The Institute of Chartered Accountants of India (ICAI) National Council has decided to increase the frequency of foundation and intermediate exams from twice to thrice a year. Now, the intermediate and foundation course examinations will be conducted in the month of January, May/June and September.
This decision represents the next step in aligning India’s chartered accountancy standards with international benchmarks, following substantial curriculum reforms last year. “Having more attempts at foundation and intermediate exams in a year is part of a broader initiative to elevate chartered accountancy in India to international standards in both academia and the industry,” explained a senior chartered accountant from Gujarat.
The forthcoming ICAI intermediate and foundation exams are slated for May-June 2024. Previously, the next opportunity for these exams would not arise until November-December. However, under the new schedule, students can sit for exams in September-October 2024, followed by January-February 2025.
This strategic shift stems from a plan initiated around one and a half years ago and started with a curriculum overhaul on July 1, 2023. The modifications included a reduction of intermediate exam papers from eight to six and an adjustment to the articleship requirements—shortening it from three years to two and mandating the completion of both intermediate groups before commencing articleship.
Aniket Talati, immediate past president of ICAI, shared insights on the benefits of these changes. “Previously, the three-year articleship allowed students to begin after passing one group. Failing the second meant more study leave. Now, with compulsory completion of both groups pre-articleship, conflicts with mentors are less likely, benefiting both the academic and industry sectors.”
Students are now eligible for their final exams six months post-articleship, thanks to the new thrice-a-year exam schedule aimed at reducing waiting times and accommodating those requiring multiple attempts to pass.
ICAI insiders hint at plans to further reform CA education in India, including increasing final exam attempts from twice to thrice yearly. ICAI has more than 4 lakh members and 8.5 lakh students.
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