Exploring the Updates in the CA Syllabus: A Comprehensive Overview

The Chartered Accountancy (CA) curriculum is constantly evolving to keep up with the changing dynamics of the business world. In the CA New Scheme 2023, the Institute of Chartered Accountants of India (ICAI) has introduced several updates to the CA syllabus. These updates aim to provide aspiring chartered accountants with the necessary knowledge and skills required to excel in their professional careers. This article will provide a comprehensive overview of the updates in the CA syllabus and highlight the major changes made.

What are the New Changes to the CA syllabus as per the 2023 update?

The CA syllabus for 2023 introduces several noteworthy changes. The new scheme involves the merging and removal of certain papers across all three levels of the CA course. Additionally, the CA Articleship period is shortened from three years to two years.

Here are the proposed changes at each level of the ICAI CA course:

·        CA Foundation: The number of subjects is reduced from six to four.

·        CA Intermediate: There are now six papers, with three papers in each group.

·        CA Articleship: The duration of the articleship period is reduced from three years to two years.

·        CA Final: The CA Final now consists of six papers, with three papers in each group.

Furthermore, the updates in the CA syllabus impact various aspects such as eligibility, registration validity, curriculum, subjects, paper pattern, passing requirements, exemptions, training leaves, and even the process of leaving the CA course. These changes aim to improve the overall structure and effectiveness of the CA program.

According to the ICAI official, CA Anupam Sharma, the implementation of the new ICAI CA course will not begin with the November 2023 attempt. Instead, the new scheme is expected to be applicable from the May 2024 attempt onwards. This delay allows students and educational institutions to prepare for the upcoming changes.

Under the new scheme, the time required to become a Chartered Accountant has been adjusted. Starting from May 2024, students will need 42 months to complete the CA course and obtain the coveted Chartered Accountant designation.

These updates in the CA syllabus signify a significant shift in the CA course structure and requirements. Aspiring chartered accountants must stay informed and adapt to these changes to ensure a successful journey towards their professional goals.

ICAI CA Course Level	New Proposed Changes
CA Foundation	4 Subjects instead of 6 Subjects (4 Papers)
CA Intermediate	6 Papers (3 in each Group)
CA Articleship	Period Reduced from 3 to 2 years
CA Final	6 Papers (3 in each Group)

Let’s examine the current duration and structure of the ICAI CA course and compare it to the proposed changes under the new scheme:

ICAI CA Course Level	Current	New Changes
CA Foundation Registration/ Appear	10 + 2	Start
CA Foundation Study Period	4 Months	4 Months
CA Intermediate Study Period	8 Months	8 Months
CA Articleship	36 Months	24 Months
CA Final Study Period	–	6 Months
Total CA Course Duration	48 Months	42 Months
Work Experience for CoP	–	12 Months

The new ICAI CA course structure is scheduled to be rolled out in July 2023, as announced by Aniket Talati, the president of ICAI, during a press conference. The updated course aims to equip CA students with global competence by incorporating the study of Blockchain and AI.

Under the current system, CA Foundation registration requires a candidate to have completed 10+2 education. However, under the new scheme, registration can commence at an earlier stage, enabling students to start their CA journey sooner.

The study period for CA Foundation remains the same, with a duration of 4 months in both the current and new schemes. Similarly, the study period for CA Intermediate remains unchanged at 8 months.

One of the significant changes is the reduction in the Articleship duration. Currently, the Articleship period lasts for 36 months, but under the new scheme, it will be shortened to 24 months. This adjustment allows aspiring chartered accountants to progress more quickly in their practical training.

In terms of the CA Final study period, there is no specified duration in the current scheme. However, under the new scheme, it will be set at 6 months, allowing students to focus their efforts and complete the final stage of the course within a defined timeframe.

Overall, the total duration of the CA course is reduced from 48 months in the current scheme to 42 months in the new scheme. This reduction aims to make the course more streamlined and time-efficient while maintaining the necessary educational requirements.

Furthermore, the new CA course emphasizes the importance of work experience by introducing a 12-month requirement for Certificate of Practice (CoP). This provision ensures that candidates have gained practical experience before receiving their CoP.

In summary, the upcoming changes in the ICAI CA course structure will bring about adjustments in registration, study periods, articleship duration, and the overall course duration. These changes aim to provide a more efficient and globally relevant education, incorporating emerging technologies like Blockchain and AI.

CA Foundation Course

The CA Foundation course undergoes significant changes under the proposed education and training scheme. Currently, there are no limitations on the number of attempts for the CA Foundation exams, allowing students to make multiple attempts. The registration validity for the CA Foundation course can also be revalidated multiple times.

However, as per the new scheme, students will be eligible to register for the CA Foundation course after completing the tenth grade, and the registration will remain valid for a duration of four years. It is important to note that after the expiration of the four-year period, revalidation of the CA Foundation registration will not be permitted.

Furthermore, the new scheme eliminates cut-off dates for CA Foundation enrollment, such as January 1 and July 1. This adjustment enables the ICAI to conduct three exams per year, providing more flexibility for students.

The CA Foundation syllabus has undergone revisions as well. In the new scheme, two subjects have been removed: Business Correspondence & Reporting and Business & Commercial Knowledge. The updated syllabus now comprises six subjects and four papers.

The ICAI has also implemented changes to the CA Foundation test pattern. Under the new scheme, students must achieve a minimum of 50% to pass the CA Foundation exams, and there will be a negative marking of 0.25 for each incorrect Multiple Choice Question (MCQ) answer.

