A quick disclaimer before I start : My Articles doesn't give 100% guarantee for success in exam but You’ll have to sit down, work hard & work smart. If you can stick to it, I’m damn sure you’ll definitely be able to score a good marks in the exam.
"A famous quote said by Lord Krishna in Bhagvat Gita"
"If you can't fight for what you want, don't cry for what you lost. ."
"Nothing depends on luck.
everything depends on work, because
even luch has to work"
Hello everyone, first of all, thanks a lot for giving such a favorable response to all my previous articles. Now in the same manner I would like to throw light on preparation CA Final Corporate and Allied laws.
During my interaction with many students of CA Final and their questions are "how to prepare for Corporate and Allied law", I come across difficulties faced by them. More particularly, what to read, how to read, what are important topics and what kind of language should be used while writing paper.
The purpose of these articles is to enable CA Final Students to achieve 100% success in CA exams.
1) "Success Mantra for CA Exam. .!!"
2) “Preparation Strategy for CA Final Financial Reporting. .!!”
3) “Preparation Strategy for CA Final Strategic Financial Management i.e. SFM. .!!”
4) “Preparation Strategy for CA Final Audit. .!!”
5) “13 Reasons why CA students are facing failure in exam? ”
This paper has two sections:-
|
Section |
Name |
Marks |
|
A |
Company Law |
70 |
|
B |
Allied Laws |
30 |
The students are expected to have not only the analyzing skill but also application skills in company law, while in allied laws they are expected to have the analyzing skills (an overview of various allied laws) stated in the syllabus. Accordingly, preparation strategy deserve care, concern and caution.
Students have to be always alert in updating their knowledge of current developments, recent amendments in relevant laws and recent legal decision by regular consulting journal like CA and CA students. Final course students have to be thoroughly knowledgeable of important guideline, leading judgments, notifications etc.
Some students have been made a concept that Law is all about Companies Act. But there a slight difference if you have analyzed this paper properly. According to me there are lot of small topics which are easier and can be prepared with 100% accuracy in short span of time. Rather than devoting timing on preparing on these said papers (and getting it half correct in exam hall) students can easily cover small topics in a short span of time (and score 40-50 marks with full accuracy).
I would like would like to give some guidance on CA final Law Paper based on my experience.
Topic wise in order of preference :-
|
Sl No |
Topics |
|
1 |
Appointment & qualification of directors and Appointment & remuneration of managerial personnel |
|
2 |
Accounts and audit |
|
3 |
Meetings of board and its power |
|
4 |
Dividend |
|
5 |
The SEBI |
|
6 |
Banking, Insurance, SRFAESI etc |
|
7 |
Winding up |
|
8 |
Compromises, arrangements and amalgamations |
|
9 |
Prevention of oppression and mismanagement |
|
10 |
FEMA, Competition Act |
|
11 |
Other Miscellaneous topic |
One more important thing if you are conceptually very clear and strong but not able to present it, then there is some problem indeed, which is required to be sorted out immediately. Good conceptual knowledge with good writing and presentation skill is the key to success.
Special Attention to Allied Laws:-
While starting, you can go to easy and interesting topic like Dividend, directors, Audit etc. But never ignore or try to underweight Allied laws part, these cover 30 percentage of exam paper in paper 4 “Laws”.
This portion play a vital role in this paper. If nothing will work, then surely this will work in this paper. Weightage of this portion usually remains 30-35 marks. You cannot skip.
"Strictly Don't gamble with Allied law portion". The most students are failed only because of this portion.
Lot of changes and amendment are taking place in provisions of SEBI Guidelines. Keep yourself updated. Most of questions from FEMA includes; residential status and current and capital account transaction. You will find one question from interpretation of statute.
