The Institute of Chartered Accountants of India (ICAI) has formulated the New Scheme of Education and Training in line with International Education Standards and National Education Policy, 2020 (NEP). The first Foundation exam under New Scheme will be held in June, 2024 and the first Intermediate and Final Examination under New Scheme will be conducted in May, 2024.
The new scheme has been introduced after considering the inputs from various stakeholders. The New Scheme of Education and Training has been notified in the Gazette of India on June 22, 2023 and launched on July 1, 2023.
As per information shared by the ICAI, “The curriculum of the New Scheme of Education and Training has been designed to build global ready professionals by equipping aspiring Chartered Accountants with the requisite competencies. The course will inculcate enriched learning methodologies, cogent and holistic skill assessment and effective and focussed practical training, industry orientation and multi-disciplinary approach.”
The salient features of the New Scheme are-
The following special features are being incorporated in the New Scheme to enhance the professional competence of aspiring Chartered Accountants.
- Seamless and focused practical training for two years. This industrial training period would be examination-free and will be conducted for 9 to 12 months. The training can also be opted for in the last leg of the practical training period.
- Technology enabled learning through self-paced online modules, which provide necessary industry orientation.
- Mandatory paper on multi-disciplinary case study with strategic management at the final level is conducted. The paper assess the integrated application of professional knowledge in different subject areas combined with the skills acquired during practical training. This paper is open book and case study based to assess the higher order thinking skills and overall professional competence of aspiring chartered accountants.
- Assessment is conducted by way of case scenario/study based MCQs for 30 marks in every subject at the Intermediate and Final levels to hone the analytical skills of aspiring Chartered Accountants.
- The Final level curriculum is blended with education in ethics and information technology by including core subjects related to these.
- Implementation of international curriculum in line with the Government's objective of internationalisation of higher education.