ICAI New Exam Pattern for May 2024 Latest Updates | New Scheme Exam Pattern | CA Final Inter & Foundation

ICAI New Exam Pattern for May 2024 Latest Updates | New Scheme Exam Pattern | CA Final Inter & Foundation

The Institute of chartered accountants of India has released the new exam scheme for CA Final Intermediate and Foundation for May 2024 onward attempts.

 

S.No.

Important Dates for ICAI New Scheme

Date/ Attempt

1.

Last date for Registration in Intermediate and Final Courses under Existing Scheme

30th June, 2023

2.

Last date of commencement of three years Practical Training

30th June, 2023

3.

Last date for Registration in Foundation under Existing Scheme

1st July, 2023

4.

Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme

1st July, 2023

5.

Date of commencement of two years uninterrupted Practical Training

1st July, 2023

6.

Date of commencement of Registration and Conversion in Foundation Course under New Scheme

2nd August, 2023

7.

Last Intermediate and Final Examination under Existing Scheme

November, 2023

8.

Last Foundation Examination under Existing Scheme

December, 2023

9.

First Intermediate and Final Examination under New Scheme

May, 2024

10.

First Foundation Examination under New Scheme

June, 2024

 

Significant Changes in New Scheme for May 2024

  1. ICAI has completely changed the pattern of Exams under the new scheme; the number of exams is also reduced from 8 to 6 for CA Intermediate and CA Final.
  2. MCQs are also introduced in all CA Intermediate and CA Final subjects.

 

CA Intermediate May 2024 New Exam Pattern

Major changes are expected in CA Intermediate Accounting and Auditing with introducing of a code of ethics in CA Inter Auditing.

 

CA Intermediate

Subjective

Objective

Paper 1

Advanced Accounting

70 Marks

30 Marks

Paper 2

Corporate Laws

70 Marks

30 Marks

Paper 3

Cost and Management Accounting

70 Marks

30 Marks

Paper 4

Taxation

70 Marks

30 Marks

Paper 5

Auditing and Code of Ethics

70 Marks

30 Marks

Paper 6

Financial Management

35 Marks

15 Marks

Strategic Management

35 Marks

15 Marks

 

CA Course Duration Under new Course May 2024

Significant development comes in the period of CA Articleship, which is three years in the existing scheme and has been reduced to 2 years under the New scheme for May 2024 onwards. The total course duration is 42 months from 48 months in the new scheme.  

 

CA Final May 2024 Subjects and New Exam Pattern

 

CA Final

Subjective

Objective

Paper 1

Financial Reporting

70 Marks

30 Marks

Paper 2

Advanced Financial Management (AFM)

70 Marks

30 Marks

Paper 3

Advanced Auditing and Professional Ethics

70 Marks

30 Marks

Paper 4

Multi-disciplinary case study with Strategic Management

70 Marks

30 Marks

Paper 5

Direct Tax Laws and International Taxation

70 Marks

30 Marks

Paper 6

Indirect Tax Laws

70 Marks

30 Marks

 

Negative Marking for CA Final and Intermediate New Scheme

There is no negative marking for CA Final and Intermediate New Course Syllabus as per ICAI notification

 

CA Final, Intermediate and Foundation Students of Existing Scheme

  • It will no longer be continued after December 2023; students whose exams are in May 2024 should start preparing per the new ICAI scheme.
  • The last Date to Register for CA Foundation December 2023 Exam is 1st July 2023. Exams will be conducted under the existing scheme only.
  • The last date to register for CA Inter and Final for November 2023 is 30th June 2023. Exams will be conducted under the existing scheme only; after November, students will be automatically shifted into the new scheme.
  • Registration for CA Foundation for June 2024 attempt will start on 2nd August 2024. Business correspondence & Reporting in Paper 2 and Business commercial knowledge in Paper 4 is removed under the new scheme of the CA Foundation.

 

Passing Criteria for CA Foundation, Intermediate and Final under the new course May 2024 onwards

There is a new change in the exemption criteria under the new scheme. Now ICAI will treat exempt papers (scored 60+ marks) as permanently passed papers. Students need to achieve 50% individually in the rest of the papers. Students can also surrender the exemption under the new scheme of ICAI.

 

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