In a bid to make its course more relevant to evolving business needs that demand newer skills from accounting professionals, the Institute of Chartered Accountants of India has revamped the Chartered Accountancy course, reducing its span to four years.
ICAI council members said the changes were routine and part of an effort to re-tailor the course requirements to the needs of industry. In 2001, the course span was extended from three years to five years and three months.
Besides saving more than a year, aspiring chartered accountants can now register for the common proficiency test after passing their 10th standard and completing a minimum study period of 30 days.
Alternatively, they can pursue further studies and take the CPT after their senior secondary examination (10+2).
In the existing system, aspirants had to finish 10 months of theoretical education after passing the senior secondary examination to complete the first phase of professional education.
Passing the CPT and the senior secondary examination will make an aspirant eligible to register for the Professional Competence Examination.
During the professional competence course, candidates will be required to register for practical training as an articled assistant or an audit assistant or a combination of both for at least 15 months.
Simultaneously, they will need to undergo information technology training for a minimum of 100 hours. The existing system required candidates to undergo mandatory training in computers before being registered as articles.
After completing practical and IT training, candidates will be eligible to appear in the PCE, which will qualify them for the final course. During this period, candidates will be required to undergo training in general management and communication skills, apart from preparing for the final exams.
In the new system, candidates can appear in the final exam after completing three and a half years of practical training, as opposed to doing so only in the last six months of the course in the existing system.
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