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ICAI Proposed CA New Scheme 2023 | Latest Updates, Applicability & New Syllabus

icai new scheme 2023

A new education and training programme for CAs has been proposed by the ICAI and is known as the “ICAI CA New Scheme 2023.” Now that it has been confirmed that the CA New Scheme will be launched on July 1st, the ICAI official notification.

The ICAI CA New Scheme of Education and Training was in the Indian Gazette on June 22, 2023, and it will go into effect on July 1st, 2023, according to the ICAI  ca new scheme 

For the official Notification on the ICAI CA New Scheme, visit the announcements section of the official ICAI website. Some papers from all three levels are combined while others are removed in the new CA curriculum for 2023. Additionally, the new model reduces the length of the CA articleship from three to two years.

ICAI CA Course Level New Changes
CA Foundation 4 Subjects from 6 Subjects
CA Intermediate 6 Papers (3 in each Group)
CA Articleship Period Reduced from 3 to 2 years
CA Final 6 Papers (3 in each Group)
New scheme of education and training

We’ll thus go over everything there is to know about the ICAI’s anticipated new education and training system for 2023 in this article, including the most recent updates and a comparison of the old and new systems.

For a detailed explanation of each topic in the CA new syllabus 2023, watch CA RC Sharma sir’s in-depth video.

ICAI CA New Scheme of Education and Training 2023

Before getting into the intricacies of each course and training, let’s first have a look at the length of the CA Course under the new structure.

Therefore, a student will need to complete 42 months of schooling in order to become a chartered accountant under the new CA plan, which will go into effect in May 2024.

ICAI CA Course Level Current New Changes
CA Foundation Registration/ Appear 10 + 2 Start Start
CA Foundation Study Period 4 Months 4 Months
CA Intermediate Study Period 8 Months 8 Months
CA Articleship 36 Months 24 Months
CA Final Study Period 6 Months
Total CA Course Duration 48 Months 42 Months
Work Experience for CoP 12 Months

Latest Update on ICAI CA New Course

ICAI New Course Approved by Central Government

The Law Ministry has approved the CA New course, and starting with the May 2024 exams, the new method will be used. The news was tweeted by CA and ICAI member Anupam Sharma. The ICAI CA  will soon make it known to the public.

All CA students whose papers are due in May 2024 are advised to try to properly arrange their studies. According to a recent tweet from CA Anupam Sharma on May 26, 2023, the council meeting for the CA new course has been moved to June 15, 2023. The new ICAI course 2023 won’t be officially confirmed to students for a little while.

ICAI New Syllabus

The new format for the ICAI CA course will become effective in July 2023. The news was made by ICAI President Aniket Talati during the press conference. Blockchain and AI will also be covered in the new course to help CA students become globally competent.

ICAI CA New Scheme 2023 Applicability Date – Latest Update

The ICAI CA New Scheme 2023 will be implemented starting with the May 2024 attempt. An ICAI spokesperson claims that as of November 2023, the new course will be obsolete.

If the MCA accepts it before February 2023, the CA New Scheme 2023 will go into force beginning in November 2023, according to CA Aniket Sunil Talati, vice-president of the ICAI. If the MCA takes longer than expected to approve, the revised programme will go into force in May 2024.

Important Dates

Following are the Important Dates provided by ICAI in the most recent statement on the CA New Scheme: 

Particulars Date/Attempt
Last date for Registration in Foundation under Existing Scheme 1st July 2023
Last date for Registration in Intermediate and Final Courses under Existing Scheme 30th June, 2023
Date of commencement of Registration and Conversion in Foundation Course under New Scheme 2nd August, 2023
Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme 1st July, 2023
First Foundation Examination under New Scheme June, 2024
First Intermediate and Final Examination 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 of Practical Training 30th June, 2023
Date of commencement of two years uninterrupted Practical Training 1st July, 2023

CA Foundation New Course 2023

It is not yet necessary to repeat the CA Foundation course a certain number of times. Students may therefore attempt as many times as they like. Additionally, the CA Foundation registration’s validity may be prolonged many times.

Under the planned education and training plan, children may enrol after the tenth grade, and their registration with the CA Foundation is good for four years. After those four years, students are likewise not permitted to revalidate their foundation registration.

Additionally, there won’t be a membership cutoff date anymore, such as January 1 or July 1, for the CA Foundation. This will enable the ICAI to hold three exams each year.

CA Foundation New Syllabus 2023

Currently, there are 6 subjects and 4 exams in the CA Foundation programme. Business Correspondence & Reporting and Business & Commercial Knowledge have been taken out of the revised programme as of right now by the ICAI.

The following is the new CA Foundation curriculum for 2023:

  • Paper – 1: Accounting (100 Marks)
  • Paper – 2: Business Laws (100 Marks)
  • Paper – 3: Quantitative Aptitude (100 Marks)
    • Business Mathematics
    • Logical Reasoning
    • Statistics
  • Paper – 4: Business Economics (100 Marks)
ca foundation new syllabus

CA Foundation Passing Criteria

Thanks to the ICAI, the CA Foundation test pattern has also experienced some changes. Students must get 50% of the potential points under the new method in order to pass the CA Foundation exams, and each erroneous MCQ answer will cost them.25 points.

