Handbook For Newly Qualified CA

Handbook for NewlyQualified Chartered Accountants
CommitteeforMembersinIndustry THEINSTITUTEOFCHARTEREDACCOUNTANTSOFINDIA (Setupunderanactofparliament)
HandbookforNewlyQualifiedCharteredAccountants This background material has been prepared for use in educational programmes conducted by the Institute of Chartered Accountants of India. The views expressed herein do not necessarily represent the views of the counciloftheinstituteoranyofitscommittees. TheInstitute of CharteredAccountants ofIndia www.icai.org www.cmii.icai.org
First edition: March2009 Secondedition: April2009 Third edition: August2009 (webversion) Fourthedition: July,2010
ISBN: 9788184413939
Price: 100
Publishedby: ThePublication Departmentonbehalf of TheInstituteofChartered Accountantsof India,ICAIBhawan, PostBox7100, IndraprasthaMarg,NewDelhi 110002
Printedat:SahityaBhawanPublications,HospitalRoad,Agra282003 August/2010/3,500Copies
CONTENTS
Messages SectionI Personality toSucceed GoodGrooming CommunicationSkills SectionII Making a point in GD HowtoSucceedin a GroupDiscussion SectionIII FacingtheInterview PreparingYourself for anInterview Common InterviewQuestions Questions onGeneralAwareness QuestionRelevant to CA Profession SectionIV Preparing a Resume SectionV Workinginorganizations BusinessEtiquettes CommitteeforMembersinIndustry iii
01 03 07
13 15
25 26 34 45 56
79
85 86 89
Energyandpersistenceconquer allthings"
BENJAMINFRANKLIN
"Agoalwithoutaplanisjustawish"
ANTOINEDESA
Themoreyouarewillingtoaccept responsibilityforyouractions,Themore credibilityyouwillhave
BRIANKOSLOW
ii
MessagefromthePresident
In tandem with the changes in different fields, the accounting professionhas evolved to take centre stage. Accountancy is now a profession that is directly contributing to the overall health of the business and economy.Organizationsareextensivelyusingtoolsand techniquesoffinancefortheirworkingandgrowth. The chartered accountancy provides pertinent and viablesolutionstothedynamicworldofbusiness.CAshavebeencontributing successfully in the commencement and running up of business all over the world. The society is also progressively realizing the importance of the servicesprovidedbyCAs. In the current scenario, the career opportunities for chartered accountants havealsogrownleapsandbounds.Theimprovementineconomyhasopened newdoorsinseveralotherfieldsinadditiontoaccountingandfinance. The type of functions generally performed by the members in industry are quite varied and diversified. For performing such complex activities, Chartered Accountants are required to be updated with multifaceted knowledgeandexpertise. IappreciatethattheCommitteeforMembersinIndustryhascomeupwitha revised editionoftheHandbook forNewly Qualified Chartered Accountants which would be helpful to candidates in preparing themselves for the interviews. Iwishallthecandidatesabrightandsuccessfulcareer. CA.AmarjitChopra President
iii
MessagefromtheVicePresident
Members of our Institute who have consciously chosen theserviceinindustryastheircareerhavebeenenabling various organizations, in which they are working. They are achieving appreciable level of performance by fully utilizingtheirpotentialandmultidimensionalstrengths. Interviewisthemostimportantpartofanyjobselection process. An interview gives the candidate and the interview board an opportunity to exchange information about the position offered. The interviewers observe the candidate right from the entry to the exit of the interview room. They analyse the candidates intelligence, smartness, temperament, alertness, presence of mind, patience, gentleness, way of thinking and eagerness for job. Therefore, one should thoroughly preparehimselftoenhancethechancesofsuccessintheInterviewBoard. IamhappythatthecommitteeformembersinIndustryiscomingoutwith therevisedissueoftheHandbookforNewlyQualifiedCharteredAccountants forthebenefitofthecandidates.ThiswillhelpthenewlyQualifiedChartered Accountantsgainconfidenceinfacingtheinterviewteam. Iwishthecandidatesabrightandsuccessfulcareerahead.
(CA.G.Ramaswamy) VicePresident
iv
MessagefromtheChairman,CMII
The Institute of Chartered Accountants of India has set an international benchmark in the way the educational curriculum of the Chartered Accountancy Course is conducted.TheCoursehasbeendesignedtoprovidethe students acquiring this qualification a cutting edge over theircounterpartsinanyotherpartoftheworld. TheInstituteintandemwiththepresentrequirementof corporateworkinghastakenseveralstepstoenhancemultifariousskillsofits members.TheCAcoursehasunique amalgamof rigorouspracticaltraining with extensive theoretical education. In recent times more emphasis is also being given to the development of soft skills such as communication and managerial skills. This is being done in addition to the development of technicalknowledge.Effortsarebeingmadeforholisticdevelopmentsothat CAs face the challenges of the professional environment and convert them intotheopportunitiesforthemselvesandtheorganizationstheyserve. Possessingimpressivesoftskillswithsoundtechnicalknowledgewillgowell in improving your chances in the selection processes of the recruiting organizations. In order to provide the proper guidance to the young professionals we publish Handbook for Newly Qualified Chartered Accountants.Thiseditionhasbeenrevisedtoincludethequestionsthathave been actually asked in the selection procedure by different recruiting organizationsintherecentpast.Thusthisbookisbasedontherealselection processes. We sincerely hope that this Handbook for Newly Qualified Chartered Accountantswillcatertoitsaimedobjectives.Youarealsorequestedtogive yourfeedbackforitsfurtherimprovements. Wewishallofyouabrightcareerandsuccessinallyourfutureendeavors. (CA.SubodhKumarAgrawal) Chairman CommitteeforMembersinIndustry
MessagefromtheViceChairman,CMII
The Committee for Members in Industry (CMII) of the ICAI is formed primarily to take care of the interest of the members who are part of Industry and provide recruitment to the Newly Qqualified Chartered Accountants. Training as a Chartered Accountant is also a journey towards becoming a member of the Indias largest and fastest growing accounting bodies. The training imparted to a Chartered Accountant combines both the aspects of education, i.e, innovative curriculum and practical work experience. Perhaps, thats why Chartered AccountantsworkinmorediverseandimportantrolesintheOrganizations. The Chartered accountants posses a greater ability to analyze and interpret businessproblemsanddevelopdynamicsolutions The revised edition of the Handbook for Newly Qualified Chartered Accountants includes significant information for enhancing the soft skills. This handbook will help the candidates in gaining a real insight into the questions being asked by the corporates. In addition it would guide in grooming well so that you can face theinterview panel with confidence and poise. Iwishallthecandidatesapromisingcareer,andabrightfutureahead.
(CA.VijayK.Garg) ViceChairman, CommitteeforMembersinIndustry
vi
HandbookforNewlyQualifiedCharteredAccountnats
SECTIONI
PERSONALITYTOSUCCEED
Inthissection... 1 GoodGrooming 2 Communication Skills
TheInstituteofCharteredAccountantsofIndia
Yourappearanceshouldsaywhatyou desireotherstoknowaboutyou ________ Awiseoldmanoncesaid, eatwhatyoulike, butwearwhatotherslike.
HandbookforNewlyQualifiedCharteredAccountants
GoodGrooming
The process of judging starts as soon as you enter the interview room. It is importantthatyourfirstimpressiononthepanelistisverygood.Youshould keepanumberoftipsinyourmind.Someoftheseshouldformpartofyour dailyroutine.
n n n
Wear formalclothes. Use talcumpowderormild deodorantstoavoidbodyodour. Avoid use of strong perfumes as many people have strong averse and evenallergictothem. Make surethatyourhairiswellshampooed. Avoid oilyhair. Bring a professional looking folder to carry bio data, mark sheets, certificatesandtestimonialswithyou. Keepyourcellphoneswitchedofforinsilentmodebeforeenteringthe room. Keeping itevenonvibrating mode maydistractyou.
n n
Standardsformen
Hair
n
Hairshouldbeneatlycombed.Nicelytrimmed,notextendingbelowthe ears. Avoid usingcoloursunlessanduntilitisessential.
Face
n n
The faceshouldbecleanshavenandthereshouldbenostubbles. Iftherearemoustaches,theyshouldbewelltrimmed,abovetheliplevel andnotdrooping. Beards shouldbeavoidedexcept incasesofreligiousreasons.
Hands
n
Avoid sweatypalms,wipethembeforeenteringtheinterview.
Nails shouldbecleanandwell manicured.
Interview attire Thefollowingarethedressrequirementsneededforformalinterviewattire, aswellassuggestions onhowtoachieveanoverallprofessionallook:

n n
Your dressshouldbesober,cleanandwellironed. Wearapastelcolourshirtwhichshouldbefullsleevedwithcontrasting tie. Wearformal trousers. Thebest colours to go for are conservative ones likeblackorblue. The shirtpocketshouldnotbeloadedwithstuff. Wear businesssuitorformalcoat. Avoid jewellery.
n n n
Shoes
n
Shouldbeofblackordarkbrowncolourandmustbecoordinatedwith theclothesworn. Should beingoodconditionandproperlypolished. Laces shouldbetiedneatlyatallthetimes. Avoid shoeswithoutlaces. The colour ofthesocksshouldmatchwiththecolourofthetrouser.
n n n
Standardsforwomen
Hair Long hair
n
Shouldbeleftopenonlyifitisofshoulderlength.Thefollowingareto beavoided: o o Elaborated hairstyles, knots or coils. Low loose knots tied at the napeoftheneck. Oily hair.
Short hair
n
Should becutinanelegantcontemporarystylewhichismanageableand looksneat.
Face
n
Eyebrowsshouldbeneatandwellshaped,skinshouldbewellcaredfor facialhairshouldbebleachedorremovedregularly.
Makeup
n
Should belightandmustlookneat.
Hands
n
Shouldalwaysbecleanandwellmanicured.'Mehndi'designsshouldbe avoided. Nailsshouldbewellshapedwithalighttomediumcolourapplicationof nailpolish. Extremely long nails with very bright or dark shades of nail polish shouldbeavoided. Nail polishshouldnotbechippingoff.
Shoes
n
Lowheeled orhighheeled shoes orsandalsare appropriate with most clothes. Shoes and sandals withback straps should be in good condition.
Jewellery
n
Light authentic jewellery, e.g., a thin gold chain, a light gold bangle, smallgold,pearlordiamondearringsaddtostyle. Artificial or costume jewellery in oxidized silver or plastic should be strictlyavoidedatwork. Bangles shouldnotjangle. Avoid anklets.
n n
Interview attire
n
Womenshouldwearawelltailoredbusinesssuitinconservativecolours suchasblack,darkblueordarkgreywithafineprint. Scarf andshoesmustbewellcoordinatedwiththebusinesssuit. Sareesmustbewellironed.Ifcotton,alittlestarchaddswonders.The fallsmustbewellstitchedon,withnobitshangingapart.
n n
Thejourneyofathousandmiles beginswithasinglestep
LAOTZU
________ Alwaysbearinmindthatyourown resolutiontosucceedismoreimportant thananyonething

ABRAHAMLINCOLN
CommunicationSkills
Communication is a two way process of exchanging messages in form of informationviewsorideas.Itinvolvestransmittingandreceivingverbaland nonverbalmessages.Communicationisconsideredeffectiveifitachievesthe desiredresponsefromthereceiver. Every message, whether oral or written, involves a certain process. This process can be adequately represented through the communication model givenbelow:
n
Thestartingpointforanytypeofcommunicationisathoughtthatthe senderofthemessagewantstosharewiththereceiver.Athoughtisthe coreideabehindthemessage. It neednothaveabaseinanylanguage. Having conceived of a thought, the sender now looks for ways of converting it into symbols that can be understood by the receiver. Thoughts are converted into symbols by the process of coding. Coding involves deciding upon the message from (word, tone, body language, facial expression, gesture), length, organization, tone and style all of whichdependonyouridea,youraudience,andyourpersonalstyleand mood. Thereforelanguageisacodethatisknowntoandsharedbyagroupof people. Similarly, certain nonverbal expressions are given the same meaningbyasetofpeoplebelongingtothesameregion.
Ifthesenderandthereceiversharetheknowledgeofthesamecode,the sender can use it to translate his thought into symbols that can be understood by the receiver. Symbols can be words or expression or picturesthataretransmittedacrosstothereceiver. Transmission is the actual act of transferring the symbols from the sender to the receiver through a communication channel (verbal, non verbal, spoken or written) and medium (telephone, computer, letter, report,etc.) The channel and medium you use depends upon your message, the locationofyouraudience,yourneedforspeed,andtheformalityofthe occasion. Transmission involves the study of clarity and relative audibility of oral communication, and the readability and clarity of
writtencommunication.
n
If transmission is good, then the receiver hears/ watches/ reads/ perceives/ recognizes the symbols created by the sender. The receiver physicallyreceivesthesignalsaroundhimincludingthosemadebythe sender, through his sensory organs. The signals received by them are sent to the brain in a continuous stream. Only strong and relevant signalsactuallyregisterinthereceiver'sbrain. Thereceiverthenproceedstodecodethemessageandthenanalysesit, understands it and absorbs it. This information is then stored in the receiver's brain. If all the steps in this process are accurate, then the message is interpreted correctly by the receiver and he understands exactly,theideathatthesenderwastryingtocommunicatetohim/her. Thelaststepinthisprocessisthefeedbackloop,i.e.theresponsethat thereceiversendsbacktothesender.Feedbackisakeyelementinthis process because it allows the sender to gauge for himself/herself, the effectiveness of the message. If the receiver has not understood the message,thenthefeedbackallowsthesendertoalterhis/hermessageto makeitmorecomprehensible. Communication skills, both interpersonal and intrapersonal, are essential to be successful in group discussion and interviews. This is because, though all chartered accountants, no doubt, are very capable andstrongintheknowledgeofthesubjectwhichtheyhavestudiedthe hard way. The presentation of their knowledge has to stand the test conducted.
It is therefore intended to design the various aspects of the winning communication, in order to enable the young chartered accountant to place him/herinabetterpositionandinasatisfactorymanner,whenhe/shefaces theinterviewpanel. Nonverbalcommunication Are you aware that only a small percentage of the impression you make on other people stems from purely verbal communication, i.e. From the words you use ? What makes a much greater impact is the socalled nonverbal messages. These include all forms of communication other than the actual words and theirmeanings,i.e.
n n n n n n n n n n n n n
Voice pitchandemphasis. Pupil size. Speed ofspeech. Distances/territories. Breathing. Gestures/movements. Posture/stance. Clothing/dress. Footwear,jewelleryandaccessories. Facial expressions. Status symbols/otherobjects. Eye contact. Eye movement.
Amassofliteraturehasappearedinrecentyearsonthistopicandthereisa range of different groupings and names for the various elements of non verbal communication, which we have detailed here. The term body languageisoftenusedtomeannonverbalcommunication. The most significant features of nonverbal communication are body language(visual)andvoice(soundattributes,notspokenwords). Howdowe communicate? Purpose: Toestablishthesignificanceofnonverbalcommunication. What todo: Imagineyouaremeetingsomeoneforthefirsttime. Ask yourselfhowmuchyoucommunicateby:
n n n
The actualwordsyousay. The wayyousaythosewords,e.g., tone and speed. Your bodylanguage.
