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CA Foundation Exam Preparation as per New Scheme 2024

CA Foundation is an entrance-level examination for the students who want to become a Chartered Accountant, offered by ICAI. Earlier this course was also known as Common Proficiency Test (CPT).

A candidate should register with the Board of Studies of ICAI to register for the CA course. One can do so after clearing the 10th Std examination. Any new candidate who wants to become a Chartered Accountant should note that the Institute of Chartered Accountants of India (ICAI) has released a new scheme of education and training for CA which has become effective from July 1, 2023. The first exam under the new scheme will be conducted in June 2024. Interested aspirants should take note of the new syllabus of the CA Foundation exam and develop a preparation strategy accordingly.

CA Exams are widely recognized as among the most challenging exams in the world. The first step to becoming a Chartered Accountant is to clear the CA Foundation Exam.

Eligibility: 

The learner must check the eligibility criteria before filling out the CA Foundation application form. The following are ICAI criteria:

• Candidates must have completed their 10th and 12th exams from an acknowledged university or board.
• The candidate must have an overall minimum score of 50% in the 12th standard. 
• There are No Age Criteria for enrolling in the CA Foundation Course.

Listed below are some of the key highlights of the CA Foundation Exam:

CA Foundation Exam Syllabus And Marking Scheme

Knowing the CA Foundation Exam syllabus will help you prepare for your upcoming exam thoroughly. You can refer to the table below for a quick snapshot of what the exam entails:

Listed below are the subjects that are covered in the CA Foundation course:

You will have to study all of these subjects as every subject is compulsory for the CA Foundation Exam. 

Now, let’s have a look at the individual subjects and topics that will be covered in the CA Foundation Exam (New Scheme of ICAI)

Paper 1: Accounting
The objective of the CA Foundation New Syllabus 2024 is to help students grasp the fundamentals of accounting. It teaches them how to use these concepts to make financial statements and solve basic accounting problems. Listed below are the topics that you need to cover for this paper:

• Theoretical Framework
• Accounting Process
• Bank Reconciliation Statement
• Inventories
• Depreciation and Amortisation
• Bills of exchange and Promissory notes
• Preparation of Final accounts of Sole Proprietors
• Financial Statements of Not-for-Profit Organisations
• Accounts from Incomplete Records (excluding preparation of accounts based on ratios)
• Partnership and LLP Accounts
• Company Accounts

Paper 2: Business Laws

In the CA Foundation New Syllabus 2024, the objective is to provide students with a broad understanding of legal aspects related to contracts and sales. It also covers different types of businesses and how they operate, helping students learn how to navigate the business environment and address basic, practical issues related to these topics. Listed below are the topics that are covered in Business Law:

• Indian Regulatory Framework
• The Indian Contract Act, 1872
• The Sale of Goods Act, 1930
• The Indian Partnership Act, 1932
• The Limited Liability Partnership Act, 2008
• The Companies Act, 2013
• The Negotiable Instruments Act, 1881

Paper 3: Quantitative Aptitude

The CA Foundation New Syllabus 2024 aims to help students grasp fundamental math and statistics tools and use them in business, finance, and economic scenarios. It also focuses on enhancing logical reasoning skills.

Part A- Business Mathematics (40 marks)

• Ratio and Proportion, Indices and Logarithms
• Equations
• Linear Inequalities
• Mathematics of Finance:
• Permutations and Combinations
• Sequence and Series
• Sets, Relations, and Functions. Basics of Limits and Continuity Functions.
• Basic applications of Differential and Integral calculus in Business and Economics (Excluding the trigonometric applications).

Part B- Logical Reasoning (20 marks)

• Number Series, Coding and Decoding, and the Odd Man Out.
• Direction Tests
• Seating Arrangements
• Blood Relations

Part C- Statistics (40 marks)

• Unit 1: Statistical Representation of Data
• Unit:2 Sampling
• Measures of Central Tendency and Dispersion
• Probability
• Theoretical Distributions
• Correlation and Regression
• Index Numbers and Time Series

Paper 4: Business Economics (100 marks)

The CA Foundation New Syllabus 2024 intends to help students understand economic concepts and theories. It also helps them gain the skills needed to handle practical, real-world economic problems. Following are the topics that will be covered in this section:

• Introduction to Business Economics
• Theory of Demand and Supply
• Theory of Production and Cost
• Price Determination in Different Markets
• Determination of National Income
• Business Cycles
• Public Finance
• Money Market
• International Trade
• Indian Economy

Free Study Materials for CA Foundation Exam Preparation

It can be challenging to find appropriate content for your CA Foundation exam preparation as per the newly introduced New syllabus. You may come across numerous videos and materials on the Internet, and still be unsure where to begin. While study material is abundant on the Internet, there is no consistency between the content on various platforms and how you should start your CA Foundation preparation. With Unacademy, you can end the confusion and organize your preparation for CA Foundation Exams.

