The country’s toughest and among the most prestigious examination is about to see a change of tide. The Institute of Chartered Accountants of India (ICAI) has approachedthe ministry of corporate affairs for changes in the curriculum, and the introduction of new electives, subjects, and as well as open book tests in a few papers.
ICAI has been conducting CA exams for a decade. One lakh student takes the exam each year out of which only ten thousand get to clear it. The new changes are in an attempt to become better equipped with the changing times.“Globalisation,” said ICAI President M Devaraja Reddy, “has brought to the fore not only opportunities in areas of national and international financial reporting, taxation, finance and corporate laws but also challenges to the chartered accountancy profession.” Because the academy has always beenconscious and proactive towards the ever-changing needs, they are keen on tweaking the curriculum and introducing new subjects.
Aspiring students are recommended to take a note of the proposed changesthat are likely to happen in the upcoming CA exams.
- According to the Economic Times, atentry-level exam students will have to answer subjective questions along with the regular objective (or multiple-choice) questions.
- At the Foundation Level, two new papers Business Correspondence & Reporting and Business & Commercial Knowledge will be introduced. While at theIntermediateLevel, a whole new subject – Economics for Finance will be introduced.
- Electives will be introduced as an 8th paper at the Final Level. The electives includeRisk Management, Economic Laws, Financial Services and Capital Markets, International Taxation, Global Financial Reporting Standards, and Multi-Disciplinary Case. For the electives, students will have to appear for an open-book examination to handle questions based on case studies.
- The particular paper on Information System Control and Audit will be renamed as Information System Risk Management and Audit. And it’ll be part of the Advanced integrated course on information technology and soft skills.
- Students can nowregister only after appearing for the Class 12 examination (not Class 10), and they can appear for the Foundation exam after a four-month study period following the Class 12 examinationwhere they’ll have to pass.
- Students may nowregister for three years of practical training on passing either or both groups of the Intermediate examination.
- Students of the Foundation Course will take approximately 4.5 years to become CAs. And those qualifying for the direct admission will take approximately 3.5 years to become CAs.