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THREE COMMON MISTAKES IN STRATEGIC FINANCIAL MANAGEMENT

CA Final examination in the subject strategic financial management is considered to be challenging in 2016. Examinees have shown their inability to score in this subject. Common mistakes noted in the subject Strategic Financial Management are mentioned elsewhere in the given blog. If you want to check in deep, may I request you to see the video of CA Nagender Sah Our esteemed faculty who is explaining the same in a video demonstration.

Firstly, the students fail to plan what the examination approach in the three hours. Specially, they are not clear about the working strategy of the first hour or 60 minutes.

Secondly, the students are selective in study and they don’t cover all chapters equally. It has been noticed recently that the students lack practice skills.

Thirdly, the approaches to the theoretical questions were casual and they were not properly written. Specially the direct question like short notes questions were not handled properly.

WOMEN DIRECTORSHIP

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The Indian Constitution has granted equal rights to men and women, we still find the society is always male dominated and the employment of women is not preferred in various fields like in Army or Air force, combat field, flying zones etc. Women are employed in many companies engaged in manufacturing sector, banking or financial sector etc. but to a limited position.

The government has promoted many laws to empower the women rights. One of the revolutionary decisions by the government was mandating to include at least one women director in the Board of Directors of the listed companies and certain specified class of Companies.

Every listed company shall appoint at least one woman director within one year from the commencement of the second proviso to Section 149(1) of the Companies Act 2013.

The certain specified class of companies includes the following:

  1. Every other public company having paid up share capital of Rs. 100 crores or more or
  2. Every other public company having turnover of Rs. 300 crore or more

as on the last date of latest audited financial statements, shall also appoint at least one woman director within 1 year from the commencement of second proviso to Section 149(1) of the Act.

Provided that a company incorporated under the Companies Act 2013 and is covered by the provisions of Section 149(1) of the act, shall comply with such provisions within six months from the date of its incorporation.

Further if there is any intermittent vacancy of a woman director then it shall be filled up by the board of directors within 3 months from the date of such vacancy or not later than immediate next board meeting, whichever is later.

The other countries like Spain, Norway, Italy, Belgium etc have already implemented such provision of appointment of women director in the Board of Company.

This has been a welcome move for women in India because now women’s corporate skills and talent will not be wasted on the ground of being woman only.

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CONFUSIONS TO CLARITY IN CAFINAL

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CONFUSIONS TO CLARITY IN CA-FINAL

Life is a journey and you have to travel with full confidence. You may be   wondering what is right for you and what can be the value addition at the different stages of this journey. You might have been worried about the result of the chosen action course. There will be air of confusion within you. When you discuss with the people known to you, they might come up with the different stories and different viewpoints on the same issue which might confuse you.

The only recourse in such a scenario will be to get clarity of goals. Clarity means end of the confusion. Clarity gives the direction and thrust to reach towards goal. Clarity can come when only when you are steady mentally and remain focused.  The focus can only come when you have faith. Faith is the force of life. You can only accelerate when you have faith in your focused goal and you have clarity of thoughts.

CA examination is tough because roughly 15 students out of 100 students who appear in the exam pass on an average in the CA Final exam. 85 students carry confusion and repeat the exam twice in May and November.  This confusion appears because of the poor results. Also the peer group and seniors also talk the same.

These vicious exam circles create a negative impact on the CA final examinee, whether he is a first time examinee or is a repeater. All of these confusions create a depleted personality who does not know

how to come out with this negative cycle.

Clarity comes when you get a mentorship. Mentorship can create a direction for the future. It tells the action steps desirable to pass CA final exam. It tells all the subjects are equally important because you have to pass the group and not subject.

Fortunately, www.calearning.in  has found the novel and positive way. It has developed its course for the first time in India for CA Final by offering an advanced product.  Besides video and faculty notes which are available elsewhere in the market, it also offers three levels of assessments which are concept based MCQ with explanation, chapter based practice course with solution and three mock test papers with suggested answers.  Its system of doubt resolution through email and webinar helps the student to get regular mentorship. Mentorship helps to develop positive mindset with the examinees.

