Chartered Accountancy is regarded as one of the highest paying academic courses in India. It is a good career-building option if you are interested in subjects like taxation, finance, and accounting. The career path to being titled as a Chartered Account (CA) is indeed challenging but very promising for the future as well. The entire Chartered Accountancy module’s tenure is almost 5 years; therefore, if you aspire to be a Chartered Accountant in life, you must be prepared to devote this much time to your education along with firm determination and consistent studies.
Talking about India, CAs are in good demand, in both public as well as the private sectors. A qualified CA is hired to deal with the financing, investing, and dividend decisions and also with respect to accounting.
CA Elective Papers (Paper 6):
The new course developed by ICAI for CA Finals is designed to meet the needs and expectations of the CA finals candidates. The current change is in Paper 6, i.e., the “Elective Paper”. The Institute of Chartered Accountants of India has introduced a major change in the exam pattern- a new paper- Elective Paper, in which a student is provided with a total of six choices, and he/she can select a subject of his/her choice.
Talking about the elective paper in detail, it is an open book exam based on case studies. The choice of the subject that the student is going to appear in is in his/her hands. Students can select unbiased on the basis of their likes and dislikes, the field in which they would want to base their career after clearing the Chartered Accountancy course.
These are the six options that the students have received under this change:
(6A) Risk Management:
This subject focuses on the realistic aspects of analyzing risk-related problems in business scenarios. This is meant especially for the people who feel indulge in the Insurance sector or into the consultancy sector. Risk management deals with identifying, monitoring, analyzing, and controlling various risks associated with the company. By understanding the risks and challenges that the company may have to face near them, helps them to anticipate the losses and minimize the risks.
This paper could have been easily included under Strategic Cost Management. Some auditing concepts are also to be practiced essentially for this subject. Common mathematical logics come into use while performing quantitative analysis and other related areas. The paper requires learning the methods and techniques of management of risk and also figuring solutions out for them.
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(6B) Financial Services & Capital Markets:
This paper aims at obtaining a proper knowledge of various financial services rendered by the banks, financial institutions, government, etc. This is meant chiefly for people who hope to build a profession in the banking sector or consultancy. Talking about the syllabus for this paper, it is a lean-to Strategic Financial Management while some contents can also be associated with Corporate and Economic Laws.
In this subject, students obtain knowledge of the stock market, foreign exchange rates, and other finance-related information. The focal point of this paper is learning to handle the main businessmen seated in the financial market, central bank, and the commercial bank, and also other individuals or corporations like the merchants, bankers, leasing companies, etc.
(6C) International Taxation:
The aim of this subject is to have an idea of the provisions related to international taxation. This is meant for people who aspire to practice as leading consultants in the fields of international taxation. One should be well aware of the fact that in today’s Global Village international taxation stands to be the heart, and contains an extremely prosperous future ahead. The content of the subject is taken from Paper 7, International Taxation which carries a total of 30%.
(6D) Economic Laws:
The objective of this paper is to understand the fundamentals of different economic laws. This is meant for people who dream to secure their future in the legal field, including works of insolvency professionals or as a company secretary. Some sections of this subject is taken from paper 4 (economic laws) which amounts to 30 marks and majorly from the company secretary syllabus.
(6E) Global Finance Reporting Standards:
The purpose of this paper is to build up the applications of international financial reporting standards. This is built for people hoping to build a calling in multinational companies or work as an audit in a core area of practice. This paper is the extension of “Financial Reporting”. Some portions are also taken from CPA (Certified Public Accountants). The paper engrossed more of the accountancy-related applications.
(6F) Multidisciplinary Case Study:
One of the most vibrant, challenging, and interesting papers amongst all the available elective options. The principle of this is to improve the functioning skills of accounting, auditing, taxation, and other related areas. This is meant for people who seek to emerge as entrepreneurs or to do some form of consultancy practice. This paper is largely based on all the fields coming under commerce. This paper gives a clear indication of how a chartered accountant must be adaptive in the dynamic technological and scientific world. Selecting this paper can sharpen skills and enhance confidence in all the sectors mentioned above.
Which of all elective papers is the most scoring Paper?
Risk management is the highest scoring CA Final elective paper, as it involves calculating and number chomping. If the students have an interest in solving numerical problems, then this paper is definitely easy for them. Also, it can only be scored if your SFM concepts and theories are clear. Risk Management subject content is only 184 pages and least technical and also answers are easy to comprehend.
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Risk Management Paper Pattern:
In these 3 case studies are given, out of which only the student has only 2 to be solved each for 50 marks each.
The distribution of these 50 marks would be as follows:
- For 20 marks question related to reports writing are given or 20 marks questions provided are theoretical as reporting or explaining the theory
- The remaining 30 marks are agreed for the numerical question that the candidates solve in the exam.
What paper should you choose?
From the above-mentioned subjects, Risk management seems to be a very favorable option, but students should also keep in mind their interests and Strengths if any other subject is easy for them to comprehend and are confident enough about it, then they should opt for it.