Putinbasicterms,bodylanguageisthemessageyoureceivewhenyouwatch asilentfilm,oratelevisionprogrammewiththesoundturneddown. Body language tells you more about what people really mean than all the
9
wordsinanyspokenlanguageintheworld.Anyoneyoucommunicatewith male or female, customer, colleague, family, friend, child, sales person, politician allusenonverbalcommunication. At any given moment, your brain can assume a certain attitude and communicate this to various parts of your body, which promptly responds withspecificactionsorexpressions,i.e.Bodylanguage.Manyofthegestures andsignalssentoutbythebodyarecommunicatedtothesurroundingworld withoutusconsciouslyrealizingit. Bodylanguage includes Movements, posture, sitting position, use of the arms, facial expression, emotions,eye movements,handshake,wayofwalking,distancefromothers (territories), dress, etc. Even apparently very small, ordinary gestures are noticed. It is one thing to be able to interpret other people's body language but it is quite another to be able to master your own body language and realize its relevance to themessageyouaregiving. If you want some cast iron examples of the importance of body language, Consider actors, teachers, instructors, salesman (and servicegivers with directcustomercontact). Thewordstheyuseareoftenthesame(ormost),butwhethertheyaregood orbadintherole,succeedornot,dependsentirelyontheirmasteryofbody languageandthedegreetowhichtheirwordsandbodylanguageconveythe same message. When youhave learned how to interpret body language you willhaveopenedthedoortoanewworld! Wordsmayliebutthebody seldomdoes! It requires training to interpret other people's body language, but it can be done.Youcanascertainwhetherthepeopleyouarecommunicatingwithare lying,bored,impatient,sympathetic,defensive,agreeingordisagreeing.You can decide whether they are open, nervous, calculating, suspicious, angry, worried,insecure,etc. The importanceofthistopeopleinaservicesituationisobvious. Youcanalso learn to see hidden, social, emotional and other intention in the gestures of someoneyouknoworwanttoknow.
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Bodylanguageduringaninterview During an interview, your body language is telling the interviewer many things. He/shecantellifyouarenervousorselfconfidentandpoised. Thelanguageofnervousness
n n n n
Sittingtenselyattheedgeofachair,readytorun. Crackingone'sknuckles. Anxiouslookonone'sface. Notlookingdirectlyatthefaceandeyesofthepersonspeakingtoyou. Instead,lookingdownorshiftingeyesaroundtheroom. Feet,knees,hands,fingerstappinginanendlessway. Constantlypushingbackorhandlingofhair. Playingwithkeys,mobilephoneortappingapencil. Nervouslaughterorconstantfixedsmile. Coughing,voicecrackingwhilespeaking.
n n n n n
Thelanguageof arrogance
n n n n n
Sittingtoo relaxed in your chair. Loungingbackwithlegscrossedwidelyattheknee. Headthrownbackandlookingandspeakingdownoverthenode ? Talkingwhileplayingwithkeysortappingapencil. A patronizingandoverconfidentmannerputspeopleoffandmakesone amostunacceptablecandidate.
Thelanguageof confidence
n n n n
Sittingwellbackonthechair. Bodystillanduprightbutnotrigid. Lookingdirectlyatanyonetalkingtoyou. Turnbyturncreatingeyecontactwithallthemembersoftheboardyou speakto.
11
n n n
Speakingnaturally. Sometimessmilingwhenyouspeak(notgigglingorsimpering). Exudingpleasantness,confidenceandpoise.
HowtoImproveEnglish
n n
Readgoodinformative Englishbooks,professionaljournals, etc. Refer Englishdictionary onaregularbasis,formeaningsassociatedwith newwordsandimprovementofvocabulary. Trytocommunicatewithfriendsandnearanddearones inEnglish to Improve fluency.
Themoreyouarewillingtoaccept responsibilityforyouractions,themore credibilityyouwillhave

BRIANKOSLOW
12
SECTIONII
MAKINGAPOINTINGD
Inthissection...
HowtoSucceedinaGroupDiscussion
13
Alwaysbearinmindthatyourown resolutiontosucceedismoreimportant thananyonething"

ABRAHAMLINCOLN
14
HowtoSucceedinaGroupDiscussion
Groupdiscussionisaforumforfreeexchangeofinformation/viewsinorder to achieve consensus. Group discussions are meant to judge your communicationandinterpersonalabilities.Theobserverswillbelookingfor verbalandnonverbalskills,clarityofthought,leadershipabilitiesandother interpersonalskills. Background It is increasingly used as a tool for screening the candidates. It has been included as a vital part of selection processby the employers because these days decision making in the organisation is effected through meetings, brainstorming sessions and group discussions. Every employee must be an effectivecommunicatortobeabletoparticipateinthegroupdecisionmaking processinan organization.With thispremise,itisconsidered fittotest the candidates'skillsinagroupsetting. Very oftenwecomeacrosspeople,whomaybebrilliantotherwise,butarenot successful in their work. The style of management has become open and democratic which necessarily requires participation of all the employees. Therefore,allemployeesmustbegroomedtobegoodmanagers. Howcanithelpyouonyourjob? Imagineyourselfworkinginacorporatesetting.You arerequiredtoprepare an investment plan to manage the organisation funds optimally to earn maximummoneyfromthecompanyfinances.Youdoyouranalysisandplan a basket of investments. You are required to discuss the findings in your departmentwithotherteammembers. In suchasetting,youwouldrealizethatyourskillstoputforthyourpointina group setting come to play. If you can manage your group, and have an effective discussion with all, your proposal can be accepted. On the other hand, if you feel bogged down or overpowered by group members, your proposalmayberejectedbecauseofyourinabilitytodiscussitinagroup. Objectivesofgroupdiscussion Basicobjective To assess the ability of candidates to participate and present their view
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pointinateamenvironment. Itisaskilltoputforthone'sviewpointinagroupandgetitacrosstoothers emphatically without showing signs of aggression or dominance. A group discussionexerciseisconductedtoassesshowwellacandidatecanplacehis view points in aconvincing manner, put relevant issues/concerns to others, maintaintheirfocusonthetopicandnotdigressfromthecentraltheme. Higherlevelobjective Toassessthecandidate'sabilityandskilltoensureparticipationofalland togenerateaconsensus. Veryofteneveryoneinagroupwillsaydifferentthingswhichmayormaynot be identical. Sometimes the candidates may make incoherent points which may havenoorremote relationwiththetopicassigned.Firstandforemost, theattentionofthegroupshouldbebroughtbacktothetopicofdiscussion, andnotwaverambiguously. Ifmemberspresentdivergentviews,thedifferentpointsshouldbediscussed and a conclusion should be drawn. At the end of the discussion, the entire group must have arrived at some degree of common understanding and generatedconsensusi.e. Reached adecision/understandingacceptabletoall. If all members keep making points of their own without establishing any connectivity between the points floated, it would be more like a crowd or a cacophonoussetting. A groupleaderisonewhosynergizestheenergyofallby discussing each view point in the common forum and establishing common understanding on the issues discussed. Unless this activity is carried out, it would be more a motley crowd seated together and saying different things, thanagroupheadingtowardsafruitfuldiscussion. The objective is to assess if one is a good team player, has leadership potential,isfacilitativebynature,empathiseswithothers,encouragesothers and at the same time displays good communicationskills and staysfocused on thesubject. Topic fordiscussion A topic of common interest is floatedby the interview board. A member ofthe board announces a topic and leaves the forum open for the members to participate in. The interview board usually does not introduce the topic or
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giveanyqualifyingremarks. The candidates should keep a paper and pencil handy to jot down their thoughts and keep their points ready before speaking in the group. It is usuallyagoodpracticeasithelpstoorganizeoneselfandalsotomakeanote ofthepointofviewofothers,whichtheymaywanttoquestion. Thefirstmilestoneinagroupdiscussionisunderstandingtheobjectiveand relevanceofthetopicinthecontextofthepostbeinginterviewedfor,though thereneednotbeanyclearlinkage. The importanceofunderstandingthetitle ofthetopiccan'tbeoveremphasized.Incaseyouareconfusedonthesubject, waitforotherstostartandtrytodeciphertheimportofthetopic. However, if you feel that the title of the topic is nowhere close to your imagination,donothesitatetoputuptheissueofclarifyingthemeaningof thetopic.Youmayinsteadearncreditpointsforyourcandour.Takecarenot toaskthemeaningofpresumablywellknowntopicsthatyoumaybeunaware ofasthatwouldbetantamounttodisplayingyourignorance. To facilitate the process, familiarise yourself with the topics that are very much in the news during the last onemonth and have relevance to the interview.Othertopics,whichmaybringmilestonetypechangesinbusiness worlde.g.,'sustainingdevelopmentintheeraoffinancialcrisis',shouldalso bestudied. Whobeginsthediscussion? Onewhoinitiatesthediscussionusuallyearnscreditpointstohimself,afact very well noted by the board. In a test setting, everyone's eyes are keen on whobeginsthediscussion. As soonasthetopicisannouncedyoumustgather your thoughts and determine if you have matter worthy of an opening remark. If you have command over the topic, you may begin the discussion withanopeningremarkthatwillberegistered. Takecarenottomissthebus,thinkingthatapointshouldbemadeonlyifit isextremelygood.Youcanquicklychipintomakethe'matteroffact'point otherwisesomeoneelsewillstatethatpoint.Itisalsoimportanttoremember thatwhatyouspeakwillautomaticallycapturetheattentionoftherestofthe members of the group. You would realize that after you have made your presenceinthediscussionfelt,yournervousness/hesitationwillwearoff.If youareabletochangethecourseofdiscussionandgiveitanewdirectionby
17
factualdataandlogic,youmayperhapswinapoint. Approaches Two approaches may be followed to determine the order of member's participation. Unregulated: Any candidate can participate in any sequence. No rule or orderisdefined forparticipanttospeak.Itmay beimportanttounderstand thatinreallifesituations,nobodywillnecessarilygivespecifictimetoallto expressthemselvesandthusthisapproachmayactuallybemorerealistic. Regulated: The order in which members will participate is predetermined by the candidates themselves at the beginning of the discussion. All candidatesareaskedtospeakinsequentialordertopresenttheirideas.After eachonehasspokenhis/herpoint,theforumbecomesopenandunregulated byanyorderorsequence. A variation of this method may also be followed where all the participants may be requiredtosummarizethesessioninadeterminedsequence. The opening remark and/or closing remark may be made by the group nominatedleaderorbyanyoneatrandomchosenbythesupervisor.Itisat thediscretionofthe supervisor. Example:Attheendofthegroupdiscussion,themembersoftheboardsay wewouldlikeeachoneofyoutosummarizetheoutcomeofthediscussionin 2 minutes. Please remember clearly that the summary has to be of the discussion which actually took place. Some students make mistake by incorporatingthepointswhichtheywantedtoemphasisebuttheycouldnot becauseoftimeconstraintsorlossofmemoryatthedesiredtime.Here,they trytoachievetwoobjectives: 1 2 Giveeveryoneachancetospeak. Findouthowattentiveacandidateisandhowwellhe/shehasgrasped thegistofthediscussion.
Atimelimitispredefinedatthestartofthediscussion.Aspecifictimewillbe giventotheparticipantstogothroughthereadingmaterialgiventothemif thediscussionistobebasedoncasesituation.Usually10to20minutesare allottedforthediscussion.Thecandidatesdiscussthetopicforthespecified timewithnointerference.
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Group size: The size of the group may vary from 6 to 10, beyond which howeversuchagroupbecomesunmanageable.Ideallyagroupshouldhave7 to8members. Test of skills: Broadly speaking group discussions test two types of skills. They aremanagerialskillsandleadershipskills.
n
Managerial skills to be tested: communication (clarity of thought andexpressionandappropriatelanguage),catch presentation(forceful argument to the attention of others), interpersonal skill (ability to interact with others, place others, objectivity, listening to others), problem solving (analytical and logical approach, creativity and innovation). Leadership skills to be tested: team building (involve others), initiative and drive (provide direction), self confidence, ability to work understress,visionandforesight.
Pointsto improvetheperformanceingroupdiscussion TakeInitiative

n n n n
Enterthediscussioninameasuredmanner. Choosethecorrectpointofentry. Presenteachviewforcefullyandconvincingly. Concludeeachargumentattherighttime.
Personalskills
n n n n
Berelaxed. Bepleasantandcourteoustoothers. Beconfidentaboutwhatyouwanttosay. Addresseachpersonbyhis/hername.
Thinking/reasoning
n n
Thinkinalogicalandrationalsequence. Showconsistencyofideas:allpointsstatedshouldhaveconsistencyof
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thought.
n
Bequickinthinkingandreacttopointsmadebyothers.
Displayknowledge
n n
Havethefactsright,beforeexpressingthembeforethegroup. Trytorelatedisparatedaytodayeventstothepointbeingdiscussed. Ifyouarenotabletounderstandthetechnicalterm/Abbreviationsused byanothermember,itisinordertoaskforclarifications(aslongasthat isnotyourownareaofspecialization)
n n
Displayyourgraspofknowledgeonthesubject. Quote examples of recent developments that have taken place in the USAandEuropeorchangesthatareinthepipelineinthoseplacesand in Indiaintherelatedfieldcoveredbythetopic.
Participation
n n n
Speakasoftenaspossible. Participateinasustainedway:donotleavelonggapswithoutspeaking. Participation is not necessarily the duration and frequency of your speaking,butthenumberofvalueinputsyougivetothediscussion. Allowotherstospeakaswellbefacilitative. Listen emphatically. Remember that a great leader is also a good listener. It is not necessary that your participation has to be by making a fresh point.Atthesametime,justagreeingtowhatsomeoneelsementionsis norealcontribution.Youcandisagreewiththeviewsofothersbygiving logicastowhyyoudisagree. Get in the midst of discussion only when the current speaker has completedasentenceandgivenapause.Thisistoensurethathe/sheis notundulyinterrupted.Otherwise,he/shemayputyoudownbysaying, 'Let mefinish'.
n n
20
Valueaddition
n n
Eachpointyoumakeshouldenhancethequalityofthediscussions. Make original points rather than expressing options about some one else'spoints. Decidewhatstandyouwouldtakeaboutthetopicandsticktoit. Donotberepetitive. Donotdigressfromthetopicintoanunrelatedfield.
n n n
Communication skills
n
Expressyourideasclearly. Clarity ofexpressioncomesnaturallytothose who have clarity of thought. So think clearly before communicating to thegroup. Modulateyourvoice. Listenattentively tootherspointofview.Notonlyshouldyoulistento others carefully, it is your duty to show it to others. For example you should not look around when others are making their points, though physicallyyouarelistening.
n n
Groupskills
n n n
Youshouldbeabletogainattentionofthegroup. Youshouldbeabletodrawthenonparticipantsintothediscussion. You should be able to state clearly whenever the group agrees on any point,beforepassingontothenext. Generateafeelingtorepresentthatyouareateamplayer. Displayyourleadership skills. Towards the end, try to develop a team consensus on the subject and makeconcludingremarks. If you feel, right in the middle of the discussion, that things are not moving in therightdirection,taketheinitiativetosetthingsright.
n n n
21
Pointsto note
n
Ingroupdiscussions,itisimportantnottogetagitatedevenifsomeone contradictsyourargumentinanunfairmanner. Thereshouldnotbeanyattempttosneerattheobservationsoftheteam member'sstatement A quote from a learned authority on the topic of discussion always providesanedgeoverothers. Statistics do add weightage to one's observations but these should be quotedonlywhentheyarerelevantandaccurate.
