Hi Guys! ICAI has ICAI released a notification stating that December 2021 was the last attempt for the old course students and now no postponement will be tolerated.
ICAI in their notification has given an ultimatum to the Old Scheme students to get converted to the new scheme lastly by 13th March 2022.
As ICAI had already mentioned before the December 2021 exams itself that this will be the last attempt for the students and they have stood still on that decision.
In the notification, they have clearly mentioned that in order to appear for the May 2022 exams you need to get converted to the new course before the deadline itself.
On 1st July 2017 ICAI announced that they are going to change the syllabus and will bring some major changes and therefore a whole New Scheme will be made.
At that time, students had an option to either stay in the old course or attempt the new course which was going to be applicable from the May 2018 attempt.
Earlier at the entry-level, CPT or Common Proficiency Test was conducted which was completely Multiple Choice Questions which was converted to the CA Foundation which was divided into four papers of 100 marks each.
At the Intermediate level as well the number of subjects was increased from 7-8 and there were some more changes which we will talk about later.
Similarly in the Final level, some major changes were involved.
The New Scheme or New Course of conducting exams was made applicable from the May 2018 attempt which also saw some major shift in the exam pattern along with the changes in the syllabus.
Even till today not all the students of the old course have been converted to the new scheme.
If we talk about the major changes that are there between both the schemes then that would be:
CPT or Common proficiency test used to be of 200 marks and was attempted in one sitting and was completely Multiple Choice Based.
Meanwhile, CA Foundation is divided into four papers of 100 marks each to be given on 4 different days and consists of Long answer questions and MCQs as well. Paper number 1 and 2 is Long answer type and 3 and 4 are MCQ type.
Earlier there was the subject called Information Technology and Strategic Management which is now converted to Enterprise Information Systems and Strategic Management.
Earlier Costing was a 50 mark subject which was studied along with Financial Management but now it is completely a 100 marks subject to be studied alone.
8th and the last paper Financial Management has been combined with Economics For Finance with a weightage of 60 and 40 marks respectively.
What do you feel about this decision of ICAI to eliminate the old course completely and focus completely on the new course? Leave your comments below.
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