The concept of the CA final elective paper was first introduced in 2018. Since then, it’s been four years still many students unable to understand the minute details like what, why, how, when of final elective papers.
As a prominent CA institute in Mumbai, AJ Next education has come up with an article articulating multiple aspects of the CA elective paper. Let’s get started.
What is CA’s final elective paper?
Before 2018, students were not provided any specialization which became a hindrance in their careers later on. The CA final elective paper was brought for making students ready for real-world by giving them options to choose the subject of their choice in the final exam.
Before that, a student needs to study the entire course for specialization. Even after that, they get to choose specialization after real-world experience and work profile. This way, students’ career progression gets delayed making them stuck in one place.
With the best elective subject for CA final, students may choose an option from the available lists. Then, based on interests, career prospects, knowledge, and flexibility level, they choose one and study with full enthusiasm to make their living in that field. But the problem is how to choose ca final elective papers. If you too, face a similar dilemma. Keep reading.
Points to consider while choosing CA’s final elective paper
- Elective paper is a 4 hour long open-book exam. During the exam, you are asked to solve 4 case studies within the timeframe. So choose the one which has an ample amount of resources available. Also, inquire about coaching classes in Mumbai for special classes for that elective paper on which you have put your bet.
- All 4 case study comes with 25 marks, divided into 10 makes for MCQs and 15 for the description of each case study. Consider this marks division for selecting the elective paper.
- The exam language is English, so always select the one in which you have a good grasp of the English language.
- Do your homework and think about whether you will be able to answer all those case studies within the timeframe or not.
- Get some ideas about the real-life applicability of the paper so that you can easily experience it first-hand before the final exam.
- Never follow the other’s footsteps. Instead, try to find out your passion and select the one for which you can revise and remember instead of rote learning.
- If you feel any hurdle in the selection process, reach out to AJ Next Education, CA inter coaching classes in Mumbai, and CA final coaching class.
All the CA elective papers and their brief
Read the summarized view of all the six papers facilitating you in choosing the best one for yourself.
Risk Management
ICAI introduced this for future chartered accountants to specialize in various risks businesses have to face. Here, you gain knowledge about risks and learn to build capacity for addressing those risks through study and experience.
It is more like SEM and audit paper making it the easiest among the six elective papers. Here questions come in the ratio of 90:10 for theory and practical. Its syllabus covers risk sources, risk evaluation, risk modeling, enterprise risk management, operational risk management, quantitative analysis, credit card measurement, etc.
Financial Services & Capital Market (FSCM)
The main objective of this subject is to make students well versed in the financial and capital markets. You get to study skills that become useful for banks, learning companies, mutual fund agencies, share market brokers, trading platforms, etc.
SEBI acts, RBI acts, and other rules and regulations from the capital and financial market are taught here. Quantitative analysis plays a key role in scoring in the exams consisting of 86 to 90% theoretical and 10-15% practical questions.
Global financial markets, SEBI guidelines, credit derivatives, risk management, credit rating, investment banking, mutual funds, money market, and others are important sections in the syllabus.
International Taxation
As the name suggests, International taxation deals with concepts, principles, and provisions of taxation in foreign countries and their co-relation with India. Knowledge gained here helps in computations
The paper has two parts in the syllabus called taxation of international transactions & non-resident taxation in India and other aspects of international taxation.
Economic law
Here, a student develops a deep understanding of the economic laws of India and applies that learning to solve practical day-to-day issues. Money laundering prevention, Benami property transaction rules, foreign exchange management act, real estate regulation, WTO rules, completion act, and similar rules are covered in the syllabus.
It is quite close to corporate and economic laws paper is considered a tough choice as you’ve to study multiple laws to score well.
Global Financial Reporting Standards (GFRS)
International financial reporting standards along with differences between IFRS and US GAAPs are vital concepts in the subject. As per the best CA final coaching classes in Mumbai, many students consider the subject as the second easiest one after risk management. Financial reporting as per IFRS, International Financial Reporting Standards, and differences between IFRS and US GAAPS are syllabi for the paper.
Multi-Disciplinary Case Study
As it is clear by the name, here students study the concepts, provisions, and principles of multiple disciplines to solve practical case scenarios. Account, taxation, corporate laws, finance, and business strategy are areas coved in the paper.
As it is an amalgamation of all your subjects, Elective paper CA final statistics show that very few students choose it. It is the toughest one where you need to be trained for being 100 % logical for scoring well.
Final thoughts
As you got a fair idea about CA final elective papers, it’s time to choose the one subject best for you. Make use of the information provided above and make your career progression. Still, have any questions? Feel free to connect with the best CA coaching class – AJ Next Education for coaching and help.