Indicativetopicsforgroupdiscussion 1. 2. 3. 4. 5. 6. 7. 8. 9. Can womenbegoodmanagers ? Globalization aboonoracurse ? Will India getaseatatthe UN securitycouncil ? Has WTO beenhijackedbythedevelopedcountries ? Nuclearpower aboonoracurse ? Isadministeredpricemechanismactuallydismantledintheoilandgas sector ? Should all thesubsidiesberemoved ? Should therebereservationineducationalinstitutions ? Will Indian SENSEXreachthelevelof30,000 ?
10. Can anybodypredictstockmarketindex ? 11. Is futuresmarketgamblingorariskmanagementtool ?
12. Restoring thestakeholdersconfidentialinfinancialstatements. 13. How todealwithinternationalterrorism ? 14. How friendlyare we toourneighbouringcountries. 15. Is India asoftnation ? 16. Corruptionisthepricewepayfordemocracy. 17. Foreign TV channelsaredestroyingourculture.
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18. How todealwithhighoilprices ? 19. Beautycontestsdegradewomanhood. 20. Should therebeprivateuniversities ? 21. Theanswertocorruption:morewomeninpolitics. 22. Should thepublicsectorbeprivatised ? 23. Isglobalisationreallynecessary ? 24. Six billionandonebronze! 25. Value basedpoliticsistheneedofthehour. 26. Religion shouldnotbemixedwithpolitics. 27. Why can't we be world playersinmanufacturing as we are insoftware development ?
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Educationisbothatoolofsocialjustice aswellasafundamentaldriverof economicdevelopment

KEVINRUDD
"Nothinggreatwaseverachieved withoutenthusiasm"
RALPHWALDOEMERSON
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SECTIONIII
FACINGTHEINTERVIEW Inthissection...
1. PreparingYourselfforanInterview 2. CommonInterviewQuestions 3. QuestionsonGeneralAwareness 4. Question RelevanttoCA Profession
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PreparingYourselfforan Interview
Job interviews in many organizations are getting more and more sophisticated. Single interviewers, interview panels, multiple interviews, the demonstrationofaskill/ability,astressinterview,casestudies,psychological tests,arethenormsthesedays. Findoutabouttheorganization Itisimportanttounderstandtheindustrytowhichtheorganizationbelongs as well as some background about the organization itself. You could read published information, newspaper, magazines, articles, annual reports, websitesetc.Ifyoucantrackdownanyemployees(formeremployees)ofthe companywhoarewillingtogiveyousomeadditionalknowledge,byallmeans consultthem. Find out aboutcompany'scompetitors, market share, government policy on the industry. Try to read their annual report and accounts by visiting their website. In short, based on your information try to make SWOT analysis of the company. Some companieskeepontheirinternettheirlatestpresentation forfundmanagersorfinancialanalysts.Thisinformationcanbeveryuseful andsaveyourtimeincollectinglotofinformationabouttheindustryandthe organisation. Avoid making any remark about controversial issue that is in newsaboutthecompany. Brushupthedetailsyouhavementionedintheresume The only account you have given of yourself till that point of time would be the resume. It is essential to prepare answers/backup arguments for all the issuesyoumentioned intheresume.Itwould makesensetoputyourselfin theroleoftheemployer,gothroughtheresumeandthinkwhatcouldbethe question on each and every aspect of your resume. Now think about your responsesascandidate.Onceagainassumetheroleoftheemployerandthink whether with the responses given do you really find yourself suitable for recruitment. This process, if taken sincerely, can guide you in terms of improvement/changes required in your responses or the extra knowledge whichyouneedtoseektofullypreparetofacetheinterview. Generalawareness It is essential to follow the news and current business events by reading
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general and business newspapers and magazines. Any events of current importance such as budget/central legislations, international events which affectbusinesscompanyshouldbestudiedcarefully. Studythoroughlyyourfavouritesubjects It may not be practical for the interviewer to test you on all the subjects of youreducation.Usuallytheinterviewerwouldaskyou tochooseoneortwo favouritesubjectstotestyourknowledge.Besuretostudythesethoroughly. Not being able to answer questions on your favourite subject would give a negative impression. You should also understand and remember important rules/laws/formulae of the chosen subjects. Be careful not to choose fancy, irrelevant subjects, say European history, for a job in management accounting. Havestructuredanswers Keep a well thought structured answer ready about what you have done duringthelastthreeassignmentsthatyouhavehandledeitherinyourwork or during your articleship training. This should include what your points of learningandachievements. Youarealmostcertaintobeaskedquestionspertainingtoyourstrengthsand weaknesses.Knowyourstrengthsandemphasizethosethatrelatespecifically to the position for which you are being considered. Be prepared to back up yourclaim. An interviewer cansuddenlyask 'Howcanyousaythat ?' Therealissue,andtheonlyoneatstake,iswhetherornotyourprospective employeriswillingtopaywhatyouareworth.And,yourworthisafunction of the job itself, your capability and your willingness to perform it. Inmostorganizations,thereareclearparametersfora givenjob,arangeof salary that is adjustable depending upon the market and the applicant's experience in most cases, unless you are very good, you will have to work withinthoselimits.But,withinthelimits,whatyouareworthisamatterof mutualagreementbasedontheknowledgeofyourworthandyourabilityto convince the person interviewing you. Know the range of compensation for thejobyouareseeking,makeyourownrealisticassessmentofwhatyouare worth, and then bepreparedtostandyourground.
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Onthedayoftheinterview Bepunctual Leave early to arrive on time. Have ample margin for eventualities such as vehiclebreakdowns,trafficsnarls,gettinglostetc.Reachtheinterviewvenue at least 1015 minutes in advance so that you are well settled to face the interviewbeforeyousetoff,makesureyouhave:
n
Directionstothelocationoftheinterviewvenuewellinadvanceofthe interviewtime. Important certificates to serve as documented proof for all the information. Givenintheresume. Stationery,envelops,stampsandstapler. A copy of the day's newspaper: you could read it on theway to relieve yourtension.Also,youcouldbeaskedsomequestionsfromthesame. Enoughcashand loosechangesothatyou donotwastetimetryingto get change forsay 500or 100notetopayfor transport. Anumbrella,especially duringthemonsoonseasonelseyoucouldget yourselfandyouroriginalcertificatesdrenched. Carrynotesonyourobjectivesinlife,yourskillsets,yourstrengthsand weaknesses.
n n n
Beforetheinterview Knock at the door gently before entering the interview room. On entering, smileateachoftheinterviewpanelmembersandgreetthetimeoftheday, softly.Waitstandingstraight,witharmsrestingeasilyandsitonlyafterbeing askedto. Afterbeingaskedtosit,drawthechairgentlyandswiftlyandsitsettingintoa convenientposture.Avoidmakingcreakingnoisebydraggingthechairorby violentlyfloppingintothechair.Sitcomfortable,buterect. Maintain eye contact with each of the interview panel members, but avoid lookingdefiantly.Itisoktobendforwardbutifthereisatableinfront,you shouldnotputtheelbows/handsonthetable. Remember, all your actions and body language are observed by the
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interviewer.Itisessentialthatthefirstimpressionyou makeofyourselfisa very goodimpression. Duringtheinterview Ifapanelofmembersconductstheinterview,itisadvisabletolookatallthe persons while answering and not only at the person who has asked the question.Ifamemberof thepanelinterruptswhileansweringaquestionof some other members, it is advisable to politely ask him to hold on till the currentansweriscompleted. Maintain very comfortable poise throughout the interview by maintaining interestandeyecontactsevenifyoufeelthatyoumaynotbeselected.Keepa smilingfaceandshowhighlevelofconfidencewhileyouspeak.Maintainthe differencebetweenconfidenceandarrogance. If you have not heard a question properly or understood it clearly, you can requesttheinterviewertorepeatthequestionratherthanansweraquestion heard/understood wrongly. Listen and understand carefully the question beingasked,answertothepoint.Bebrief,tothepointcourteousandpleasant in responding. If you cannot give an immediate reply, it is ok to take sometimetothinkbeforeansweringaquestion,butdonottakemorethanten /fifteenseconds. There is nothing wrong in admitting that you do not know the answer to a questionratherthantryingtoconfuse,bluffandgivealongwindinganswer. You should always assume that the employer will know the answer to the questionaskedsonevertakechanceifyoudonotknowthecorrectanswer. Youshouldnotgetdemoralizedatthenumberofquestionsforwhichyoudo nothaveanswerstoandtherebyspoiltherestoftheinterview.
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Keepreadyextracopiesofyourresumeandtestimonialsthesamemay be required during the interview. Unless specifically asked, do not volunteertoshowyourtestimonialsorachievementcertificates. Donotlooknervousoroverconfident.Donotshow toomuchneedor anxietytogetthejobandatthesametime donotgivetheimpression thatyouarenotinterestedinthejob. Complete your sentences rather than leaving them incomplete and do not use only yes or no or shake your head by way of approval or disapproval. If for any reason, the interview is halted in between, do not start
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wanderingaroundorstartreadingwhateverislyinginfrontofyou.Also donotshowyourdispleasureiftheinterruptiontakessomemoretime youmusttrustthejudgmentoftheemployerabouthispriorities.Donot show that you are in a hurry to complete the interviewunless specifically asked to do so or you are really in a hurry to catch your train/flight.
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Youshouldbeabletodescribeyoursignificantknowledgeacquisitions duringyourarticleshipperiod. You should be convincingly able to describe what new improvements werebroughtaboutduringtheauditperiodas alsohow you dealtwith anyconflictsituationwhichmayhavearisen. You should reasonably be up to date on the recent changes in the professionalworld,beitallthenewaccountingstandards,amendment tolaws,economic/financialdevelopments,fiscalchangesetc. On general topics, you should not worry about correct answers but shouldanswerhonestlywhatyoufeel.Youshouldnotbeafraidofgiving controversial answers as long as you have the logic to support them. Nevergiveanswerswhichyouthinktheinterviewerwantstohear. Anygapsinthecareershouldbeconfidentlypresented,withoutfeeling defensive, emphasizing how you utilized the period constructively. If youdidnotclearan examinthefirstattempt,donotfeeldefensiveor trytohidethefact.
Avoidthefollowingduringtheinterview
n n n n n n n n n
Frequentlyshiftingyourpositionsinthechair. Blinking. Scratching. Stretching. Yawning/burping. Giggling. Crackingknuckles. Fiddlingwithapenormobile. Answeringintenseundertonesorinashrillvoice.
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Avoid asking pointed question on the salary. However on being asked for salary expectations you should give a broad range, commensurate with relative market worth visvis the industry you are desirous of joining.
Attheendofinterview At the end of the interview, the interviewee is usually asked if he has any questionstothepanel. Someofthequestionstobeaskedare: (Candidatesarealsoadvisedtorefertothepresentationsofthecompanies. Informationalreadyavailableshouldnotbeasked.)
n n n n n n n
Exactprofile beinglookedfor. Moredetailsabouttheorganization. Locationofposting. Ifthereisaprobationorifonewouldbeconfirmedimmediately. Ifthereisaformalinductionprogrammeplanned. Whenandhowwouldtheresultbeconveyed ? Enquire about reimbursement of train or air fare if not already committed.
Attheendoftheinterviewifthepanelhasnothingmoretoask,youshould usually conclude by thanking the panel for giving opportunity for being interviewed. You should shake hands only if offered by the panel members. You should wishthepanelthetimeofthedaywithasmilingfaceandtaketheirleave.Put backthechairinposition,collectyourthingsinaswiftmotionandsoftlywalk outoftheroom.Avoidslammingthedoor. Somerelevantpointstonote
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The candidate is asked to narrate one or two instances of his achievements.Itisexpectedthattheachievementsarenarratedwithout any selfadulation, in a normal and honest manner. In such an achievement she/he should not hesitate to mention the contribution of otherteammembers. In the event of job profile not being clearly defined at the time of interview call, the candidate must acquire sufficient knowledge. For
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example,ifthejobisthatoftreasuryoperation,thebasicsshouldbewell known to the candidate even if she/he has not gathered sufficient experiencea factwhichcanbeadmittedattheveryoutset.
n
Quoting thecorrect statisticsin the answerhas a positive effect but the sameshouldbebroughtinifthecandidateisabsolutelyconfidentabout thefigures.QuotingincorrectdataaboutinternationaltradeofIndia,for instance, will have greater negative impact rather than admitting ignorance. Itisquitecommonfortheinterviewboardtojudgethecandidatesfrom the angle of honesty and dependability, integrity and commitment. Alternatively, she/he may be asked his/her preference out of two businesshonchosonewhoamassedwealththroughquestionablemeans andtheotherinastraightmannertocullouthis/herviewwithregardto honestyinoperations.(Itwillbeappropriateforthecandidatetofollow theageoldadage honestyisthebestpolicy.) Attimestheinterviewboardmayraiseapoliticallysensitivetopic,which hasbeenhighlightedinthemedia,intheinterview.Thecandidateshould do well to avoid extremes in his/her answer and should not favour any politicalparty. The interview board may put the candidate in the adverse team environment and his/her conflict handing style. (the candidate should not lose calm in such a situation and submit the answers in a cool confidentmanner).Thistypeofinterviewiscalled'stressinterview'.The real purpose of the employer is not to harass the candidate but to understand how the candidate will function amidst the difficulties, uncertaintiesandattimeschaos. Quiteoften, thecandidate isasked tonamehis/hermodelpreferably in the business world. The candidate should prepare well for such a questionandnarratethebasictraitsofsuchapersoninalucidmanner. The candidatecanbeaskedtogivereferenceofthelatestbookwhichshe/ hehasread,bothinhisprofessionalfield andotherwise.Thecandidate shouldbewellpreparedtoanswersuchquestions.
Tipsforanoutstationinterview
n n
Reserveconfirmedticketsin advanceforthetravel. Decideonthetraveldate,timeandmode,givingaclearmarginforany
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delaysetc.
n
Reserveifpossibleinadvanceforahotelstayroompreferablynear the interviewlocation. Keeptheoriginalcopyofrailwayticketorairticketandboardingpassfor obtainingreimbursementof travelling expenses. Wear separate clothes during outstation travel and at the time of Interview. Locatethelocalovernightoronehourdrycleaner. Keep sufficient money with you for any prolonged stay for interview as sometimes companies conduct more than one round of interview and keeptheotherroundsonsubsequentdays.
n n
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CommonInterviewQuestions
Theanswersgivenbelowareintheformsofhintsjusttoprovidegeneralidea tothecandidatesabouthowtoapproachaninterview.Thecandidatesshould giveoriginalanswersbasedontheirownexperience. 1. Whatareyourstrengths?
Describe your strengths that matches the job profile being offered to you. Emphasize up on your practical strengths, experience and reliability in the tasks undertaken. Narrate a few incidents where you have demonstrated thesequalities.Informthepanelthatyouhavecompletedthetasksefficiently. Note
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Before facing an interview the candidates must be mentally prepared witha listofstrengths they possess. Afew traitsthatan employerwouldseekintheiremployeesareloyalty, integrity, hardworking, positive attitude, good communication skills dedication,confidence,punctual,determined, ability toprioritizeetc. Whatareyourweaknesses/whatisyourgreatestweakness?
2.
