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

The ICAI has suggested a new education and training program for CAs, called the “ICAI CA New Scheme 2023.” The ICAI official notification now states that the CA New Scheme will be introduced on July 1.

According to the ICAI CA New Scheme of Education and Training, which was published in the Indian Gazette on June 22, 2023, it will take effect on July 1st, 2023. 

Visit the announcements area of the official ICAI website to see the official Notification on the ICAI CA New Scheme. The redesigned CA curriculum for 2023 combines some papers from all three levels while removing others. The new approach also shortens the CA articleship from three to only two years.

The ICAI’s planned new education and training system for 2023 will therefore be covered in detail in this article, including the most recent developments and a comparison of the old and new systems.
Watch CA RC Sharma sir’s in-depth video for a thorough explanation of each topic in the CA revised syllabus 2023.

Let’s first take a look at how long the CA Course will be under the new structure before delving into the specifics of each course and training.

Therefore, under the new CA plan, which will take effect in May 2024, a student will need to finish 42 months of education in order to become a chartered accountant.

ICAI New Course Approved by Central Government

The CA New course has received approval from the Law Ministry, and starting with the May 2024 tests, the new methodology will be applied. Anupam Sharma, a CA and ICAI member, tweeted the information. The public will soon learn about it through the ICAI CA.
It is recommended that all CA students attempt to adequately plan their studies before their papers are due in May 2024. The council meeting for the CA new course has been postponed until June 15, 2023, according to a recent tweet from CA Anupam Sharma on May 26, 2023. Students won’t receive official confirmation of the new ICAI course 2023 for a while.

Beginning in July 2023, the ICAI CA course will be taught in its new format. ICAI President Aniket Talati announced the information during the press conference. In order to help CA students become globally competent, the new course will include addressing blockchain and AI.

Starting with the May 2024 attempt, the ICAI CA New Scheme 2023 will be put into effect. According to an ICAI representative, the new course will be rendered obsolete as of November 2023.
According to CA Aniket Sunil Talati, vice-president of the ICAI, the CA New Scheme 2023 will take effect in November 2023 if the MCA approves it before February 2023. The amended program will go into effect in May 2024, unless the MCA takes longer than anticipated to approve.

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

Repeating the CA Foundation course a predetermined number of times is not yet required. Therefore, students are free to try as often as they wish. The CA Foundation registration’s validity may also be extended numerous times.

Children may enroll in the planned education and training program after tenth grade, and their registration with the CA Foundation is valid for four years. Students are also not allowed to revalidate their foundation registration after those four years.

The CA Foundation will no longer have a membership cutoff date, such as January 1 or July 1. The ICAI will be able to conduct three exams year thanks to this.

Currently, the CA Foundation program offers 6 subjects and 4 examinations. The ICAI has currently removed Business Correspondence and reporting and Business and commercial Knowledge from the new curriculum.
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)

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The CA Foundation test pattern has also undergone some adjustments as a result of the ICAI. Under the new system, students must obtain 50% of the possible points to pass the CA Foundation examinations, and each incorrect MCQ answer will deduct points from their final score. Points: 25.

All of these changes are included in the updated CA Foundation course syllabus and training program.
You can enroll in Amit Bachhawat  CA Foundation tutoring if you want to study for the 2023 CA examinations. Every aspect of our training is built on the most recent ICAI exam format and study guides.

CA Intermediate Eligibility

The prerequisites for the CA Intermediate course remain unchanged. However, those who choose the direct entry route must commit to an 8-month study time in order to take the tests.

CA Intermediate Registration Validity

Instead of having a four-year validity period, the CA Intermediate registration now has a five-year one. CA Intermediate students are only permitted to pay the necessary costs for revalidating their registration form once.

Instead of having a four-year validity period, the CA Intermediate registration now has a five-year one. CA Intermediate students are only permitted to pay the necessary costs for revalidating their registration form once.

