In the highly competitive global environment, the role of Chartered Accountants (CAs) will be crucial for businesses to flourish in the 21st century. However, the traditional role of CAs is going to expand in the new business milieu. In past years, there has been a marked shift towards strategic decision making and entrepreneurial roles that adds value beyond traditional financial reporting, therefore, the need of the hour is to innovate and bring about out of box thinking in the curriculum and education system of Chartered Accountancy course.
Keeping the future global business competencies in mind, the ICAI has formulated the Revised Scheme of Education and Training. The new scheme has been upgraded, revised and refined keeping in mind the global requirements, aligned with International Education Standards which will prepare and groom the new CA professionals to match the future requirements. From July 1, 2017, the Revised Scheme of Education and Training for CA course will come into effect and the registration in the CPT/IIPCC/Final under the existing scheme will discontinue.
CA. Nilesh S. Vikamsey, President, ICAI said “In Revised Scheme, the technical competence, professional skills and professional values, ethics and attitudes expected from a CA are being redefined and upgraded in order to gear up aspiring Chartered Accountants to take on new roles.”
What’s changed in the Revised Scheme?
The new scheme would have Transparent Examination System and vibrant course structure giving students the option for choosing their career profile. The Institute would be promoting e-Shiksha through interactive e-books.
At the Foundation level, the methodology of assessment from ‘Objective’ to ‘Descriptive’ to assess the communication and presentation skills, 2 new subjects of Business Correspondence & Reporting and Business & Commercial knowledge have been introduced.
At the Intermediate level, a new subject “Economics for Finance” will introduce students on macroeconomic aggregates and measurement of national income, public finance, money market and international trade.
At the Final Level, there would be 7 core papers and one elective paper at this level. The mode of assessment of elective papers is case study based with open book pattern of examination to test application and analytical skills, in line with good practices of international accountancy bodies.
In addition, to the above changes the ICAI’s compulsory practical training will continue to be an integral part of the Revised Scheme of Education and Training for CA course. To address students’ queries, Toll Free number would be made available. In addition, Smart Card for Students with multiple features and facilities shall be introduced. The ICAI in its endeavour to strive for excellence in the field of Chartered Accountancy firmly believes that new scheme will enhance the educational standards for chartered accountancy students in the country, as well as prepare them for the global markets.