Trytoturnnegativesintopositivesi.e.,presentastrengthofyoursdisguised as a weakness. The interviewer is not interested to know your personal deficiencies instead concentrate on professional traits that you are developing. For example: I am too focused on work and need to develop some after hourshobbies.Or Ihavetoworkonhavingmorepatienceandgivingmyselfa breakbecauseIalwayswanteverythingdoneatonce. 3. Whyshouldwehireyou?
Mention your skills and experience and elaborate that you are the best suitablecandidatefortheprofilethey areoffering.Tell themhow beneficial youarefortheoveralldevelopmentoftheircompany.Elaborateonyourpast experienceswhereyouhaveprovedyourselfasanassettothecompany.
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Note
n
Tryanduncoverwhattheemployeractuallyrequires,thiswillhelpyou understand what is he actually looking for and you can mould your answersaccordingly. Whydoyouwanttoworkhere?
4.
Specify what excites you about the organization you want to join. Tell them why you wish to work in that sector and what appeals to you about the organizationyouwanttojoin:brand,professionalism,reputationetc. Note
n
For answering this question, it is advisable to browse through the organisations website and gather relevant information regarding its workingenvironment. Whatareyourshorttermgoals?
5.
Highlightwhatyouwanttoachieveinthenextthreetofiveyearsintermsof responsibility, personal growth andprofessional acumen. Job seeker should demonstrateclearpurpose,enthusiasmandcommitmenttoowngoalsplans aheaddotheyseethecompanyintertwinedwiththeirshort termgoals. Note
n
Never simply state your Short term goal but move a step further by statingthestepsyouaretakingtoachievethem
For example: I want a good start in a company like yours and those responsibilities and roles which will use and improve my skills and capabilities.Iwanttoworkwithagreatenergyandenthusiasmforthegrowth ofbothmy career aswellastheorganization. 6. Whydidyouleave(areyouleaving)yourjob?
Ifyouarenotemployed mentioninpositive termsthereasonfor leaving. If youareemployedfocusonwhatyouwantinyournextjob:Iamlookingfora companywhichisteamfocused.
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Note
n
While answering this question, never say anything bad about your previouscompany,boss,orpeersetc.Theinterviewermayperceivethat youmightendupsayingnegativeabouthiscompanythenexttimeyou arelookingfora job. Describeyourselfortellmeaboutyourself.
7.
A good answer to this question focuses on workrelated skills and accomplishments.Telltheinterviewerwhyyouthinkyourworkrelatedskills andaccomplishmentswouldbeanassettothecompany.Youcoulddescribe your education and work history (be brief) and then mention one or two personal character traits and tell the interviewer how the traits helped you accomplishataskat work. Note
n
Do not describe yourself with tired old clichs such as "I'm a team player,""Ihaveexcellentcommunicationskills,"unlessyoucanproveit with an illustration. For example, one might say "I would describe myselfas aselfstarter.AtXYZ Corporation, therewasaproblemwith materialsmanagementsoIcreatedanewinventorysystem(givedetails) thatreducedexpenses30percent." Whatcanyoudoforusthatothercandidatescant?
8.
Talkaboutyourskillsandexperiencewhydotheymakeyouunique?This answer will make the interviewer assess your skills and traits: mention specific skills. With a combination of financial acumen and the ability to developrelationshipswithclients,Iamabletousemyknowledgetoprovide informationthatisuserfriendly. Note
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Onemusttrytoavoidconventionalanswerssuchas:Illgive200%to this position or Im a workaholic. Interviewers have heard such answers anumber of times and these answers soundstereotypical and artificial.
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9.
Whatarethreethingsyourlastbosswouldsayaboutyou?
Thisquestionasksforthreepositivethingsyourlastbosscouldsayaboutyou orwhatthebossdidsayaboutyou.Mentionwhatthebosshastoldyouin positive terms. This question provides you the opportunity to state positive attributes about yourself using your bosss words. I have been told that I have excellent analytical abilities, an eye for detail as well as building excellentrelationshipswithclients. 10. Whatsalaryareyouseeking ? Salaryscalesdifferin industrialsectorsdosomeresearchontheindustryyou arejoiningandfindoutyourindividualworthbeforecommittingananswer, unlessofcoursetheemployertellsyoutherangebeforetheinterviewthen itsto youradvantage! 11. Whatdoyouknowaboutthisorganization?
Basic information on the organization, such as, management, products/services, location of unit(s), manpower, profit, corporate social responsibility (if applicable), any well acknowledged recent news item (if applicable), whether a listed company, market cap or any other relevant informationabouttheorganizationmustbeonyourfingertips. 12. Doyoulikeyourcurrentjob? Answer in an affirmative manner and show the relevance of your current assignmenttothenewjobyouareapplyingforstateyourspecificrolealong with your duties and responsibilities in your current assignment, any particular achievements and recognition in the organization where you are presently employed. You may also say: The position you are offering will allow me to develop in a particular direction by utilizing my skills and aptitude. 13. You have been in your present employmentfor a long time ? Willyoubeabletoadjustinyournewposition? Inform the interviewer that you dont lack drive and initiative and you can takeonanychallengeasyouhavedoneinthepreviousorganizationmention that you have a temperament to adjust in any situation and your inter personalskillshelpyoutogetalongwithpeople.
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14. Whyareyouchangingyourjobsosoon ? You may answer this question by saying that the new job is too good an opportunitytomissorYourcompanyprovidesmoreopportunityforgrowth thanmylastemployerOrIfeelthatIhavereachedaplateauatmycurrent jobsoIamlookingforalternativesandnewchallenges. Note
n
Interviewersaskthisquestionas they areconcerned thatyou mightbe perilous and leave the position being offered to you as quickly as you havelefttheothers.Sothecandidatesmusttrynottoshowtheirimage asajobhopper.
15. What are the reasons for long gaps in your employment history? If theres a gap in your resume, be ready to explain it. Reassure the interviewerthatnowyouwouldliketosettledownandmoveaheadwithyour career. Be honest with your answers because the employer would do an antecedentverificationinanycase. 16. Arentyouoverqualifiedforthisposition? Assuretheinterviewerthatyouwouldnothaveappliedifyouwerenotright forthejob. Note
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Thisquestionisalso askedwiththeconcernthatyoumightleaveyour new job as soon as you get a better job opportunity. While answering thisquestion,youmustassuretheinterviewerthatyouareheretostick withthecompanyforlong. Areyouareliableindividual ?
17.
Give an exampleofhow dependableyou aredescribeasituationwhereyou were assigned a responsibility to complete a particular task, what specific action you took to complete that task and what results were achieved that shows youasareliableindividual.
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18. Canyoutellmeaboutaproblemyouhavehadtodealwith ? Give an example of a practical problem that you faced by including the following points in your answer : You were calm and composed, you were clear headed, you looked at the problem from various angles and you kept yourmanagerinformed. 19. Haveyoueverhadaproblemwithyourboss? Ifyouhavehadaproblem,dontcriticizetheboss,justsaythatjobsgetdone withconstructivecriticismand guidance fromthebossandyouneverreally facedanyproblemwithyoursuperior. 20. Whatismoreimportant:speedoraccuracy? Both are important you work with speed and accuracy. Mention that you manage your work load so that you can achieve both. Also inform the interviewer that apart from speed and accuracy, you firmly believe in associating qualitywithyourwork. 21. Doyougetboreddoingroutinejobs ? Mostpracticaljobsareroutine,soreplybysayingthatyoudonotgetboredas youhave a methodical approach in performing your function. Also mention thatyouhaveaflexibleapproachwhenthejobdemands.Giveanexampleof yourexperience. 22. Whathaveyoudonethatshowsyouhaveinitiative? Mentionthatintheabsenceofanyclearguidelines,andifitwasurgentand you were not able to contact your boss, youwould take a decision based on your experience in similar circumstance, keep a note of your actions and inform yourbossassoonaspossible. Note
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Thisquestionisimportantforthejobwhereyouwouldrequiretowork independently most of the time. For such a job, you will need to find solutionstotheproblemsonyourown,andwillhavetolearnhowtobe creativeforgettingthejobdone.
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23. Howdoyouupdateyourknowledge? Mentionthattherearevariousmeanswithwhichyouareconstantlyupdating your knowledge, such as, reading professional magazines, attending courses and seminars, through interaction with your clients, through professional contacts. 24. Whatisyourattitudetochallenge? Statethatchallengestimulatesyou andgetsthebestworkoutofyou asyou havethewilltosucceedwhenfacinganychallenge.Youmustmentionafew examplesofthechallengesyouhavefacedandtastedsuccess. 25. Areyousensitivetocriticism ? Showthatyouareabletotakecriticism.Statethatyouarematuretohandle constructivecriticismasitwouldonly helpyoutoimproveyour performance. Youmustgiveanexampleofasituationwhereyoulearntsomethinguseful. 26. Howdoyouhandledeadlines? Youcananswerthisquestionbysayingthatdeadlinescanbemetifjobsand tasksarescheduledproperlyandyoualwaysmakeascheduleofthetasksto beperformed.Saythatyouwouldnevermissadeadlineasitwouldresultina loss of reputation, loss of a client or even money for the organization. You maygiveanexamplewhereyouwereabletomeetatightdeadline. 27. Areyoualeaderorafollower? Anorganizationwouldlookforapersonwithleadershipqualitiesatthesame timeitwouldalsolookforsomeonewholistenstoitsclientsandbeguidedby their requirements. I have leadership qualities my colleagues would agree withmystatement.Attimes,dependingonthecircumstances,itpaystobea followertoo.Oneshouldbeversatile. 28. Areyouambitious? Mention the positive qualities of being ambitious focused, goal oriented, committed.Dont givetheimpressionofbeingovercompetitive.Ihavethe drive and enthusiasm to achieve what the Company wants me to achieve through my commitment and dedication. I would overcome difficulties as I amveryfocusedindoingwhatIamexpectedtodo.
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29. Doyouevergetangry? Losing your temper wouldnot get you anywhere its theuglyside of your nature. If you lost your temper with a client you would lose the client. I rarely lose my temper but would not be able to tolerate injustice just like anyoneelse.Atwork,IcantrememberwhenIactuallylostmytemper. 30. Whatareyoulookingfromajob? You are eager to start your chosen career and want to apply the theoretical knowledgeandskillsyouhaveacquired,intopractice.Youwouldliketolearn newskillstomakeavalidcontributionatthejuniorlevel. 31. What would you do for the first one week after joining our organization? You could answer by saying that you would spend time understanding the organization, its culture, its rules and regulations and in completing the proceduresinvolvedininductionintotheorganization(e.g.undergomedical examination,furnishdetails aboutbankaccount,passport,getmyoperating right for working in the computerized systems and the intranet of the companythatIshallhavetoaccessforday todayworketc.,)andgettingto knowyournewcolleagues. OtherQuestionsthatmaybeaskedintheInterviewround 1. 2. 3. 4. 5. 6. 7. 8. 9. Describeyouridealcompany,locationandjob. Whydoyouwanttoworkatourcompany ? Whatareyourcareeroptionsrightnow ? Whyhaveyoubeen outofworksolong ? Whatgoodbookshaveyoureadlately ? Tellmeaboutasituationwhenyourworkwascriticized. How do you feel about reporting to a younger person (minority, woman,etc) ? Lookingback,whatwouldyoudodifferentlyinyourlife ? Couldyouhavedonebetterinyourlastjob ?
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10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32.
Howwillyouhandlejobstress ? Whatmakesyouangry ? Whohasinspiredyouinyourlifeandwhy ? Whatwasthetoughestdecisionyoueverhadtomake ? Tellmeaboutthemostboringjobyou'veeverhad. Haveyoubeenabsentfromworkmorethanafewdaysinanyprevious position ? Howdoyoufeelaboutworking on weekends ? Areyouwillingtorelocateortravel ? Whyhaveyouhadsomanyjobs ? Howcouldyouhaveimprovedyourcareerprogression ? You'vebeenwithyourfirmalongtime.Won'titbehardswitchingtoa newcompany ? MayIcontactyourpresentemployerforareference ? Give me an example of your creativity (analytical skill, managing ability,etc.) Wherecouldyouusesomeimprovement ? What'sthemostdifficultpartofbeinga(jobtitle) ? Whatwasthetoughestchallengeyou'veeverfaced ? Haveyouconsidered startingyourownbusiness ? Whatareyourgoals ? Whatwasthetoughestpartofyourlastjob ? How do you define success andhow do you measureup to your own definition ? Lookingbackonyourlastposition,haveyoudoneyourbestwork ? Why should I hire you from the outside when I could promote someonefromwithin ? Tellmesomethingnegativeyou'veheardaboutourcompany
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33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47.
Wheredoyouseeyourselfinayear'stime ? Why should we offer you thejob ? Or why do you think that you are idealcandidateforthepost ? Whatdoyouconsiderasyourgreatestachievement ? Whatisyourphilosophytowardsworkandethics ? Whydidyouchoose thisparticularcareer ? Whatdoyouhopetoachieveifyouareappointed ? Would you agree to put interest of the organisation ahead of your personalgoals ? Whichother companieshaveshortlistedyou? Whatareyourextracurricularactivities ? Areyoualonerbynature ? Whatdoyouknowaboutthiscompany ? Whatisyourstyleofworking ? Whatarethetypesofjobyouliketodoandwhy ? What do you think KRAs (Key Result Areas) and ICAs (Individual contributionAreas)shouldbe,ifweselectyou,for theposition ? What is your family background ? (Please do not forget to mention about your mother and spouse irrespective of their position/qualifications.) Howdoesthisassignmentfitinyourcareerplan ? Howdoyouthinkyourskillswillbeuseful indischargeofyourduties ? Areyouaproblemsolver ? Whichhasbeenthemostdifficultdecisionyou havehadtotake ? Howwouldyoudealwithdifficultpeople ? Howdoyoumanagestress ? Canyouwalk methroughthelastweek andtellmehow you planned theweek'sactivitiesandhowthescheduleworkedout ?
48. 49. 50. 51. 52. 53. 54.
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55. 56. 57.
Haveyoukeptabreastofthelatestinyourfield ? Howmanydaysinamonthareyoupreparedtotravel ? Whatisyourtotalnoticeperiodandhowmanydayscouldbeadjusted against leave not availed ? (If the candidate is already in some employmentthenumbersfortheanswershouldbecorrect,asjoining timeisdependentonthesame) What would you do if you are not selected ? (The key is to have an alternate plan ready, without harping on how nonselection would severelydepressyouetc.)
58.
Confusingquestions:AfewExamples 1. 2. IfyouwinalotteryofRs.5crore,howwillyouspendthemoney ? Sellmethispen.(oranyobjecttheinterviewermay pick upfromthe table) Ifyouwishtobeananimal,whichonewouldyouliketobeandwhy ? Whydoesastorkstandononeleg ? Givefiveusesofacoffeemug. Onascaleofonetoten,ratemeasaninterviewer
3. 4. 5. 6.
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QuestionsonGeneralAwareness
Sports 1. WhatisAghaKhanCupassociatedwith? 2. Hockey
WhichcountrieswouldbecohostingtheWorldCupCricketin2011 ? Bangladesh,India,SriLanka
3.
WithwhichsportisGrandSlamassociated ? Tennis
4.
Whoisthefirsttennisplayertowin16GrandSlamtitles ? RogerFederer
5.
WhereisWimbledon ? England(London)
6.