ABC Analysis according to trend of marks allocations
|
Category |
Topics |
Weightage |
|
A |
Appointment & qualification of directors and Appointment & remuneration of managerial personnel, Accounts and audit, Meetings of board and its power |
50-60 Marks |
|
B |
Dividend, The SEBI, Banking, Insurance, SRFAESI etc, , Compromises, arrangements and amalgamations, Prevention of oppression and mismanagement, Winding up, |
40-50 marks |
|
C |
FEMA, Competition Act, Interpretation of Statutes, Deeds and documents, Money Laundering and Other Miscellaneous topic |
20-30 marks |
Effective Method Of Studies
Please understand the concept. The institute will not ask any irrelevant questions. All the questions are based on the concept. This correction you need to be made during the time of study. The clarity in the concept will help you for dealing such type of questions.
Following steps to be followed :-
|
Step No. 1 |
a) Need to have an Open mind and Understand the concept b) First of all cover the topics mentioned in Category A & B thereafter focus on Category C. After covering the Category A & B , you would gain confidence on the subject. If you feel that you have a little space in time then accomplish the topics Category C. Category A & B is equally important. |
|
Step No. 2 |
Sources of Preparation/Books to be referred a) Select a right/good book and Read it Recommends books :- Munish Bhandari Sir books or GK Kapoor b) Must read our Practice manual. c) Read revision test papers, suggested answers for Past years, this will give you variety type of questions with answer writing pattern. Note: 1) To understand the pattern of questions and answers I would advise you to observe the answers from the scanner and ICAI suggested. 2) I personally recommend you to attempt Revision test papers, Suggested answers, Mock test papers at least one in a day. you will find variety of answers and you will never get disappointed in exam hall. 3) The above practice will consume your time. But if you are not doing in the above manner , you cannot able to handle the questions in the exam. 4) Refer only one book as more than one will create lot of confusions |
|
Step No. 3 |
Making a good notes of concept by following the given process:- Read >> understand >>make a short notes >> close the book and try to memorize >>repeat the same before few hours of sleep >> If not getting, again do the same exercise. Use of Bare Act If Possible, They are the life blood to law and it is very much essential to have relevant bare acts while reading the study materials. while reading bare acts, you may test yourself side by side as to which of the subject-matter dealt by what section. Note: 1) Don't play with the language of law specially definitions. it is strictly recommended to put the definitions in the exact language. However you can take slight liberty while drafting your answer in respect of the other law language but the context, texture, interpretation and meaning should not be changed. |
|
Step No. 4 |
Answer writing practice You should test your preparation by attempting some previous exam paper, revisions test papers, mock test papers under ultimate exam condition or environment. Later on check the result of your effort and make necessary correction/modification to your study preparations. Strictly recommend for this paper. Note: 1) As per my understanding of law is a requires lots of quick and logical application of mind to answer practical problems. Hence I’d suggest you to give a reading to ICAI law study material to understand the depth and figure out the efforts and time required for preparation. By this kind of reading you may prepare a strategy for audit purpose. 2) Lack of good presentation especially in theory paper is one of the major drawbacks for most of the students. In theory subjects good presentation of theory is must along with mentioning case laws and sections etc. So I’d request you all to take note of the same and refer answers pattern from ICAI materials. 3) ICAI expects professional language from us. A common feedback from the Examiners was that students are generally week in English language though they are thorough in the subject. As a result, the presentation of answers does not give a brand image as of candidate at final level. This problem among many of the candidates can be overcome only by way of writing practice and also undertaking self-examinations 4) It is desirable to support answers with relevant sections and leading case laws on that matter wherever necessary. Extra efforts are to be made in this direction. If by any chance, students do not remember the section numbers and case law while answering any questions in the examination paper on the subject, they may not lose heart on this score. They may otherwise strengthen their answers by appropriate reasoning and examples. However, they may desist from citing wrong sections numbers or irrelevant case laws. Keep one thing in mind - write the sections and case laws only when you are 100% sure, otherwise leave it. " "No Herogiri" 5) Do not write paper in one paragraph. Plan your answer and divide your writing in to few paragraph. There is no universal rule for same. The number of paragraph is depend upon subject matter and how you cover points |
|
Step No. 5 |
Make habit of good reading along with preparing notes otherwise you won't able to cover the syllabus. Note: 1) While reading the chapters try to highlight the important line or mark appropriate headings and sub- heading. it will help you a lot in the last days of the exams to have a quick view. 2) Don't use different notes foe one topic. Finalize your notes before starting final examination preparation and stick with them. |
|
Step No 6 |
The most part of preparation is Revision. So, Give ample emphasis to a good revision plan. There is nothing is this world which can substitute a good revision plan. |
OTHER KEY POINTS
To Score high in this paper, Keep these points in your mind while preparing for this paper.
