CA Final (New Syllabus) Paper 6 - Case Study
I would like to give you some basic fundamental of open paper & case study which is completely new for CA students. You can clear this exam with 7 days study or you can't even clear in 365 days study. Why are Top B school MBA more successful compared to Indian CA? Not because they have better technical knowledge. CA are known for having better technical knowledge compared to any other professional qualification. MBA solve case study for 2 years and excel in professional career. All the B School including Harvard, Wharton focus on real corporate world professional as a faculty since they are the people who are better equipped to handle case study exams.
Let start with the motive behind this. Globally case study exam plays important role in any professional exam i.e. MBA, ACCA, CIMA, Chartered Accountant of other countries etc. Simple reason, after clearing the final exam, you are supposed to go in the real world with real problems. No more academic knowledge. In fact, CA Final syllabus clearly mentioned in all the subjects - 'expert knowledge'. But unfortunately, students are unable to grab this and they continue to focus on study material provided by coaching classes. The result is the failure in big numbers but even though they are unable to realize that coaching classes are meant for personal guidance and attention, clearing doubts. If you go to class with 300+ or going for recorded video lecturer, how you are going to get success! It is a simple probability that out of 300, some people will clear, some will get rank. These percentage will remain same even if you don't take coaching.
Now, coming back to our main topic: Paper 6 Elective paper of CA Final.
You don't need to memorize textbook or study material since you will carry this in the exam (open book exam). So, please avoid memorizing the topic and buy video lecturers unnecessary. It requires more clarity of fundamental and how to approach case study exam. In case of study exam, understanding the problem and finding the conceptual answer is more important. It all about approach towards solving real corporate or business problem. Take the CA study material and understand fundamental. Understand how to write Memo on case study i.e. identifying the problem, finding bottlenecks, various alternate and then conclusion. In such type of exam, if you copy any sentence from your textbook then you won't score. This exam requires your own personal thinking.
Now, I will try to explain each elective paper.
1. Financial security & capital market: If you think you are able to handle case study on the global market, money market, derivatives, private equity, investment banking etc then go for it. People get the highest salary globally if they are expert in this field.
2. International Taxation: I believe you people might be doing article ship and you might be aware that International Taxation is complex in real life. This is international taxation which includes the topic on Transfer Pricing, double taxation, model tax convention, anti-avoidance etc. So, if you are comfortable handling case study practical problem then you can opt for it. If you have the passion for Income & International tax then go for it.
3. Economic Laws: This subject covers new laws i.e. Insolvency, Benami & old law i.e. WTO, FEMA etc. I think probably case study will cover various laws. So, please understand the fundamental of all the law and then if you feel comfortable handing this subject case study then only opt. Insolvency professional are in great demand but CA can only give this insolvency exam if he/she has experience of 10 years.
4. GFRS: This includes IFRS & US GAAP. So, if you can handle various practical issues like consolidation, finalization, disclosure in MNC environment etc, go for it.
5. Risk Management: This includes risk faced by any corporate or business organization i.e. political, competitor, theft, corporate governance etc. I personally believe, you should take this subject to clear it easily. The simple reason you are already expose to corporate environment and some fine tuning and case study preparation, can lead you to success. In fact, I had given this Risk Management Case study exam in CIMA & cleared it. It will be easy to pass and difficult to score.
6. Multi-Disciplinary case study: I won't comment on this until I see the text book.
To conclude, to excel in case study exam, please rely on your logical thinking rather than text book. You need to understand this subject from professionals who has practical experience as well as exposure to such type of exam. It is one of the easiest as well as difficult exam. Easy if you are conceptually clear & know how to approach case study. Difficult if you rely on text book which you can carry in your exam.
Think 10 times before you choose & don't follow whatever your friends, teacher or family say. Find your strength and comfort with respect to each subject. Trust me, this elective paper requires less hard work but more smartness.
Even as a student we can share needful, share as much as we can.
All the best!
I hope this would help many students.