With which sport do you associate the Hopman Cup ? Which country wonitrecently ? HopmanCupisassociatedwithtennis,Spainwonitrecently(Jan 2010)
7.
Withwhichsportdoyouassociatethetermchinaman ? Cricket
Economy 8. Inwhichcontextistheterminvisibletradeused ?
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Ineconomics,theexchangeofphysicallyintangibleitemsbetween countries isknown as invisible trade. Basic categories of invisible trade include income from foreign investment in the form of interest,profitsanddividends,intellectualpropertyandpatents.It also includes the import and export of services such as tourism, banking,shippingandinsurance.
9.
WhatdoesASEANstandfor ? Associationof SouthEastAsianNations
10. WhatdoesSEZstandfor ? 11. SpecialEconomicZones
Currently, howmany states aremembersoftheEuropeanUnion(EU) ? 27
12. WhatisWorldBankalsoknownas ? InternationalBankforReconstructionandDevelopment(IBRD)
13. WhatdoesNAFTArelateto ? NAFTAstandsforNorthAmericanFreeTradeAgreement.Itisan agreement signed by the governments of Canada, Mexico and UnitedStatescreatingatrilateraltradeblockinNorthAmerica.Its goal was to eliminate barriers of trade and investment between USA,CanadaandMexico. 14. WhatdoesNMCEXstandfor ? Places 15. WhereisWallStreet ?
46
NationalMultiCommodityExchange
NewYorkCity,USA
16. InwhichcountryisDubailocated ? UnitedArabEmirates
17. Where is Antwerp a leading place for cutting and trading diamond located ? Belgium
18. Whichisthelargestoilexportingcountryintheworld ? SaudiArabia
19. Lucknowissituatedonthebanksofwhichriver ? Gomti
20. WhereistheKumbhMelaheld ? KumbhMelaisheldonarotationalbasisinfourofthemostholy hindu place in India on the banks of Godavari river(Nasik), the Shiprariver(Ujjain),theGangesriver(Haridwar)andconvergence oftheGanges,YamunaandSaraswatiriversinAllahabad/Prayag. 21. Doha came into prominence for being the venue of Fourth Ministerial Conference of the World Trade Organization (WTO) held in 2001. In whichcountryisDohasituated ? Qatar
22. WhichcountrywillbehostingthenextOlympicgames ? England(Londonin2012)
23. WhichcountrygivesMagsaysayawards ?
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Philippines
24. WhichplaceisassociatedwiththedeathofBuddha ? 25. Kushinagar
WhereisTelanganalocated ? Hyderabad
26. InwhichcountrywastheUNClimateChangeSummitheldinDecember 2009 ? Copenhagen,Denmark
27. Thetallestbuildingoftheworldislocatedinwhichcountry ? BurjKhalifa,Dubai,UAE
28. WhereistheGobidesert ? Asia
29. Whereistheheadquarterof WTO ? Geneva,Switzerland
30. Whichcountryisthelargestproducerofcoffee ? Brazil
31. WhereisHollywood ? UnitedStates
32. Whichplaceintheworldiscalled"TheGiftofNile ? Egypt
33. WhichcityinIndiaiscalled"TheCityofGoldenTemple ?
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Amritsar
34. Whichcontinentiscalled"TheDarkContinent ? Africa
35. InIndia,whichcityiscalled"TheCityofPalaces ? Kolkata
36. Whereisthe"JagannathTemple"situatedinthecountry ? Puri
37. InwhichPartofIndiaisBulandDarwazalocated ? FatehpurSikri,Agra
38. WhichfamouscavesaresituatedinAurangabad,Maharashtra ? Ellora
39. WhatisAnandcityinGujaratfamousfor ? Amul
40. WhereisVijayGhatsituated ? NewDelhi
41. WhereisBhabhaAtomicResearchCentersituated ? Mumbai
42. WherearetheHeadQuartersoftheCentralRailway Zonesituated ? Mumbai
43. WhereistheDeepestportintheIndiasituatedontheeasterncoast ?
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Visakhapatnam
44. WhichisIndia'soldestandbiggestNuclearPowerStation ? Tarapur
45. WhichcountryintheworldhasthehighestLifeExpectancy ? Japan
46. Whichisthe smallestcountryintheworld ? Science 47. WhatisaLactometer ? Itisaninstrumentforestimatingthepurityorrichnessofmilk.It is used to find the amount of water in the milk. It works on the principleofspecificgravityofmilk. 48. What doeslackofVitaminAresultin ? VitaminAdeficiencyusuallyresultsinnightblindness,diminishes the ability to fight infections, abnormal functioning of many epithelialcells,abnormalbonegrowth. 49. WhatisthefullformforAIDS ? AcquiredImmune DeficiencySyndrome VaticanCity
50. WhichvirusisresponsibleforSwineflu? H1N1
51. Whatisthestudyofinsectscalled ? Entomology
50
52.
Whyis saltiodized ? Saltisiodizedtoensureadequateamountofiodineinthedietsof thepeople.Iodineisanecessarynutrientanditsdeficiencyleadsto diseasessuchasthyroid,goitre,mentalretardationetc.
53. WhatisCharakasamhita ? It is the main ayurvedic text that deals with medicines and non surgicalmethodsof ayurveda. 54. What is the number of heart beats per minute of an average adult at rest? SeventyTwo
55. BeriBeriisthedeficiencydiseasecausedbywhichvitamin ? DeficiencyofvitaminB1
56. WhereistheriverDanube ? Europe
57. Whichplanetiscalledtheredplanet ? Mars
58. Whatisthemainactiveconstituentofteaandcoffee ? Caffeine
59. Whatisornithology ? Studyofbirds.
60. Whatisthestudyofshellscalled ? Conchology
51
61. Whatisdactylology ? Theuseoffingersandhandstocommunicateandconveyideas,as in the manual alphabets used by hearing impaired and speech impairedpeople. 62. Howmanybonesinthehumanbody ? 206(208ifthesternumisconsideredasthreebones)
63. Whatishydroponics ? Itisamethodofgrowingplantsusingmineralnutrientsolutions, inwaterwithoutsoil 64. Whatisthyroid ? Itisoneofthelargestendocrineglandsinthebody.Thisglandis foundintheneck.Thethyroidcontrolshowquicklythebodyuses energy, makes proteins, and controls how sensitive the body shouldbetootherhormones. 65. Nameagasusedinelectricbulb. Argon
66. Whatisthecondensed atmosphericwatervapourduetocoolingofthe aircalled ? Dew
67. What do you call it when the atmospheric moisture touches cold earth andcondensesondustparticles ? Fog
68. Whatisapartofdesertwhere waterandvegetationarefound ?
52
Oasis
69. Whatisthelandcoveredwithnaturalgrasscalled ? People 70. AzimPremjiisthechairmanofwhichcompany ? Wipro Savanna
71. Lakshmi Mittal has been in the news for acquiring a steel making companyArcelor.Arcelorisbasedinwhichcountry ? Luxembourg
72. WhoisthechairmanofJETAirways ? NareshGoyal
73. WhodiscoveredthesearoutefromEuropetoIndia ? VascoDaGama
74. Whodiscoveredpenicillin ? AlexanderFleming
75. Whodiscovereddynamite ? AlfredB.Nobel
76. WhowasthefirstIndiantowintheNobelPrize ? RabindraNathTagoreforliterature
77. Whoinventedtelevision ? PhiloT.Farnsworth
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78. WhoistheCEOofAppleComputers ? SteveJobs
79. WhoisWarrenBuffett ? Warren Buffett is an American investor, industrialist and philanthropist. He is also the CEO and chairman of Berkshire Hathawayandis amongstthetopthreerichestpeopleintheworld. 80. WhichIndianEconomistreceivedtheNoblePrizeintheyear1998 ? AmartyaSen
81. WhoisthefirstladyPresidentofIndia ? Mrs.PratibhaDeviSinghPatil
82. WhowasthefirstPrimeMinisterofIndia ? Mr.JawaharlalNehru
83. WhowasthefirstPresidentofIndia ? Dr.RajendraPrasad
84. WhatisuniqueaboutthenewPresidentofIndia ? SheisthefirstwomanPresidentofIndia
85. WhodraftedthefirstConstitutionofIndia ? Dr.BabasahebAmbedkar
Miscellaneous 86. Ifitis1:30p.m.inIndia,whatislikelytobethelocaltimeinLondon ? 8:00am
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87. WhatdoesISDstandfor ? InternationalSubscriberDialling
88. ThebrandVicksismarketedbywhichCompany ? P&G
89. WhichdanceformismostpopularinKerala ? Kathakali
90. Haiti,aCaribbeannationwasinthenewsrecently.Why ? Becauseofearthquake
91. WhatisBrahmos ? Itisthenameofamissile.
92. WhatisBt.Brinjal ? Bt. Brinjal is genetically modified variety of brinjal which gives more resistance to brinjal plant against insects. Bt. Stands for Bacillusthringiensis. 93. ArmyDayiscelebratedinIndiaonwhichdate ?
th January15
94. Grammyawardisgiveninwhichfield ? Music
95. WhichIndian hasrecentlyreceivedtwoGrammyawards ? ARRahman
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96. TheEconomicTimesCompanyoftheYearawardfor2009wasgivento whichcompany ? HeroHonda
97. WithwhichindustrywouldyouassociateUninor ? Telecom
98. Whichisthelongestriverintheworld ? Nile
99. WhatisFIEO ? FederationofIndianExportOrganization
100. WhereistheheadquarterofIAEA ? InternationalAtomicEnergyAgencyisheadquarteredinVienna, Austria 101. Whatistheequatorialdiameterofearth? 12,756.1km
102. Whatisastatementofoathforuseasevidenceinlegalproceedings ? Affidavit
103. Whatisanexclusiverightofanauthorinhisworks ? Copyright
104. What is an Agreement under seal between two or more personscalled ? Covenant
105. What is a directive from a court of law ordering a person to appear beforeitataspecifieddate,timeandplace ?
n
Summon
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106. Whatisanydisobedienceofthecourtverdict ?
n
ContemptOfCourt
107. Whatistherighttorejectanyresolutionorenactmentbythelegislature called ? Veto
108. What is the term used for those countries in Africa, Asia and Latin Americawhichareundergoingcomplexprocessofmodernization ? DevelopingCountries
109. What is a command given by from a superior officer or a judge to a subordinatetoactonhisbehalfcalled ? Mandate
110. Whichisthesecondlargestpopulatedcountryintheworld ? India
111. LegalPhraseforEnglishmeaning"fromthebeginning ? AbInitio
112. LegalPhraseforEnglishmeaning"existingcondition ? StatusQuo
113. LegalPhraseforEnglishmeaning"asamatterofgraceorfavour ? ExGratia
114. LegalPhraseforEnglishmeaning"modeofoperatingthewayinwhich athing,causeetc.operates ? ModusOperandi
115. WhichisourNationalAnimal ?
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Tiger
116. WhichisourNationalBird ? Peacock
117. WhichisourNationalFlower ? Lotus
118. WhichisourNationalTree ? Banyan
119. WhichisourNationalFruit ? Mango
120. WhopresentsbudgetintheParliament ? FinanceMinister
121. WhichisthehighesthonourgiveninthefilmindustryinIndia ? DadaSahebPhalkeAward
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Candidates must be aware of the latest whos who like the importantofficials,ministers,CEOsofcompaniesandotherheads of important organizations.a few questions that have been asked duringtheinterviewareasfollows:
1. 2. 3. 4. 5.
WhoisChiefJusticeofIndia. WhoistheSecretaryGeneralofUnitedNations ? WhoisthechairmanofNationalHumanRightsCommissioninIndia ? WhoistheVicePresidentofIndia ? Who is the Secretary of Ministry of External Affairs, Government of India ?
6. 7. 8. 9. 10. 11. 12. 13. 14. 15.
WhoisPresidentofIran ? WhoistheChiefMinisterofJharkhand ? WhoistheDefenceMinister,ofIndia ? WhoisthepresidentofChina ? WhoistheEnvironmentandForestMinister,ofIndia ? Whois headingPepsico ? WhoistheChiefElectionCommissionerofIndia ? WhoisthePresidentofAsianDevelopmentBank ? WhoistheDirectorGeneralofWHO ? WhoistheChairmanofSAARC ?
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16.
WhoistheSecretaryGeneralofOPEC ?
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QuestionsrelevanttoCharteredAccountancy Profession
The interviewers also judge the candidates on the technical competencies possessed by them. Success in the interview depends on the level of knowledge possessed by the candidates in addition to the soft skills. It is, therefore,imperativethatthecandidatesbeawareofcertainbasicconcepts, ofthevarioussubjects. Theinterviewpanelwouldliketoknowaboutthesoundnessofknowledgeas well as their application in practical situations. It is therefore, essential for you to familiarize yourself with the type of questions that are likely to be asked by the interviewing committee in certain important subjects like accountancy, auditing, company law, taxation, cost accountancy and related areas.Youmayattuneyourpreparationaccordingtotherequirementsofthe job. For example, for preparing for a job in finance and accounting, you shouldbeconversantwiththeconceptsrelatedtothesesubjects. Themodelquestionsthathavebeencoveredhereundercouldgiveyouanidea of the type of questions that you would normally face when you are being interviewed. An attempt has been made to give specimen questions in different subjects. The list is not exhaustive and would vary as per the requirements of the job for which you are being considered by the organization,i.e.,theskillsthatyoumayneedtodisplayinthecourseofyour interactionbothwithinaswellasoutsidetheorganization.Wemaylikeyouto go through subjectwise questions and equip yourself with suitable replies. Some of the questions given herein might not have been part of your curriculum. However, these have been included keeping in mind the expectations of the prospective employers and the current developments in theeconomy. 1. WhatisPIL?Whocanfileit ? PILisanabbreviatedtermforpublicinterestlitigation.Anycitizencan Filecaseinthecourtoflawformattersofgeneralpublicinterestwhenit Isfeltthatthepublicatlargeisaffected. 2. What power does the court have for taking up matters of generalpublicinterest? ThecourtsinIndiaenjoysuomotopowerstotakeupmattersofgeneral publicinterestwithoutanybodyfilingacaseforthesame.
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3.
Whatisthenameofthecourtorderpassedwithoutpresence ofparty ? Theordercalledexparteorder,ispassedbythecourtintheabsenceof the party affected by the same or without giving any opportunity to be heardinthematter.
4.
Whatisrightoffirstrefusal? It is the right available with any party to the agreement, wherein the seller ofthe assets is first supposed to check withthe holder of suchright before selling his assets. Normally this is stipulated in shareholders' agreementsforsaleofshares.
5.
Whatisthemeaningoffundamentalrights? Fundamentalrightsarecertainbasicrightsgivenbytheconstitutionof India.Suchrightsincludenormalcitizenrightslikerightofspeechand the right to express oneself, right to follow any religion, cultural and educationalrights,etc.
6.
WhatistheroleofARCIL? ARCILortheassetreconstructioncompanyofIndialimitedaggregates the secured debts in the form of non performing assets (NPA) from banks and financial institutions for its faster resolution and/or settlement.
7.
Whatisthemeaningofarbitrator? An arbitrator is a person appointed by the parties to any dispute to resolvethedisputesandgivehisjudgementcalled'award'.
8.
Whatisthemeaningofverticalmerger ? Verticalmergerisacombinationoftwoormorecompanieswhichhave backwardorforwardlinkagesintermsofproductionormarketing.For example merger of yarn manufacturing company with fabric manufacturingcompanywouldbeconsideredasverticalmergerasyarn isarawmaterialforfabrics.
