- One of the latest buzzes in the world of Chartered Accountancy is the Institute of Chartered Accountants of India's (ICAI) new scheme of Education and Training. Get ready to embark on a thrilling journey as we unravel the latest development in this fascinating field.
- Mark your calendars! The November 2023 term is the last hurray for the old syllabus, revolutionizing the introduction of the new syllabus in May 2024
- But wait, there's more! The ICAI Research Committee has crafted a Conversion (Transition) Plan, a strategic plan designed to ensure a seamless transition for all future Chartered Accountants.
- Wondering what this means for you? Don't be afraid! In this exciting blog, we'll walk you through the exciting changes, the timeline you need to know, and everything in between.
Schedule – New Scheme of Education and Training - Important Dates
- Last Date Existing Scheme Foundation : July 1, 2023.
- Registration for New Foundation Course starts: August 2, 2023.
Points for Transition Scheme -
- New Scheme for existing students after the November/December 2023 exam results.
- Order Study Material Kit through Centralize Distribution System (CDS) at Rs. 500/- for Foundation and Rs. 1000/- for Intermediate and Final Courses.
- paper-wise exemptions to be announced separately by the Examination Department.
- Online Modules available after passing both Groups of Intermediate Examinations.
- Intermediate (8 Papers) exempted from Self-Paced Online Modules SET-C & SET-D.
- Self-Paced Online Modules SET-C or SET-D for students who passed seven papers at the Intermediate level.
- 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
A. complete 3 years of training, including industrial training.
B. They are entitled to 156 leaves, calculated as 1/7th of 1095 days.
C. AICITSS Course must be completed during Practical Training but before appearing in the Exams
D. 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.
- Students under Direct Entry Route
A. Automatic Conversion to New Scheme
B. the Intermediate after 8 months of provisional registration, upon passing with minimum criteria and uploading final year graduation Marksheet/Certificate at Students Service Portal
C. groups of Intermediate examination before commencing 2 years of Practical Training
D. Entitled to 12 days of leaves per year.
E. AICITSS Course to be completed after 2 years of Practical Training but before appearing in the Exams
F. 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.
- Students - Pass only 1 group in Nov 23 Final Exams
A. Automatic Conversion
B. Exemption may be given. Self-Paced Online Modules C & D will be exempted.
C. 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.
D. They will continue to do 3 years of Practical Training, including industrial training.
E. They are entitled to 156 leaves.
F. AICITSS Course must be completed during Practical Training but before appearing in the Exams
Validity of Conversion Period Under New Scheme is as under –
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 –
Scenarios of Conversion (Transition) Scheme - Intermediate Students (Through Foundation) –
Scenarios of Conversion (Transition) Scheme - Intermediate Students (Through Direct Entry) –
Scenarios of Conversion (Transition) Scheme - Final Students –
Scenarios of Conversion (Transition) Scheme - Practical Training –
In conclusion, the ICAI's transition scheme for the Chartered Accountancy programme refreshes and alters the education and training
process significantly. We trust that this blog has given you critical knowledge and a clear grasp of the conversion process, specifics, and other key elements.
Our dedicated team at Smart Learning Destination is committed to providing you with the most recent information in a clear and
approachable way. We work hard to make difficult ideas simple and give you the advice you require for a fruitful CA journey.
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