The proposed ICAI New Scheme for 2023 exams has resulted in changes to the education and training of the CA Course, which consists of three levels: CA Foundation, CA Inter, and CA Final. Some sections have been eliminated, while others have been merged or added. To gain a better understanding of the new scheme and its impact on the CA syllabus for the 2023 exams, read on for further details.
Information on the ICAI’s New Scheme for CA
Below is the modifications made to the ICAI’s new exam pattern. It is recommended that students review these changes thoroughly and understand the prerequisites before commencing their preparations.
The ICAI New Scheme for 2023 exams has brought about the following changes:
- Two subjects have been eliminated from the CA Foundation level.
- The CA Intermediate level now consists of six papers that are categorized into two groups.
- The CA Final level has six papers and is also split into two groups.
- The duration of the Articleship period has been shortened to two years from three years.
Difference between the New and Old Syllabus for ICAI CA Foundation
|Proposed Changes by ICAI
|Old CA Foundation Syllabus
|A student who has cleared both the CA Foundation exam and the 12th-grade board examination.
|No exact number of attempts restriction the CA Foundation Course.
|4 Years Validity
|Previously, there was no exact limitation to the CA Foundation registration validity.
|No cut-off dates for CA Foundation Registration.
|Cut-off dates like January 1 or July 1 for CA Foundation Level
CA Foundation New Syllabus 2023
Listed below are the modifications proposed in the ICAI’s new scheme for education & training:
- The new scheme has reduced 6 subjects and 4 papers to 4 subjects and 4 papers. These subjects have been removed.
- Business Correspondence & Reporting
- Business & Commercial Knowledge
- A negative marking of .25 for every wrong answer. Previously there was no such negative marking.
- Now, the students have to score at least 50% in each subject to pass the Foundation level.
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Comparison Between ICAI’s New & Old course Schemes for CA Intermediate Level 2023
|CA Intermediate New Course Scheme
|CA Intermediate Old Course Scheme
|No changes in the Eligibility criteria
|Individuals who have successfully cleared the CA Foundation exam and 12th board are qualified to take the next level.
|CA Inter registration validity- 5 years
(Charges on re-validation)
Re-validation allowed just once
|Validity of Registration- 4 years
|Direct Entry Route – Mandatory 8 months study period
|8 months study period for Foundation Route
Compulsory practical training of 9 months for Direct Entry Route.
New Syllabus for CA Intermediate Exam 2023
Key highlights of the ICAI CA Inter New Syllabus:
- The new syllabus for CA Intermediate has removed two subjects.
- Paper 1 and 5 are combined and now called “Advanced Accounting.
- Enterprise Information Systems” has been eliminated.
- Economics for Finance” is no longer included in paper 8, with the remaining content included in paper 6, now called “Financial Management and Strategic Management.
- Paper 2 of CA Intermediate will solely focus on the “Companies Act.
- Under the ICAI New Scheme 2023, the CA Intermediate Syllabus will be divided into two groups, each containing three papers.
- Business Law is now part of the CA Foundation Level syllabus.
Exemptions and Passing Criteria in the ICAI CA Intermediate New Scheme
CA Intermediate exemptions and passing criteria are mentioned below.
30% MCQ questions for all the papers of CA Intermediate exam.
- After the new scheme, ICAI will consider the exempted papers of CA Intermediate as permanently cleared, but the students need to score at least 50% marks individually in the remaining papers.
- For every incorrect answer, there will be a deduction of 0.25 marks.
- A student who scores 60% or more in one or more papers in a single attempt is eligible for paper exemptions in the CA Intermediate level for the immediate next three attempts.
- After being exempted from a paper, students can only surrender the exemption after a minimum of three attempts.
CA Articleship Changes in the new Scheme of ICAI, 2023
- The duration of CA Articleship has been shortened from 3 years to 2 years in the new scheme of ICAI, 2023.
- However, it is mandatory for students to have completed at least 1 year of practical training under a CA firm.
Changes in the CA Final Course in the New Scheme of ICAI
To be eligible for the CA Final exam, students must complete four sets of self-paced modules, which are categorized as SET A, SET B, SET C, and SET D. Each set covers the following subjects:
- Economic Laws(Compulsory set)
- Strategic Cost Management and performance evaluation(Compulsory set)
- Specialization Elective
- Incorporating multidisciplinary approach envisaged in NEP,2020
- Now, take a look at the key highlights of CA Final Syllabus changes proposed by ICAI:
|CA Final Level ICAI New Scheme
|CA Final Level Old Scheme
|Eligibility for Admission
|Same as the previous course structure of CA Final level.
|Students who have passed both groups of the CA Intermediate exam and have completed the integrated course on information technology and soft skills are eligible
|10 year validity (Re-validation permitted but with prescribed fee)
|No particular restrictions
|Eligibility for Exam
|Completed advanced ICITISS course and 2.5 years of practical training.
- In the CA Final new scheme, students are required to obtain a score of over 50% in every module.
- The CA Final old course no longer includes the compulsory papers.
- Students can choose their preferred topics from the remaining sets and prepare accordingly, as per the CA Final new scheme.
- CA Final papers have been reduced from 6 papers from 6 papers, in the CA Final syllabus.
- The subjects included in paper 4 and 5 have been eliminated from the CA Final syllabus and made a part of the compulsory self-paced modules.
- The self-paced module Set C now includes elective subjects such as “Risk Management” and “Financial Services.
The new CA Final exam pattern includes 30% MCQ based questions and negative marking for every wrong answer, which is a change from the previous scheme that did not have negative marking. While this may be concerning for students, it’s important to remember that being well-prepared is key to success, regardless of any changes to the exam format.
As per an ICAI official statement, the CA New Scheme 2023 will not be applicable from the November 2023 attempt and will be implemented starting from the May 2024 attempt.