ICAI CA New Scheme 2024 – Latest Updates & New Syllabus
Introduction
The Institute of Chartered Accountants of India (ICAI) has introduced a new scheme for the Chartered Accountancy (CA) course, which took effect on July 1, 2023. This new scheme brings significant changes to the curriculum, training duration, and overall structure of the CA course, aimed at making it more aligned with international standards and the National Education Policy 2020 (NEP). The first exams under this new scheme will be conducted in May 2024. This comprehensive guide provides all the latest updates and details about the new syllabus.
ICAI CA New Scheme of Education and Training 2024
The new scheme of education and training introduced by ICAI is designed to streamline the process of becoming a Chartered Accountant. It reduces the duration of articleship training and updates the syllabus to better equip students with the necessary skills and knowledge for the profession.
Key Changes in the New Scheme:
- Reduction in the number of subjects and papers at each level.
- Reduction in the articleship training period from 3 years to 2 years.
- Introduction of self-paced modules.
- Changes in passing criteria and exam patterns.
Latest Update on ICAI CA New Course
The new scheme officially came into effect on July 1, 2023, as per the announcement in the Indian Gazette on June 22, 2023. The first examinations under this scheme will be held in May 2024. This update requires current and prospective CA students to plan their studies according to the new structure and guidelines provided by ICAI.
CA Foundation New Course 2024
The CA Foundation course under the new scheme has been streamlined to make it more manageable and focused.
Changes in CA Foundation Course:
- Number of subjects reduced from 6 to 4.
- Registration after 10th grade.
- Registration validity for four years without revalidation.
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CA Foundation New Syllabus 2024
In the new syllabus for CA Foundation, two subjects have been removed, simplifying the course structure.
New Syllabus:
- Paper 1: Accounting
- Paper 2: Business Laws
- Paper 3: Quantitative Aptitude (Business Mathematics, Logical Reasoning, Statistics)
- Paper 4: Business Economics
CA Foundation Passing Criteria
The passing criteria have been updated to ensure students have a thorough understanding of the subjects.
New Passing Criteria:
- Minimum 50% marks to pass.
- Negative marking of 0.25 for each wrong MCQ answer
CA Intermediate Course under New Scheme 2024
The CA Intermediate course has also undergone significant changes, reducing the number of papers and updating the registration validity.
Changes in CA Intermediate Course:
- Papers reduced from 8 to 6.
- Registration validity increased from 4 years to 5 years (with one revalidation allowed).
CA Intermediate New Syllabus 2024
The new syllabus for CA Intermediate merges certain papers and removes others to focus on core areas.
New Syllabus:
| Current Paper | New Paper |
| Paper 1: Accounting | Paper 1: Advanced Accounting |
| Paper 5: Advanced Accounting | |
| Paper 2: Corporate and Other Laws | Paper 2: Corporate Laws |
| Paper 3: Cost and Management Accounting | Paper 3: Cost and Management Accounting |
| Paper 4: Taxation | Paper 4: Taxation |
| Paper 6: Auditing and Assurance | Paper 5: Auditing and Code of Ethics |
| Paper 7: Enterprise Information System & Strategic Management | Paper 6A: Financial Management (50 Marks) |
| Paper 8: Financial Management & Economics for Finance | Paper 6B: Strategic Management (50 Marks) |
CA Intermediate Passing Criteria
The passing criteria for CA Intermediate have been updated to include more objective questions and negative marking.
New Passing Criteria:
- 30% MCQ-based questions in all 6 papers.
- Negative marking of 0.25 for each wrong answer.
CA Intermediate Exam Pattern under New Scheme
The new exam pattern for CA Intermediate focuses on a mix of subjective and objective questions to test students’ comprehensive understanding.
New Exam Pattern:
| Paper | Subjective Marks | Objective Marks |
| Paper 1: Advanced Accounting | 70 | 30 |
| Paper 2: Corporate Laws | 70 | 30 |
| Paper 3: Cost and Management Accounting | 70 | 30 |
| Paper 4: Taxation | 70 | 30 |
| Paper 5: Auditing and Code of Ethics | 70 | 30 |
| Paper 6A: Financial Management | 35 | 15 |
| Paper 6B: Strategic Management | 35 | 15 |
CA Articleship Training
The articleship training period has been reduced, and new eligibility criteria have been set to ensure students focus on practical training.
Duration: Reduced from 3 years to 2 years.
CA Articleship Eligibility
New Eligibility Criteria:
- Clear both groups of CA Intermediate.
- Completion of ICITSS training.
CA Final Course under New Scheme of Education and Training
The CA Final course now includes fewer papers and incorporates self-paced modules for a more flexible learning approach.
Eligibility:
- Pass both groups of CA Intermediate.
- Complete ICITSS training.
- Clear all self-paced modules.
CA Final New Syllabus 2024
The new syllabus for CA Final focuses on core areas and removes certain subjects to streamline the course.
New Syllabus:
| Current Paper | New Paper |
| Paper 1: Financial Reporting | Paper 1: Financial Reporting |
| Paper 2: Strategic Financial Management | Paper 2: Advanced Financial Management |
| Paper 3: Advanced Auditing & Professional Ethics | Paper 3: Advanced Auditing & Professional Ethics |
| Paper 4: Corporate and Economics Laws | Self-Paced Online Module |
| Paper 5: Strategic Cost Management & Performance Evaluation | Self-Paced Online Module |
| Paper 7: Direct Tax Laws and International Taxation | Paper 4: Direct Tax Laws and International Taxation |
| Paper 8: Indirect Tax Laws | Paper 5: Indirect Tax Laws |
| Paper 6: Multi-Disciplinary Case Study with Strategic Management |
CA Final Exam Pattern 2024
The exam pattern for CA Final includes both subjective and objective questions, with a focus on practical and analytical skills.
New Exam Pattern:
| Paper | Subjective Marks | Objective Marks |
| Paper 1: Financial Reporting | 70 | 30 |
| Paper 2: Advanced Financial Management | 70 | 30 |
| Paper 3: Advanced Auditing & Professional Ethics | 70 | 30 |
| Paper 4: Multi-Disciplinary Case Study with Strategic Management | 70 | 30 |
| Paper 5: Direct Tax Laws and International Taxation | 70 | 30 |
| Paper 6: Indirect Tax Laws | 35 | 15 |
FAQs
Q5: How do you register under the New Scheme of Education and Training?
Students need to register for Foundation, Intermediate, or Final levels through the Self Service Portal (SSP) at ICAI SSP.
Q4: What is the structure of the Chartered Accountancy Course under the New Scheme of Education and Training?
The new scheme includes three levels: Foundation, Intermediate, and Final, with self-paced online modules.
Q3: Will the CA syllabus change in 2024?
Yes, the CA New Syllabus implementation is confirmed from the May 2024 attempt.
Q2: Is the CA New Scheme applicable for the Nov 2023 exam?
No, the new scheme will be applicable from the May 2024 exams.
Q1: When will the ICAI CA New Scheme of Education come into effect?
The ICAI CA New Scheme of Education and Training came into effect on July 1, 2023.
Conclusion
The ICAI CA New Scheme 2024 brings substantial changes to the Chartered Accountancy course, making it more streamlined and aligned with international standards. With reduced training duration, updated syllabi, and new passing criteria, the new scheme aims to produce well-rounded Chartered Accountants ready to meet global market demands. Prospective CA students should carefully review the new scheme and adjust their study plans accordingly to ensure success.