ICAP revamps chartered accountancy programme

Replaces older level-based system with a four-tier modular system.

Our Correspondent May 28, 2013
The restructuring of the study programme will introduce a new modular system that has four tiers of the CA qualification, with each stage having a stand-alone recognition.

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) Education Scheme 2013 , introduced on Tuesday, aims to revamp the chartered accountancy qualification in Pakistan.

The restructuring of the study programme will introduce a new modular system that has four tiers of the CA qualification, with each stage having a stand-alone recognition. Each certification is going to have its own market recognition and a revised syllabus with exam-specific study material is likely to increase the output of chartered accountants in Pakistan by as much as 50%, according to ICAP Vice President (North Region) Naeem Akhtar Sheikh.

ICAP qualifications make candidates eligible to be appointed as chief financial officer, head of internal audit and company secretary in a listed company.

New replaces the old

Under the prevailing system, CA aspirants have to clear the foundation level (modules A and B), intermediate level (modules C and D) and final level (modules E and F), with a student completing the last level while working for a chartered accountancy firm.

Under the new scheme, however, the chartered accountancy programme has been divided in four stages, namely Assessment of Fundamental Competencies (AFC), Certificate in Accounting and Finance (CAF), Certified Finance and Accounting Professional (CFAP) and Multi-subject Assessment (MSA). AFC will have four papers, CAF will have nine papers, CFAP will have six papers and MSA will consist of two papers.

CAF and CFAP are standalone qualifications. After passing these stages, candidates may use these descriptions with their names. The change has been made to facilitate a significant number of students who would get stuck at advanced levels of ICAP qualifications for a long time.

Moreover, ICAP has ordered ‘study packs’ for each subject. These will contain three books, including a text book, a summary booklet and another text containing question-and-answer exercises.

The scheme will be effective from the autumn of 2014.

Published in The Express Tribune, May 29th, 2013.

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Ali Choudhry | 8 years ago | Reply

so If some One is Doing B module is this Schedule will apply for him or not?

Ramsha | 8 years ago | Reply

The ICAP's council which makes all the decisions regarding the educational matters is biased. They themselves are partners of firms and thus, do not decrease the articleship period (necessary internship requirement with a CA firm) which is 3.5 years.This is way too much time to attain required experience.This period can without any harm be reduced to maximum 1.5-2 yrs or such.The selfish council does not do this because in this manner they get cheap labour who they pay only Rs. 8000 stipend.They make them work overtime without any compensation( both monetory and leaves).They even don'tallow the poor students to allow their total quota of 130 leaves(including exam leaves) during the 3.5 years which are allowed by ICAP.The Rs.8000 stipend does not ,in any way, justifies the needs nor the amount of labour that these students are made to do.

I think I have provided enough information for any willing investigative journalist to probe the matter.Whoever does so will find a lot under the carpet and will be doing this nation a huge service.

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