ICAI Updates on Proposed Scheme of Education and Training
- Exam|
- 3 Min Read
- By Taxmann
- |
- Last Updated on 14 July, 2022
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Table of Contents
1. Proposed Scheme of Education and Training at a Glance
2. Key Features of the New Scheme
3. Proposed ICAI exam and Training life cycle
4. No. of subjects in each level of ICAI examination
1. Proposed Scheme of Education and Training at a Glance
As we all know, The Institute (ICAI) and the Accountancy profession in India have been playing a pivotal and proactive role as an important pillar in the nation’s development and economic growth. ICAI also plays important role for deciding the Syllabus and trainings of the CA course. For developing a comprehensive curriculum at par with international standards the Institute of Chartered Accountant of India is all set to introduce a “New Scheme for Education and Training”.
The new Scheme will be formulated with a view to incorporating the best practices of international accountancy bodies and requirements under International Education Standards(IESs).
In a recent announcement made by the ICAI, the Board of Studies (Academic) has prepared a PowerPoint Presentation on the Proposed Scheme of Education and Training to give a quick insight about the Scheme to all stakeholders.
2. Key Features of the New Scheme
Some of the key features of the new scheme of education could be understand by the following table:
| Activity | Current Scheme | Proposed Scheme |
| Registration for Foundation/appear for 10+2 | Start | Start |
| Appear for Foundation Examination | 4 months | 4 months |
| Study for Intermediate Examination | 8 months | 8 months |
| Articleship | 36 months | 24 months |
| Study for Final Examination | – | 6 months |
| Total period to become ICAI member | 48 months | 42 months |
| Work experience for applying COP | – | 12 months |
3. Proposed ICAI exam and training life cycle
-
- Register for Foundation after passing Class 10 (registration valid for 4 years).
- Appear for Foundation Examination after appearing for 10+2 examination and completion of 4 months from registration (passing marks 50% in each paper).
- Register for Intermediate Course after passing Foundation Examination/graduate or post-graduate with requisite marks (registration valid for 5 years + 5 years with revalidation).
- Appear for Intermediate Examination (6 papers in 2 groups) after completion of study period of 8 months (passing marks 40% in each paper and 50% in each group).
- Pass both groups of Intermediate Examination, complete integrated course on Information Technology and Soft Skills and commence articleship.
- Register for Final Course and registration valid for 10 years which can be revalidated after every 10 years.
- Articleship period will be 2 years of which 2nd year can be for industrial training (eligible leave 24 days for 2 years).
- Undergo Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) Course, pass self-paced online modules and Complete articleship before appearing in Final Examination.
- Appear for Final examination (6 papers in 2 groups) after and completion of 6 months from end of articleship (passing marks 40% in each paper and 50% in each group).
- A candidate getting exemption in any paper will need to pass the remaining papers within the next 3 attempts. The exemption can be availed further subject to passing marks of 50% in each paper.
- Pass both groups of Final Examination and apply for ICAI membership.
- To apply for Certificate of Practice undergo 1 year work experience under a fellow CA in practice.
4. No. of subjects in each level of ICAI examination
| Examination | No of papers | Name of subjects (100 Marks each) |
| CA Foundation | 4 | 1. Accounting
2. Business Laws 3. Quantitative Aptitude 4. Business Economics |
| CA Intermediate |
6 (2 groups of 3 papers each) |
Group – 1:
1. Advanced Accounting 2. Corporate Laws 3. Cost & Management Accounting Group – 2: 4. Taxation 5. Auditing and Code of Ethics 6. Financial & Strategic Management |
| CA Final |
6 (2 groups of 3 papers each) |
Group – 1:
1. Financial Reporting 2. Advanced Financial Management 3. Advance Auditing & Professional Ethics Group – 2: 4. Direct Tax Laws & International Taxation 5. Indirect Tax Laws 6. Integrated Business Solutions |
ICAI has shared detailed PPT for the above new scheme. Interested students can also check the PPT by visiting the official website of ICAI. To check out that PPT: Click Here
The Institute has also invited suggestions from the stakeholders regarding the new scheme. The stakeholders may send their suggestions/objections in regard to the aforesaid proposed scheme latest by 1st July, 2022 for consideration of the Council by visiting the following link: https://boscret.icai.org/
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Thank you for the article Taxmann.
I am interested to know whether the new proposed scheme is already applicable or the news is yet to be released. Will it be 2022 or could be longer? For those who are undergoing Practical Training and enrolled in Intermediate, will they still need to complete 1 year of training? Or, if they complete 1 year of Practical Training by 2023, will the time period be deducted from the 2 years of Practical/Industrial training under Proposed Scheme? When can it be known that one can sit for exams under the new scheme, for those wanting to appear in the first half of 2023.
Please guide.
Thanking you
Kind regards