ICWA Final - Syllabus G.3

ICWA Final - Syllabus G.3

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 CWA ICWA Final - Syllabus Of Group 3


Group III - Capital Market Analysis & Corporate Laws

ICWA :: Final 
Paper 11 : Capital Market Analysis & Corporate Laws
[One paper: Three Hours – 100 marks]

Objective . . .

To know application of the various regulations for financial and capital markets
To understand Companies Act and compliances under the same
To gain basic knowledge on Corporate Governance Principles and purpose of good corporate governance

A. Capital Market Analysis ( 50 Marks)

1. Introduction of Capital Market & Capital Market Instruments 10%
Capital Market / Security Market
Primary Market / New Issues / IPO Market
Secondary Market / Stock Market / Stock Exchange
Private placements of shares / Buy back of shares
CAPM vs Market Model
Issue mechanism
Forward Contract and future contracts
Clearing mechanism
2. Capital & Financial Market Regulation 10%
Financial System and Capital Market Instruments,
SEBI – Regulation of Market and Control,
Collective Investment Schemes, Depositories, Dematerialization of Securities,
Regulation of banking & finance companies – role of Reserve Bank of India and Banking Ombudsmen; Regulation of Insurance sector by Insurance Regulation and Development Authority (IRDA),
Cyber Law and regulation of e-commerce and electronic financial transactions,
Contemporary issues and Development
3. Capital Market Analysis 30%
Stock market efficiency;
Risk and Return;
Investment Analysis;
Cost of Finance And Financing Structures;
Capital Asset Pricing Model;
Products on Stock Exchanges: Equity / Stock Markets, Basket Trading, Derivatives, Debt Markets- Retail and Wholesale, Interest Rate Futures, Exchange Traded Funds, Mutual Funds (Close Ended).
Risk Management System: Capital Adequacy Requirements, Intra day Trading limits, Gross Exposure Limit, Margining Procedure.
Derivatives Markets: Introduction to Options and Futures, Explanation of Market Terminologies, Pay-off Structure, Basic Trading Strategies, Weekly Options.
Debt Markets: Debt Products traded in Stock Exchanges, Wholesale Debt Markets, and Retail Debt Markets.
Commodity Market & Trading Corporate Actions: Bonus, Rights, Dividend, Buy Back etc., Regulations to be followed by the Corporates, Impact on the Shareholders.
Portfolio Management
» Basic Principle, Functions and Activities
» Factors effecting investment decision in portfolio management
» Investment strategy
» Portfolio theory
» Use of matrix approach in investment decisions
Mutual Funds
» Role of Mutual Fund in financial market
» Advantage of investment in mutual fund
» Regulations and operations
» Investors right and obligation

B. Corporate Law & Corporate Governance ( 50 Marks)

4. Corporate functionalism in the context of Companies Act & Corporate Laws 30%
Introduction, Incorporation and its Consequences,
Financial Structure and Membership,
Management and Control of Companies,
Inter-corporate loans, Investments, Guarantees and Security,
Maintenance of Statutory Books/Registers and Filing of Returns,
Joint Ventures,
Corporate Accountability,
Competition Act and Competition Commission,
Information Act and its corporate implication, Emerging Issues and Concepts
Merger and Acquisition
» Reason for merger acquisition
» Objective of acquisition
» Gain from merger
» Problem of merger and acquisition
» Issues related to Companies Act 1956, Industrial(Development & Regulation) Act, Sick Industrial (Special Provision) Act, Income Tax Act, SEBI Regulations
» Function of Court
» Reconstruction
» De-merger or division
5. Corporate Governance 20%
Genesis, Narasimhan Committee and other Committee Recommendations on Corporate Governance,
Effective Board of Directors and its role,
Independent Directors and Audit Committee, Remuneration Committee, Nomination Committee;
Evaluation of effectiveness of Internal Control-Management Accounting applications and Directors’ Responsibility Statement;
Going Concern status-financial and other indicators, role of management audit, evaluation of going concern uncertainties;
Related party transactions and disclosures;
Project management audit and corporate governance;
Relevance of Risk Evaluation and Risk management;
Evaluation of key financial decisions and disclosures;
Management Audit for investors’ protection in the context of Corporate Governance,
Corporate Governance Norms as prescribed by SEBI,



Group III - Financial Management & International Finance

ICWA :: Final 
Paper 12 : Financial Management & International Finance 
[One Paper: 3 hours:100 marks]

Objective . . .

