Written By Moaaz Iqbal Oct 21, 2021
Most of us are aware that the new education scheme is now on its way after being a little late like a regular Pakistani baraat. Lekin zehn mein ek sawaliya nishaan chappa hua hai keh aaya yeh scheme students ke liye fa’ida bhi laye gi ya nahi?
Well honestly, the trainee students could care less because there are no attention-grabbing changes for them. However, my fellow CAFians need to gear up because the storm is coming.
Achha nahi, jokes apart, things are getting restructured pretty neatly. One by one, you can walk through the points below to understand how ICAP CA new education scheme of 2021 is reshaping the mentality of students or how the new scheme is going to impact its students.
One of the things I love about this new scheme is ICAP’s attempt to convert technological knowledge into skills. Nafrat thi mjhay IT ke paper sey. I mean, dude, why are we reading a book about what’s in what pane of MS Word? For God’s sake…. Anyhow, ICAP has announced the following hands-on courses:
2-Presentation & Personal Effectiveness
3-Data Analytics or FinTech
The purpose of the ICAP’s CA new education scheme of 2021 is not to make you a tech expert but rather to equip you with modern-day skills and an understanding of how today’s tech works. Moreover, it will also make you familiar with the basics of necessary technology i.e. MS office. ICAP is trying to broaden the playing field with trainees in consultancy and also prepare the auditors for the future.
CAF ke saath vohee hua hai jo Imran Khan ne Pakistan ke saath kiya hai aka “Tabdeeli”.
Minimum 3 exams
Kesa lga phir? Yes, attempting 3 exams is necessary. Although, one could always pay the fee for 3 and actually appear in 2 but paisay ka zya hai. Essentially, you’ll be done in 1.5 years with your CAF… or even 1 year. However, using loopholes could make it go to 2 years at least. ICAP is trying to raise the bar so a defined standard can be set of their CAF pass-outs. It would be better to follow ICAP’s instructions instead of making loopholes, so you are prepared to face CFAP exam preparation in the future too.
Reduction in exam-wise content
Salute to ICAP for this. ICAP’s CA new education scheme of 2021 has reduced the content or broken down the content of some exams into 2 portions so the exams are rather easily passable than they were before. The biggest example is Business Law that used to be CAF 3, which is now broken down between Company law and Business Law according to the ICAP’s CA new scheme 2021 subjects. Bhai yaqeen maano aapki zindagi asaan hogayi hai. Apnay time pe toughest subject tha yeh because too much content to remember and difficult exam to attempt as well. Similarly, Cost and Management accounting has been broken down and combined with BMBS. This was also a smart decision as one was rather very easy and the other was very difficult. Students now have better options at hand to make combinations for themselves.
Completion in maximum 4 years… or 5?
ICAP ke dimagh ki batti jal pari hai! Yeh thori karwi baat hai lekin sach hai keh awaam CA se aisay chipak jati hai jaisay nasha hou koi. Sometimes we don’t realize when something is not working out for us and we need to give it up. ICAP has done a great job for the students who are trying to but can’t fit in this field. They can start looking for something else to pursue their career in instead of wasting time trying to clear exams that are not for them. Although there is the leniency of getting an additional year if you have only 2 exams remaining, in accordance with the ICAP CA new scheme 2021 subjects, I think it’s better to plan during that 1 year for another qualification.
AFC to PRC
Good news for y’all. In line with the ICAP CA new scheme in 2021, you could attempt any PRC exam any month. This means that essentially your PRC could be cleared in 3 to 4 months… or even 2 months. Helps you speed up your qualification.
The attempt period has been reduced from 1.5 years to 1 year. This means that you start preparing for your first 2 exams 6 months into your firm. This also means you get an additional attempt during your Articleship.
We hope you learnt from this blog. Do you have more questions about the ICAP CA new scheme for 2021? Well, don't hesitate to reach out to us on our social media platform. Nearpeer is here to provide affordable online educational content, as well as answer your concerns related to the world of education. Happy learning!