Chartered Accountants Institute Launches New Programme For Future CAs

The Institute of Chartered Accountants of India (ICAI) has recently launched a new education and training program designed for aspiring chartered accountants. This innovative scheme aligns with global education standards and incorporates the recommendations outlined in the National Education Policy, 2020 (NEP). Scheduled to be implemented from July 1, the program aims to equip individuals pursuing a career in chartered accounting with a comprehensive and internationally recognized education and training framework. The revised Chartered Accountancy Syllabus has received approval from the Central Government. This strategic shift coincides with the upcoming 75th anniversary of the CA Institute, which will be celebrated on the same date in the presence of President Draupadi Murmu.

Substantial changes are expected in the field of CA studies following the introduction of this new system. Additionally, the duration of the CA articleship program will be reduced as a result of these modifications. This groundbreaking initiative is projected to inspire over 800,000 Chartered Accountancy students to become members of the ICAI. Both the Ministry of Law and the Ministry of Corporate Affairs have accepted the new CA syllabus and practical training framework, which has already been authorized by the ICAI's Central Council. The CA foundation level previously consisted of six subjects; however, two subjects, namely Business Corresponding & Reporting and Business & Commercial Knowledge, have been eliminated under the New Scheme. Accordingly, the chart below presents the revised four subjects as proposed:

Proposed: Paper 1: Accounting Paper 2: Business law Paper 3: Quantitative Aptitude, Business Mathematics, Logical Reasoning, Statistics Paper 4: Business Economics

Previous: Paper 1: Principles and Practice of Accounting Paper 2: Business Laws and Business Correspondence and Reporting Paper 3: Business Mathematics and Logical Reasoning and Statistics Paper 4: Business Economics & Business & Commercial Knowledge

Passing Criteria for CA Foundation The ICAI has introduced certain adjustments to the passing requirements for the CA Foundation under the New Scheme. In order to pass the exams, students must now attain a minimum of 50%, and a penalty of 0.25 marks will be imposed for incorrect answers. These modifications have been implemented to streamline and enhance the effectiveness of the course, ensuring its relevance to the industry.