FAQs

EDUCATION SCHEME 2021

These FAQs have been developed for better understanding of the respondents of exposure
drafts of revised Directive 1.01 Education and Training Scheme 2021 and Directive 1.20
Qualifying Assessment Test and Pre-Requisite Competencies.

The comments on exposure drafts will be considered by the Council and after incorporating
due changes, if any, the final Directives will be issued for implementation.

Q What are the salient features of the education scheme 2021?

The Education Scheme 2021:

• Introduces an entry test for students who have marginally under performed in their
twelve years’ education.
• 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.
• Focuses on development of analytical and reasoning skills and application
techniques.

How are papers of the education scheme 2021 different from education scheme 2013?
Q
The stages and papers of education scheme 2013 and education scheme 2021 are given
below:

Education Scheme 2013 Education Scheme 2021

Assessment of Fundamental Pre-Requisite Competencies (PRC)

Competencies (AFC)

AFC 1 – Functional English PRC 1 – Business Writing and

AFC 2 – Business Communication
AFC 3 – Quantitative methods
AFC 4 – Introduction to Information
Technology
Comprehension Skills
PRC 2 – Quantitative Methods
PRC 3 – Principles of Economics
PRC 4 – Introduction to Accounting
PRC 5 – Introduction to Business

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Certificate in Accounting and Finance
(CAF)
CAF 1 – Introduction to Accounting
CAF 2 – Introduction to Economics and
Finance
CAF 3 - Business law
CAF 4 – Business Management and
Behavioral Studies
CAF 5 – Financial Accounting and
Reporting-I
CAF 6 – Principles of Taxation
CAF 7 – Financial Accounting and
Reporting-II
CAF 8 – Cost and Management
Accounting
CAF 9 – Audit and Assurance
Certified Accounting and Finance
Professional (CFAP)
CFAP 1 – Advanced Accounting and
Financial Reporting
CFAP 2 – Corporate Laws
CFAP 3 – Business Management and
Strategy
CFAP 4 – Business Finance Decisions
CFAP 5 – Advanced Taxation
CFAP 6 – Audit, Assurance and Related
Services
Multi-subject Assessment (MSA)
MSA 1 – Financial Reporting and
Assurance Professional Competence
MSA 2 – Management Professional
Competence
 Under proposed scheme, ‘Business Law’ does not include ‘Company Law’; which
will be a separate paper in CAF - Group B.
Certificate in Accounting and Finance
(CAF)
Group A
CAF 1 – Financial Accounting and
Reporting-I
CAF 2 – Tax Practices
CAF 3 – Cost and Management Accounting
*CAF 4 – Business Law
Group B
CAF 5 – Financial Accounting and
Reporting-II
CAF 6 – Managerial and Financial Analysis
CAF 7 – Company Law
CAF 8 – Audit and Assurance
Certified Accounting and Finance
Professional (CFAP)
CFAP 1 – Advanced Accounting and
Financial Reporting
CFAP 2 – Advanced Corporate Laws and
Practices
CFAP 3 – Strategy and Performance
Measurement
CFAP 4 – Business Finance Decisions
CFAP 5 – Tax Planning and Practices
CFAP 6 – Audit, Assurance and Related
Services
Multi-subject Assessment (MSA)
MSA 1 – Financial Reporting and
Assurance Professional Competence
MSA 2 – Management Professional
Competence
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 Which Hands-on Courses are introduced in the education scheme 2021?
Q
As per para 4(7) of the exposure draft of Directive 1.01, there are three hands-on courses
which are required to be completed at various stages of qualifications as follows:

(a) Presentation and Personal Effectiveness (PPE)

(b) MS Office

(c) Data Management and Analytics; or Fin-Tech

Transition, applicable for existing students, for completing hands-on courses have been
proposed in para 4(7) and 5(2)(i)(c) of the exposure draft of revised Directive 1.01.

What is the implementation date of the education scheme 2021?

