ICAP Education Scheme 2021: Detailed Information for CA Students.

SALIENT FEATURES 

Education Scheme 2021: 

i. Introduces an entry test for students who marginally under perform in their twelve years’ education to allow opportunity to those who may have reasonable chance of successfully completing the CA Program.

ii. Fairly accommodates those who possess other higher educational and professional qualifications. 

iii. Enhances integration of 16 years’ degree programs into the qualification process to ensure diversity in the profession. 

iv. Devolves conduct of entry test and pre-requisite competencies assessment to authorized third parties with close oversight of the Institute. 

v. Introduces hands-on courses to enhance the skillset of CA professionals in areas of technology, communication and behavioral competencies to respond to the needs of emerging workplace. 

vi. Defines maximum period to clear a level in terms of “years/months” along with “number of attempts”. 

vii. Focuses on development of analytical and reasoning skills and application techniques. 

viii. Retains Multi-Subject Assessments (MSAs) as final level of qualification.

KEY STAGES/LEVELS 

The key stages and levels of Education Scheme 2021 are: 

i. Entry route for HSC/A’ Level or equivalent with defined eligibility criteria and alternate option

ii. Assessment scheme for Pre-Requisite Competencies (PRC) 

iii. Entry routes for relevant and non-relevant graduates 

iv. Remodeled Certificate of Accounting and Finance (CAF) level 

v. Remodeled Certified Finance and Accounting Professional (CFAP) level 

vi. Practical Training 

vii. Hands-on courses at different stages of qualification

viii. Multi-Subject Assessment (MSA)


ENTRY ROUTES AND ELIGIBILITY CRITERIA 

The entry routes are as follows: 

 HSC/A’ Levels or equivalent 

 14-year Graduates 

 16-year Graduates

 16-year Graduates from Specified Degree Awarding Institutes 

HSC/A’ Levels or Equivalent 

Candidates who have passed Higher Secondary School Certificate or A Levels: 

 Having secured above 60% aggregate marks or passed three subjects at A Levels with minimum Grade D will be exempt from Qualifying Assessment Test (QAT). 

 Having secured less than 60% but more than 50% aggregate marks in HSC or passed three subjects at A Levels with minimum Grade E will be required to pass QAT. 

Candidates who have passed other equivalent qualification to HSC/A’ Level recognized by the Council will be registered in CA education program subject to such terms and conditions as may be specified by the Council. 

Candidates who have passed QAT or are exempt from QAT will be eligible to appear for assessment of PRC after three months from the date of registration. 

After passing PRC, such candidates will be eligible to advance to CAF level. 

On passing all papers of CAF level and fulfilling other requirements including completing prescribed hands-on courses, such candidates will be eligible to advance to register for training with any approved training organization of the Institute. 

After commencement of training and fulfilling other requirements including completing prescribed hands-on courses, such candidates will be eligible to appear in their CFAP and MSA level examinations. 

14-year Graduates

Candidates with bachelor degree comprising minimum 14 years of education in any discipline will be eligible for registration in CA education program, provided that such degree is awarded by a local or foreign degree awarding institution recognized by a competent authority of higher education in Pakistan. 

Further, provided that such candidates must have secured minimum 45% marks in aggregate or equivalent grades. Such candidates will be eligible to start their practical training and obtain registration as trainee. Such candidates will be deemed to be exempt from QAT and will be eligible to appear for the assessment of PRC after three months from the date of registration. 

After passing PRC, such candidates will be eligible to appear in CAF level examinations. Such candidates on passing all papers of CAF level examinations and fulfilling other requirements including completing prescribed hands-on courses will be eligible to appear in their CFAP and MSA level examinations. 

16-year Graduates

Candidates with a degree comprising minimum 16 years of education from a local or foreign university recognized by a competent authority of higher education in Pakistan will be eligible for registration in CA education program. Such candidates will be eligible to start their practical training and obtain registration as trainees. Such candidates will be deemed to be exempt from QAT and PRC assessment subject to certain conditions. Such candidates will be eligible to appear for their CAF papers during their graduate program as per prescribed rules. 

On passing all papers of CAF level examinations and fulfilling other requirements including completing prescribed hands-on courses, such candidates will be eligible to appear in their CFAP and MSA level examinations. 

