First, The Institute of Chartered Accountants of India (ICAI) should find out by making a global search from similar institutes recognised internationally, what to ask. What should Chartered Accountants know? What are the subjects that should be first thrown to the dustbin from the present syllabus? They can cross-check with ICAI UK, CFA USA, ICSI, ICMAI and the IIM syllabus to see the benchmark.
Second, what are the subjects Chartered Accountants should study from CPT till the Final exams? Full subjects. For example, in IPCC, a very important subject, Strategic Management is a 50-mark paper which has been combined with an unrelated subject, Information Technology also having 50 marks to make it a full paper of 100 marks. A 50-year old method.
Third, comes the paper pattern. Abolish and throw into the dustbin outdated concepts for professional exams like the MCQ pattern.
Fourth, and very important introduce the case study method of learning. Introduce the case study method of teaching. Make case studies a compulsory question in every paper.
Fifth, how effective and better the open book exam will be for Chartered Accountants? At this point of time only time will tell us.
The Concept - An open book exam is one in which students can give answers using their textbooks and notes. Open exams are intended to educate students on how to assimilate data and integrate it thoughtfully and thoroughly. In an open book test, the emphasis is on application rather than remembering knowledge.
ICAI Updates - ICAI is reviewing the possibility of conducting the open book exams and if the same is finalised by February 2022, it will be implemented within six months to one year.
Currently only an elective paper is covered under the open-book system. Students can be given situational case studies during the exams if they can find a solution to it by referring to the book.
This article was first published in LinkedIn on 4th November, 2021.
To be continued
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