Are you a prospective Chartered Accountancy (CA) student preparing for the exams in May 2024? The Institute of Chartered Accountants of India (ICAI) recently reorganized the exam scheme for CA Final Intermediate and Foundation, introducing significant changes that you should be aware of. Let’s take a look at the most recent updates and see what’s in saved for you.
Important Dates for ICAI New Scheme:
- Last date for Registration in Intermediate and Final Courses under Existing Scheme: June 30, 2023
- Last date of commencement of three years Practical Training: June 30, 2023
- Last date for Registration in Foundation under Existing Scheme: July 1, 2023
- Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme: July 1, 2023
- Date of commencement of two years uninterrupted Practical Training: July 1, 2023
- Date of commencement of Registration and Conversion in Foundation Course under New Scheme: August 2, 2023
- Last Intermediate and Final Examination under Existing Scheme: November 2023
- Last Foundation Examination under Existing Scheme: December 2023
- First Intermediate and Final Examination under New Scheme: May 2024
- First Foundation Examination under New Scheme: June 2024
Significant Changes in New Scheme for May 2024:
- Reduced Number of Exams: The new scheme has streamlined the CA Intermediate and CA Final exams, reducing the number of papers from 8 to 6.
- Introduction of MCQs: Multiple-Choice Questions (MCQs) are now a part of all CA Intermediate and CA Final subjects.
CA Intermediate May 2024 New Exam Pattern:
| Paper | Type | Marks Distribution |
|---|---|---|
| Advanced Accounting | Subjective | 70 Marks |
| Objective | 30 Marks | |
| Corporate Laws | Subjective | 70 Marks |
| Objective | 30 Marks | |
| Cost and Management Accounting | Subjective | 70 Marks |
| Objective | 30 Marks | |
| Taxation | Subjective | 70 Marks |
| Objective | 30 Marks | |
| Auditing and Code of Ethics | Subjective | 70 Marks |
| Objective | 30 Marks | |
| Financial Management | Subjective | 35 Marks |
| Objective | 15 Marks | |
| Strategic Management | Subjective | 35 Marks |
| Objective | 15 Marks |
These detailed paper-by-paper specifications provide an in-depth look at the CA Intermediate May 2024 exam pattern. Take note of the balance of subjective and objective components in each paper to ensure an accurate assessment of your knowledge and skills in the respective subjects.
CA Course Duration Under new Course May 2024:
The Articleship period has been changed in the updated CA course, which will begin in May 2024. Previously lasting three years under the existing scheme, the duration of the Articleship has been strategically reduced to two years under the new scheme. This reduction contributes to a shorter overall course duration, which now lasts 42 months rather than the previous 48 months. Aspiring Chartered Accountants can benefit from this streamlined approach by gaining valuable practical experience and qualification in less time. Stay informed and take advantage of these changes as you begin your path to a successful CA career.
CA Final May 2024 Exam Subjects and Detailed Exam Pattern
Understanding the nuances of each subject and the exam pattern is critical for success as you prepare for the CA Final examinations in May 2024. Here’s a closer look at the subjects and their new exam patterns:
| CA Final May 2024 Exam Subjects and Detailed Exam Pattern | ||
|---|---|---|
| Paper | Type | Marks Distribution |
| 1: Financial Reporting | Subjective & Objective | 70 Marks (Subjective), 30 Marks (Objective) |
| 2: Advanced Financial Management (AFM) | Subjective & Objective | 70 Marks (Subjective), 30 Marks (Objective) |
| 3: Advanced Auditing and Professional Ethics | Subjective & Objective | 70 Marks (Subjective), 30 Marks (Objective) |
| 4: Multi-disciplinary Case Study with Strategic Management | Subjective & Objective | 70 Marks (Subjective), 30 Marks (Objective) |
| 5: Direct Tax Laws and International Taxation | Subjective & Objective | 70 Marks (Subjective), 30 Marks (Objective) |
| 6: Indirect Tax Laws | Subjective & Objective | 70 Marks (Subjective), 30 Marks (Objective) |
Key Insights:
- Subjective vs. Objective: Each paper includes subjective and objective sections that provide a comprehensive assessment of your knowledge and application skills.
- Marks Distribution: The subjective section is worth 70 marks and emphasizes a thorough understanding of the subject matter, whereas the objective section is worth 30 marks and assesses your ability to apply concepts effectively.
- Special Focus on Ethics: The inclusion of “Advanced Auditing and Professional Ethics” highlights the significance of ethical considerations in the auditing field.
- Multi-disciplinary Case Study: Paper 4 introduces a multidisciplinary case study that combines strategic management concepts with real-world scenarios in order to assess your strategic decision-making abilities.
