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How To Clear CS-Professional December 2022 (Module-3) | SuperProfs

The ICSI conducts the CS-Professional exam for those candidates who have passed the executive program and have enrolled for the professional stage. The professional level comprises 3 modules with 3 papers in each module. The 9th paper in this module is an elective paper which, the candidate must choose based on their enrolment and the exam for the same would be of an open-book format. The candidate is at freedom to attempt all 3 modules in one window either during December or June or to attempt one module in each exam window.

One may refer to our previous article on How to clear CS-Professional level (Module-2) for guidance on clearing the second module of this level.

CS Professional Module 3

In this article, we shall discuss the following important questions relevant for a student preparing for the 3rd Module of the Professional level.

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  1. How to clear Paper 7 – Corporate Funding & Listings in Stock Exchanges
  2. How to Clear Paper 8 – Multidisciplinary Case Studies
  3. How to clear elective papers (9) [New Syllabus]
    • 9.1 – Banking–Law & Practice
    • 9.2 Insurance–Law & Practice
    • 9.3 Intellectual Property Rights: Laws and Practices
    • 9.4 Forensic Audit
    • 9.5 Direct Tax Laws & Practice
    • 9.6 Labour Laws & Practice
    • 9.7 Valuations & Business Modelling
    • 9.8 Insolvency–Law and Practice

How to clear Paper 7 – Corporate Funding & Listings in Stock Exchanges

Here are certain details on clearing Paper 7 of Module-3:

  • The paper aims to provide knowledge on the various finance options available to corporates and their features and the various legal compliances and aspects and a listing of the stock exchange.
  • It is divided into Part-A on Corporate Funding, which makes 60 marks of the paper and Part-B on Listing for 40 marks.
  • There are a total of 14 chapters in total with nine chapters in Corporate Funding and 5 chapters under Listing.
  • It is advisable to make the best use of the online resources available for this paper. There are plenty of lecture videos available online.
  • Compared to the previous syllabus, certain new definitions have been included in the new syllabus, such as ‘Draft Letter of Offer’, ‘Draft Offer Document’, ‘Rationale’,. So, it is important to keep track of the changes for those candidates who have switched over from old to the new syllabus.


How to Clear Paper 8 – Multidisciplinary Case Studies

Here are certain details on clearing Paper 8 of Module-3:

  • This is a unique paper in the sense that it comprises practical problem-solving questions. It comprises mostly of Case Studies.
  • The case studies are mainly focused on the following areas:
  • Corporate Laws including Company Law
  • Securities Laws
  • FEMA and other Economic and Business Legislations
  • Insolvency Law
  • Competition Law
  • Business Strategy and Management
  • Interpretation of Law
    • Governance issues.
  • Practise as many sample question papers as possible for the paper. The Institute also provides multiple sample case studies for the students. The following link is the official site for these sample case studies –
  • There are many online resources available for this paper. The student must harness them effectively.
  • Follow toppers strategies to score high in this paper.

How to clear CS Professional Module 3 Elective Papers (9)

            The elective papers are of an Open-book exam pattern. This is to induce creative thinking, problem-solving, and analytical thinking ability among the students rather than just the reproduction of facts from memory.

Open book pattern:

  • In this exam model, the student is allowed to refer to the course materials, class notes, textbooks and other reference materials while answering questions as per their requirement.  However, the candidates cannot exchange or share their reference materials during the exam.
  • The main idea is to test the student’s understanding of the subject and ability to apply their minds rather than just the memorisation of large texts.
  • The candidate is expected to identify the inherent issues, apply techniques, principles, laws, etc. while solving the answers.
  • The paper would comprise 6 questions for 100 marks.
  • 1st question will be a case study for 1800-2000 words carrying 50 marks.
  • The 2nd question will be based on a regulatory framework related to the subject.
  • Questions 3-6 will be of 5 marks each from important topics of the syllabus.
  • No electronic devices other than a pocket calculator, of not over 6 functions, are allowed inside the exam hall.

Paper 9.1 – Banking–Law & Practice

The following are certain tips that can be adopted to solve this elective paper.

  • This paper aims to provide knowledge based on the aspects of the banking sector.
  • It is suitable for those looking for a career in the banking industry.
  • There are twenty chapters and hence the students must have an initial idea of where the important topics lie. This helps during the exam as it is of the open book pattern.

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Paper 9.2 – Insurance–Law & Practice

  • This paper is suitable for those aspiring or is having knowledge of insurance.
  • A good reading of the important course materials is mandatory.
  • Practice as many questions from the previous years as possible.
  • Remember that this being an open-book pattern, it does not require the candidate to memorise the texts. Instead, reading and understanding the topics thoroughly is required.

Paper 9.3 – Intellectual Property Rights: Laws and Practices

  • This paper deals with the laws and relations pertaining to the Intellectual Property Rights in India and an overview of global practices.
  • It has 18 chapters according to the syllabus along with case studies and practical questions.
  • As suggested for previous papers, it requires the student to only have a good understanding of the topics and should be able to apply the concepts according to the questions.

Paper 9.4 – Forensic Audit

  • The paper provides a knowledge base on Corporate Fraud and Forensic Audits along with the legal provisions to deal with them.
  • It has 6 chapters in all and some case studies and some practical based questions.

Paper 9.5 – Direct Tax Laws & Practice

  • It aims to provide advanced knowledge of the practical application of Direct Tax Practice.
  • Repeated practising of question papers, case studies, etc. is again important for this paper too.
  • It is better to keep self-made notes on every important topic while you prepare so it can be used to refer while attempting the questions in the exam.

study tips

Paper 9.6 – Labour Laws & Practice

  • As the name suggests, the paper deals with the knowledge, understanding, and application of labour laws.
  • It is divided into 9 chapters as per the syllabus.
  • One major advantage of this paper comes from the fact that memorising of the Acts and Regulations is not required, but the right applicability of every law must be at the student’s fingertips.
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Paper 9.7 – Valuations & Business Modelling

  • This paper is divided into 2 parts–Part I on Valuations, which carries 70 marks and Part II on Business Modelling carrying 30 marks in the exam.
  • There are 12 chapters in Valuations and 2 chapters in Business Modelling.
  • The student must not neglect the Business Modelling part though it carries less weightage in marks. It is possible the certain simple questions could be pondered from this section.

Paper 9.8 – Insolvency – Law and Practice

  • The paper deals with insolvency and its various legal, procedural and practical aspects.
  • The paper is a bit lengthy with 17 chapters in total.
  • Since Insolvency has always been a highly relevant topic in real-time, there can be multiple case studies available for the students’ reference.
  • Preparing notes while reading can help in quick reference of the paper.

The students can refer to our previous articles on similar tips for clearing the other modules and papers of CS Examination and also make use of video lectures provided by experts for various subjects.

You can watch a few demo lectures by SuperProfs for CS and see if you would want to consider subscribing to our video series for a better shot at clearing the CS examination.


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