There will only be six papers in the CA Intermediate course as opposed to the previous eight. The following modifications to the CA Intermediate subjects have been suggested by the ICAI:

• The first paper after Papers 1 and 5 were combined will be Advanced Accounting.
• Enterprise Information Systems and Economics for Finance have been dropped from Papers 7 and 8, respectively. The remaining material is divided into two sections (each worth 50 points) for Paper 6: Financial Management and Strategic Management.
• The Companies Act will be thoroughly covered in paper 2 of the corporate law course. At the CA Foundation level, business law will be covered.

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The standards for completing the CA Intermediate exams will also alter. As a result, MCQs will make up 30% of the questions on each of the six exams. Additionally,.25 of the total grade will be subtracted for each incorrect response.

If you are given an exemption under the new method, it will apply to all future submissions for that job. The ICAI would likely consider the exempted papers to have successfully passed for good in light of this. However, in order to receive a CA intermediate result, you must pass the following exams with a minimum score of 50%.

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

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

The three-year length of the CA articleship was shortened by the ICAI to two years. The fact that all CA applicants can now become CAs more faster than before should make everyone extremely happy.
There is still a demand for applicants who desire to become practitioners despite the shortened CA Articleship period.
Candidates seeking chartered accounting roles must have finished a year of work experience at a company with a focus on the discipline. They will then be given a certificate for practicing.
Existing CAs will be considered to have met this requirement if they have worked one year for a CA firm during the previous five years. Those seeking for job are not subject to this restriction.

According to the CA New Scheme 2023, students must successfully complete the ICITSS training as well as the CA Intermediate group exams in order to be qualified to begin the articleship training.
The change will be advantageous to the student because it frees them up to completely concentrate on the practical training without having to worry about test preparation.

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%.

The ICAI has lowered the amount of leaves because students are not obliged to take tests during the practical training. Only 12 leaves per year, or a total of 24 over the course of two years, are permitted for students

The ICAI has added self-paced courses to the updated education and training program. With these modules, individual study and online testing are both feasible. There are four sets total in the self-paced modules: Sets A, B, C, and D. Students must pass these 4 sets of tests in order to be qualified to take the CA Final exams. They need to earn more than 50% of the possible points in order to pass these classes.
Sets A and B, which are Economics Law and Strategic Cost Management, are the only two that must be taken. Here are a few more topics from the original CA Final course that were removed. The pupils in the other two categories are allowed to select any subjects they like. During the articleship program, students can enroll in these online self-paced courses and study for their exams while taking them.

Students must pass both groups of the CA Intermediate exams and the ICITSS training in order to enroll in the CA Final course. But for the CA Final exams, students must:

• The Advanced Course at ICITISS.
• Following the conclusion of the practical training, finish the six-month study phase.
• The four independent study modules must be completed.

The registration for the CA Final is good for ten years. After ten years, candidates can revalidate their registration for the necessary cost.

The ICAI has decreased the number of CA Final papers from 8 to 6 in the CA New Scheme 2023. There are now two groups, and each group will submit three papers.

Significant changes have been made to the CA Final Subjects, including:

• The topics covered in Papers 4 and 5 won’t be included in the self-paced modules.
• There won’t be any additional options in Paper 6.
•  A multidisciplinary case study involving strategic management will be used to accomplish this.
• Risk management and capital markets are now among the elective subjects in Set C of the self-paced courses.

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.

The CA Final exemption regulations are identical to the CA Intermediate regulations. See this in-depth article for the most updated information on the CA Final findings.

The new CA Course 2023 will also change the exit route. The CA course is commonly abandoned by students who don’t pass the final exams.
The ICAI will now award the Business Accounting Associate credential rather than the Accounting Technician certificate. However, they must adhere to the following rules:

• Intermediate CA passed both tests.
• The education required for the CA Articleship has finished.
• completed the information technology and soft skills courses.
• completed all four of the self-paced modules.
• For further information on the revised suggested plan, students can consult the PPT presentation and pdf created by the ICAI, which is also the source of this post.

Must Check : CA Foundation New Syllabus | CA Inter New Syllabus

All of this is related to the CA New Scheme of Education and Training that the ICAI recently recommended and will be implemented beginning with the May 2024 exams. Future chartered accountants will gain from the new course since it will better prepare them for global markets. Be sure to check back frequently since Amit Bachhawat will update this page with any ICAI information relating to the new CA Course Scheme