Open Book Exam of Elective Paper in CA Final
As per the Revised Scheme of Education and Training, CA Final student has to choose among the 6 elective papers. ICAI has also clarified that Examination of these subjects will be an Open Book Exam. This is the bold steps taken by the Institute (ICAI) as the syllabus and systems were old and needed an apprising to keep up with the Industry requirements. Consequently, Revised Scheme of Education and Training was unveiled On CA Day i.e. 1st of July by our Prime Minister Narendra Modi.
What is Open Book Examination?
In Short, Open Book examination is that examination that allows the students to bring their Own Notes and Pre-Approved Books in the examination hall. Before you get happy to let me make it clear to you that Just because you are allowed to bring your books and notes doesn’t make it any easier, In fact, it does the opposite. In Open Book Examination Scope of Questions which can be easily answered by referring the textbook is highly restricted and Question which is more conceptual and practical is more prevalent. The idea of the Open Book exam is to test the underlying Concepts, Knowledge, thinking skills etc. and not merely the memory tests of the students.
List of CA Final Elective Papers are as Follows:
- 6A Risk Management
- 6B Financial Services and Capital Markets
- 6C International Taxation
- 6D Economic Laws
- 6E Global Financial Reporting Standards
- 6F Multidisciplinary Case Study.
Please Note: All of the Elective Paper are Open Book and Case Study based.
As per the Guidelines laid down by the Institute, Students are Required to opt One Elective paper out of 6. Although the concept of the Open Book is not new It is completely new for the CA Students. As this is the first time that the CA Students will be facing this new format of exam it will definitely add to the pressure and the fear of unknown. To Further aggravate the problem these Elective Papers are not the standalone papers as rest of 7 papers. These Papers can be best described as an Extension of the Core Papers like Financial Reporting, Strategic Financial Management, Corporate and Economic Laws, Direct Tax Laws and International Taxation.
General Guidelines Laid down by the ICAI:
At the time of registration in CA Final course, the student has to select one Elective from the list of Electives subjects mentioned above.
The student would surely get the initial relevant study material and other academic material on the basis of the Elective subject initially opted by him.
After this, at any time any student could change the option of elective and indicate the new option in the examination form.
Once a student fills an elective subject in the examination form, thereafter, he/she cannot change his choice for an elective subject for that particular examination. The student has to write the elective subject out of six above opted by him in the examination form.
In case a student is not able to clear the examination in the chosen elective subject, he can opt for another elective, on filling the examination form for the next attempt.
If a student wants to purchase the study material for a different elective subject than the one opted initially, he has to procure it separately by paying the extra cost. Exchange of study material of the initially opted elective subject with the newly opted subject will not be allowed.
We will discuss how to choose One elective Paper out of Six in the upcoming post.We know that due to these changes there is a lot of question and confusion out there. If you have any do comment below. We will help you resolve it in a timely fashion.