ICAI New Scheme 2023: Transition Scheme to a Fresh Curriculum and Training Approach
🔍 Curious about the latest buzz in the world of Chartered Accountancy? Look no further! Get ready to embark on a thrilling journey as we unravel the Institute of Chartered Accountants of India's (ICAI) brand-new scheme of Education and Training.
📅 Mark your calendars! The Nov 2023 term is the last hurrah for the old syllabus, making way for a revolutionary shift starting May 2024 with the implementation of the new curriculum. 🚀
🌟 But wait, there's more! The ICAI Board of Studies has meticulously crafted a Conversion (Transition) Scheme, a strategic plan designed to ensure a seamless transition for all aspiring Chartered Accountants. 💼✨
💡 Wondering what this means for you? Fear not! In this exhilarating blog, we'll walk you through the exciting changes, the timeline you need to know, and everything in between. 💼📅
Remember, your future starts now. Let's dive in together! 🚀💼📚
Implementation Schedule – New Scheme of Education and Training - Important Dates
|
Course/ Training |
Registration would commence from |
Last Exam under Existing Scheme |
First Exam under New Scheme |
|
Foundation |
2nd August, 2023* |
December, 2023 |
June, 2024 |
|
Intermediate |
1st July, 2023 |
November, 2023 |
May, 2024 |
|
Final |
1st July, 2023 |
November, 2023 |
May, 2024 |
|
Two years of Practical Training |
After coming into force of the Chartered Accountants (Amendment) Regulations, 2023, two years Practical Training would be made applicable. |
||
|
Self-Paced Online Modules |
Will be commenced from 1st July, 2023 onwards. |
||
⏳ Last date for Regn in Existing Scheme Foundation : July 1, 2023.
📅 Registration for New Foundation Course starts: August 2, 2023.
📚 Looking for detailed subject information for the CA program? Check out our comprehensive page on CA subject details, where you'll find in-depth insights into the subjects covered under the new curriculum - CA Subject Details Page
Notable Points for Conversion (Transition) Scheme
- Automatic conversion to the New Scheme for existing students after the November/December 2023 exam results.
- Order Study Material Kit through Centralized Distribution System (CDS) at Rs. 500/- for Foundation and Rs. 1000/- for Intermediate and Final Courses.
- Group-wise and paper-wise exemptions to be announced separately by the Examination Department.
- Self-Paced Online Modules available after passing both Groups of Intermediate Examinations.
- Students who cleared both Groups of Intermediate (8 Papers) exempted from Self-Paced Online Modules SET-C & SET-D.
- Exemption in Self-Paced Online Modules SET-C or SET-D for students who passed seven papers at the Intermediate level.
- Final Course Students unsuccessful in Existing Scheme appear in May 2024 Exam under New Scheme after Automatic conversion. They can qualify Self-Paced Online Modules SET-A & B after passing May 2024 exam but before applying for membership. If unsuccessful in May 2024, eligible for subsequent exams only after qualifying Self-Paced Online Modules SET-A and SET-B. Self-Paced Online Modules C & D exempted for such students.
- Students who started Practical Training by June 30, 2023
- Will complete 3 years of training, including industrial training.
- They are entitled to 156 leaves, calculated as 1/7th of 1095 days.
- AICITSS Course must be completed during Practical Training but before appearing in the Exams
- They can appear for the Final Examination under the New Scheme, consisting of two groups with six papers, in the last six months of their Practical Training, provided they qualify the self-paced Online modules as the case maybe.
- For Students under Direct Entry Route
- Automatic Conversion to New Scheme
- Eligible to appear in the Intermediate after 8 months of provisional registration, upon passing with minimum criteria and uploading final year graduation Marksheet/Certificate at Students Service Portal.
- Must pass both groups of Intermediate examination before commencing 2 years of Practical Training
- Entitled to 12 days of leaves per year.
- AICITSS Course to be completed after 2 years of Practical Training but before appearing in the Exams.
- Eligible to appear for the Final Examination under the New Scheme after six months of Practical Training, subject to qualifying the Self-Paced Online Modules.
- For Students - Pass only 1 group in Nov 23 Final Exams
- Automatic Conversion
- Exemption may be given. Self-Paced Online Modules C & D will be exempted.
- Self-Paced Online Modules Set A & B can be completed after passing the May 2024 exam but before applying for membership, or exempted if eligible. If unsuccessful in May 2024, they will be eligible for subsequent exams only after qualifying Self-Paced Online Modules SET A & B.
- They will continue to do 3 years of Practical Training, including industrial training.
- They are entitled to 156 leaves.
- AICITSS Course must be completed during Practical Training but before appearing in the Exams
Validity of Conversion Period Under New Scheme is as under :-
| Foundation Course | 4 Years from date of conversion. No Revalidation |
| Intermediate Course | 5 Years from date of conversion. Revalidation allowed only Once |
| Final Course | 10 Years from date of conversion. Revalidation allowed after every 10 Years |
Business Accounting Associate (BAA) :-
- Passed Both Groups Intermediate Exams
- Completed Practical Training
- Complete Soft-Skills and IT Courses.