Hence the clarity level increases when a student undergoes all the three level of assessment. Time and   again, it is a proven fact that the faith can build up only when you are internally focused on your goal. Hence confusion can become clarity only when faith becomes down and deep within you.

BRIEF WORKINGS OF A CHARTERED ACCOUNTANT

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According to Forbes 2013 list, A Chartered Accountant is amongst top 10 jobs of the world.  The examination system is tough and challenging which are held twice a year.

CA performs traditionally the following ten tasks:

  • Handling accounts, preparing and analyzing  financial statements.
  • Auditing financial statements.
  • Advising clients on direct tax planning & tax related issues for entities
  • Investigation of the financial position,
  • Internal Audit, External audit and internal control of the business
  • Managing financial systems and budgets both short term and long-term
  • Company law related compliances
  • Project management
  • Indirect tax planning like custom, excise and service tax.
  • Monitor funds constantly to avoid frauds.


There are following career opportunities for a CA on broad classification   :

  • Set up and independent professional practice
  • Join a practicing firm of CA
  • Render a service in the field of capital market
  • Engage in own business venture
  • Be a consultant for custom, excise, service tax, direct tax, company law
  • Take up suitable position in industry as CFO, finance manager
  • Be an advisor for business of non profit
  • Go in the newer areas like Forensic Audit, Cyber law
  • Emerging areas like Abroad based career (ACCA, CPA, CGAetc)
  • Venture in to IND-As and GST which becomes operational in 2017 .
  • Interpretation of various judicial issues arising from the judgement of High Court and Supreme Court.

Around 2.65 lakhs CA are there in jobs or in the practice in 2016.  Life as a CA is full of challenges and satisfying to those who work   with full focus to meet the needs of the society and country.

FIVE REASONS OF FAILURE IN CA FINAL EXAM

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FIVE REASONS OF FAILURE IN CA FINAL EXAM

CA FINAL examination requires more writing skills and examination related practice through attempt of simulated exam paper in each subject. This exercise is more important to a CA repeater student than seeing video or attending classes.  When I make this statement there is a reason behind same.  CA examination has given its results ranging from 5% to 15% on an average basis. ICAI examiner comments reveal clearly that the examiner has expressed that the students fails because of certain specific reason:

  • Firstly, Time Planning is poor among the examinee while attempting the exam questions because they don’t understand questions properly. Hence the students are advised to read the exam question and understand it first and decide the writing steps. For example the answers   of explain, write short notes and discuss will always differ. You can’t expect same content to be written in all of these situations.
  • Secondly, using first hour successfully is critical for success. Hence the choice of question  and its writing properly with neatness as required for the effective communication is desirable element. You must know which questions are required to be picked first in exam hall.
  • Thirdly, use of case laws, sections and formulas at the right place with proper explanation is relevant. Correct quotation of section is must. Question of law and Question of fact must be written properly and then the judgement must be given properly and correctly. Correct quotation of formulas and properly mentioning the elements of formulas is mandatory for success.
  • Fourthly, effective time management on planning the exam preparation is required.

Remember all subjects are   equally important. Hence we must devote equal time to all the subjects and never ignore any subject because you have to pass in each subject. Direct Tax may be important but remember also that Information System Control and Audit can’t be studied in the last. There are two possible way of learning while preparing a group. You can read all the subjects on every day   by dividing equal time to all subjects.

  • Fifthly and finally the level of confidence and mental strength during the exam preparation is mandatory for the success in CA Finals. Think that you have already achieved success. Mentally imagine your life after you get such success. You must have energy and zeal to achieve your dream. Never procrastinate. Always find a mentor who can motivate you to achieve your goals

You must focus on all the above five points so that you can achieve success in your CA final exam and in your life.

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