Q
The planned implementation date of education scheme 2021 is Spring 2022, subject to
approval of certain amendments in the CA Bye-Laws 1983 by the Federal Government.
Once the byelaws are approved, the implementation date of the scheme will be officially
announced in Directive 1.01.

Will the new scheme be applied on old students?

Q
Yes. The scheme will also be applicable on old students as per transition requirements in
para 9 of exposure draft of revised Directive 1.01 and para 5 of exposure draft of Directive
1.20.

How many attempts will be allowed in 2021 scheme?

Q
The maximum time period to pass each level has been provided in the progression rules in
para 8 of exposure draft of revised Directive 1.01 and para 1(3) and para 2(4) of exposure
draft of Directive 1.20.
Attempt limits for existing students of CAF, CFAP and MSA have been proposed in para 9(3)
of exposure draft of revised Directive 1.01 and for existing students of AFC have been
proposed in para 5 of exposure draft of Directive 1.20.

Is it mandatory to attend classes for CAF stage?

Q
There is no requirement for compulsory classes of CAF.

Has the eligibility for appearing in CFAP exams reduced?

Q
Proposed eligibility for CFAP as per para 8(1) of the exposure draft of Directive 1.01 is as
follows:
“Examinees who have completed twelve months of training prescribed under the bye-
laws on or before the first day of the month in which examination is to be held and have
passed or obtained exemptions from all papers of CAF shall be eligible to attempt CFAP”.

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Q As per new education scheme, will students, who have passed AFC, be required to pass
CAF-1 Introduction to Accounting and CAF-2 Introduction to Economics?

No. CAF-1 Introduction to Accounting and CAF-2 Introduction to Economics will not be
offered once the education scheme 2021 is implemented.

Q What is the way forward for those students who have paid examination fees for CAF-1
Introduction to Accounting and CAF-2 Introduction to Economics for September 2021
attempt? Would they be getting a refund?

Every student has the right to claim refund as per the refund policy. However, it is also to
note that these drafts have been exposed for public comments and therefore are subject
to change.

Q For those students who are currently appearing in CAF 1, CAF 2 and CAF 3 papers, in
which papers can they appear in March 2022 attempt if the new scheme is applicable?

Kindly refer to para 9 of revised Directive 1.01 mentioning transition requirements for
existing students. The papers examinable under education scheme 2013 have been
mapped against papers examinable under education scheme 2021. Students at CAF level
will be required to appear in remaining papers that are not mapped under education
scheme 2021. For instance, if CAF 1, 2 and 3 papers are passed in September 2021
attempt, then students can appear in following papers:

 CAF-1 Financial Accounting and Reporting-I

 CAF-2 Tax Practices

 CAF-3 Cost and Management Accounting

 CAF-5 Financial Accounting and Reporting-II

 CAF-6 Managerial and Financial Analysis

 CAF-8 Audit and Assurance

Q Will number of attempts utilized in previous scheme be taken into consideration?

No, students’ attempts in previous scheme would not be considered in new education
scheme, however, they need to pass their papers within the transition period specified in
new education scheme 2021. Please refer to:

(a) Para 9(3) for CAF and CFAP transitions in exposure draft of revised directive 1.01.
(b) Para 5 in exposure draft of Directive 1.20 for PRC.

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Q If the students pass AFC by December 2021 attempt, would they be required to appear
in remaining papers at PRC level?

Students who pass all papers of AFC will be able to appear in CAF papers as per para 9(1)
of the exposure draft of revised Directive 1.01.

Q If a student has completed his training but was able to pass only one CFAP paper, how
will the proposed education scheme 2021 be applied on such students?

As per the para 9(3) of the exposure draft of revised Directive 1.01, such students shall be
given credit of their passed paper and will be required to pass three more papers of CFAP
within ten years from the date of their any first attempt after the effective date of this
scheme. Provided that students who have passed all papers except two papers of CFAP
shall have no limitation as regard the number of attempts.