You can get access to various resources to assist you in passing the CA Foundation Exam.

Unacademy also provides you with a variety of free expert-level study materials. On the platform, you may watch free videos from some of the greatest CA professionals in the country. If you like the material, you can upgrade your account to enjoy unlimited access to some of the best Paid CA Foundation Exam preparation videos. Unacademy offers a variety of learning resources to guide you and let you put your knowledge to the test, so you can see where you stand in your CA Foundation preparation.

Tips and Tricks to crack CA Foundation

The following advice will help you get started on your CA Foundation exam preparation:

• Know the Syllabus: Have a firm understanding of the CA Foundation syllabus. Even though there are the same number of papers, one should do extra research to determine whether there have been any additions or deletions to the curriculum’s listed topics (This advice is relevant for old syllabus learners too, who are now opting for new syllabus).

• Start Early: Candidates should start their preparations now that the CA foundation exam syllabus has been made public by ICAI. You’ll have plenty of time to review and practice later if you get started early. Start early with the Unacademy CA Foundation June 24 batch.

• Consult the Correct Books and Study Guides: Study guides for the CA Foundation are available on the ICAI website. It can be consulted by candidates as they are readily available on the ICAI website. Candidates can also prepare well for the CA Foundation test by reading reputable books.

• Mock Test: To improve performance on test day, prepare with real-looking mock tests by enrolling in Unacademy batches and get the benefit of monthly Evaluated Test Series in our batches. Additionally, candidates can attempt to pass mock tests for the CA Foundation on the ICAI’s website.

• Model Paper: The CA Foundation Model Test papers have proved indispensable in helping our Learners pass the exam. They educate you on how to manage your time and evaluate questions properly. You should always solve the CA Foundation Sample Test Papers once you've completed learning for the course. Several practice papers on Unacademy can aid you with your preparation. It would help if you tried solving these papers once you have gone through all the resources you need to study for the CA Foundation preparation.

FAQs

1. What is the total number of courses in the CA Foundation Exam?

CA Foundation consists of four primary courses that candidates must pass to advance to the second stage of the CA Exam i.e. the CA Intermediate Exam.

2. Is the CA Foundation Exam subject to negative marking?

Yes, there is a negative marking in the CA Foundation Exam. One incorrect response deducts a quarter of a point from the overall score. As a result, it is advisable to only respond to questions that you are familiar with.

3. Is CA Foundation a challenging course?

Preparing for the CA Foundation Exam takes a lot of effort, but nothing is impossible. Clearing the CA Foundation Exam requires Learners to only secure above a defined threshold of marks unlike with other competitive examinations. So, you may relax and focus exclusively on what you need to accomplish to pass this exam.

4. How many attempts are permitted for the CA Foundation exam?

Signing up for the CA Foundation Exam is the first step. After signing up, your registration will be valid for three years. Candidates can apply for the CA Foundation Exam within this time range in May or November. During these three years, candidates may apply and appear for a maximum of six attempts.

5. How important are your 12th marks for the CA Foundation Exam?

The CA Foundation Exams do not have a minimum pass mark or percentage requirement. All you have to do is graduate your 10 + 2 exam to sit for it.

6. When has the New Scheme of Education and Training been launched?

The New Scheme of Education and Training has been launched on CA Day, i.e. 1st July, 2023. Dec 23 will be the last attempt in the old syllabus. June 24 and onwards will be according to the New syllabus.

7. What is the structure of the Chartered Accountancy Course under the New Scheme of Education and Training?

The New Scheme of Education and Training has three levels – Foundation, Intermediate, and Final including Self-Paced Online Modules.

8. How to register under the New Scheme of Education and Training?

Students need to register for Foundation/ Intermediate/ Final level under the New Scheme of Education and Training through Self Service Portal (SSP) at the link https://eservices.icai.org/.

9. Where can we write for any further queries?

You may write to the Board of Studies (Academic) at bos.nset@icai.in for further queries.

10. What is the fee for the Foundation Course?

The fee for the Foundation Course is Rs.9,000/- which is to be paid at the time of registration. This fee is inclusive of the Prospectus for the CA Course and Study Material for the Foundation Course

11. Where can I get the Prospectus for the CA Course and Study Material for the Foundation Course?

After successful registration in the Foundation Course, the student will receive an e-mail bearing the login credentials for ordering the Study Material through the Centralized Distribution System (CDS) Portal. The prospectus for CA Course will be delivered to the student along with the Study Material, whenever ordered by the student

12. Whether revalidation of registration is permitted at the Foundation level?

Revalidation is not permitted at the Foundation level.

13. What is the validity period of the student's registration in the Foundation Course?

The validity period for registration in the Foundation Course is for 4 years from the first eligible attempt in the Foundation Examination.