There is an important information to be shared for students who are preparing for Chartered Accountants CPT exam. The Institute of Chartered Accountants of India has planned to make changes in the syllabus of Common Proficiency Test examination. The changes are proposed to be applicable from 2016 onwards. Students who have already appeared for 2016 attempt must be aware of this fact, but students who are making preparations for June and December 2017 attempt must pull up their socks and get ready to study as per the new scheme. Major changes related to CPT question paper, syllabus and registration are mentioned below-
1. Foundation Exam
The CPT or Common Proficiency Test as we know today will now be known as ‘Foundation Exam’ as it is the first phase of Chartered Accountancy where students are judged on the basis of their fundamental knowledge of accountancy.
2. Descriptive Questions
One of the major changes made is the type of question asked in the CPT question paper. Previously, multiple choice questions were asked, which has now been changed to partly descriptive, i. e. , Paper 2 and Paper 4 will be objective in nature whereas all other papers will be descriptive. Now, candidates will be required to answer the questions of all papers (except Paper 2 & Paper 4) in a descriptive manner rather than selecting the correct answer out of four options available. This has been done to shortlist only those candidates who are aware of conceptual details of the topics.
3. Registration before 9 months
According to the new rules, candidates are required to register themselves before 9 months from the time of examination, unlike the old scheme which asked to register before 6 months. Sufficient time is given to students for studying so as to prepare for a descriptive examination. Deep and thorough understanding of all the concepts will facilitate in writing the answer for questions which require an elaborate description.
4. Addition of 2 more papers
The number of subjects in CPT exam has been increased from 4 to 6. Two extra subjects added are General English and Business Communication. Therefore, the list of subjects along with total marks are-
Paper-1: Principles and Practices of Accounting [100 marks]
Paper-2: Business Mathematics and Logical Reasoning & Statistics [100 marks]
Paper-2A: Business Mathematics and Logical Reasoning [60 marks]
Paper-2B: Statistics [40 marks]
Paper-3: Mercantile Law & General English [100 marks]
Paper-3A: Mercantile Law [60 marks]
Paper-3B: General English [40 marks]
Paper-4: Business Economics & Business and Commercial Knowledge [100 marks]
Paper-4A: Business Economics [60 marks]
Paper-4B: Business and Commercial Knowledge [40 marks]
Aspirants must secure 50% marks in aggregate and 40% marks in each subject at one sitting to get qualified in the Foundation examination. In addition to these, aspirants can appear for June 2017 attempt after passing their Class 12th examination.
ICAI's President M. Devaraja Reddy stated that introducing descriptive questions in the exam will prevent candidates from getting qualified by fluke and encourage only serious aspirants. The new syllabus of CPT will focus on boosting up competitiveness and utilizing opportunities.
It is preferable for students to start preparing as per the new scheme and practice descriptive questions along with multiple choice questions. Regular training and practice of assignments can be of help when studying for the exam. One must go through various study videos and practice MCQs for a proper understanding of what is required to achieve success.
IPCC and CA Final exam syllabus have also been revised by making major changes in it. This step of ICAI has been taken with the motive of enhancing the quality of education in the country and encouraging hard working students.
You can also watch some relevant study videos and take mock tests on cpt exams.