Recently Institute of
Chartered Accountants of India has published the New Scheme of Education
and Training for Chartered Accountant Students. ICAI has also invited comments
from Chartered Accountants, Students and Industry to give comment and
suggestion on the new proposed CA Course. The said changes as per ICAI is
necessary due to changes in Technology and Globalization.
Committee for Review of
Education and Training (CRET) was formed in the year 2014, with a specific aim
of formulating a new scheme for CA Education. It has formulated a New scheme
and had invited comments for the same.
You can submit your
response at cret@icai.in
Below is the List of all
you have to know about the proposed changes:
LIST OF PROPOSED CHANGES IN CHARTERED ACCOUNTANT
COURSE (EDUCATION AND TRAINING)
1. NAME CHANGES
- Changes in Nomenclature
of CA Course
The exams will have the
same three-tier structure but will have new names i.e. Foundation, Intermediate
and Final.
2. CPT RELATED CHANGES
- Increase in number of Papers in
Foundation i.e. erestwhile CPT
Instead of 4 papers in
CPT, there is an increase by 2 more papers i.e. General English and Business
Communication. This move is quiet appreciable due to lack of writing and
speaking skills, the industry complains in CA's
- Not All Papers will be MCQ
based in CPT
Another good change, due
to MCQ type of pattern many students enter the course but are unable to crack
the Intermediate Level (IPCC). By making only 2 papers MCQ and letting other
papers as written, there will be a restriction on students who are not qualifies
for the course.
3. IPCC RELATED CHANGES
- Twelve Months Gap between
Foundation (CPT) and Intermediate(IPCC)
The gap between CPT and
IPCC will be increase by 3 more months.
- Changes in Papers in
Intermediate (IPCC)
Whereas in IPCC there
will be 8 papers, due to Cost and Financial management being 2 separate papers
from now on and ITSM paper has been dropped and there will be a seperate
paper of Indirect Tax and Direct Tax.
Also Business Law and
Communication section has been dropped and Company law is now of full 60 marks.
4. FINAL RELATED CHANGES
- Changes in Papers of Final
ISCA has been dropped (a
sigh of relief for many students) and a new paper of Financial Services and
Capital Market has been added to make CA's more competitive. Direct Tax will
now include International Taxation, to make Chartered Accountant handle MNC and
International Clients.
- Students Can appear only after
completing training
Now, students cannot
appear in Final exams before completing training of 3 years. This will help
them to have an uninterrupted practical training.
5. PRACTICAL TRAINING
NO CHANGES
6. GMCS. ITT AND ORIENTATION
These courses will be
merged and a new course in the name of Integrated Course on Information
Technology and Soft Skills (ICITSS) will be started. The course will happen
twice in the Education program one before starting Practical training and one
in last 2 years of practical training in the name of AICITSS. Duration of
course is 3 weeks.
Hope this article will
help you to get all proposed changes at one place. In case of any query or
mistake, feel free to comment or email us at samacharca@gmail.com