1) Use of proper and prescribed format for presentation.
2) After the FR, SFM & Audit exam, first and foremost, forget about the FR, SFM & Audit exam-it’s a sunk gain or sunk cost not relevant in decision making.
3) Do not answer the compulsory questions at the beginning of the exam. First answer easy and short questions and then devote time to tough questions.
4) Try Avoid Point-wise/Bullet answers in examinations. ICAI wants answers in a proper format just alike music is just waste without required instruments. The answers to the application oriented questions may be presented as following :-
i) Heading
ii) Relevant Legal Provision (With correct section number and correct name of the act with year)
iii) The fact given in the problem
iv) Correlation of the legal provision with the facts
v) Conclusion
5) In case of studies based questions, answer should be split in two parts. First one is fact of the cases and second one is the relevant concept and finally give your good conclusion. In this way the case study and application oriented theory questions can be handled.
6) It is also advisable to mention applicable Sections in law paper wherever required. Answer should be crisp, precise and to the point to secure good marks. Dont quote wrong sections
7) Days before examination date do not add any new topic in your schedule. Just focus on revision, revision and revision
8) Answer the questions with due emphasis on the provisions of Sections.
9) Go through each and every topic thoroughly and understand conceptual points supporting each topic.
10) If you failed more than three times, I prefer you to replace your all the old books with new books preferably new authors.
11) Impress the valuator with the Starting answers. It should represent you caliber to give a good answer in all respects: content, neatness and presentation.
12) Avoid overwriting. Where they become inevitable, strike off and write again. Clarity is more important than neatness
13) If there is a question for which you do know the answer but do not have the time to write it fully, write a synopsis for the answer. This should be done, if required, only at the end of the answer sheet.
14) Underline key words in your answers. This is a must to enhance of your point being noticed by the valuator.
15) Avoid writing long and descriptive answers that take up yours as well as valuator time.
16) In the case of law, if you are sure of the case laws and sections, provide these in the answer sheet. But in case of ambiguity, you may avoid, as a wrong quote is likely to have penalty. The same is true in the case of statistics for economics subject.
17) When you forget some points when writing the examination, leave some space and start a new answer. You can return later and complete the previous answer when you recollect the points.
18) Do not try to deceive the valuator in any subject. They are likely to be smarter than you, in which case the penalty will be high.
19) Try to mange two pens i.e. Blue and Black ink only in exam hall. Use black ink pen only for underling the key words of answers, for making columns and headings.
20) Before answering any question you need to make a rough solution in your mind and then go accordingly.
21) Many students can't complete the paper due to slow writing speed. So boost up your handwriting speed
22) If you are facing unwanted failures then must obtain certified copies from ICAI and check your answers with suggested answers. You will find deficiencies.
Your professional approach and qualitative effort is the key to pass CA examination. To be a successful chartered accountant you should be able to analyze and develop an understanding of topics and to be present in good manner.
So that’s just about it! This is exactly what you have to do & more importantly, how you have to do it. I know you must feeling really good after reading all this but in order to get the desired results, its very important to follow the abovementioned steps and implement your study plans. Just reading all this, won’t do you any good.
Further, if you will need any kind of help, please ping me thru mail or Facebook and please keep the spelling of my mail id specially "agrawal" in your mind while typing it.
If you are also interested in preparation strategy for CA Final Group-II papers too then Please let me know by commenting here or through mail.
Thanks and Regards
CA Pankaj K Agrawal
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E_Mail:- caagrawalpankaj@gmail.com
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