In accordance with the National Education Policy, 2020 (NEP) and International Education Standards, the Institute of Chartered Accountants of India (ICAI) developed the New Scheme of Education and Training. In June 2024, the first Foundation exam under the new scheme will take place, and in May 2024, the first Intermediate and Final exam under the new scheme.
After taking into account the opinions of numerous stakeholders, the new plan was unveiled. On June 22, 2023, the New Scheme of Education and Training was announced in the Indian Gazette, and it was officially started on July 1, 2023.
The New Scheme's key characteristics are:
The New Scheme will include the following unique characteristics to help prospective chartered accountants become more competent professionals.
1. Two years of intensive and seamless practical instruction. This nine- to twelve-month industrial training program will not require examinations. On the final leg of the practical training session, the training is also an option.
2. Through self-paced online modules that offer the required industry orientation, technology enabled learning.
3. Final-level required paper on a multidisciplinary case study including strategic management is completed. This research evaluates how professional information from various disciplines is merged with the abilities learned via hands-on training. In order to evaluate the higher order thinking abilities and general professional competence of prospective chartered accountants, this exam is open-book and case study oriented.
4. In order to refine the analytical skills of prospective chartered accountants, assessments at the Intermediate and Final levels consist of 30-mark multiple-choice questions (MCQs) based on case studies and studies.
5. The Final Level curriculum incorporates essential areas relating to information technology and ethics education.
6. Worldwide curriculum implementation in accordance with the government's goal of internationalizing higher education.