Aimed at enhancing the education and training process for chartered accountants (CAs), The Institute of Chartered Accountants of India (ICAI) has introduced a forward-thinking and comprehensive scheme. Known as the Chartered Accountants (Amendments) Regulations 2023, this new scheme is looking to make the CA qualification more relevant to the needs of the 21st-century workplace. The new scheme represents a significant change from the current system. To meet workplace demands and to improve accessibility for students, the proposed changes in the scheme aim to enhance the rigor and relevance of the CA qualification. the ICAI website features a detailed PowerPoint presentation on the new scheme, to inform about the changes.
Under the new scheme, the CA course duration is now set at 42 months. Here are the reasons for this reduction in duration:
Reduction In the Number Of Exams: The number of exams needed to become a CA will decrease from 10 to six. While this adjustment aims to enhance accessibility for students, it would also streamline the overall course completion time.
Reduction In The Duration Of Articleship Training: The length of the articleship training program will be reduced from three years to two years. his change will enable students to enter the workforce earlier and make the articleship training program more flexible.
Introduction Of Self-Paced Modules: To address topics not included in the exams, a set of self-paced modules will be developed. These modules will be accessible online and will be mandatory for all CA students. It would enable students to learn at their preferred pace and schedule.
Foundation Course Changes: Here are the changes proposed in the CA Foundation course under the new scheme:
Current System
For the CA Foundation course, there is no restriction on the number of attempts allowed.
For the students, there can be any number of attempts.
Also, the CA Foundation’s registration validity can be revalidated multiple times as well.
Students can register for the CA Foundation course, under the proposed scheme, after finishing their 10th standard. The registration remains valid for a length of four years.
However, the students will not be able to revalidate their foundation registration any further, once the four-year period is over.
Moreover, the proposed scheme does away with the need for specific cut-off dates like January 1 and July 1 for CA Foundation registration, allowing greater flexibility for students.
As a result, the ICAI will be able to conduct three exams per year, which would lead to increased opportunities for aspiring CAs to finish their foundation level.