- Qualified Self Paced Learning Modules
Scenarios of Conversion (Transition) Scheme - Foundation Students :-
| Sl. No. | Scenario | Elligible Attempt existing Scheme | 1st Exam under New Scheme | Remarks |
| 1 | Student Appeared in Class 12 and Registered for Foundation till 1st July 2023 | December 2023 | June 2024 | Automatic Conversion |
| 2 | Student registered after 1st July 2023 | Not Applicable | June 2024 | Automatic Conversion |
| 3 | Students appearing for Class 12 on or after March 2024 | Not Applicable | June 2024 | Automatic Conversion |
Scenarios of Conversion (Transition) Scheme - Intermediate Students (Through Foundation):-
| Sl. No. | Scenario | Elligible Attempt existing Scheme | 1st Exam under New Scheme | Remarks |
| 1 | Student Passed Foundation in June 2024 | Not Applicable | May 2024 | Must Register for CA Inter before 1st Sept 23 |
| 2 | Student Failed in Nov 23 Intermediate Exams | Not Applicable | May 2024 | Automatic Conversion |
| 3 | Student passed only one of the groups in Nov 23 Intermediate Exams | Not Applicable | May 2024 | Automatic Conversion & Exemptions as per New Scheme |
Scenarios of Conversion (Transition) Scheme - Intermediate Students (Through Direct Entry):-
| Sl. No. | Scenario | Elligible Attempt existing Scheme | 1st Exam under New Scheme | Remarks |
| 1 | Student Registered and Started Practical Training by 1st Feb 2023 | November 2023 | May 2024 | Further Points Explained Above |
| 2 | Student passed only one of the groups in Nov 23 Inter Exams | Not Applicable | May 2024 | Further Points Explained Above |
| 3 | Students Registered after 1st Feb 2023 and started training before 1st July 2023 | Not Applicable | May 2024 | Automatic Conversion. Further Points Explained Above |
| 4 | Students Registered after 1st Feb 2023 and Have Not started training before 1st July 2023 | Not Applicable | May 2024 | Automatic Conversion. Further Points Explained Above |
| 5 | Students Registered After 1st March 2023 | Not Applicable | May 2024 | Automatic Conversion. Further Points Explained Above |
| 6 | Students who will register till 1st Sept 2023 under New Scheme | Not Applicable | May 2024 | On Completion of 8 Month Study Period. Further Points Explained Above |
| 7 | Students Registed Provisionally before 1st July 2023 but their graduation results to be declared after 30th June 2023 | Not Applicable | May 2024 | On Completion of 8 Month Study Period. Further Points Explained Above |
| 8 | Students Registed Provisionally before 1st July 2023 but their graduation results to be declared in June/July 2024 | Not Applicable | Nov 2024 | On Completion of 8 Month Study Period. Further Points Explained Above |
Scenarios of Conversion (Transition) Scheme - Final Students :-
| Sl. No. | Scenario | Elligible Attempt existing Scheme | 1st Exam under New Scheme | Remarks |
| 1 | Students Passed CA Inter and Started Practical Training before 30th June 2021 | November 2023 | May 2024 | Automatic Conversion. Further Points Explained Above |
| 2 | Students Passed CA Inter and Started Practical Training after 30th June 2021 but before 31st Oct 2021 | Not Applicable | May 2024 | Automatic Conversion. Further Points Explained Above |
| 3 | Students Passed any one of the groups of CA Final in Nov 23 | Not Applicable | May 2024 | Automatic Conversion and Exemption to be notified as per New Scheme |
| 4 | Student Failed in CA Final Nov 23 | Not Applicable | May 2024 | Automatic Conversion. Further Points Explained Above |
Scenarios of Conversion (Transition) Scheme - Practical Training :-
| Sl. No. | Scenario | Transition |
| 1 | Students started Practical Training before 30th June 2021 | - 3 Years Practical Training - 156 Leaves - AICITSS to be done before exams - Elligible for Final under New Scheme in Last 6 Months of Practical Training subject to Self Paced Learning Module Qualification as the case may be. |
| 2 | Students Passed only one group of CA Inter and didn’t start Practical Training before 30th June 2023 | - Pass next group of Inter (If Not Cleared) - 2 Years of Practical Training - 12 Leaves Per Year - AICITSS to be done after training but before exams - Elligible for Final under New Scheme in Last 6 Months of Practical Training subject to Self Paced Learning Module Qualification as the case may be. |
| 3 | Students who will pass one group of CA Inter in May 23 | |
| 4 | Students who will pass CA Inter in May 23/Nov 23 |
In conclusion, the transition scheme introduced by ICAI for the Chartered Accountancy program brings significant changes and updates to the education and training process. We hope this blog has provided you with valuable insights and a clear understanding of the conversion process, subject details, and other important aspects.
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Priya
Sir who couldn’t give nov 2023 exam and didn’t convert themselves into the new scheme of icai and want to appear in may 2024 ca inter exam, what can they do? Please reply as soon as possible!
Kalyani
What about the students who clear both the groups in Nov 23, will they have article period of 2 years or 3?