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Tuesday, July 7, 2015

New Revised Scheme of Education and Training ICAI

Institute of Chartered Accountants of India has recently issued the new  training program and Education scheme for students and has asked Members & Students for their comments and suggestions. After considering all the suggestions a final scheme has been prepared by ICAI for the students willing to undergo CA course and achieve prestigious ICAI membership. The scheme has been published by ICAI and will officially come into affect after publishing it in Official Gazette. Till then the old scheme will continue for all the new students registering for the course.
 
Below is the Full scheme for Training and Education as decided by ICAI
ICAI Revised Scheme of Education and Training

STEPS TO QUALIFY CHARTERED ACCOUNTANT COURSE FOR NON-DIRECT ENTRY STUDENTS

1. Register with Board of Studies after appearing in class XII.

2. Appear in Foundation Program (Earlier known as CPT) after passing class XII exam.
 
3. Register for Intermediate (Earlier Known as IPCC) after passing Foundation.
 
4. Appear and pass either or both groups of Intermeidate, after completing 8 months study period.
 
5. Complete 4 weeks Integrated Course on Information Technology and Soft Skills (ICITSS).
 
6. Register and Start 3 years of Practical Training under a Chartered Accountant.
 
7. Register for Final after passing both groups of Intermediate.
 
8. Complete practical training and Advanced ICITSS

9. Appear and pass Final

10. Apply for Membership

STEPS TO QUALIFY CHARTERED ACCOUNTANT COURSE FOR DIRECT ENTRY STUDENTS 

1. Applicable for Graduates/Post Graduates with 55% marks in Commerce or for else 60% and Intermediate Qualified Cost Accountants or Company Sectary Students

2. Intermediate Qualified Students of ICSI and ICAI (Cost Accountants) directly register for Intermediate course and start from Step 3 of above list

3. For Graduates/Post Graduates register and complete 4 Week ICITSS

4. Register for 3 years training and complete 9 months training and then appear in Intermediate Examination
 
5. After completing Intermediate Examination start from step 7 above.


CHANGES IN SUBJECTS OF ICAI COURSES

FOUNDATION COURSE (EARLIER KNOWN AS CPT) 

A mixture of Subjective and Objective paper will be started. Only paper 2 and 4 will be objective.
 
Paper 1: Principles and Practices of Accounting (100 marks)
Paper 2: Business Mathematics and Logical Reasoning (60 makrs) & Statistics (40 marks) 
Paper 3: Mercantile Law (60 marks) & General English (40 makrs)
Paper 4: Business Economics (60 marks) and Business and Commercial Knowledge (40 marks)

Students can only appear after passing Class XII examination. Paper will of 400 marks and passing marks would be overall 50 % and 40% for each subject.


INTERMEDIATE (EARLIER KNOWN AS IPCC)

A total of 8 papers will have to be studied, divided into 2 groups of 4 paper each.

GROUP 1-
Paper 1: Accounting (100 marks)
Paper 2: Corporate Law (60 marks) Other Laws (40 marks)
Paper 3: Cost Accounting (100 marks)
Paper 4: Direct Tax (60 marks) and Indirect Tax (40 marks)

GROUP 2-
Paper 1: Advanced Accounting (100 marks)
Paper 2: Audit and Assurance (100 marks)
Paper 3: Financial Management (60 marks) and Business Economic Environment (40 marks)
Paper 4: Information Technology (60 marks) and Strategic Management (40 marks)


FINAL COURSE


A total of 8 papers will have to be studied, divided into 2 groups of 4 paper each.

GROUP 1-
Paper1: Financial Reporting (100 marks) 
Paper 2: Strategic Financial Management (100 marks)
Paper 3: Advanced Auditing and Professional Ethics (100 marks)
Paper 4: Corporate Laws and Other Economic Laws (100 marks)

GROUP 2
Paper 1:  Advanced Management Accounting (100 marks)
Paper 2: Financial Service and Capital Market (50 marks) and Information System Control  and Audit (50 marks)
Paper 3: Advanced Direct Tax laws (70 marks) and International Taxation (30 marks)
Paper 4: Advanced Indirect Tax Laws (100 marks)

 

ICITSS (INTEGRATED COURSE ON INFORMATION TECHNOLOGY AND SOFT SKILLS)

  • 2 weeks of soft skills and 2 weeks of IT training
  • To be started before starting 3 years practical training
  • Assessment test after the completion of course.

PRACTICAL TRAINING

  • Duration of 3 years
  • Commencement after passing both groups and ICITSS 
  • Commencement For Direct Entry after completing ICITSS

AICITSS (ADVANCED INTEGRATED COURSE ON INFORMATION TECHNOLOGY AND SOFT SKILLS)

  •  2 weeks of soft skills and 2 weeks of IT training
  • To be started in last 2 years practical training and before appearing in Final Examination.

 



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