ICAI Chartered Accountant Scholarship and Fee Concessions

ICAI provides the scholarship to the various students based on different categories like Merit, Merit cum Need-based and Need-based and Weaker Sections. The scholarship is awarded twice a year similar like its exams, which also conducts twice a year, in the month of April and October. However, ICAI makes the announcements in the month of March and September for the issue of Scholarship through the Students Journal issued by ICAI and also hosted this information on the ICAI official website.

The students who want to apply for such scholarship programs can apply by filling the prescribed scholarship program.

The below-given table will help you in understanding this program and helps you in getting an idea whether you can apply for such or not.

Also, Check the Complete CA Course Guide

Let’s understand all these ICAI Scholarships in detail –

1. Merit Scholarship

   1. This scholarship is granted only to the top 10 students of Intermediate/ IPC examinations.  Those students whose names are appearing in SI. No. 1 to 10 (in case the rank at SI. No.10 continues to hold at SI. No. 11 and SI. No. 12, or so on then all such rank holders) of the Merit List of IPC/ Intermediate Examination held in May/ November every year are awarded by the scholarship
   2. Students will be awarded by Rs 2000/- per month.
   3. Students who are registered for the Final course and got rank between 1 to 10 in Intermediate Examinations will be awarded by this scholarship.
   4. These students are not required to claim this scholarship.
   5. Maximum duration will be 30 months or remaining period of articleship whichever is less.

2.  Merit-Cum need-based Scholarship

   1. This Scholarship is provided to meritorious students on need basis (other than those who are already covered under merit scholarship).
   2. The students whose parental total income is not more than Rs 1,50,000/- p.m. can apply for such scholarship .
   3. Students whose name is appearing in the merit list of Intermediate (IPC)/ Intermediate Examinations.
   4. The students selected in this category will be awarded by Rs 1500/- p.m.
   5. Maximum duration will be 30 months or remaining period of articleship whichever is less.
   6. Total 30 scholarships are awarded under this category.

3. Need-Based and Weaker Section based Scholarship 

   1.  This scholarship is awarded to other than meritorious students on need basis.
   2. Students of IPC/ Intermediate or Final both can apply for this Scholarship
   3. In order to apply for this scholarship your parental income should not be more than Rs 100000/- p.m.
   4. The students who are selected for this scholarship will be awarded by Rs 1250/- p.m.. For ST/SC/OBC students an additional amount of Rs 100/- will be paid on submission of the documentary proof, evidence duly attested by the member of the Institute.
   5. Maximum Duration for this scholarship is 18 months for IPC/Intermediate student.
   6. Maximum Duration for a CA Final student will be 30 months or remaining period of articleship whichever is less.
   7. Total 550 scholarships will be awarded in this category. 250 for IPC/Intermediate students and 300 for Final Students.
   8. Two scholarship from the above is reserved for the physically handicapped students.
   9. Income Certificate is to be submitted in Form no. 4  on letter head of the principal of the article (in case student is undergoing articleship) / letter head of any member of the ICAI (in case student is not undergoing articleship).
   10. Apart from the above scholarship, the children undergoing Intermediate (IPC)/ Intermediate or Final Course of the deceased members of ICAI where financial assistance is provided to spouses of the deceased members from the Chartered Accountants Benevolent Fund (CABF) shall also be eligible for scholarship.
   11. The number of the scholarship will be based on the eligibility criteria.
   12. The payment will be discontinued if the student would not be able to pass in the two eligible attempts.
4. Scholarships under the Endowment Schemes– There are some persons who jointly or severally donate some amount to ICAI to provide scholarship on Need basis to the students in addition to the above Scholarships. The detail of them are already given in the table above. Criteria will also be same as a need based scholarship.

Procurement of Scholarship Application Form

The eligible candidates can apply for the Scholarship in Form 3 & 4.  However Form – 2 will also be needed to claim the further installments. These forms can be downloaded from the Institute website.

The form should  be reach – To The Director Board of Studies,

                The Institute of Chartered Accountants of India

                ICAI- BHAWAN,

                A-29, Sector-62,

                NOIDA-201309

Before the last date of March, i.e. 31st March for April Scholarship program and last date of September i.e. 30th September for October Scholarship program termed as announcement hosted on the ICAI website and published in the Student’s Journal.