As of 22nd of June, ‘23; the ICAI, with the consensus of various stakeholders, announced in the Gazette of India the New Education, Training and Examination Scheme which w.e.f July 1, ‘23.

 

Why the New Scheme?

As per ICAI, the new scheme is aligned with the NEP (New Education Policy), 2020 model, and the International Education Standards. It was needed to match the rapidly evolving world, to make CAs efficient enough to handle all the new technological trends like blockchain and AI, and to make their careers more flexible while allowing chances for students from other backgrounds too.

 

What is the Change, by the Way?

What can be inferred from the detailed chart https://resource.cdn.icai.org/74483bos-nset.pdf  provided by the organization is that the new scheme opens up gates for students from other educational backgrounds as well as allows more entry points and exit points into and out of the course.

Also, the ICAI aims to launch Self-paced Online Modules and the Information Technology and Soft Skills course for studying and reduce Articleship from 3 to 2 years.

 

What Further ?

To make students better understand the new and upcoming scheme, the ICAI will address students on the syllabus, transition scheme, and frequently asked questions (FAQs) on July 1st, 2023. The ICAI has released a list of important dates to keep in mind, which are as follows,

S.No.	Particulars	Date/ Attempt
1.	Last date for Registration in Foundation under Existing Scheme	1st July, 2023
2.	Last date for Registration in Intermediate and Final Courses under Existing Scheme	30th June, 2023
3.	Date of commencement of Registration and Conversion in Foundation Course under New Scheme	2nd August, 2023
4.	Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme	1st July, 2023
5.	First Foundation Examination under New Scheme	June, 2024
6.	First Intermediate and Final Examination under New Scheme	May, 2024
7.	Last Foundation Examination under Existing Scheme	December, 2023
8.	Last Intermediate and Final Examination under Existing Scheme	November, 2023
9.	Last date of commencement of three years Practical Training	30th June, 2023
10.	Date of commencement of two years uninterrupted Practical Training	1st July, 2023

 

Prospective Impact on Students

The new scheme is said to have an intense impact on aspirants and prospective aspirants, thus it is suggested to check the official notice rolled out by the ICAI https://www.icai.org/post/announcement-new-scheme-of-education-and-training

 

The ICAI asks all aspirants, concerned students and educators to wait for further announcements.