ICAI CA New Scheme of Education and Training May 2024

After considering inputs from various stakeholders, the Institute of Chartered Accountants of India (ICAI) devised the New Scheme of Education and Training by International Education Standards and the National Education Policy, 2020 (NEP). The ICAI New Scheme of May 2024 Education and Training was notified in the Indian Gazette on June 22, 2023, and will take effect on July 1, 2023.

The first exam under the ICAI new scheme will take place in May 2024. Effective in 2024, the new technique would apply to all the new candidates taking the CA Foundation, CA Intermediate, and CA Final exams. On July 1, 2023, information about the new CA syllabus was made public.

Proposed ICAI New Scheme Exam and Training Life Cycle

After completing Class 10, register for Foundation (registration is valid for four years).
Appear for the Foundation Examination after completing the 10+2 examination and 4 months from registration (passing marks of 50% in each paper).
After passing the Foundation Examination/graduate or post-graduate with the required marks, register for the Intermediate Course (registration is valid for 5 years + 5 years with revalidation).
Registration for the Intermediate Course would also be considered registration for the Business Accounting Associate (BAA).
After completing an 8-month study period, take the Intermediate Examination (6 papers, 2 groups) (passing marks of 40% in each exam and 50% in each group).
Pass all sections of the Intermediate Examination, then begin your articles after completing an integrated information technology and soft skills course.
Register for the Final Course and your registration will be valid for ten years and can be revalidated every ten years.
The articleship time will be two years, with the second year available for industrial training (eligible leave of 24 days for two years).
Complete the Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) Course, self-paced online modules, and articles before taking the Final Exam.
Appear for the final examination (6 papers, 2 groups) after 6 months from the end of the articles (passing marks of 40% in each paper and 50% in each group). If you are unsuccessful, apply for the position of Business Accounting Associate.
A candidate who receives an exemption in any paper must pass the other papers within the subsequent three attempts. The exemption can be extended if passing marks of 50% are obtained on each paper.
Pass both Final Examination groups and apply for ICAI membership. To apply for a Certificate of Practice, you must first complete a year of work experience under the supervision of a fellow CA in practice.

Eligibility to appear in ICAI exams

CA Foundation Exams

After completing a four-month study session and taking the Class-12 examination, foundation-level students will be entitled to take the CA Foundation exams.

A four-month study period has been stated, and the cut-off dates of January 1st and July 1st have been abolished. This will allow Foundation Exams to be held more than twice a year.

CA Intermediate Exam

After 8 months of study, students register through the Foundation Route as well as the Direct Entry Route.

Previously, students on the direct admission path were able to take the intermediate test after completing 9 months of practical training. Because a student can begin practical training only after passing both sets of intermediate, a common study period of 8 months is envisaged for students entering through the Foundation route as well as the direct entrance route in the proposed scheme.

CA Final Exam

After passing both Groups of Intermediate Examination, completion of 2 years of practical training (Articleship), completion and passing of 4 Self-Paced learning Modules, completion of Management and Communication skills (MCS), completion of Advanced ITT (second level) and 6 months after the 2 year Practical Training is completed and courses completed as mentioned above, a candidate can appear for Final examination.

Four self-paced online modules are being offered, allowing students to complete them at their leisure. Students must, however, qualify for these modules to appear in the final test.

Furthermore, because the practical training phase will be an examination-free time beginning after students pass both groups of intermediate examinations, students will be allowed to sit for the Final test after completing 6 months of Practical Training.

Paper-wise Exemption in ICAI

Foundation, Inter, and Final: A candidate who receives an exemption in any paper must pass the other papers within the subsequent three attempts.

For CA Intermediate and CA Final: The exemption can be extended after three attempts, subject to passing marks of 50% in each paper. It is valid for Intermediate and Final Group exams.

If a student receives 60% or more on a paper/s in one try, the paper(s) are allowed to be exempted for the immediate next three attempts. The exempted paper/s will be considered permanently passed, and the student must score 50% to pass the remaining paper/s individually. After three attempts, the student may choose to give up the exemption.

It should be noted that any exemption earned in any paper will not expire even after three attempts.

However, the candidate would be required to score 50% in each of the remaining paper(s) (rather than 40% in each paper and 50% in aggregate, as is currently the case). He can, however, choose to give up the exemption after three attempts.

ICAI Practical Training

Practical training will begin only after completing both groups of the CA Intermediate test to provide exam-free and smooth elective instruction, where a student can focus entirely on his practical training rather than participating in the remaining group of the Intermediate examination, as is currently the case.

For two years, you will receive continuous and concentrated practical training.
After passing both rounds of Intermediate examinations (for students through the Foundation and Direct Entry Routes) and completing the IT Training and Orientation Course, students can begin their articles or practical training.
The training term would be two years without examinations.
Leave entitlement would be reduced from one-seventh of the practical training term to 12 days per year.
Because there will be no tests during the two years of practical training, the number of annual leaves has been limited to 12 days.
Increase the stipend currently paid to articled assistants by 100%.
Option to participate in industrial training for 9 months to a year (during the final leg of practical training).
During the second year of articleship training, articles may be terminated if the articled assistant opts for industrial training or under such exceptional circumstances or conditions as the Council may decide.

ICAI Articleship Period

This table shows the period of articles on practical training under the old and icai new scheme for education and training:

Articleship	Current Scheme	Proposed Scheme
A. A total number of days of Training	1095 (365 x 3)	730 (365 x 2)
B. Leaves permitted	156 leaves (1095 x 1/7th Days)	24 leaves (12 per year)
C. No Sundays (52 in a year)	156 (52 x 3)	104 (52 x 2)
D. No. of Gazetted Holidays Approx. 15 in a year)	45 (15 x 3)	30 (15 x 2)
E. Paid leaves for Advance ITT and MCS	30	0 [See Note]
Effective days of Training [Total of A – (B+C+D+E)]	708 [1095 – (156 + 156 + 45 + 30)]	572 [730 – (24 + 104 + 30 + 0)]

The difference in training time between the current and proposed schemes is 136 days (708-572).

It should be noted that Advanced ITT and MCS can be completed after completing Training under the Proposed Scheme.

Soft Skills and IT Training

Before beginning practical training, an orientation course and ITT (first level) must be completed.
Management and communication skills (MCS) and Advanced ITT (second level) should be completed during the Practical Training term or afterward but before the Final Examination.
Training will be conducted in both virtual and actual environments.

Requirement of COP

Members seeking a Certificate of Practice (COP) must have one year of post-qualification work experience in a CA firm.
The one-year post-qualification work experience requirement is waived for members who have worked for a minimum of one year in practice with a fellow chartered accountant in the five years preceding the date of application.

Those applying for COP must have one year of post-qualification experience. Members currently in the industry and wanting to transition to practice must also have one year of experience in a CA firm before applying for COP.

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