How to Prepare for Economic Laws: CA Final Subject-wise Tips
The new course for CA final introduced by ICAI, brought in a new twist by introducing the CA elective Open book examination to give all the candidates a taste of real-life problems.
If you have decided to choose Economic Laws as your optional subject, a few tips and tricks on how to prepare for CA Final Economic Laws and how to score well can go a long way helping you ace the exam.
The objective of this paper is to inculcate in students an understanding of the provisions of different economic laws and to equip them with knowledge and skills needed to address practical case scenarios.CA Final Economic Laws examination will be an open book exam of 4-hour duration.
In this article, you’ll get to know about –
- How to study CA Final Economic Laws
- How to score well in CA Final Economic Laws
- Online resources to prepare for CA Final Economic Laws
How to study CA Final Economic Laws
- This subject is an extension of ‘Corporate and Economic Laws’. So,jump to Economic Laws only after completing Corporate and Economic Laws
- While studying, you will find the following
common topics from Corporate and Economic Laws:
- The Foreign Exchange Management Act, 1999
- The Prevention of Money Laundering Act, 2002
- The Insolvency and Bankruptcy Code, 2016
However, in this subject they are given in greater detail covering all rules and regulations.
- If remembering provisions is not your forte, do not panic. Since this is an open book exam, just understand the concepts well and learn how to apply them in different scenarios. You can refer to the study material for quoting provisions
- However, you need to be well versed with the coherence and links between different acts and provisions
- In the examination hall, ICAI will provide study material of the institute excluding examples, illustrations and summary
- This subject will check your conceptual clarity of legal and compliances practices
- The study material comprises of seven case studies and their solution. Make key notes while understanding the structure and presentation of each solution
- For each case study, 20 marks will be allocated to MCQs and 30 marks to descriptive questions. The case study may comprise of more than one independent or related case for a broader coverage of syllabus
- Familiarize yourself with study material of the Institute. Make sure you can locate important information with ease
- Approximately 40% weight-age will be on objective type questions and 60 % weight-age on descriptive and numerical type questions.
How to score well in CA Final Economic Laws
There will be total of 3 case studies out of which you will need to attempt 2. To decide which case study to attempt- go through all three case studies in the first reading. Now, based on your strengths, once you’ve narrowed down the two case studies which you will attempt, give them a thorough second reading
Here’s a step-by-step procedure to attempt the questions:
Step 1: Read and understand the case study properly and make a note of the topics and subtopics that it refers to
Step 2: Pay attention to the problem statement and figure out the bottlenecks
Step 3: Refer to the relevant topic and subtopics from your study material and books for anything including laws, sectionsetc that you would need while solving the case study. Underline them for quick reference
Step 4: Answer multiple choice questions first
Step 5: Answer the other questions while maintaining your originality
Attempt multiple choice questions first.
While answering descriptive questions follow this pattern:
- Write relevant section. Cross-check in your study material to ensure you are writing the right section
- State the facts
- Apply the section in the given question
- You need to solve two case studies in four hours. Dedicate your time accordingly
- Do not copy from the reference material. Just refer it.
- Since there is no negative marking in MCQs, do attempt all.
Online resources to prepare for CA Final Economic Laws
Study material: https://www.icai.org/post.html?post_id=14041
Relevant amendments: https://resource.cdn.icai.org/51362bos41039.pdf
Case study 1 & Solution:
Case study 2 & Solution
Case study 3 & Solution
Case study 4 & Solution
Case study 5 & Solution
Case study 6 & Solution
Case study 7 & Solution
- May 2019: https://resource.cdn.icai.org/55487bos44850-p6d.pdf
- Nov 2018: https://resource.cdn.icai.org/52623bos42154finalnew-nov18-p6d.pdf
- May 2018: https://resource.cdn.icai.org/50212bos39812finalnewqp6d.pdf
- Nov 2018: https://resource.cdn.icai.org/54637bos43793p6d.pdf
- May 2018: https://resource.cdn.icai.org/51227bos40931.pdf
Revision test paper: https://resource.cdn.icai.org/48721bos32721p6.pdf
Mock test paper:
- Answers: https://resource.cdn.icai.org/54773bos43895fnewp6d-a.pdf
You can watch a few demo lectures by SuperProfs for CA and see if you would want to consider subscribing to our video series for a better shot at clearing the CA Final examination.