CS Final - Subject wise analysis .. Guidance from a Senior...

WAYS TO CRACK CS PROFESSIONAL EXAMS- CS. Ashwin

PART I – GENERAL TIPS

1.   THUMB RULE

As a thumb rule make it a point to read the study material fully at least once. It’s unfair to criticize the material without even going through it once. Having reference books + scanner should come only after reading the material once.

2.   PRE-READING BEFORE CLASS

If you are attending class for a particular subject and  if you are aware what is going to be taught the next day please go through the particular chapter before attending your class. This has dual benefits. Firstly it will give you lots of confidence when you attend the class, you will feel you are better off compared to your peers. Secondly you will get lot of doubts when you do that much needed pre-reading. You can thereby clear your doubts in the class, which will not only be beneficial for you but for others also.

3.   WRITING

Make it a point to study 2 pages and write down whatever you have understood from it. Let that be in condensed form or point wise and ensure you write them neatly so that you will feel like reading. Then read another 2 or 3 pages and repeat the same thing. Trust me this will do wonders for any student approaching the exam.

4.   REVISION

Revision plays a key role in your preparation. Revision should be ideally of the following pattern:.

If you have studied a chapter on Monday, you will have to revise it necessarily by Wednesday and the second revision by Saturday. By the time you revise for the third time you will be very confident and will know how much remember of that topic.This will test your memory skills and you will also understand the points, which you have left out.You can even revise from whatever you have written on your note if you are running short of time.

5.   MINDSET

Don’t get tensed thinking about the exams. It is important you do not get stressed atleast a month or two before exams.One should keep his mind free of any anxiety or tension by listening to music for sometime or watching television.Moreover, when you start reading a subject, don’t think that it’s a hard subject because nothing is hard in this world and nothing is easy too.It all depends on your mentality about that concept.

6.   QUESTION PAPER DISCUSSION:-

7.    Do not discuss your question paper immediately after the exams. I have seen many do this mistake. Don’t even ask your friend how the paper was. If you feel it was tough, let it be, if your friend says the paper was easy you will feel dejected. The reason I say this because more papers will follow  and its important to keep your mind set focussed until you complete all the papers. Now take a look at this example. My friend had 2 groups pending Group 1 and 2. He finished his group 1 exam, the paper was obviously tough. He got too negative and he couldn’t prepare for next day’s exam. He ended up missing group 2 exams. To his surprise when the results were declared he passed group 1. He wasted 6 months and appeared for group 2 next time. Kindly do not decide on your mark -that is very silly. Sometimes luck plays a crucial part.

8.    PREPARATION FOR EXAMS:-

Remember if your preparation was decent and if the paper was tough, the paper would have been tough for everyone. Please note that with the introduction of Companies Act, 2013 going forward the papers as well as the valuation will definitely be tough. Because the new Act recognizes us as Key Managerial Personnel and consequently,  Institute would want to set high standards for us. So plan your preparation accordingly. You cannot get through CS exams with minimum level preparation.

9.    TIME PERIOD:-

You need to start preparation atleast 6 months before the exams with proper revision.

HARDWORK (85%-90%) + LUCK (15%-10%)= PASS

                       ***** END OF PART 1*******

Before proceeding to part 2 please ensure that you have one favourite subject in each group where you can aim 60 in it. For example if you feel tax paper is damn tough you have to aim for 60 in Strategic Management. 

PART 2- SUBJECT SPECIFIC

GROUP 1 –

1.   COMPANY SECRETARIAL PRACTICE

·  It is very important to start your training to get a grip on this subject. Once you have started your training with a PCS/ Company, E-forms will be easy for you. Remember there will be lot of 1 mark questions on E-forms- this will be pretty easy for you.

·  Make it a habit to read stuffs with the help of Sections. For example if your trainer asks you to prepare and file form 23 do not blindly do that. Read section 192, be sure of whatever you are doing. Ask many doubts even if they are silly.

·  Read more and more case laws. If you have the habit of reading novels read the case laws just like you do for novels. In the beginning you will find it difficult. Probably you can do this as a team by reading case laws over night and discussing about it with your colleagues – kind of quiz or something. The idea is to make learning interesting. Remember you will get all these chances only when you are in training period. Grab that opportunity with both hands.

·  While almost all the chapters are important please do not omit the last chapter i.e Global Developments in Company Law. We all make a mistake by omitting this chapter thinking its not important but trust me there will definitely be a question on this chapter.

·  Try drafting more and more resolutions. Practice that on a daily basis. Its not that difficult guys.

·  Please do not quote wrong section numbers and irritate the valuer.If you cant recollect the particular Section, then better to write “ as per the provisions of Companies Act,2013/1956” rather than quoting a wrong section.

