CA exam which is considered as one of the toughest exams in India is all set to bring some changes in the pattern of examination. The changes are being made after ten years, and Institute of Chartered Accountants of India (ICAI) has approached the Ministry of Corporate Affairs to overhaul the exam. The curriculum is also expected to improve with the introduction of subjects, electives and open book exams in a few papers.
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ICAI has taken the initiative to bring changes in the CA exam as the business world is undergoing various changes. At this juncture, it is essential for the charted accountants to understand the nuances of new indirect tax regime like GST and master the International Financial Reporting Standards (IFRS).
Changes suggested by ICAI in CA exam & curriculum:-
- Subjective questions will be introduced in the entry level exam
- Two new papers will be introduced at the Foundation level which will include Business and Commercial Knowledge and Business Correspondence and Reporting
- At Intermediate level one new subject will be introduced, i.e., Economics for Finance
- Electives will be introduced as the eighth paper at the Final level.
- Open book examination will be introduced at the Final level to tackle questions of case studies
- As a part of Advanced Integrated course on Information Technology and Soft Skills, the paper on Information System Control and Audit may be renamed as Information System Risk Management and Audit
- A proposal has been made to allow registration after Class XII
- ICAI also suggested that the students can appear for the Foundation exam following a four-month study period after passing the Class XII examination
- It has also been suggested that the students may register for three years of practical training on passing either or both groups of the intermediate exam
- As per the suggested changes, students going through the Foundation course will take 4.5 years to complete CA whereas students who seek direct admission will take 3.5 years