Current Proposed
Subjective and Objective both Subjective and Objective with negative marking (.25)

The new curriculum and training schedule for the CA Foundation course includes all of these changes.

If you intend to prepare for the 2023 CA exams, you can enrol in the CA Foundation tutoring offered by Agrawal courses. The most recent ICAI exam format and study materials serve as the foundation for every part of our classes.

CA Intermediate Course under New Scheme 2023

CA Intermediate Eligibility

There have been no changes to the requirements for the CA Intermediate course. Candidates for the direct entry path, however, must dedicate an 8-month study period in order to sit for the exams.

CA Intermediate Registration Validity

The CA Intermediate registration now has a five-year validity period instead of a four-year one. CA Intermediate students may only revalidate their registration form once with the necessary fees.

ca intermediate registration validity

CA Intermediate New Syllabus 2023

The CA Intermediate course will now have 6 papers instead of 8 as in the past. The ICAI has recommended the following changes to the CA Intermediate subjects:

  • Advanced Accounting will be the first paper since Papers 1 and 5 have been consolidated into one.
  • Economics for Finance and Enterprise Information Systems are removed from Papers 7 and 8, respectively. The remaining material is divided across Paper 6’s Financial Management and Strategic Management sections (50 points each).
  • Paper 2 of corporate law will provide a thorough discussion of the Companies Act. The area of business law will be covered at the CA Foundation level.

CA Intermediate Passing Criteria

There will also be changes to the requirements for passing the CA Intermediate exams. Therefore, 30% of the questions on each of the six examinations will be MCQs. For each erroneous response,.25 of the final grade will also be deducted.

Exemption Criteria for CA Intermediate

With the new approach, if you are granted an exemption, it will be valid for all upcoming submissions of that job. This indicates that the ICAI will view the exempted papers as having successfully passed for good. However, you must pass the remaining papers with a minimum of 50% in order to earn a CA intermediate result.

CA Intermediate Exam Pattern under New Scheme

Significant changes are anticipated in CA Intermediate Accounting and Auditing with the implementation of a code of conduct in CA Inter Auditing.

CA Intermediate Subjective Objective
Paper 1 :Advance Accounting 70 Marks 30 Marks
Paper 2 :Corporate Laws 70 Marks 30 Marks
Paper 3 :Cost and Management Accounting 70 Marks 70 Marks
Paper 4 :Taxation 70 Marks 30 Marks
Paper 5 :Auditing and Code of Ethics 70 Marks 30 Marks
Paper 6 :Financial Management 35 Marks 15 Marks
Paper 6 :Strategic Management 35 Marks 15 Marks

CA Articleship Training

The significant adjustments that ICAI has recommended for the CA articleship Training will be advantageous to the students.

Practical Training Time Period/Duration

The ICAI reduced the CA articleship’s three-year duration to two years. Everyone should be really happy about the fact that all CA applicants can now become CAs more quickly than before.

Despite the reduced CA Articleship time, applicants who want to become practitioners are still needed.

Candidates for chartered accounting positions must have completed a year of work experience at a firm that specialised in the field. After that, they will receive a practising certificate.

Existing CAs will be regarded as having satisfied this criteria if they have worked one year for a CA firm in the five years prior. This restriction does not apply to aspirants looking for work.

CA Articleship Eligibility

The CA New Scheme 2023 states that in order to be eligible to start the articleship training, students must successfully complete both the ICITSS training and the CA Intermediate group exams.

The student will benefit from the move because it allows them to entirely focus on the practical training without having to worry about studying for tests.

CA Articleship Stipend

The inadequate salary for CA articleships that many students get is occasionally a source of complaint. According to the ICAI’s resolution, the stipend will therefore be increased by 100%.

CA Articleship Leaves

Due to the fact that students are not required to take tests during the practical training, the ICAI has reduced the number of leaves. Students are only allowed to take 12 leaves every year, for a total of 24 leaves over the course of two years.

ICAI Self-paced Modules

The ICAI has expanded the new education and training plan to include self-paced modules. Online testing and independent study are both possible with these modules. The self-paced modules are made up of four sets: Set A, Set B, Set C, and Set D. To be eligible to take the CA Final exams, students must complete these 4 sets of exams. To pass these courses, they must receive more than 50% of the possible points. The only two sets that must be taken are Sets A and B, which are Economics Law and Strategic Cost Management. Here are some additional deleted topics from the CA Final old course. The students in the other two categories are free to choose their own subjects. Students can take these self-paced courses online during the articleship programme and pass their exams while simultaneously studying for them.

CA Final Course under New Scheme of Education and Training

CA Final Eligibility and Registration

To join the CA Final course, students must complete both groups of the CA Intermediate exams as well as the ICITSS training. The CA Final exams, however, require that students:

  • The ICITISS Advanced Course.
  • Complete the six-month study period after the practical training is over.
  • The four self-paced modules must be finished.