- Direct and Indirect Taxation: Papers 5 and 6 delve into direct tax laws, international taxation, and indirect tax laws, providing a holistic perspective on taxation principles.
As you prepare for the CA Final exams in May 2024, a strategic approach, mastery of both subjective and objective components, and a thorough understanding of ethical considerations will be essential. Best wishes on your path to becoming a Chartered Accountant!
Negative Marking for CA Final and Intermediate New Scheme:
According to the ICAI notification, there is no negative marking for the CA Final and Intermediate New Course Syllabus.
CA Final, Intermediate, and Foundation Students of Existing Scheme:
If you are currently enrolled in the existing CA Final, Intermediate, or Foundation scheme, it is critical that you understand the transition plan because the existing scheme will end in December 2023. Here’s some more information:
Transition Period:
- Last Exams under Existing Scheme: The final CA Intermediate and CA Final examinations under the current scheme will be held in November 2023, with the final Foundation Examination scheduled for December 2023.
- Automatic Transition: Students who have exams in May 2024 will automatically transition to the new ICAI scheme.
Preparation for May 2024 Exams:
- Adaptation to New Scheme: Students should become acquainted with the changes introduced in the new exam pattern, such as the reduction in the number of papers, the introduction of MCQs, and changes to the marking scheme.
- Registration for May 2024 Exams: Ensure timely registration for the May 2024 examinations under the new scheme, following the deadlines set by ICAI.
- Updated Study Material: The ICAI will most likely provide updated study materials that are aligned with the new exam pattern. Keep up to date on any revisions and make sure to incorporate the most recent study materials into your preparation.
- Guidance and Counseling: Seek advice from mentors, faculty, or coaching organizations to help you understand the nuances of the new scheme. Counselors can offer important advice on how to approach the revised syllabus and exam structure.
CA Foundation Students:
- Last Date for Registration: For students planning to appear in the CA Foundation December 2023 exam, the last date for registration is July 1, 2023. After this date, registrations for the Foundation under the existing scheme will no longer be accepted.
- June 2024 Attempt: Registration for the CA Foundation June 2024 attempt will commence on August 2, 2024. It’s essential to note that certain modifications have been made to the syllabus, including the removal of Business Correspondence & Reporting in Paper 2 and Business Commercial Knowledge in Paper 4 under the new scheme.
Overall Implications:
The new scheme reflects changes in course length, exam patterns, and passing criteria. Students should stay up to date with official ICAI notifications, check their student portals on a regular basis, and attend any informational sessions or webinars organized by ICAI or affiliated institutions.
Students who adapt to the new scheme and prepare diligently will be well-positioned to succeed in the May 2024 examinations and beyond in their pursuit of becoming Chartered Accountants.
Passing Criteria for CA Foundation, Intermediate, and Final under the new course May 2024 onwards:
Under the new scheme, exempt papers (scoring 60+ marks) will be treated as permanently passed. Students need to achieve 50% individually in the remaining papers. Additionally, students can choose to surrender the exemption.
Prepare yourself for success in the upcoming May 2024 examinations by staying informed about these changes. If you’re planning to register for the CA Foundation June 2024 attempt, note that registrations begin on August 2, 2024, with certain modifications in the syllabus. Stay ahead of the curve and embark on your CA journey with confidence!
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FAQs
1. What are the key changes in the ICAI exam pattern for May 2024?
- The ICAI exam pattern for May 2024 introduces a reduced number of papers, from 8 to 6, for both CA Intermediate and CA Final.
- Multiple-Choice Questions (MCQs) are now included in all CA Intermediate and CA Final subjects.
2. How has the CA course duration changed under the new scheme for May 2024?
- The duration of CA Articleship has been reduced to 2 years from the existing 3 years.
- The total course duration is now 42 months, down from the previous 48 months in the new scheme.
3. What subjects have undergone major changes in CA Intermediate for May 2024?
- CA Intermediate Accounting and Auditing have major changes, including the introduction of a code of ethics in CA Inter Auditing.
4. What is the passing criteria under the new course for May 2024 onwards?
- Exempt papers (scored 60+ marks) will be considered permanently passed.
- Students must achieve 50% individually in the remaining papers.
- There is no negative marking in the new scheme.
5. What are the key dates students need to be aware of for the May 2024 exams?
- Last date for Registration in Intermediate and Final Courses under Existing Scheme: June 30, 2023.
- Last date for Registration in Foundation under Existing Scheme: July 1, 2023.
- First Intermediate and Final Examination under New Scheme: May 2024.
- First Foundation Examination under New Scheme: June 2024.
- Registration for CA Foundation for June 2024 attempt starts on August 2, 2024.