2.   DRAFTING, APPEARANCES AND PLEADINGS

·  I would suggest to read the Appearances and pleadings part first.

·  You definitely need to master the first 2 chapters... Very very important.

·  Once you are done with it just go through various agreements on a daily basis. When you feel bored up reading definitions try drafting an agreement on your own. It’s okay if the output is horrible. Start with a very simple agreement. You will see how you improve from your 3^rd or 4^th agreement.

·  On how to draft an agreement and also various deeds, I have specific useful notes which I will send upon request.

GROUP 2 –

3.   FINANCIAL, TREASURY & FOREX MANAGEMENT

·   We all worry a lot about this subject but if you like reading theory there is good news for you. 60 marks theory 40 marks sums. Sums too you can score with step marks if you present well with working notes etc.

·  Chapters 1, 4, 8,9,11 are all purely theory. Rests of the chapters too contain partly theory.

·  Reading theory for FM is such a wise decision because questions cannot be twisted. Lot of repeated questions. You can note down some 100 -120 distinguish between questions. Out of which 5 will definitely come. 20 marks is straight away up for grabs. You should aim atleast 15-16 here.

·  If you are against theory practice more and more sums especially working capital, capital budgeting, CAPM Model& dividend policy.Opportunities for scoring are high here so utilize it.

4.   CORPORATE RESTRUCTURING & INSOLVENCY

·   Here Part B 30 marks concentrate well. Cross border insolvency will be little vague but for that all the chapters will be interesting.

·  Actually this subject is the most interesting of all the 8 papers. You can probably not focus much on legal documentation chapter.

·  You have to be very confident about Mergers & Amalgamation and takeovers. Get to know more and more case laws. If you start your answer with the proper case law your battle is half won.

·  Note down some 40 case laws and keep revising them . For ex. If both companies are under one jurisdiction of high court- joint application can be made ( Mohan Exports Ltd V Tarun Overseas P.Ltd)

·  Suggestion - Please buy Sangeet Kedia’s book for this subject. It is simply awesome.

GROUP 3 –

5.   STRATEGIC MANAGEMENT, ALLIANCES AND INTERNATIONAL TRADE.

·  Very simple strategy – Concentrate on Part B- Strategic Alliances. Be thorough with those 60 odd pages. Aim for 16 out of 20.

·  Then Concentrate on Part C. it is actually interesting if you think it is. You can read it like a novel.

·  Part A you can easily figure out the important topics in each chapter. I am listing out few of them, Porter’s five forces model, Swot Analysis, Business Process Reengineering, BCG matrix,Life cycle analysis,Benchmarking, Mckinsey 7-s Framework etc.

Suggestion - Book by Chinmay Jain on this subject published by Lawpoint is awesome.

6.ADVANCED TAX LAWS AND PRACTICE

I know many of you would have been waiting for this part or some might have switched directly here :P

·  This paper is getting tougher because Institute wants us to be an expert on tax laws. Focus first on International taxation. Target that 30 marks. Trust me getting 18-20 here is not at all difficult.

·  Part B Indirect tax – read the book completely as many times as possible so that you can easily crack one word answers. Read this for knowledge sake and not for exams. Indirect tax is probably more interesting than Direct or international tax.

·  Part A – do not forget whatever u have studied in your graduation. 5 heads of income. You have to be sure of tax planning. Also on TDS provisions , conversion to LLP tax benefits, MAT,AMT etc.

·  My suggestion would be to concentrate more on PART B and C because part A is an ocean and you will not be able to cover fully.

Suggestion -Book by Yogendra Bangar is a must for this subject.

GROUP-4

7.   DUE DILIGENCE AND CORPORATE COMPLIANCE MANAGEMENT

·  There are many small chapters like search report, legal due diligence, 1^stchapter etc. finish off all these chapters first. You will get confidence that you have covered enough.

·  Then study important chapters like Equity issues, Listing agreement, Depository Receipts etc.

·  In fact all the chapters are important in this subject and hence do not omit any. Read the book fully to crack one word questions (if being asked).

8.   GOVERNANCE, BUSINESS ETHICS AND SUSTAINABILITY

·  PART B – Business Ethics 60 odd pages – 30 marks

·  Part C – Corporate sustainability 50 odd pages -20 marks

·  Part A –Corporate Governance 265 pages -50 marks.

·  This pretty much sums up guys be thorough in Part B and Part C . |It should be on your finger tips. Aim for 35 here. Read line by line, word by word just 120 pages.

·  In Part A please do not omit chapter 9, definitely there will be a question here. 1^st 3 chapters are very important .Also Chapter 6 and 7.

Sorry for the length of the write up guys. Wanted this to be as exhaustive as possible. It took more than 2 weeks to compile this. Have worked really hard for this. Hope you follow this and find it useful.