The Institute of Chartered Accountants of India (ICAI) recently announced the New Scheme 2024 on June 22, 2023, through official notification in India’s Gazette. Implementation is planned to commence on July 1, 2023. The ICAI’s new education and training program for the CA course includes all three levels. It includes numerous revisions to the syllabus, subjects, registration validity, and passing standards. Continue reading to learn about the exact modifications at each level.

ICAI Old CA Course Vs New CA Course 

CA Current/Old Scheme

• Registration for Foundation Exam: Students may enrol in the CA Foundation course after successfully passing Class 10 examinations or an equivalent.
• Appear for Foundation Exam: Once the study has concluded over a four-month study session, candidates are eligible to sit the CA Foundation examination.
• Study for the Intermediate Exam: After passing the Foundation exam, students can start getting ready for the 8-month-long CA Intermediate exam. Students can Join the CA Intermediate Coaching to pass the CA inter exam in first attempt. 
• Articleship Period: After passing their Intermediate examinations, students must undergo a three-year articleship period under the supervision of a practising Chartered Accounting professional. This will help them gain practical experience and build expertise.
• Study for the Final Exams: Once candidates complete their articles, they can prepare for and sit the CA Final Examination. 
• Time to become an ICAI Member: To become an ICAI member usually takes around 48 months of fulfilling all requirements and fulfilling necessary courses of action.

CA New Scheme

• Registration for Foundation: Similar to the existing structure, students can enroll in the CA Foundation course after completing their Class 10 exams.
• Appear for Foundation Exam: After a four-month study period, students can appear for the CA Foundation exam.
• Study for Intermediate Exam: After passing the Foundation level, students can begin focusing on the eight-month study period that is now needed for the CA Intermediate exam. 
• Articleship: One of the most noteworthy modifications to the CA New Scheme is the shorter articleship time. After passing the Intermediate test, students must do a two-year articleship instead of three.
• Study for Final Exam: After completing their articleship, students can prepare for the CA Final examination, which now requires a six-month study period.
• Period to Become an ICAI Member: Under the current plan, the period required to become an ICAI member is around 42 months due to the shortened articleship and the shorter study period for the CA final exam.

Exit Route Under ICAI New CA Course – Business Accounting Associate Certificate

The new scheme includes an optional Business Accounting Certificate. After passing the CA Intermediate test, students can pursue this certificate programme. It includes completing the Professional Training and Integrated Course on Information Technology and Soft Skills and self-paced learning modules.

Even if students choose not to pursue chartered accounting, the optional Business Accounting Associate certification offers them a valuable qualification. To receive this certification, students need to meet the requirements listed below:

• Pass both levels of the CA Intermediate group:
• Completing this prerequisite guarantees that students have thoroughly comprehended the underlying ideas and principles.
• Complete two years of CA Articleship: Students can hone their professional abilities by applying their theoretical understanding to real-world circumstances. Hence, the articleship phase offers practical training experience.
• Complete AICTSS Training: Students who complete the Advanced Integrated Course on Information Technology and Soft Skills (AICTSS) program of the CA Course. 
• Eligible for every set of self-paced online modules: These online modules cover several important subjects and give students an in-depth understanding of real-world applications related to the accounting industry.

Important Tips To Score Better Under The New CA Course 

• The new CA course shifts the focus to expert knowledge of business and the development of technical competencies. Students should strive for a deeper understanding of the world around them instead of just recalling information. Take practice exams and mock tests to polish your preparation approach. Due to the tremendous emphasis being placed both on IT and data analytics, be sure to build competencies in these areas.
• Lead your time properly through practical lessons in articles, computer courses, general management, communication skills courses, and advanced IT courses. Don’t compromise on any. The workforce is becoming more technically inclined. Hence, there should be a balance between theoretical and practical training, as it will help to sustain performance in the real world. Adequately deciding on your training firm could open more doors for you.
• Use highly effective methods, such as mind maps, mnemonics, charts, etc., to memorize. Clear all doubts by applying yourself to regular and independent study. Experience from the strategies used by top performers in the previous assessments is a good place to start. Strive for the perfect work-life balance by letting the body rest and the body get healthy practices to combat stress.
• Follow suggestions from teachers, seniors, classmates, and everything else viable from ICAI while you study. 

Final Thoughts

The ICAI New CA Course aims to expedite and simplify the process of becoming a chartered accountant. The institute attempts to more effectively prepare aspiring chartered accountants for their professional careers. Further, it also brings its curriculum into compliance with international education standards are well reflected in these changes.