The recent move of ICAI in the question paper pattern started with objective type questions and now it is under discussion for open book examination. The open book examination is part of the ICAI exam pattern 2021. ICAI exam might be open book. In the current exam pattern, the students are supposed to do the elective paper with the open-book model. The demand for Chartered accountants is growing in India. Financial restructuring and auditing require chartered accountancy professionals. The knowledge of a chartered accountant goes under the multiple perspectives test. This blog throws light on the elective subjects with the open-book examination. And the CA final main subjects also can be added to the open book examination.
Open book examination for CA elective subjects:
The open book examination came into practice from the year 2017. In the place of information system control and audit, the electives with the methodology of open-book examinations are given to the students. After becoming a chartered accountant, the job is about the application of provision for better tax planning. Natural learning makes the subject as easy. The students are allowed to carry materials for reference. They are not allowed to exchange the study material in the examination hall. Risk management, international taxation, financial services and Capital markets, Economic laws, Multidisciplinary case studies, and Global financial reporting standards are the six subjects introduced to the CA students as electives with open book examination.
Financial Reporting, strategic cost management and performance evaluation, Strategic Financial Management, direct tax laws and international taxation, Advanced auditing and professional ethics, indirect tax laws, and Corporate and Economic laws are the subjects in the CA final. The recent research about introducing open book examination is a challenging one for the CA main subjects. The subject suitable for the open-book examination is the subject with dynamic data and evolving business case studies. The open book examination tests the specialized knowledge of a student. The open-book examination is close to the job of a chartered accountant. So, thinking about the interest and area of job help for choosing the subject among the elective subjects.
The connection between open book examination and job:
For bank jobs, insurance jobs, manufacturing jobs, and cyber security jobs understanding the concept of risk management is a very important one. The financial services and capital market is the subject that suits the research professionals. Global job opportunities are high for an equity research analyst and financial data analyst. Indirect tax laws and international taxation have the same acquaintance. By preparing for this elective, one understands the domestic and international issues concerning tax. Economic laws educate about the competition act 2002, insolvency and bankruptcy code, real estate act, foreign exchange management act, money laundering act, and property transactions act. These acts require knowledge and application of knowledge which helps for legal counselling. Global financial reporting standards help for understanding the internal reporting and external reporting in foreign Companies. It enhances the opportunities of going abroad. The multidisciplinary case study knowledge is helpful to run audit firms and become a professional consultant. ICAI likely to change CA exam pattern to make the students as job ready.
Which subjects in the CA final are suitable for the open book examination?
ICAI to change exam pattern for more subjects in CA final.Direct tax laws and international taxation, indirect tax laws, corporate and economic laws and financial reporting are the four subjects that consist of laws, amendments, and scenario-based learning where open book examination enhances the knowledge. Strategic cost management and performance evaluation, advanced auditing and professional ethics, and strategic financial management are the three subjects that require subjective and objective examination. These subjects consist of problems and challenging business scenarios. Expert guidance is essential to gain knowledge of these subjects. Tax, law and reporting job demands for the understanding of the real-time scenario. Here the practical knowledge is essential. Open book examinations help secure more marks and gain in-depth knowledge.
Advantages of open-book examination:
• Open book examination yields better knowledge for Law, finance and engineering subjects.
• It trains the student for time management.
• It enhances logical thinking.
• Students get the practice of writing on their own. There are strict plagiarism rules. Students are not allowed to copy from the book.
• The students need to study with conceptual understanding. Only then do they find it easy to find the answer to the questions.
• Students find it interesting to learn for open book examination as it is job oriented exam. No need to spend huge time recalling the theoretical part. They need to learn intensively and interestingly.
• The traditional method of learning is difficult for students. So, students get a second chance of clearing the examination.
• It improves long term memory and working memory.
Conclusion:
By introducing open book examinations, students understand practical learning. The experience of others and own experience marks the difference in learning methodology. If the students learn from their own experience they understand the business challenges and client perspective better. Article ship training and open book examination make the chartered accountancy subject an interesting subject. It also helps for passing the examination with fewer attempts. And this new method also enhances the confidence to write for more number of attempts. The students take up online and physical classes. Different methodologies of learning make the CA subject interesting.