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CA Final Elective Paper- Complete guide

The new CA Final Exam course has been designed to meet the industrial needs and expectations of the CA aspirants. The welcome change is in Paper 6 "Elective Paper". The Institute of Chartered Accountants of India has introduced a new paper- Elective Paper. A student has been given a total of six choices, and he/she can choose a subject of his/her choice. In this article, I would like to address a few queries that CA Final students have about the elective paper.

Table of Content:

1. What is CA Final Elective Paper?

This is an open book, case study based paper. The choice of the subject is to be made by the students. Students can select purely on the basis of their interest, passion, the field they would want to pursue their career after clearing Chartered Accountancy. Here are the six options that a student can from while deciding on what elective subject to go for:

• Global Financial Reporting Standards
• International Taxation
• Financial Services & Capital Markets
• Risk Management
• Economic Laws
• Multidisciplinary Case Study

2. How to choose CA Final Elective paper?

The CA Final Elective papers are chosen by students. A sound decision can be made only if the student is well aware of the syllabus and topics covered under every subject so that he/she can choose a subject that matches with his/her areas of interest of knowledge. The six different elective papers in CA Final are as follows:

CA Final Elective Paper: Complete Guide

1. 6A- Risk Management

This paper focuses on the practical aspects of applying risk-related issues in business scenarios. This is meant particularly for people who aspire to work in the Insurance sector or consultancy.

The content of the paper is substantially taken from DIRM(Diploma in Insurance And Risk Management), a post-qualification course conducted by ICAI. This paper could be easily linked with Strategic Cost Management and Performance Evaluation and Strategic Financial Management to the extent applicable. Some auditing concepts are also essentially related to the subject. Common mathematical logics comes handy while doing quantitative analysis and other valuation-related areas. Above all the risks associated with business from all possible angles is to be kept in mind while preparing for this paper. The paper requires learning about techniques of managing risk and also figuring out solutions to it. The concepts of actuarial science are also in-built in this paper.

For those opting for this paper, they should aim to excel in it as well pursue a course on DIRM(Diploma in Insurance And Risk management), a post-qualification course conducted by ICAI.

2. 6B- Financial Services and Capital Market:

This paper aims at acquiring knowledge of various financial services rendered by banks, financial intermediaries, etc. This is meant particularly for people who aspire to build a career in the banking sector or consultancy. Regarding the syllabus of this paper, it is an extension of Strategic Financial Management. Some portions can also be linked with Corporate and Economic Laws. The knowledge with regard to the stock market, forex rates, and financial sector related information come handy while preparing for this paper. The main focus of this paper is learning to deal with core players of the financial market namely central bank and the commercial bank also other small players like merchant bankers, leasing companies, mutual fund agencies. Quantitative knowledge is indeed essential to understand topics like the valuation of shares. Future Investment bankers can totally go for this paper.

For those choosing this paper, they can aim to pursue CFA (Chartered Financial Analyst).

3. 6C-International Taxation

The purpose of this paper is to have an idea of provisions relating to international taxation. This is meant for people aspiring to build a career in international taxation(practice or leading consultants in the field of international taxation). One should be aware that in today's competitive world international taxation stands to be a core, demanding area and has a prosperous future ahead. The content of the subject is taken from Paper 7 (International Taxation) which carries 30 marks and largely from DIIT (Diploma in International Taxation ) as post-qualification conducted by ICAI.


This paper has two parts -

  • Part 1 (Taxation of international taxation and non-resident taxation in India)
  • Part 2 (Other aspects of international taxation)

While preparing for this paper the provisions of income tax act 1961 with income tax rules 1962 are to be kept in mind. Apart from that the finance act (relevant for the exam) along with notifications, circulars from CBDT(CENTRAL BOARD OF DIRECT TAXES), and recent case laws are to be read. It involves an in-depth understanding of the law with practice exams. Transfer pricing forms a substantial part of this paper. For those selecting this paper, they should specialize in it and do a course on DIIT(Diploma in International Taxation) as post-qualification conducted by ICAI.

4.  6D-Economic Laws

The objective of this paper is to have an idea of different economic laws. This is meant for people who aspire to build a career in the legal field, act as insolvency professionals, as well as company secretary. The portion of this paper is taken partially from paper 4 (economic laws) which carries 30 marks and largely from the company secretary syllabus. Insolvency and bankruptcy code 2016 form a substantial part of the syllabus as well as a recent development in real estate (regulation and development) Act 2016. The paper consists of 7 laws. All legislations are to be read keeping bare act in mind along with notifications, keeping live practical cases in mind.

Students selecting this paper can pursue a career in a legal related field of their choice.

5. 6E-Global Finance Reporting Standards

The objective of this paper is to develop the applications of international financial reporting standards. This is meant for people aspiring to build a career in multinational companies or do an audit as a core area of practice. The portion of this paper is an extension of "Financial Reporting". Some portions are taken from CPA (Certified Public Accountants). The paper involves more accountancy related applications.

First of all existing AS (Accounting Standards) are to be read well. Then IND AS (Indian Accounting Standards) has to be read along with IFRS (International Financial Reporting Standards). At last IFRS (International Financial Reporting Standards) has to be compared with US GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES). It involves a conceptual understanding of various accounting frameworks that are to be linked and applied. Students selecting this paper should specialize in an accounting-related field of their choice.


6. 6F- Multi Disciplinary Case Study

One of the most dynamic, challenging, interesting, papers among all electives options. The purpose of this is to enhance the application skills of accounting, auditing, taxation, corporate laws, finance, and other management areas. This is meant for people who aspire to become entrepreneurs or to do some form of consultancy practice. The portion of this paper is based on all commerce field related areas. This paper gives a clear indication of how a chartered accountant must be dynamic in the fastest-changing technological world. Selecting this paper can sharpen skills and enhance confidence.

Students selecting this paper should have the ambition of doing some higher related education studies of their choice.

3. What is the most scoring CA Final Elective Paper?

As supported by data Paper 6A- Risk Management is the most scoring. Here is the table that shows the pass percentage in Risk Management:




Pass %

Top Marks






















To know the pass percentage of different CA Final Elective Papers click here

Can students change from one elective paper to another?

At the time of registration in CA Final, the student has to select any one Elective Paper. However, any time thereafter, a student can change from one elective to another. But, a student can’t change once he/she fills an option in the exam form.

In case a student is not able to clear the examination in the chosen elective, he can opt for another elective, on filling the examination form for the next examination.


There are six options available in the elective paper and one must sincerely prepare for the selected paper in full-fledged manner within the given time frame. Stats show risk management is the most scoring paper. However, selection can be done considering the parameters listed below:

• Area of interest
• Strength
• Career after CA

The step taken by ICAI of having an elective paper underlines the important aspect of how a chartered accountant with dynamic qualities is required in today’s business world. Above all a very good sound measure taken by ICAI considering that the modern era has moved from generalization to specialization.

Students should note that shifting from one elective to another is allowed by the ICAI.

Also Read:

1. Stats of CA Final Elective Paper: Students who appeared and passed
2. AIR-1, Suryansh Agarwal Strategy to select elective paper 


Published by

Venkat Raj
Category Students   Report

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