These changes in the CA Foundation course aim to align the curriculum with evolving industry requirements and enhance the overall learning experience for aspiring Chartered Accountants. By introducing a revised syllabus, adjusting the test pattern, and providing more flexibility in registration, the ICAI seeks to equip students with the necessary knowledge and skills to excel in their CA Foundation exams and future professional endeavors.

CA Intermediate Course

The eligibility criteria for the CA Intermediate course remain the same. However, there are some notable changes implemented. Direct entry students now need to complete an 8-month study period before they can appear for the exams.

The registration validity for CA Intermediate has been extended from four years to five years. Students enrolled in the CA Intermediate course can revalidate their registration once, subject to the payment of the prescribed fees.

Under the new scheme, the CA Intermediate course consists of six papers, as opposed to the previous eight. The ICAI has introduced the following modifications to the CA Intermediate subjects:

·       Paper 1 and 5 have been merged into a single paper, now known as Advanced Accounting.

·      Enterprise Information Systems has been removed from Paper 7, and Economics for Finance has been removed from Paper 8. The remaining content from these papers has been incorporated into Paper 6, which is now Financial Management and Strategic Management (50 marks + 50 marks).

·    Paper 2, which previously covered Corporate Law and Business Law, will now solely focus on the Companies Act. The portion related to Business Law will be covered at the CA Foundation level.

The passing requirements for CA Intermediate exams have also been modified. All six papers will now include 30% Multiple Choice Questions (MCQs).

An important change regarding exemptions has been introduced in the new scheme. If a student receives an exemption in any paper, that exemption will be permanent for that particular paper. In other words, the ICAI will consider the exempted paper as permanently passed. However, it is necessary to pass the remaining papers with a minimum score of 50%.

These changes aim to streamline and enhance the CA Intermediate course, aligning it with evolving industry demands and providing students with a comprehensive and up-to-date curriculum. By reducing the number of papers, revising subject content, and incorporating MCQs, the ICAI seeks to equip aspiring Chartered Accountants with the necessary knowledge and skills to excel in their CA Intermediate exams and future professional endeavors.

CA Articleship Training

The CA Articleship training program has undergone significant improvements recommended by the ICAI, offering several benefits to students pursuing the CA qualification.

One of the most notable changes is the reduction in the duration of the CA Articleship from three years to two years. This update brings great news for CA aspirants as they can now achieve the designation of Chartered Accountant at an earlier stage than before.

However, along with the shorter period of CA Articleship, there is a condition for aspirants aiming to become practitioners. Students who wish to practice as a CA must acquire at least one year of experience in a Chartered Accountancy firm. Upon fulfilling this requirement, they will be eligible to receive a practice certificate.

For existing CAs, the fulfillment of the experience condition entails having worked for at least one year in a CA firm within the past five years. It is important to note that this condition does not apply to individuals seeking employment rather than establishing their own practice.

Under the CA new scheme 2023, eligibility to commence Articleship training requires students to pass both groups of CA Intermediate and complete ICITSS training. This shift in requirements allows students to dedicate their efforts solely to practical training without the added pressure of exam preparation.

In response to concerns raised by many students regarding inadequate CA Articleship stipends, the ICAI has made the decision to increase the stipend by 100%. This adjustment aims to address the financial challenges faced by students during their training period.

Due to the absence of exams during the practical training phase, the ICAI has implemented a reduction in the number of leaves allowed. Students are now permitted to take a maximum of 12 leaves annually, totaling 24 leaves over the course of two years. This adjustment ensures that students can fully immerse themselves in their practical training experience without excessive interruptions.

These updates in the CA Articleship training program aim to enhance the overall learning and professional development experience for aspiring Chartered Accountants. By streamlining the training process and addressing key concerns, the ICAI is committed to equipping students with the necessary skills and experiences to excel in their future careers.

CA Final Course

To be eligible for registration in the CA Final course, students must successfully pass both rounds of CA Intermediate exams and complete the ICITSS (Integrated Course on Information Technology and Soft Skills) training.

However, in order to appear for the CA Final exams, students are required to fulfill the following criteria:

1.      Completion of Advanced ICITSS Course.

2.      Completion of a 6-month study period after the completion of practical training.

3.      Successful completion of all 4 self-paced modules.

Once registered, the CA Final course registration remains valid for a period of ten years. After the expiration of this duration, aspirants have the option to revalidate their registration by paying the prescribed fee.

Under the CA New Scheme 2023, the ICAI has made significant changes to the CA Final course structure. The number of CA Final papers has been reduced from eight to six, organized into two groups consisting of three papers each.

Noteworthy changes have been implemented in the CA Final subjects:

·        Papers 4 and 5 have been removed from the syllabus and incorporated into the self-paced modules.

·        Paper 6, previously offering options, now comprises a multi-disciplinary case study with a focus on strategic management.

·        Elective subjects, including risk management and financial services and capital markets, have been included in Set C of the self-paced modules.

·        CA Final papers now include 30% Multiple Choice Questions (MCQs). Additionally, a 25% negative marking scheme has been introduced for incorrect objective answers.

The regulations for CA Final exemptions align with the rules applicable to the CA Intermediate level.

These updates to the CA Final course structure aim to enhance the learning experience, promote comprehensive knowledge acquisition, and align with evolving industry requirements. By incorporating practical case studies, self-paced modules, and MCQ-based assessments, the ICAI seeks to prepare aspiring Chartered Accountants for the dynamic and challenging professional landscape they will encounter in their careers.