about the changes proposed by ICAI. The new syllabus proposed by the CA Institute is quite competitive and promising and I can see good hope for the students in it. However, while this blog is published the institute was yet to announce the syllabus for the revised course and also the new syllabus was yet to be approved by Ministry of Corporate Affairs. However, the approval is anytime expected in late January and early February.

Let us dive straight into knowing the proposed scheme of education and training

Plan your CA Foundation under the New Scheme of Education and Training

Another salient feature of the course:

• Business Correspondence and Reporting is not being separately included in the new course. Instead to facilitate and equip students in rural areas and other students who have undergone school education in a medium other than English, with the requisite communication skills, an online course to be launched on English/Business Communication, which would be recommendatory.

Eligibility for admission and appearance in Foundation Examination

• Register with BOS after passing class 10 examinations.

Appear in Foundation examination after appearing in Class 12 examination and completing minimum study period of 4 months before the 1^st day of the month in which examination is held.

Validity of registration

• 4 years from the date of registration.
• No revalidation permitted.

(If a candidate is not able to clear Foundation Exam within 4 years of registration, he can opt for alternative route of direct entry to Intermediate Course subject to fulfilling stipulated conditions.)

Passing Criteria:

50% in each paper (with negative marking -25% for each wrong answer to MCQ’s in paper 3 and 4).

Once you clear the CA Foundation exam then you shall be eligible for the next level i.e., CA Intermediate.

Plan your CA Intermediate under the New Scheme of Education and Training

There are 6 papers in the revised syllabus divided into 2 groups.

Group I:

Group II:

The proposed scheme shall be partially objective and partially subjective (30% case study based MCQ’s and 70% descriptive questions) in all papers. It shall be a closed book test for all the papers. There would be 25% negative marking for each wrong answer to MCQ.

A brief comparison of old syllabus with the new syllabus is as follows:

1. At this level the number of papers would be 6 instead of 8 in the current scheme.
2. Instead of two papers on Accounting in the current scheme at this level, there would be a single paper titled Advanced Accounting. However, there will be no reduction in the content which is covered in the two papers in the present scheme vis-à-vis one paper in the proposed scheme. A portion of the syllabus of Paper 1 Accounting of the current course would be included in the syllabus of Foundation paper of Accounting in the proposed scheme so as to increase the standard of Foundation course. The balance contents will be included in the single paper on Advanced Accounting at the Intermediate Level in the new course.
3. Instead of a paper on Enterprise Information Systems at this level, information technology education is being integrated with the subjects at the Final level.
4. The paper on Corporate Laws would cover Companies Act in its entirety, since Business Laws is already covered at Foundation level through a 100 marks paper.

Others details of the proposed syllabus:

For Foundation Route:

Study period shall be of 8 months.

For Direct Entry Route:

After completion of 8 months of study period.

Validity of registration:

5 years. Re-validation with prescribed fee permitted once.

Pass percentage:

40% marks in individual paper and 50% marks in aggregate to pass the group.

If a student secures 60% or more, in paper/papers in one attempt, exemption of each paper(s) for immediate 3 attempts is allowed. Thereafter, exempted paper/s will be treated as permanently passed and student has to score 50% to pass in the remaining paper/s individually. The student may, however, opt to surrender the exemption after 3 attempts.

Eligibility to appear in CA Final Examination:

1. A candidate who has passed both groups of the Intermediate examination.
2. Completed the prescribed second level soft skills and information technology courses.
3. Qualified the four self-paced modules (four SETS).
4. After completion of six months from the end of the 2 years practical training period, before the 1^st day of the month in which examination is held.

Plan your CA Final under the new course

There are 6 papers in the revised syllabus.

(Multi-disciplinary case study with Strategic Management)

Another salient feature of the course:

• The number of papers at this level would be 6. The remaining two papers in the existing course, namely, Economic Laws and Strategic Cost Management and Performance Evaluation, are being included in the new scheme as self-paced online modules.
• Multi-disciplinary case study is being made compulsory, and the same would be integrated with strategic management. This paper is necessary to assess the student’s ability to integrate the concepts and provisions across different subject areas, analyse them and apply them in addressing issues and solving problems in a multi-disciplinary case study involving strategic decision making.
• The current elective papers like risk management and financial services and capital markets would be included in self-paced online module, out of which students can opt one based on their desired area of specialisation.

Manner of assessment:

• Partially objective and partially subjective (30% case scenario/study based MCQs and 70% descriptive questions) in all papers.
• Open book/restricted open book pattern of assessment.
• Computer-based/physical examination, as decided by the Council from time to time.
• 25% negative marking for each wrong answer to MCQs.

Eligibility to appear in Final Examination:

• A candidate who has passed both groups of the intermediate level examination.
• Completed the prescribed second level soft skills and information technology courses.
• Qualified the four self-paced modules.
• After completion of 6 months from the end of the 2 years practical training period, before the 1^st day of the month in which examination is held.

Passing Criteria:

• 40% marks in individual paper and 50% marks in aggregate to pass the Group.
• If student secures more than 60% marks in paper/s, exemption of paper for immediate 3 attempts is allowed.
• Thereafter, treat the exempted paper/s as permanently passed and student has to, however, score 50% to pass in the remaining paper/s. However, student may have the option to surrender the exemption after 3 attempts.

After clearing the exam of one of the most prestigious institutes of India you shall be awarded the degree of a Chartered Accountant.

There are also loads of post qualification courses available to equip you better.

Practical Training

The practical training under the proposed scheme is for 2 years.

The practical training shall commence for both the foundation route and direct entry route after passing both the groups of Intermediate and completion of ICITSS.

12 leaves in a year are allowed in the practical training.

Also, transfer shall be permitted during the 2^nd year of training, the termination of articles shall be permitted if the articled assistant OPTS FOR INDUSTRIAL TRAINING or under such exceptional circumstances or conditions, as may be decided by the Council.

Also, the article shall opt for Industrial Training in the last 9 to 12 months of the practical training in a year.

100% increase in the stipend presently paid to the articled assistant is proposed.

Certificate of Practice

In case of members desiring to obtain Certificate of Practice at any point of time, one year of post-qualification experience in a CA firm will be required. In case of existing members, if they have one year of post-qualification experience in a CA firm at any point of time in the last 5 years, one year of post qualification in a CA firm will not be required.

Soft Skills and Information Technology Training

ICITSS: Before Commencement of Practical Training

During the 2 years of Practical Training and before appearing in Final Examination.

Exit Route

A candidate would be awarded the certificate of Business Accounting Associate (BAA) on fulfilment of following criteria:

1. If he has passed both groups of Intermediate level examination.
2. Completed his practical training.
3. Completed the soft skills and information technology courses and
4. Qualified the 4 self-paced online modules (4 SETS).

The aim of this blog is to give you brief about the new scheme of education and training for Chartered Accountancy. I hope it helped.