PREMIUM : Start CA Foundation course after Class 102021-01-26
In a welcome move, Institute of Chartered Accountants of India (ICAI) has passed a new rule whereby students will be allowed to register for CA Foundation after passing Class 10 exam and prepare for the exam in parallel with Class 11/12 studies.
How does it benefit CA aspirants
As per old provisions, a student could register in the CA Foundation exam after PASSING class 12, undergo a four month study and thereafter appear in the Foundation exam. This essentially meant that they could write the Foundation exam only in Nov/Dec (it is conducted twice every year – once in May/June and once in Nov/Dec).
As per the new provision, students can complete their 4 months CA Foundation study in parallel with Class 11 / 12 and hence write the CA Foundation exam in May/June itself, the same year in which they pass Class 12. This, obviously, helps them become CA faster – a clear gain of 6 months. However, as per the basic requirement, aspirants will be able to write the CA Foundation exam only if and when they pass Class 12, after which their admission will be regularized.
Click to check ICAI Notification
Subjects covered in Foundation course
The CA Foundation course has four papers, out of which two are objective and two are subjective. In objective papers, there is Negative marking for choosing wrong options.
Paper-1: Principles and Practice of Accounting (100 Marks)
Paper-2: Business Law & Business Correspondence and Reporting (100 Marks)
Section A: Business Law (60 Marks)
Section B: Business Correspondence and Reporting (40 Marks)
Paper-3: Business Mathematics and Logical Reasoning & Statistics (100 Marks)
Part I: Business Mathematics and Logical Reasoning (60 Marks)
Part II: Statistics (40 Marks)
Paper-4: Business Economics & Business and Commercial Knowledge (100 Marks)
Part I: Business Economics (60 Marks)
Part II: Business and Commercial Knowledge (40 Marks)
Paper-3 and Paper-4 are objective type papers with negative marking.
The Board of Studies issues comprehensive study materials covering all four subjects.
A Foundation Course candidate shall be declared to have passed the examination if he/ she obtains at one sitting a minimum of 40% marks in each paper and a minimum of 50% marks in aggregate of all the papers, subject to the principle of negative marking.