The new course-IPCC (Integrated Professional Compentency Course) is being considered a welcome change my most of those related to this profession. It almost resembles to the PE I regime where in there was a ten months study gap between PE I and PE II. However a candidate needs to pass only group I of IPCC to register and commence articleship as against the requirement of passing both the groups. These announcements were made just before a batch took up exams on 14th December. So to reduce hardship for those students, ICAI has given option of either PCC or IPCC to these students.
Group I of IPCC consists of following subjects
2.Law, ethics and communication
4.Cost Accounting and Financial Management.
Group II of IPCC consists of following Subjects
7.Information Technology and Strategic Management.
Articleship period under the new scheme is 3 years and students would be allowed to take up final examination in the last 6 months of their training.(Akin to the Old final syllabus).
The most important difference in the new IPCC scheme is that a candidate can register for articleship after passing Group I on IPCC. This is especially beneficial for students who generally attempt one group at a time. The four subjects included in first group of IPCC will equip students better for audits. Also the study period of nine months will give students enough time to prepare for their audits. The most common problem in the current CPT-PCC scheme which the students faced was lack of maturity for audit and paucity of time to prepare for exams. IPCC seeks to address both the problems.
What should current batch of CPT do??
This dilemma can be found among most of the students who gave CPT this December. Whether to choose for PCC or IPCC has led to lots of confusion among students. I personally feel that IPCC is better for CPT students. Firstly, the study period of nine months ( it may extend to a year) will give time to the students to prepare for IPCC exams. In the current PCC regime, students have to immediately jump into audits for which they may not be prepared and/or matured. Also students find it difficult to manage audits and study side by side in PCC.
The completion period will almost coincide in both cases(i.e PCC or IPCC).So there may not me much loss of time. Instead of starting articleship immediately after 10+2, it would be better to gain some basic knowledge in audit and accounting domain and then start articleship.