In the UPSC examination, the students can select one optional subject from 48 subjects. Candidates with professional qualifications and finance experience have a strong foundation in commerce. It is easy for chartered and cost accountants to understand the advanced-level topics in the UPSC mains. The data from five years of statistics of UPSC examination reveals that approximately the students with commerce main accounts for 180 to 20 numbers. The previous year’s passed-out students say that the difficulty level in the commerce main is moderate. The syllabus is easy to understand as the chartered accountants are acquainted with the advanced-level commerce subjects in the CA course. The blog intrigues the readers with information on the UPSC commerce syllabus and successful CA turned IAS officers.
UPSC commerce:
In the general studies, the students learn about the Indian heritage and culture, history and geography of the world and society, governance, constitution, polity, social justice and international relations, technology, biodiversity, economic development, disaster management, security, ethics, integrity and aptitude. Each paper carries 250 marks.
The list of subjects for optional subjects is agriculture, anthropology, animal husbandry and veterinary science, botany, chemistry, commerce and accountancy, civil engineering, electrical engineering, economics, geography, law, history, management, mechanical engineering, mathematics, medical science, physics, philosophy, psychology, political science and international relations, physics, public administration, statistics, sociology, and zoology.
Aspirants with a commerce background choose the commerce and accountancy option. The subject is of a competitive and technical nature. The preparation requires more number of revisions. The commerce and accountancy option is the popular one in the UPSC examination. The commerce students are entitled to write two possibilities.
The commerce students write the following subjects on paper one: accounting, taxation, auditing, financial management, financial institutions, and markets. The commerce students write the following subjects: business organisation, taxation and management. The candidates with a pass in CA, CMA and ACS find the commerce option in the UPSC examination the best and most deserving one. The syllabus includes the crucial subjects of auditing, cost accounting, financial accounting, business organisation, taxation and management. For a professional with a proven record in education and experience, it is easy to clear the UPSC examination. UPSC and civil services examinations are easy for a chartered accountant.
Syllabus of UPSC commerce:
In any examination before starting the preparation, it is good to check the weightage of the topics. After understanding the main topics, complete the preparation for the main topics first. Then move on to the other commerce topics. After completing the full syllabus the second phase is understanding the question paper pattern. To understand the question paper pattern, the students should read the previous year’s question papers. The third step is the writing practice. The students require revision tests to improve their performance. The following subjects are part of the UPSC commerce examination.
Financial accounting:
In financial accounting the topics covered are as follows: impact of behavioural sciences, financial information systems, accounting standards, depreciation, inventories, long-term construction contracts, research and development costs, foreign exchange transactions, cash flow statements, fixed assets, investments and government grants, contingencies, earnings per share, bonus shares, right shares, employees stock option and buy-back of securities, final accounts, absorption, amalgamation, reconstruction of companies.
Cost accounting:
In cost accounting students must complete the following topics: nature and functions of cost accounting, cost concepts related to income measurement, installation of cost accounting system, profit planning, methods of costing, cost control and decision making, job costing, process costing, volume-cost-profit relationship as a tool of profit planning, activity based costing, incremental analysis, product decisions, differential costing as a tool of pricing decisions, make or buy decisions, shut-down decisions, budgeting as a tool of planning, techniques of cost control and cost reduction, standard costing and variance analysis, responsibility accounting and divisional performance measurement.
Taxation:
In taxation, the students are tested in the following topics: income tax, the basis of charge, simple problems of income tax computation, salaries, income from house property, capital gains, profits and gains from business or profession, income from other sources, the income of other persons included in assessed total income, deductions from total income, set-off and carry forward of loss, and salient features of GST, VAT and service tax.
Auditing:
In auditing the candidate is tested in the following topics: company audit, dividends, tax audit, special investigations, audit related to divisible profits, audit of banks, non-profit organisations and charitable societies, audit of banks and insurance.
Financial management:
In financial management, the UPSC syllabus covers the function, nature, scope and objectives of financial management, risk and return, tools of financial analysis, capital budgeting decisions, cost of capital, financial decisions, net operating income approach, MM approach, designing of capital structure, valuation of firm, components of working capital, corporate restructuring, mergers and acquisitions.
Financial markets and institutions:
The candidates are tested in the following areas: money markets, an overview of the Indian financial system, participants, commercial banks, structure and instruments, reforms in the banking sector, RBI as a regulator, monetary and credit policy of RBI, and capital markets.
Paper two of UPSC option:
In paper two the candidates are tested on topics like human resource management, organisation theory and behaviours and industrial relations.
Can a chartered accountants easily clear UPSC?
UPSC examination is the entry point for the IAS, IFS, central services and IPS services. The civil services examination selects the candidates for the administration of efficient jobs. In the UPSC examination candidates get 1000 marks for general subjects. Candidates get 250 marks for the two optional papers. UPSC update the optional subjects every year. UPSC examination and authoritative post help for making changes in the economy. The students with an interest towards the administration are inclined to government jobs. The blog highlights the subjects in the UPSC examination and the possibilities for a chartered accountant to clear the government examinations.
CA and UPSC are competitive examinations that equip the professional skills of a candidate. CA turned IAS officer’s data shows that high performers are successful in all the competitive examinations. Ruchika Katyal is an IAS officer from the AGMUT cadre. She secured AIR three in the CA final. She secured AIR five in the 2012 UPSC examination. She cleared the UPSC examination in the second attempt. Navneet Sehgal is a CA turned IAS officer from the 1988 batch. He serves additional chief secretary of sports and youth welfare in the Uttar Pradesh government. R. Rangarajan is a CA turned IAS officer from Assam cadre. Sanjay Agarwal is a CA turned IAS officer from the Bihar cadre. He is from the 2002 IAS batch. He is currently working for Bihar’s agriculture and transport department.
Bottom Line:
CA, CMA and ACS courses prepare for competitive and decision-making jobs. The students are successful in the private, public and government jobs. Professional education helps reach the top positions in the profession.