Understand the scope, goals and objectives of Financial Management
To provide expert knowledge on concepts, methods and procedures involved in using Financial Management for managerial decision-making
To gain knowledge of international monetary and financial system
1. Overview of Financial Management 10%
Finance and Related Disciplines
Scope of Financial Management,
Planning environment
Key decisions of Financial Management
Emerging role of finance managers in India
Earnings distributions policy
Compliance of regulatory requirements in formulation of financial strategies
Sources of finance – long term, short term and international
Exchange rate – risk agencies involved and procedures followed in international financial operations
2. Financial Management Decisions 15%
Capital structure theories and planning
Cost of capital
Designing Capital Structure
Capital budgeting
Lease financing
Working capital management
3. Financial analysis & planning 10%
Funds flow and cash flow analysis
Financial ratio analysis -Ratios in the areas of performance, profitability, financial adaptability, liquidity, activity, shareholder investment and financing, and their interpretation.
Limitations of ratio analysis
Identification of information required to assess financial performance
Effect of short-term debt on the measurement of gearing.
4. Operating and financial leverages 5%
Analysis of operating and financial leverages
Concept and nature of leverages operating risk and financial risk and combined leverage
Operating leverage and Cost volume Profit analysis – Earning Before Interest and Tax (EBIT) and Earning Per Share (EPS), indifference point.
5. Financial Strategy 15%
Financial and Non-Financial objective of different organizations
Impact on Investment, finance and dividend decisions
Sources and benefits of international financing
Alternative Financing strategy in the context of regulatory requirements
Modeling and forecasting cash flows and financial statements based on expected values for variables – economic and business
Sensitivity analysis for changes in expected values in the models and forecasts
Emerging trends in financial reporting
6. Investment Decisions 15%
Costs, Benefits and Risks analysis for projects
Linking investment with customer’s requirements
Designing Capital Structure
The impact of taxation, potential changes in economic factors and potential restrictions on remittance on these calculations
Capital investment real options
Venture Capital financing
Hybrid financing / Instruments
7. Project Management 10%
Project Identification and Formulation
Identification of Project opportunities
Project Selection Consideration and Feasibility Studies
Project appraisal & Cost Benefit analysis
Source of Project Finance & Foreign Collaboration
8. International Finance 10%
Minimization of risk,
Diversification of risk
Forward and futures,
Forward rate agreements
Interest rate swaps
Caps, floors and collars
Parity theorems
Money market hedge
9. Sources of International Finance 5%
Rising funds in foreign markets and investments in foreign projects
Forward rate agreements and interest rate guarantees
Transaction, translation and economic risk, Interest rate parity, purchasing power parity and the Fisher effects
Foreign Direct Investment
10. International Monetary and Financial System 5%
Understanding the International Monetary System
Export and Import Practices
International Financial Management: Important issues and features, International Capital Market
International Financial Services and Insurance: Important issues and features




Group III - Management Accounting -Strategic Management

ICWA :: Final 
Paper 13 : Management Accounting- Strategic Management 
[One Paper: 3 hours:100 marks]

Objective . . .

To understand the importance of strategic and risk management and apply tools for strategic analysis appropriately
To develop the ability to understand the risks both internal and external and build capabilities to mange risks

A. Strategic Management (60%)

1. Introduction to Business Strategy 10%
Meaning and implications of corporate planning, long range planning, business policy planning and strategic planning; strategic management processes; meaning and use of mission, goals, objectives and targets, profit gap, sales gap, risk gap and other strategies;
SWOT analysis; target selling strategy formulation and implementation, monitoring mechanism, strategies for stagnation versus growth, strategies for growth through expansion versus diversification & diversification vs core competency.
Acquisition and merger strategy, strategy of joint venture both in India and abroad.
Marketing strategy as a part of corporate strategy, growth under inflation and protection of shareholder, real capital.
Financial objectives, non- financial objectives, resources analysis and evaluation.
2. Forecasting and planning for strategy 10%
Forecast trend and changes – social, political, legal and technological impacts.
Distribution channels and competitive forces. Government policies, economic growth and government expenditure.
Public and private sector investments,
International trade practices and government policies for capacity expansion, new industries, subsidiaries and substitutes
3. Model Building and models 10%
Strategies in the development of models, Delphi Model, econometric, mathematical programming, budgetary and heuristic model.
Sensitivity analysis and the characteristics of models.
Limitations in model building vis- a-vis simulation techniques.
Life cycles, Porters generic strategic, Ausoj’s model, BCG matrix and other models
4. Marketing strategy 10%
Production orientation versus market orientation, marketing objectives, framework and management of marketing mix.
Linkage between strategic planning and marketing strategy-both forward and backward.
Research and intelligence- source for the techniques for acquiring information necessary for marketing decisionmaking market shares.
5. Application of management accounting in strategic management 20%
Marketing strategy: analysis of marketing costs and profitability, product development policy & strategy, pricing policies and strategies, budgetary control in marketing, evaluation and control of sales activities;
Operations Management Strategy: process, technology and logistic strategies, inventory policies and strategies, Human Resource Management policies and strategies,
Financial Strategies and Strategic Total Cost Management

B. Risk Management (40%)

6. Risk Measurement and Management 15%
Introduction, Risk and Risk Management,
Objectives of Risk Management,
Risk Measurement and Pooling, Total Loss Distribution,
Pooling and Diversification,
Ruin Probability
7. Risk insurance: 10%
Insurability of Risk and Insurance Contracts,
Insurance Pricing, Analysis Tools, Demand for Risk Management (Utility Theory),
Legal Liability, Corporate Liability, Liability Issues,
Insurance case study: Auto Insurance (or such other insurance industry segment as may be notified )
Commercial Insurance.
8. Corporate risk management: 15%
Risk Management and Shareholders,
Risk Retention/Reduction,
Financial Risk Management,
Futures and Options,
Asset / Liability Management,
Project risk management, Enterprise Risk Management



Group III - Indirect & Direct - Tax Management

ICWA :: Final 
Paper 14 : Indirect & Direct - Tax Management 
[One Paper: 3 hours:100 marks]

Objective . . .

To gain expert knowledge about the direct and indirect tax laws in force and the relevant rules and principles emerging from leading cases.
To provide an insight into practical aspects and apply the provisions of laws to various situations.
To understand the various external Auditing Requirements under tax laws.
1. Central Excise 20%
2. Customs 10%
3. Service Tax 10%
4. Export Promotion Schemes, Foreign Trade Policy, EOU, SEZ. 10%
5. Central Sales Tax/ VAT Act 5%
6. Income Tax including Fringe Benefit Tax. 20%
7. Wealth Tax 5%
8. Case Studies under Direct and Indirect Taxes. 20%



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