ICAI New Scheme 2023: Transition Scheme to a Fresh Curriculum and Training Approach

ūüĒć 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.

ūüďÖ 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. ūüöÄ

ūüĆü 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. ūüíľ‚ú®

ūüí° 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. ūüíľūüďÖ

Remember, your future starts now. Let's dive in together! ūüöÄūüíľūüďö

 

Implementation Schedule ‚Äď 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.

 

‚Ź≥ Last date for Regn in Existing Scheme Foundation : July 1, 2023.

ūüďÖ Registration for New Foundation Course starts: August 2, 2023.

 

ūüďö 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.

At Zeroinfy, our dedicated team is committed to keeping you updated with the latest information in a concise and user-friendly manner. We strive to simplify complex concepts and provide you with the guidance you need for a successful CA journey.

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2 comments

  • 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?

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