9.
Whatisabsorptiontypeofmerger ? Itisamergeroftwoormoreentitieswhereinoneentityretainsitslegal existenceandabsorbsothercompaniesinitsfold.
10. Whatispurchasemethodofaccountingformerger ? Inthismethodofaccounting,theassetsandliabilitiesaretakenattheir marketvalues andnotatbook values as inpoolingofinterestmethod. Accountingstandard 14governstheaccountingtreatment.
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11. Whatisthemeaningofterminalvalueofcashflows? The cash flows during the project period or specified period are compoundedataparticularrateandtheresultantvalueattheendofthe projectperiodoranyotherspecifiedperiodiscalledtheterminalvalue. 12. Why is it said that cost of equity is the highest compared to othersourcesoffinance? The cost of equity is highest compared to other sources of finance for twomainreasons:(1)thereturnonequityintheformofdividendisnot taxdeductiblelikeinterestondebt.(2)theriskelementforcertaintyof return is highest for equity, which increases the expectations of the equityshareholders. 13. Whatisweightedaveragecostofcapital ? Itisweightedaveragecostofdebtandequity. 14. WhatisthemeaningofCSR? CSRisashortformofcorporatesocialresponsibility.Thesameincludes corporategovernance,environmentprotection,socialresponsibility etc. 15. What do you understand by, "all costs are variable in long run"? Thefixedcostsarefixedforagivenlevelofactivitybecausethedecisions onthesizeofthebusinessarenottakenonshorttermbasis.Howeverin thelongtimeframethebusinessmaydecidetodiscontinuethebusiness or increase the capacity. In the former case the fixed costs would go downandinthelattercasethefixed costs wouldgoup.Thusitissaid thatallcostsarevariableinthelongrun. 16. WhatareopenmarketoperationsofRBI? Withaviewtoincreasingordecreasingtheliquidity inthemarket,the RBI either buys or sells government securities. This is called open marketoperationsofRBI. 17. Whopresentsbudgetandwhopresentsmonetarypolicy? Theannualfinancebudgetispresentedbythehon'blefinanceminister, whereasthemonetarypolicyisannouncedbythegovernorofRBI. 18. WhatisthemeaningofREIT? REITstandsforrealestateinvestment trust. 19. Whydoexporterssufferwhenrupeegetsstrengthened? Withrupeegettingstrengthenedvisvisforeigncurrency,forthesame unit of foreign currency, the exporters get lower rupee realisation.
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Hence,theexporterssufferwhenrupeegetsstrengthened. 20. Whatisthecascadingeffectinindirecttaxes? In indirect taxes, certain taxes are levied not only on the value of the goods but even on the taxes at the previous stage. This is called cascadingeffect. 21. WhatistheprincipleofVAT ? The principle says that the tax should be collected on the amount of valueaddedateachstageofproductionorsale. 22. Whatisthemeaningofdevaluationofrupee? It is downward revision of local currency, i.e. rupee visvis a foreign currency by government actions to bring economicparity. However, at presentexchangeratesaredeterminedbymarketforces. 23. Whatisthemeaningofstagflation ? Itisasituationofinflationinthefaceofstagnationofeconomy. 24. Whatisduopoly? Amarketsituationwithonlytwocompetitorsiscalledduopoly. 25. How do you explain charitable purpose for claiming exemptionofincomebyaninstitution? Charitablepurposeincludesreliefofthepoor,education,medicalrelief andtheadvancementofanyotherobjectofgeneralpublicutility. 26. IsatrustestablishedforcharitablepurposesinIndiarequired togetitselfregisteredwiththejurisdictionalcommissionerof incometax? Yes,thetrustisrequiredtoberegisteredaspersection12aa. 27. What isaninvestmentthatis taken out specifically to reduce orcancelouttheriskinanotherinvestment ? Hedge 28. What are financialinstruments whoseprice and value derive fromthevalueofassetsunderlyingthemcalled? Derivatives 29. What are the decisions relating to working capital and short termfinancingcalled ? WorkingCapitalManagement
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30. What is a potential negative impact to an asset or some characteristic of value that may arise from some present processorfutureeventcalled ? Risk 31. What is the borrowing made by a country from foreign countries to meet the expenditure when domestic resources fallshortcalled? NationalDebt 32. Whatdoyoucallageneralandcontinuingriseinpricesorfall in the value of money, leading to rising wages and loss of savings? Inflation 33. What is a tax levied by a municipal committee or a local body on goods brought within the municipal limits of a towncalled? Octroi 34. What is a form of market in which there are few sellers of a commoditywhocontrolit'spricingandmarketingcalled ? Oligopoly 35. Whichtypeofdiscountisgivenbyamanufacturertoitsdealer orbyahighergradedealertoalowergradedealercalled ? Trade 36. What's the term that applies to the most reliable shares of reputedcompanies which have astable growth and least risk involvedininvestmentinsuchcompaniesbythepublic ? BlueChip 37. What is the profit called when an asset is sold for more than thepriceatwhichitwasbought? CapitalGain 38. What is a term with several closelyrelated meanings in business management, finance and economics, related to saving ordeferringconsumption? Investment 39. What is a planning processcalled thatis used to determine a firm's long term investments such as new machinery, replacement machinery, new plants, new products, and
65
researchanddevelopmentprojects? CapitalBudgeting 40. What is a tangible, negotiable instrument representing financial value broadly categorized into debt and equity such asbondsandcommonstocks,respectively? Security 41. What do you call nonmonetary assets that cannot be seen, touched or physically measured and which are created throughtimeand/oreffort? Intangible 42. What is the standard framework of guidelines for financial accounting that includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in thepreparationoffinancialstatements. GenerallyAcceptedAccountingPrinciples(GAAP) 43. Whatisthefallinthevalueofanassetcalled? Depreciation 44. Whatisitcalledwhenanassetiseitherincashorintheform ofadepositinthecurrentaccountofacommercialbank ? Liquid 45. What is a guarantee given to an exporter by the importer of his goods that he will pay immediately for the goods ordered byhim? LetterOfCredit 46. What is the tax levied on certain commodities produced and consumedinthecountryandonlicensesof certaintrades? ExciseDuty 47. What isa BankAccount from which withdrawals are allowed without any restriction on frequency or amount so long as thereisacreditlimit? CurrentAccount 48. Whatisawrittenacknowledgementofdebtissuedassecurity byacompanyonitspropertycalled ? Debenture
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49. Whatisthatstockcalledwhichisbuiltupofsomecommodity to meet requirements in emergencies, i.e. when scarcity occurs? Buffer 50. What are the ports called which are exempted from payment of custom duty on articles of commerce, primarily to encouragetourism ? FreePort 51. What is the gap between the value of visible and tangible exportsandvisibleimportscalled? TradeGap 52. What are commodities which are limited in quantity as comparedtotheirdemandcalled? EconomicGoods 53. What is a human activity called which integrates recognition of risk, risk assessment, developing strategies to manage it, andmitigationofriskusingmanagerialresources? RiskManagement 54. What is in financial terms merger of either one or more companies with another company or merger of two or more companiesto formonecompanycalled ? Amalgamation 55. What is a condition or situation called whose ultimate outcomewillbeknownordeterminedonlyontheoccurrence ornonoccurrenceofuncertainfutureevent/s? Contingency 56. What is abankappointed by theReserve Bank ofIndiaasits agentundertheprovisionsofSubsection(1)ofSection45of theReserveBankofIndiaAct,1934(2of1934)called? AuthorisedBank 57. Whatisthepaymentinrespectofatrademarkcalled,whenit isusedtoearnincomefromanysourceinIndiaandistaxable u/s 9(1)(vi)(c) despite the fact that the payer does not carry anybusinessactivitiesinIndia? Royalty
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58. What is a tax leviable on the taxable securities transaction covered under the provision of chapter VII of the Finance No.(2)Act2004called? SecurityTransactionTax(Stt) 59. Whatistheriskinvolvedwhenanauditorgivesinappropriate audit opinion on an materially misstated financial statement called? AuditRisk 60. A method that represents the value of the business with reference to the asset base of the entity and the attached liabilitiesonthevaluationdatecalled? NetAssets 61. A derivative instrument whose payoffs depends on the prevalent interest rates over a period of time. What is the underlyingvariable in suchinstrumentcalled? Rate ofInterest 62. In Corporate Governance which Section provides for appointment of a person as a Director in a maximum of 15 companies? Section275 63. Whatisaprocessbywhichsharesareofferedatapricewhich isbasedontheBidsreceivedbythecompanycalled? BookBuilding 64. A person appointed by the testator to execute the Will as per theprovisionsoftheWilliscalled? Executor 65. Whatreferstovariousschemesofofferinganequitystakeby aCompanytoitsemployees? ESOPs 66. Risk that the misstatement that will not be prevented or deducted and corrected on a timely basis by accounting and internalcontrolsystem. ControlRisk 67. Riskthatanauditor'ssubstantiveprocedureswillnotdetecta misstatementthatcouldbematerial.
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DetectionRisk 68. The Trading which typically involves trading in commodities that may or may not exist at the time the contract is entered into. FutureTrading 69. What is that option which give the buyer a right not an obligation to sell specified quantity of stock on or before the expirydateofthestrikeprice? PutOption 70. An option which gives the buyer or holder a right but not obligation to buy a specified quantity of a stock on or before theexpirydateatthestrikeprice. CallOption
Otherspecimenquestions
ArticleshipTraining 1. 2. 3. 4. 5. 6. 7. 8. 9. Tellusabouttheworkdonebyyouinarticleshiptraining.Whatareyour achievements. Wherehaveyoudoneyourtraining?Whattypeofauditshaveyoudone ? Whatwereyourrolesandresponsibilitiesinthefirm ? Whyhaveyouchangedthefirm ? Giveusapracticalsituationornarrateaparticularproblemfacedbyyou inyourtrainingassignments. Whatarethemajorfindingsduringarticleshipandhowhaveyoudealt withtheissues ? What are the major contributions made by youin the process of audit work ? Whatareashaveyoufoundinterestinginauditassignments ? Howfarhaveyouappliedtheoreticalconceptsinpracticalsituations ?
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Accountingstandards 1. 2. 3. 4. 5. 6. HowmanyaccountingstandardshavebeenissuedbyICAI ? Whatarethefundamentalassumptionswhichunderlinethepreparation andpresentationoffinancialstatements ? What are the disclosure requirements regarding fundamental accountingassumptions ? What are the major considerations governing the selection and applicationofaccountingpolicies ? Whatisnetrealizablevaluewithreferencetoinventory ? How would you evaluate machinery spares which can be used only in connectionwithanitemoffixedassetsandwhoseuseisexpectedtobe irregular ? Whataretheexclusionsfromthecostofinventories as peraccounting standards ? What is the disclosure requirement on inventories as per accounting standard ? Whatarethecomponentsina cashflowstatementsasperAS3 ?
7. 8. 9.
10. Give an example of non cash item to be excluded in a cash flow statement. 11. Whatitemsarenormallydisclosedunderthehead'financingactivities ?
12. Giveanexampleofeventsoccurringafterthebalancesheetdate.What is the disclosure requirement in respect of events occurring after the balancesheetdateasperaccountingstandards ? 13. Cananorganisationchangeitsaccountingpoliciesfromyeartoyear ?In suchacase,isthereanyneedfordisclosure ? 14. How would you treat the changes in historical cost of an asset arising outofexchangefluctuationfromalongtermloanliability ? 15. Whenwouldyouconsiderdeferringresearchanddevelopmentcostsofa projecttoafutureperiod ? 16. Withreferencetotheaccountingstandardswhenwouldyouconsidera saletobecomplete ? 17. Canrevenuerecognitionbepostponedbyanenterprise ? 18. Whatisthedisclosurerequirementwhenfixedassetsarerevalued ?
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19. How would you treat forward exchange contracts while finalizing the Accountsofan enterprise ? 20. Giveexamplesofdisclosurerequirementforrelatedpartytransactions. 21. Whatdoyouunderstandbyprimaryandsecondarysegmentreporting? Doessegmentreportingreallyprovideanyshareholdervalue ? 22. Acompanytakesaloanfromthefinancialinstitutionforconstructionof a factory, the financial institution charges commitment changes and one time management fee in addition to interest charges. Will you consider the commitment charges and management fee as borrowing costunderas16 ? 23. Are the accounting standards recognized by the companies act ? If so, how ? 24. What is deferred tax liability ? In which items does the deferred tax liabilitygetgenerated ? 25. Why do companies normally recognize deferred tax liability but not deferredtaxasset ? 26. WhatisUSGAAP ? IsthereanycomparativesysteminIndia ? 27. How would you identify segments that have impaired and evidence underAS17 ? 28. How would you identify assets that have impaired and evidence thereforeunderAS28 ? 29. Whichprincipleisfollowedin consolidationofaccountingstatements ? 30. WhatarethetypicalpointsincomputationofEPS ? 31. WhatareIFRSsNamethebodythatframesthem ? 32. WhywehavetoadoptIFRSsinIndia ? 33. WhatisthedifferencebetweenAS5andAS 9 ? 34. TellussomethingabouttheAS 22,broughtforwardlosses ? 35. WhatisthedifferencebetweenAS2&AS13 ? 36. WhatistheeffectivedateofimplementationofIFRSsinIndia ? 37. WhatarethemaindifferencebetweenIFRSsandIndianGAAP ? 38. What is the need for convergence of IFRS with Indian Accounting Standards ? 39. Howwillyoudealwithsurplusstandinginthebalancesheet ?
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40. Tellusabouttherecentamendmentsintheaccountingstandards. 41. IsPreferenceSharepartofCapitalorLoan 42. Is license fee paid by a telecom company to be treated as revenue or capitalexpenditure.Givereasonsthereof ? 43. Whyaccountingstandardsarerequired ? CostAccounting 1. 2. How is marginal costing different from other recognized methods of ascertainingcost ? Does the classification of all items of costs under the broad heads 'Variable' and'fixed'costused intheconventionalparlancerelevantin thepresentcontext ? How is the analysis under cost volume profit linkage useful as a Techniqueofmarginalcosting ? Doyouthinkthatbudgetedcostandstandardcostcouldbethesamefor anorganisationwhenithasreachedacertainlevelofenvironment ? Howisflexiblebudgetingusefulinacompetitiveenvironment ? How do you treat process losses in an organisation with multiple processes ? Whatdo youunderstandbythetermadministeredpricing ? Whatisbreakeven analysisofinventory ? Whatissunkcosts ?
3. 4. 5. 6. 7. 8. 9.
10. Whichcostsshouldnotbeconsideredinincrementalanalysis ? 11. What is ABC analysis of inventory ? How it is different than vital, desirableandessentialanalysis ?
12. Whatiszerobasebudgeting?Howisitdifferentfromtheconventional budgetingexercise ? Doesithelpincostreduction ? 13. Discuss the provisions of maintenance of cost account records, cost audit,andinterfacewithstatutoryauditorsunderthecompaniesact. 14. Differentiate between cost reduction and cost optimization ? Do you thinkactivitybasedcostingisasolution ? 15. Whatdoyoumeanbyactivitybasedcosting ? 16. Whatdoyoumeanby EVAeconomicvalueadded ?