The CA Final registration is valid for ten years. Candidates can revalidate their registration for the appropriate fee after 10 years.

CA Final New Syllabus 2023

In the CA New Scheme 2023, the ICAI has reduced the number of CA Final papers from 8 to 6. Currently, there are 2 groups, and each group will have 3 papers.

The CA Final Subjects have undergone significant adjustments, including:

  • The themes from Papers 4 and 5 will be dropped and included to the self-paced modules.
  • In Paper 6, there won’t be any more possibilities. It will be done through a multidisciplinary case study with strategic management.
  • Set C of the self-paced courses now includes elective topics including risk management and capital markets.

CA Final Exam Pattern

All CA Final papers will have 30% MCQs, just like the new CA Intermediate course in 2022. Additionally, 25% of your grade will be deducted for each wrong objective response.

CA Final May 2024 Subject and New Exam Pattern

CA Intermediate Subjective Objective
Paper 1 :Final Reporting 70 Marks 30 Marks
Paper 2 :Advance Financial Management (AFM) 70 Marks 30 Marks
Paper 3 :Advance Auditing and Professional Ethics 70 Marks 70 Marks
Paper 4 :Multi- Disciplinary Case Study with Strategic Management 70 Marks 30 Marks
Paper 5 :Direct Tax Laws and International Taxation 70 Marks 30 Marks
Paper 6 :Indirect Tax Laws 35 Marks 15 Marks

The CA Intermediate regulations and the CA Final exemption regulations are identical. For the most recent details on the CA Final findings, see this in-depth article.

Exit Route – Business Accounting Associate

The exit route will also change under the new CA Course 2023. After failing the final examinations, students frequently leave the CA course.

Instead of the Accounting Technician certificate, the ICAI will now grant the Business Accounting Associate certificate. They must, however, abide by the following conditions:

  • CA Intermediate passed both groups.
  • The training for the CA Articleship is complete.
  • Completed the courses in soft skills and information technology.
  • Completed the four self-paced modules in full.
  • Students can check the PPT presentation and pdf produced by the ICAI, which is also the source of this article, for more details regarding the new recommended plan.

Frequently Asked Questions

On or after July 1st, information about the CA New Curriculums’ subjects, exam schedules, and skill-based modules will be made available.

According to ICAI’s announcement, the CA New Course Scheme will be put into effect starting in 2024. While the Intermediate and Final Examinations will be offered starting in May 2024, the first Foundation Examination under the new plan will begin in June 2024.

 The CA New Course Scheme 2024 ensures a more thorough and pertinent curriculum for aspiring chartered accountants by introducing significant revisions to subjects, test patterns, and skill-based modules.

With special rules for leaves and training days, the CA New Course Scheme shortens the Articleship to two years. To compare the present and suggested schemes, see the updated table below:

Articleship Current Scheme  Proposed Scheme
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 of Sundays (52 in a year) 156 (52 x 3) 104 (52 x 2)
D. No. of Gazetted Holidays Approx. 15 in 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)]

Difference between the period of training under Current and Proposed Scheme = 136 days (708-572).

Note: Advanced ITT and MCS can be done after completion of Training under the Proposed Scheme.

The CA Final New Syllabus removes Corporate & Economic Law and SCMPE, streamlining the curriculum to focus on essential topics.

The ICAI has offered a Conversion (Transition) Scheme and detailed how the New Curriculum may be applied in all conceivable circumstances.

There will be 30% case scenario/ case-study based MCQs and 70% descriptive questions in all the six papers of Intermediate & Final Examination.

The ICAI announced the syllabus and new study materials on July 1st, 2023.

 The ICAI has modified the Transition Scheme for Students Preparing Under the Existing Scheme. You can use that as a reference and decide which term and curriculum are appropriate for your situation. Then, start preparing in accordance with your decision.

Yes. The length of the CA Course may be shortened with the new curriculum because the practical training period following the CA Intermediate Exams has been shortened from three years to two. Students may also take tests six months after finishing their practical training. So, if a student completes the Self Paced Learning Module and Practical Training in addition to passing all levels on their first try, the time it takes to become a Qualified Chartered Accountant will be 6 months shorter than under the previous system.

Students need to register for Foundation/ Intermediate/ Final level under the New Scheme of Education and Training through Self Service Portal (SSP) at the link https://eservices.icai.org/..

 In all six papers of the Intermediate & Final Examination, there will be 70% descriptive questions and 30% multiple-choice questions based on case scenarios or case studies.

The Examination Department will separately notify students of any exemptions connected to the New Curriculum. 

Conclusion

All of this has to do with the ICAI’s recently proposed CA New Scheme of Education and Training, which will be in effect starting with the May 2024 tests. The new course will benefit future chartered accountants by better preparing them for international markets. Agrawal Classes will update this website with any ICAI information pertaining to the new CA Course Scheme, so be sure to check back frequently.

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