(1) The credit shall be awarded in the following manner irrespective of new composition of papers in the respective stage:
(i) Stage wise credit for AFC qualified
| S. No. | Education and Training Scheme 2013 | The Scheme 2021 |
| 1 | Assessment of Fundamental Competencies (AFC) | Pre-Requisite Competencies (PRC) |
(ii) Stage wise credit for CAF, CFAP and MSA qualified
|
2 |
Certificate in Accounting and Finance (CAF) |
Certificate in Accounting and Finance (CAF) |
|
3 |
Certified Finance and Accounting Professional (CFAP) |
Certified Finance and Accounting Professional (CFAP) |
|
4 |
Multi-subject Assessment (MSA) |
Multi-subject Assessment (MSA) |
(2) Paper-wise credit for an incomplete stage
The following mapping shall apply to only incomplete stages of Education Scheme 2013.
(i) Credit for AFC passed or exempted papers
| Subjects before the commencement of the Scheme 2021 | The Scheme 2021 Code Paper Code Paper | ||
| Code | Paper | Code | Paper |
| AFC 1 | Functional English | PRC 1 | Business Writing and Comprehension Skills |
| AFC 2 | Business Communication | ||
| AFC 3 | Quantitative Methods | PRC 2 | Quantitative Methods |
| AFC 4 | Introduction to Information Technology | PRC 5 | Introduction to Business |
(ii) Credit for CAF passed or exempted papers
| Subjects before the commencement of the Scheme 2021 | The Scheme 2021 Code Paper Code Paper | ||
| Code | Paper | Code | Paper |
| CAF 1 | Introduction to Accounting | CAF | (No credit) |
| CAF 2 | Introduction to Economics and Finance | CAF | (No credit) |
| CAF 3 | Business Law | CAF 4 | Business Law |
| CAF 7 | Company Law | ||
| CAF 4 | Business Management & Behavioural Studies | CAF 6 | Managerial and Financial Analysis |
| CAF 5 | Financial Accounting and Reporting – I | CAF 1 | Financial Accounting and Reporting – I |
| CAF 6 | Principles of Taxation | CAF 2 | Tax Practices |
| CAF 7 | Financial Accounting and Reporting – II | CAF 5 | Financial Accounting and Reporting – II |
| CAF 8 | Cost and Management Accounting | CAF 3 | Cost and Management Accounting |
| CAF 9 | Audit and Assurance | CAF 8 | Audit and Assurance |
iii) Credit for CFAP and MSA passed papers
Did not change.
(iv) Credit for Hands-on Courses
| PCSC | Presentation and Communication Skills Course | PPE | Presentation and Personal Effectiveness |
TRANSITIONS
CAF
(i) The transition for examinees who have appeared but have not passed all CAF papers before Spring 2022 attempt, under Education and Training Scheme 2013, shall be as follows:
(a) They shall be given credit in CAF under the Scheme 2021 according to the mapping specified in this paragraph.
(b) They shall be required to pass remaining CAF papers under the Scheme 2021 within the period specified in this paragraph.
Education and Training Scheme 2021 17
(c) They shall have a maximum period calculated in the manner specified in this paragraph to pass all papers of CAF. The period shall be computed in months worked out as six times of the number of paper they have yet to pass on 01 March 2022. Provided that examinees who have no more than three papers remaining on 01 March 2022 shall have twenty-four months to pass the remaining papers.
(d) Examinees shall be required to pass at least two papers of CAF Group A to appear in papers of CAF Group B. Provided that this condition shall be applicable after the Autumn 2022 attempt.
CFAP
(ii) The transition for examinees who have completed their training or are undergoing training on 01 March 2022 and have not passed CFAP papers before the Summer 2022 attempt, under Education and Training Scheme 2013, shall be as follows:
(a) They shall be given credit in CFAP under the Scheme 2021 according to the mapping specified in 9(2)(iii) above.
(b) They shall be required to pass at least four papers of CFAP within ten years from Summer 2022 attempt. Provided that persons who have passed all papers except two papers of CFAP shall have no limitation as regards the number of attempts.
Hands-on courses
(iii) Persons joining training before 01 March 2022 shall not be required to complete hands-on courses.