The Institute of Chartered Accountant abbreviated as ICAI made a decision to change its curriculum of the Chartered Accountancy course from 1st July 2017. And replaced the entry-level exam for CA which earlier used to be CPT (Common Proficiency Test) with CA Foundation. And similarly replaced the second stage of IPCC with CA Intermediate. Though there has been no big change in the basic structure of the CA course like earlier it compromises of three stages Foundation, Intermediate, and Final.
There have been some changes in each of the levels in terms of pattern and syllabus.
Common Proficiency Test (CPT) used to be a single day exam which used to entirely objective. Where has the CA Foundation Examination is half subjective and half objective? CA Foundation comprises consist of 4 papers of which 2 are subjective and two are MCQ based. Now, each paper is conducted on a separate day and not in one go like earlier in CPT. Although CPT will be there till June 2019 which is going to be the last attempt for CPT. After which there will be only CA Foundation. ICAI started conducting CA Foundation from May 2018.
Why CA Foundation Replaced CPT
CPT in contrast to the other two levels of CA Course was easy. Being MCQ based students clear this stage quite easily whereas the other two levels are way harder when compared to CPT. So to make the entrance stand somewhere par with the other two levels or to make the student aware of the standard of the CA Course the pattern of entrance examination was changed. As the CA Intermediate and CA Final are entirely subjective, in CA foundation also two paper of subjective nature were introduced so that student can get some idea of the level of the other two levels of this course.
CA Foundation Examination
The ICAI conducts CA Foundation examination two times a year which is in the month of May and November. Those who want to appear in the May attempt have to register with ICAI before 31st December and those who want to appear in November attempt will have to register before 30th June.
Students can register for CA Foundation Examination via visiting the official website of ICAI. After that, a student must register with the board of studies. The registration for CA Foundation is valid for three years.
There are eligibility criteria to register in the CA Foundation Exam. A student before appearing for the CA Foundation Examination must have completed the compulsory study period of four months. The student should be 12th passed by the time CA Foundation result comes out.
The CA Foundation Examination will consist of four papers-
- Business Law and Business Correspondance and Reporting – Subjective
- Principles and Practices of Accounting – Subjective
- Business Mathematics and Logical reasoning – Objective
- Business Economics and Business and Commercial Knowledge – Objective
Once you have registered for the CA Foundation, you are also required to fill the application form to appear in the examination by submitting the required fees. ICAI releases the admit of CA Foundation Examination 21 days before the examination which can be downloaded online.
How to Prepare For CA Foundation?
Since there are a lot of changes in the entrance exam for CA. Students can be seen as perturbed as to how to prepare for the CA Foundation. As there have been already two attempts of this exam so students can check the previous attempt question papers to understand the pattern of the exam exactly. Students will get a fair idea of the level of questions being asked, how much weight age which section holds, in which subject they are required to work hard. As the syllabus of CA Foundation holds similarity with class 12th syllabus students will not face many difficulties in its preparation. In case the student is not able to understand the pattern of CA Foundation or faces any difficulty in its preparation he can opt for some good and reputed CA coaching institute where he is guided systematically.
To qualify the exam a student must secure 40% marks in each subject and 50% in aggregate.
Once a student qualifies the CA Foundation Examination, he becomes eligible to register for the next level of CA i.e., CA Intermediate. A student gets a total of 9 months of study period between CA Foundation and CA Intermediate exam.
So in this article, we discussed the CA Foundation Examination in detail. What all changes have been made by ICAI in the examination pattern, what was the need to switch from CPT to CA Foundation, How can one register for CA Foundation exam and the validity of the registration. We have also discussed the preparation strategy for the students who are going to appear in the CA Foundation. We feel that all the question that arises in a students mind have been answered here in this article in detail.