16-year Graduates from Specified Degree Awarding Institutes

Candidates with a degree comprising minimum 16 years of education from a specified degree awarding institute (SDAI) will be eligible for registration in CA education program as trainee. Such candidates will be deemed to be exempt from QAT, PRC assessment and CAF examinations subject to certain conditions. Such candidates will be eligible to appear in CFAP and MSA level examinations and fulfil other requirements including completing prescribed hands-on courses. 

QUALIFYING ASSESSMENT TEST (QAT) 

i. The Qualifying Assessment Test (QAT) will be a computer based assessment, testing candidates in English, Mathematics and Analytical Reasoning. 

ii. The candidates will have maximum three attempts to pass QAT. 

iii. The candidates will have maximum twelve months to appear in PRC assessments after passing QAT.

iv. The conduct of QAT is being devolved to third parties including RAETs, RASS and any other party authorized by the Institute. 

v. The Institute will retain oversight and standard setting role and will provide online tests and independent invigilators to parties conducting examinations. 

vi. The results of QAT will be announced by the Institute. 

PRE-REQUISITE COMPETENCIES (PRC) 

i. This pre-first level of CA Program will assess fundamentals of general and professional knowledge and will be referred to as Pre-Requisite Competencies (PRC). 

ii. Students will have the option to self-study. Registration at RAETs and/or RASS for studies of PRC is not mandatory. 

iii. The conduct of assessment of these competencies is being devolved to third parties including RAETs, RASS and any other party authorized by the Institute. 

iv. The Institute will retain an oversight and standard setting role and will provide online tests and independent invigilators to parties conducting examinations. 

v. Assessments will be offered every month. 

vi. Unless a lower number of areas remain, minimum two areas will be attempted for assessment at a time. 

vii. The results will be announced by the Institute. 

Assessment Areas of PRC 

There will be assessment in five areas as follows:

i. PRC-01 Business Writing and Comprehension skills 

ii. PRC-02 Quantitative methods 

iii. PRC-03 Principles of Economics 

iv. PRC-04 Introduction to Accounting 

v. PRC-05 Introduction to Business 

Time limit for clearing PRC assessments 

Persons registered for PRC assessments will be required to clear assessment of a minimum of three areas in maximum twelve months from the date of first attempt of PRC. Those who have passed three areas in such twelve-month period will have three additional months for clearing assessment of the remaining two areas. First attempt of assessment shall not be earlier than three months from the date of registration for PRC assessments.

CERTIFICATE IN ACCOUNTING AND FINANCE (CAF) 

The examinations / assessments at this stage will primarily focus on competencies in application and analysis of enhanced technical knowledge. CAF stage papers will be bifurcated into two Groups A and B. 

Papers of CAF 

The papers forming part of each Group are as follows:

a) Group A 

i. CAF-01 Financial Accounting and Reporting 1 

ii. CAF-02 Tax Practices 

iii. CAF-03 Cost and Management Accounting 

iv. CAF-04 Mercantile Law 

b) Group B: 

i. CAF-05 Financial Accounting and Reporting 2 

ii. CAF-06 Managerial and Financial Analysis 

iii. CAF-07 Company Law 

iv. CAF-08 Audit and Assurance 

Delivery of courses and examinations of CAF 

i. It is mandatory for registered persons to register with a RAET or RASS. 

ii. Attendance of classes prior to first attempt will be mandatory. 

iii. Minimum attendance requirement will be those as prescribed by the Institute.

iv. CAF stage examinations will be conducted every six months.

v. Unless lesser number of papers remain, registered persons will be required to appear in at least three papers of their own selection.

vi. Examinations for this stage will be conducted by the Institute. 

Time limit for clearing CAF examinations

Persons registered for CAF stage will have maximum of four years to pass the requisite examinations. Provided that persons who have not more than two CAF papers remaining to pass, will have one additional year to pass the remaining paper(s). 

Eligibility for examinations and Rules of progression

Registered persons will first attempt papers of CAF Group A.

Unless a lower number of papers remain, a registered person will attempt minimum three papers from each Group.

Registered persons will be permitted to appear in CAF Group B on passing at least two papers from CAF Group A. 

For more detailed information Download this PDF below ⬇

Download ICAP Education Scheme 2021 details in pdf

Note: For previously enrolled students of Afc and Caf, there will be a transition scheme so they do not have to worry about this.