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Finance&Accounts 1. 2. 3. Whatisarbitrage ? Howwouldyou evaluatethefinancialstrengthofan organisationfrom itsbalancesheet ? Do you subscribe to the view that for a new enterprise depreciation shouldbeprovidedonthebasisofwrittendownvalue(wdv)ofassetsto maintainuniformitywithdepreciationrulesasperincometaxact ? Whatisdebtequityratio ? Explainthesignificance.Isitadvisableforan organisationtohavehigherdebtorequityif,anenterpriseisputtingup atotallynewproject ? How would you evaluate investments in respect of capital intensive projectsofsay, 1000to 1500crores ? Whatisoperatingleverageandwhatisfinancialleverage ? Doesahighernetprofitalwaysrepresentasurpluscashflow ? Howdoyoudistinguishbetweencapitalemployedandnetworth?How arethesecalculated ? Yourcompanyhasanequitypaidupcapitalof 100croresandthefree reserves of 50 crores as on 31.03.2008. The loan outstanding as on that date was 70 crores. The companyhas to borrow 100crores as partofcapitalinvestmentprogramme.Asthechieffinanceofficerofthe company, please advise the board on the statutory provisions of borrowinginthisregard.
4.
5. 6. 7. 8. 9.
10. What is demat ? How does dematerializing the shares benefit the companyissuingsharesandtheinvestor ? 11. Whatareintangibleassets ?
12. WhatdoyouunderstandbyIRRandpaybackperiod ? 13. Whatisthemeaningoffreecashflow ? 14. What do you understand by tax deductible interest and tax shield on interestpayment ? 15. Yourcompanyhasplacedanawardofcontractforsupplyofmachinery fromUK.Asperthetermsofpayment,aletterofcredit(L/C) istobe opened.Discusshowyouwillopena L/C. 16. Yourcompanyhasaprovidentfundtrust.Assecretaryofthetrust,how will you invest the trust funds and in which securities adhering to statutoryprovisions ?
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17. How is the taxable income of a company derived from its accounts ? Mentionthemajoritemsofreconciliation. 18. Howwouldyoutreatthefollowingitems intheaccounts ? A. B. C. Subsidy received from the central government on installation of antipollutionequipment. Subsidyreceivedfromthegovernmentforsettingupafactoryina backwardarea. Liability forexcisedutyinrespectofgoodsmanufactured butnot yetclearedfromthebondedwarehouse.
19. What do you understand by the term credit rating and what are its advantages ? 20. Whatdoyouunderstandbythetermcorporategovernance ? 21. What do you understand by public financial institution, allIndia financialInstitutionandnonbankingfinancecompany ? 22. DistinguishbetweenFPOandIPO ? 23. Howtopledge ? 24. What is nonperforming asset (NPA) ? What are the implications of NPAstotheborrowerandthelender ? 25. Whatarethevariousrisksalenderwillhavetotakeinrespectofshort term,mediumtermandlongtermlending ? 26. Whatarethevariousparametersalenderwilllookatbeforedecidingto fundaproject ? 27. What parameters should be kept in view to determine the period of a termloanwhilefundingaproject ? 28. Whatisthedifferencebetweenbondanddebenture ? 29. Whatdoyouunderstandbydisinvestment ? 30. Whatisspread ? 31. Whatismarginmoney ? 32. Whatisworkingcapital ? 33. Whatiscommercialpaper ? Whycompaniesusethem ? 34. Howisworkingcapitalrequirementassessed ? 35. What are the conditions for a company to raise equity funds from the capitalmarket ?
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36. What is the internal control system give examples of internal control System. 37. Whatarethevariousmethodsoffundingworkingcapital ? 38. What is a letter of comfort and how is it different from a letter of Guarantee ? 39. In an import contract for which payment is by letter of credit, if the goodsimportedturnouttobedamaged,canthepaymentunderletterof credit be stopped ? If not, what are the recourses available to the importer ? 40. Under a letter of credit, if the documents are received and the opener has no funds available in the account, is the opening bank obliged to remit ? 41. CanIndianmutualfundsinvestinsharesandothersecuritiesabroad ? 42. Whatisadebtrecovery tribunal ? 43. Is it mandatory for nonbanking financial companies to have registrationwithRBI ? 44. Whatisauniversalbank ? 45. Whatisadebt trap ? 46. Whatisastandbyletterofcredit" ? 47. WhatareECSandEFTinbankingterminology ? 48. Whatisanecheque ? 49. Whatismeantbypayableatparfacilityprovidedbyabanktoitsclients ? 50. Whatdowemeanbytreasurymanagementinacompany ? 51. Whatdowemeanbywealthmanagementforindividuals ? 52. Whatisassetsecuritisation ? 53. WhatinMISReporting ? 54. What do you look at when a Financial Statement is given to judge the creditabilityofthecompany ? 55. Explainjournalentriesandaccountingprocesses. 56. Explainratiosanalysis 57. Whatcontrolsmaybeincorporatedinaccountspayable 58. WhatisNetworthofacompany ?
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59. Whatisfair valueofanasset ? 60. Explaindebtors.Howdoyoudealwiththeminbooks ? 61. WhatisDilutedEPS,HowitisCalculated,Whichcompaniesrequiredto disclosedilutedEPS ? 62. WhataretheassumptionswhiledoingActuarialValuationforGratuity ? 63. Whatisprocess toavailloan ? 64. WhatareQualifiedInstitutionalPlacements ? Corporateandotherlaws 1. 2. 3. ExplaintheprocessofformationofaCompany What commercial precaution should an organisation take before declaringbonusshares ? Do youagreethatbonusshares represent a compensationforinflation factor for the money initially invested ? If so, is it advisable for the organisationtoissuebonussharesperiodically ? Whatistherealdifferencebetweenbonusissueandstocksplitup ? If a cheque is returned, what course of action is available to the beneficiary?Isthereanylegalrecourseavailableandifso,indicatethe details ? Whatisaguarantee ? Whatiscollateral ? Whatismortgage ? Howitisdifferentfromhypothecation ? Howishypothecationdifferentfrompledge ? Whatisuniformsalestax ? Whyisitrelevant ?
4. 5.
6. 7. 8. 9.
10. Is the loan extended on the security of bank guarantee treated as securedorunsecuredloanandwhy ? 11. Whatisthestocktransfertreatmentundervatregime ?
12. Explainwhenaspecialresolutionisnecessaryunderthecompaniesact forappointmentofauditorsofacompany. 13. Ifthemanagementintendstochangethestatutoryauditors,isthereany specificproceduretogoaboutit ? 14. Howaretheauditorsofagovernmentcompanyappointed ? 15. Explaintheprovisionsregardingauditcommitteeunderthecompany law. 16. Candividendbepaidoutofcapitalprofit/pastprofits?Ifso,thereany
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conditionalitytobemet ? 17. Canacompanyrevisetheaccountsasapprovedbytheboardofdirectors and reported upon by the auditors but before they are adopted by the shareholdersintheAGM ? 18. Canthecompanyrevisetheaccountsafterthesamehavebeenadopted bytheshareholdersintheAGM ? 19. Discussthedisclosurerequirementsinrespectofthefollowingitemsas perschedulevitothecompaniesact: A. B. C. D. Fixedassets Sundrydebtors Stocks Contingentliabilities.
20. Doesthecompaniesactregulatepaymentofremunerationandperksto CEO ? Ifso,how ? 21. Whenarespecialresolutionsrequiredtobepassed incompanies ? 22. Are special provisions contained in the companies act regarding Governmentcompaniesrequired/necessary ? Ifso,why ? 23. How does the companies act attempt to prevent oppression and mismanagement ? 24. Can a company buy its own shares ? If so, what are the compliance requirements. 25. Is creation of debenture redemption reserve necessary in connection withtheissueofbondsunderaprivateplacementscheme ? 26. Whatisthepurposeofdebentureredemptionreserve ? 27. Canacompanychangeitsaccountingyearandifsowhatarethevarious formalitiestobecompliedwith? 28. Whatisa"group"company ? Andisitdefinedanywhere ? 29. WhatisBIFR ? WhenisacompanyreferredtoBIFR ? 30. Whatisasickcompany ? 31. Isacompanyrequiredtomaintainstatutorilycertainbooksofaccounts? 32. What is meant by employee stock option ? What is the advantage derivedbyacompanyunderthisscheme ? 33. Apubliclimited companywants toinvitepublicdeposits.Describethe statutoryprovisionsandproceduresthereof.
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34. Howhascorporategovernanceenhancedtheroleofauditcommitteeof theboard ? 35. Inwhichlawhaverulesandregulationsregardingecommunicationand maintenanceandsubmissionofinformationfinancialandotherrecords throughelectronicmodebeenprescribed ? 36. Whichstatutesandregulatoryprovisionswillyourefertowhileworking oncorporategovernance ? 37. WhatdoyouknowaboutSarbansOxleyact ? 38. Howpreferencesharearedifferentfromequity ? 39. TellusaboutSection297oftheCompaniesAct,1956. 40. Whataretheadvantagesoflimitedliabilitypartnerships. 41. Howwillyoupromoteapubliccompany ? 42. How many minimum members are required to form a public limited company ? 43. Differencebetweenpubliccompanyandprivatecompany Taxation 1. 2. 3. 4. 5. 6. 7. 8. 9. Istheprovisionforbadanddoubtfuldebtsallowedasexpenditureunder Incometaxact ? Whatistheminimumalternatetaxandwhenisitapplicable ? IsanyissuerelatedtoMAThandledbyyou? Discuss What is an infrastructure company ? What are the benefits under income Taxavailabletoaninfrastructurecompany ? Whatistaxholiday ? Whatisdoubletaxation ? Istaxauditcompulsoryforallorganisations ? Is there any advantage by having tax audit in addition to the statutory audit ? What is the period within which an assessment can be reopened by Assessing authorityandforwhatreasons ?
10. WhataretheprovisionsofincometaxactregardingTDS,depositofTDS amountandfilingofbelatedreturnbythecompany ? Whatarethepanel provisionsfornoncompliance ? 11. Asperact,whoisrequiredtofilethereturn onbehalfofacompany ?

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12. Whenandhowisthetaxauditcarriedout ? 13. Doestheincometaxactprovideforstatutorymaintenanceofrecords? Ifso,whatarethey ? 14. Describetheprovisionsregardingvaluationofperks. 15. The company offers you a compensation package of Rs. 30,000 per month.Italsogivesyouanoptiontochoosetheitemtobecoveredinthe compensation package to reduce your tax liability on salary income. Pleasediscussyouroptions. 16. Is it advantageous to close the accounting year in March or any other month? Givereasonsthereof ? 17. What do you understand by the term rectification of assessment ? Whatisthetimelimitavailableforthesame ? 18. Whatistherateofinterestforlatepaymentoftaxandrefunds ? 19. Whatistheconsequenceofnothavingpanforanassessee ? 20. What is the deadline for issuing form 16 and the procedure to be followedforissuingaduplicateform16 ? 21. A consultant is engaged by a company at specified lump sum fees. Is deductionofservicetaxfromthepaymentoffees mandatory ? 22. Iswealthtaxactapplicabletocompanies?Ifso,giveexamplesofmajor itemsthatcouldbeconsideredaspartoftaxablewealth. 23. Whatissection14ofincometaxact ? 24. Whatisthemajorcauseofdifferencebetweenaccountingprofitandtax profit ? 25. In case of power generation companies what are the typical provisions fordepreciationandtaxdeduction ? 26. WhatarethebenefitsofSEZs/industrialparks ? 27. WhatisVAT ? 28. Tellusyourviewaboutthenewdirecttaxcode. 29. Tellaboutlatestchangesin taxation 30. Definedirect&indirecttaxes 31. WhatdoyoumeanbywithholdingTax 32. WhatarethechangesinCorporateTaxinthelastbudget 33. DefineCustoms&Excisetax ?
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34. Whatdoyouunderstandbydoubletaxation ? 35. WhatisIndexation ? 36. IsPANnecessaryfornonresident ? Why 37. Whataretheslabratesforcorporatetax ? 38. WhatareapplicableTDSrates ? 39. TellusaboutGoodsandServiceTax. 40. Whataretaximplicationsinmerger&acquisitions ? 41. Whatisdeferredtax ? 42. Whethercustomsdutywillbeabolished ? 43. Whatarethe headsofincomeunderIncomeTaxAct ? 44. WhatisTaxAudit ? Whatwehavetocheckinit ? 45. Whatistaxonagriculturalincome ? Auditing 1. 2. 3. 4. Whichformofauditisbetter internalauditorstatutoryaudit ? Why ? Discusstheconceptofmaterialitywithreferencetodisclosuresinthe Financialstatements. Discusstherelationshipbetweeninternalandexternalauditors. What controls can be instituted by the management of an entity over computerized processing of accounting data to prevent errors, frauds, accidentallossofdata,etc. ? Whatarespecialaudittechniquesemployedbytheauditors(s)toverify thecomputerbasedrecords ? Ithasbeenthepolicyofthecompanytovaluetheinventoriesoffinished goodsatsellingpricesincetheitemshaveareadymarket.However,the auditor objects to this valuation on the basis that it amounts to recognizingunrealizedprofit.Whatisyouradvice ? Thechiefaccountantarguesthatitisnotpossibletodeterminethenet realizablevalueoftheinventoriesonhandsincethemarketvaluemust bedetermined.Whatisyouradvice ? Is a statutory auditor required to certify the cash flow statement in a Balancesheet ? The statutory auditor's report in its latest format tends to project the
5. 6.
7.
8. 9.
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accountsasthatofthemanagement.Doesthatabsolvetheauditorfrom hisresponsibility ? 10. IsthereportingunderCAROcompulsoryforallauditors ? 11. The company is an allIndia organization with offices spread over the different parts of the country. As the chief internal auditor of the company, how will you organize the internal audit department and conduct theaudit ?
12. Pleaseexplainprogrammeforverificationofworkinprocess. 13. WhatverificationsareneededinaSAStypeiiauditincaseofaBPOa Serviceprovidingorganization havingoverseasclients ? 14. Whatispeerreviewaudit ? Whenisitrequired ? 15. Discussprocessofauditingsales. 16. Whatisauditplan ? 17. Howstockauditareconducted ? Whatisitsnecessity ? 18. WhatisconcurrentAudit 19. Whatarethegovernanceissuestobeconsideredwhileauditing ? 20. AreyouinterestedinInternalAudit/StatutoryAudit. 21. WhatarethedifferenttypesofAuditReports ? 22. WhatisConcurrentAuditandDefineDepreciableAsset 23. What are the major of areas of internal audit in case of finance companies 24. Whyauditcannotprovideabsoluteassurance ? 25. Beinganauditor,howcanyouidentifywillfulnonmonetaryfraudulent accountingentriestoboostprofits ? Foreignexchangeandriskmanagement 1. 2. 3. 4. 5. WhatisMIBOR ? Whatisforwardcontract?Whocanbookforwardcontract?Whatisthe periodforwhichforwardcontractscanbesigned ? Howdoyoudistinguishbetweenoptionsandforwardcontract ? Whocanparticipateintheoptionsmarket ? Whatdoyouunderstandbyprimarydealer ?
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6. 7. 8. 9.
AsanIndiancitizen,canyouholdforeigncurrencyinIndiaandifso,for howlongandhowmuch? For a visit abroad, how do you get foreign exchange ? What are the ceilings ? What is line of credit and what is the difference between line of credit andexternalcommercialborrowing ? WhatareADRs andGDRs ? Isitdifferentfromequity shareandifso, whatarethedifferences ?
