ICAI proposes to revise the curriculum for CAs. Read further to know the details.
The toughest examination in the country is all set to change with the changing times. After almost a decade, the Institute of Chartered Accountants of India (ICAI), the conducting body for the CA exam, has requested the corporate affairs ministry to bring changes in the curriculum, introduce new electives, subjects, and open book tests.
ICAI feels that an updated course for CA students could prepare better Accountants, Indian Auditors, CFOS and Finance Executives.
The institute’s decision has come at a time when the rules and language of business as a whole are undergoing a change. ICAI President,
M Devaraja Reddy mentioned that ICAI has been proactive and conscious towards the changing needs of the business industry. He also said that the decision to revise the curriculum was proposed after taking views from various stakeholders.
Some of the changes proposed by the institute are as follows. Aspirants who wish to pursue CA can make mental notes of the same.
- The entry-level examination will become comparatively tougher as aspirants will now have to answer subjective type questions over the regular objective types.
- Business and Commercial Knowledge and Business Correspondence and Reporting will be the two new papers introduced at the foundation level.
- Economics for Finance will be the new paper introduced at the intermediate level.
- Electives will be introduced as the eighth paper at the final level. The students will appear for open book examinations to handle case study questions.
- The elective subjects will include International Taxation, Risk Management, Financial Services and Capital Markets, Economic Laws and Multidisciplinary Case, and Global Financial Reporting Standards.
- Instead of registering for the CA course after class 10, ICAI has now proposed that registrations will be allowed only after the class 12 exams. This decision has been taken to help students take a more conscious and mature decision towards opting for a career in CA.
- According to the new scheme, students who are in the foundation course will take about four years and six months to become CAs whereas those who qualify for taking direct admission will take about three years and six months to become CAs.