10. Whatistheforeignexchangerisk ? 11. Broadly indicate the methods available to manage foreign exchangerisk.
12. What is assetliability mismatch and is it relevant only to finance Companiesortoeverybusiness ? 13. What is asset coverage from the lender's point of view and what is acceptablelevel ? 14. WhatisLIBOR ? 15. What do you understand by "currency swap" and "interest rate Swap" ? 16. Asinchargeoffinancedepartmentof abig companyhavingoffices all overIndiaandalsoinvestingincapitalprojects,whataretherisksyou willcoverunderinsurance ? 17. Whatdoyouunderstandbytheterm"lossofprofitinsurance" ? 18. Whatarethedifferenttypesofrisksacompanyfaces ? 19. Whatdoyoumeanbyriskmanagement ? 20. Whatarefinancialrisksandnonfinancialrisks ? 21. Cananycompanyreachcompleteriskelimination ? 22. Isinterestavailableongovernmentsecuritiescompletelyriskfree ? Economic/commercialfundamentals 1. 2. 3. 4. 5. WhatismeantbyGDP ? WhatisthedifferencebetweenGDPandGNP ? Whatdoyoumeanbybalanceofpayments ? Whatdoyoumeanbyfavourablebalanceoftrade ? WhatisSLR ? WhatisCRR ?
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6. 7. 8. 9.
Whatdoyoumeanbyforexreserves ? WhatisthecurrentforexreservespositionofIndia ? Whatdoyoumeanbyexternaldebt ? Whatdoyoumeanbydebtasondate ?
10. Whatisthedifferencebetweenmonetarypolicyandfiscalpolicy ? 11. Whatisthedifference betweenrevenuedeficitandfiscaldeficit ?
12. What is your take on Indian economy and world economy going forward? OtherTechnicalQuestions 1. 2. 3. 4. 5. 6. 7. 8. 9. Whatismaterialsrequirementsplanning ? Explain EnvironmentExposure. WhatisProductLifeCycle TellusaboutSAP WhatisanERPPackage ? DoyouhaveanyexposureinERP ? Businessconceptsonsoftwarecompanies WhatisgrowthinBankingIndustry WhataretheprivilegesofaPrivateCompany Whatisorganizationalhierarchy ?
10. TellusaboutRBIPrudentialNorms. 11. WhocontrolsinsurancesectorinIndia ?
12. Whatdoyouknowaboutassuranceengagements 13. AccountinginProcessinBPOandComplianceProcedures 14. HowistheaccountinginaBPOdifferentfromothercompanies 15. WhatistherelationshipbetweenInterestrateandInflation 16. Whatisoption ? 17. Whatisthereasonforfinancialcrisis ? 18. WhatarethecriteriafordecidingtheratingbyCRISIL ?
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SECTIONIV
PREPARINGARESUME
84
Preparingaresume
Prospectiveemployerslookforthefollowingpersonality characteristics: Beingpleasant. Determination. Energy. Teamspirit. Enthusiasm. Drive.
Prospectiveemployerslookforthefollowingemployabilityskills: Communicationskills Maintainingpersonalrapport. Leadershipqualities. Thewilltoacceptchallenges. Adeptinsolvingproblems. exploitingyourinnerpotential. Abilitytoachievetargets. Maintainingexcellentworkingrelationships. Havinggoodanalyticalabilities. Ageneralawarenessofthebusinessenvironmentandits impactonthe organization.
Thecoveringletterofaresume Acoverlettermustalwaysaccompanytheresume.Intheopeningparagraph adoptoneofthefollowing: Ifyouhavebeenreferredtoaprospectiveemployer,mentionthecontact byname. Ifyouarerespondingtoajobadvertisement,domentionwhereyouhave learnedabouttheopening.
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Inthenextparagraph Ifyouarerespondingtoajobopening,mentionyourqualificationshow yourskillsaretransferableandrelatetothepositionappliedfor. Ifenquiringaboutajobopening,mentionhow yourskillscan meetthe Employer'sexpectations.
Intheconcludingparagraph Requestforanappointmentatamutuallyconvenienttime. Mentionthatreferencescanbemadeavailableonrequest.
Writingaresume Resume is the first contact point of the candidates with the prospective employers.Itthereforeneedstobegivenatleastthesamelevelofimportance as theinterviewitself. This is so because inmost cases the questions would relate to or emerge from the resume sent by the candidate. Whatever is mentioned in the details of the job in the advertisement must be covered either in the resume or in the covering letter. It may thus make sense to consider the job requirements of each prospective employer and revise the resumetosuittherequirements.Thuswritingresumeneednotbeandshould notbetheonethatfitsallkindsofjobs: 1. The length should not exceed two pages. In the first screening round, the Resume gets scrutinized in a few minutes. Therefore, a good presentation is a must. Remember that your resume is not your biographyand hence only relevantandmaterialinformationshouldbe furnished. Checkforgrammaticalerrorsandmistakes.Asksomeonetoreviewthe resume. Apart from using standard spell check features of officesuite function,oneneedstogothrougheachandeverywordoftheresumeto seeitsappropriatenessandproperplacement. Emphasizeyourskills,accomplishmentsandexperience.Whereveryou can see the linkage of your skills and achievements with the job, you standbetterchancesofselectiongiveitathoughtbeforeyoulistdown yourskills,achievementsandexperiencedetails. Makeanhonestpresentationevenifyouhavebeenoutofemployment. Prospectiveemployersverifyantecedents. Makeapresentationintheskillsorientedformatifyouareunemployed.
2.
3.
4. 5.
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Forthoseinemployment,thechronologicalformatwillberelevant. 6. 7. 8. 9. Try and use key words and phrases as stated in the advertisement, whichmatchthepositionappliedfor. Don't respond to every advertisement that you see. If you are not qualifiedFortheposition,donotapply. Donotattachtestimonials.Thesemustbecarriedtotheinterview. Short sentences with bullets create a better impact. Avoid lengthy Paragraphs.
10. Followthesamestyleofnumbersandbulletsthroughouttheresumeso thatyouaremethodologicalinyourapproachtoeverything. 11. Asitissaid,intheresumetalkaboutyourcareerjourneyandnotyour carrierjourney.
Always: 1. 2. 3. Printyourresumeonstandardlettersize,whiteorivoryragpaper. Have the resume professionally typed, but not typeset, with plenty of spacebetweenparagraphs,andallowforadequatemargins. UseconventionalEnglish.Stayawayfromamultisyllablewordwhena oneortwosyllablewordisclearer.Understandthatresumeisnotatest of English language and thus using very flowery and ornamental languageshouldbeavoided. Useshortparagraphspreferablynotlongerthanfivelines. Makesuretheresumeandthecoverletterareerrorfree,proofread. Rewrite a resume for a specific company,it's extra work, but may well Payoff. Includeyoursignificantcontributionsateachoneofyourjobs. Allowthemostspacetothejobsthataremostrelevanttothejobyou're applyingfor. Listyouractivitywithprofessional,tradeandcivicassociationsbutonly Ifthey'reappropriate.
4. 5. 6. 7. 8. 9.
10. Keep a permanent file of your achievements, no matter how inconsequential they may appear to be. This is the basis for a good resume,anditisalsoessentialinformationtogetaraiseorpromotion.
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11.
Giveeachofyourreferenceacopyofyourresume.
12. Rereadyourresumebeforetheinterview.Chancesaretheinterviewer didjustthattoo. Never: 1. Give reasonsforterminationorleavingajobontheresume.Inalmost all cases, the reader can find negative connotations to even the best reason.You'refarbetteroffexplainingitinperson. Take more than two lines to list hobbies, sports and social activities. Whenindoubt,leavethemout. Listreferencesontheresume. Useexactdates.Monthsandyearsaresufficient. Includethedateyourresumewasprepared.Ifyoursearchtakeslonger thanafewmonths,theresumewillappearoutdated. Stateyour companys phonenumber. Includeyourheight,weightorremarksaboutyourphysicalappearance orhealth. State your objectives in your resume unless the resume is targeted to thatjoboroccupation. Use professional jargon unless you're sure the resume will be read by someonewhounderstandsthebuzzwords.
2. 3. 4. 5. 6. 7. 8. 9.
10. Donotprovidesalaryinformationontheresume.Saveitforinterview. Ifyouarerequiredtogivethatinformation,revealitinthecoverletter 11. Donotexaggerateyourskillsbeyondreasonableness.
After sending your resume, it will be a better idea to followup over phone regardingitsreceiptwithrelevantorganization. Anexample: Thisis(nameofthecandidate)calling.Afewdaysago,Ihadappliedforthe (position) in your organization (dept./division). I would like to ascertain whether you have received my resume and to reiterate my interest to the position.
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Don't reserve your best behavior for special occasions. You can't have two sets ofmanners,twosocialcodesoneforthose you admire and want to impress, another forthosewhomyouconsiderunimportant. Youmustbethesametoallpeople.
LillianEichlerWatson
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SECTIONV
WORKING INORGANISATIONS
Inthissection...
BusinessEtiquettes
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BusinessEtiquettes
Reading current business articles make interesting revelations. Old theories of management are getting redefined as we see new forms of competition, newdefinitionsofbusinessand awholenewavatarinthenameofstrategy. In such a dynamic world, people management challenges assume a new dimensionaltogether. Etiquette is the customary code of polite behaviour in a society, about presenting yourself with the kind of polish that shows you can be taken seriously.Thedifficultyindefiningetiquettewhentheenvironmentitselfisin rapidchangeisamanagementchallenge. Mostbehaviourthatisperceivedasdisrespectful,discourteousorabrasiveis unintentional, and could have been avoided by practicing good manners or etiquette.Basic knowledgeandpracticeofetiquetteisavaluableadvantage, becauseinmanysituations,asecondchancemaynotbepossibleorpractical. Theworldaroundusisfastchanging&progressing.Therealquestionis,are wekeepinguppaceasindividualsinthisnewscenarioorarewestillmentally 20 years back. We have to consolidate, sustain & strengthen our chosen profession, in doing so wehave to boldly &smartly face a lot of challenges, problems,conflicts&mindsets. HewhobalanceshisEmotionsWINS!!EmotionalQuotient(EQ)isthepower within us which the majority have overlooked. Its this EQ which has the tremendous capacity to convert your Potential into Performance (P to P). Whatis onlyrequiredisBeliefinYourself YES!!Icandoit. OureducationalsystemoveremphasisIntelligenceQuotient(IQ).Buthigher IQisnoguaranteeforsuccessinlife.Securingeven99%marksinschooland collegeorevenpursuinghighereducationdoesnotguaranteegreatsuccessin lifebutyesitdefinitelysupportsremarkableefforts.ThekeydifferenceisEQ. As a professional you have to realize your value and role in the Society & Corporate.Theworldoffersnewwindowsofopportunitiesforthosewhocan say fromtheirheartYeh DilMangeMorenotcolddrink ofcoursebut thedesiretoscalenewheightsandhavethecouragetoDreamBIG.Allthata man achieves and all that he fails to achieve is the direct result of his own thoughts. The dictionary is the only place where success comes before work. A.W. Robertson says If a man does only whatis required of him,he is aslave.
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Themomenthedoesmore,heisaFREEMAN.Itsyourabilitythatcounts Notyourdisability. Usewhatyouhave.Emotioniscreatedbymotion. A mentally matured person in perfect sense has a high degree of balance between his inner and outer personality. What you communicate or do is a direct result of your inward traits of Personality. Positive Attitude is a big PersonalityplusAdvantage. He who controls his attitude defines his altitude in life. Overcoming the negatives on daily basis like, worries, tensions, abuses, traffic jams or overdoseofmediaexposuregivesaray ofhopetosustainandprogressively moveforward. Communication is nothing else but outward manifestation of your inward personality.ThemoreyourinnerbaseisstrongintermsofyourSelfimage, Confidence,Knowledge&Attitude,themoreeffectiveisyourcommunication. Its a skill which can be improved and can prove very useful while making presentations, appearing in interviews, making impression in group meetings, among friends & family members, in negotiations or in interpersonalrelations. Effective Communication = Vocal / Speech + Body Language + Dress Code. Body Language or Expressions play the most decisive role in effective communication. How you say many times has more impact than what you say. Smiling face, Firm handshake, Eye contact, Face expressions, Hand movements, Sitting posture and good dressing sense can make a vital difference. Listening also holds a decisive key in effective communication. Listening is not the same as hearing. Hearing is physiological process. Listening is a mental and emotional process. People who care, listen. People who listen,care. TheabilitytoCommunicateclearly andconciselyisan art.Thatwriterdoes the most, which gives the reader the most information, and takes from him theleasttimewhetheritswritingaletter/report/book/email. Your current conditions do not reflect your Ultimate potential. There is a scope for improvement in all of us and whatever we do. The key word is Kaizen. This Japaneseword literally means improvements done on a daily basis.Itmustbeaconstantcommitmentbackedupbyaction.EXCELLENCE
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isdreamingmorethanwhatothersthinkispracticalandexpectingmorethan whatothersthinkispossible. Successfulcompanies todayunderstand&believethatquality costslessand once they produce a quality product or service they would not just have satisfiedcustomersbuthavemadeloyalcustomers. Most of us are late in life because we start late. Time is our most precious commodityfarmorepreciousthanGoldorDiamondbecauseoncegoneyou cannevergetitback.Inabankyoucankeepyourmoneytoenhanceitsvalue butnowhereanybankkeepsyoursparetimetohaveadvantageofincreased hoursinfuture. People complain lack of time but actually the problem is lack of priority. Learn to value time just like you value internet browsing time or while makingaSTD/ISDcallbecauseyoupayforit.Schedulingyourdaybydoing most important things first and routine tasks afterward is the best form of timemanagement. Itsaboutabilitytoinfluenceagrouptowardsachievementsofgoals.Success of any organization or any group within an organization depends largely on thequalityofitsleadership.Theemergenceofleadershipisanaturalprocess whenhumanbeingsgettogethertoaccomplishthetask. A leader has to lead and deal with people, situations, challenges, resources, uncertaintiesandownresponsibilitytodeliverresults.Thuswehavedifferent stylesofleadership.
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CommitteeforMembersinIndustry
The Committee for Members in Industry is involved in encouraging and enhancingcloselinksbetween ICAIandtheChartered Accountantsworking inindustriesinvariouscapacitiessoastoprovidethem,abaseofreferencein terms of knowledge, expertise, skills and assistance in individual career growththroughthedevelopmentofextensiveandintensiverelationshipwith organizationsandagenciesoftheGovernment,soastoprovidethemaximum possibleexposuretotheworldoftrade,commerce,industryandgovernance, while simultaneously pursuing the goal of providing the maximum of employmentopportunities. The Committee also provides assistance to members of the Institute in findingappropriatecareeropportunitiesintheindustry.Inthisregard,the Committee is engaged in providing placement services to the following categoriesofmembersandstudentsoftheInstitute: (i) Newly qualified Chartered Accountants through the campus placement programme. (ii) Experienced Chartered Accountants who are presently serving in industry. (iii) Semiqualifiedaccountingprofessionals. All the above services are being administered through the Placement Portal www.cmii.icai.org and http://Jobs4CAs.icai.org. The ICAI placement portal providesanopportunityto(bothqualifiedaswellassemiqualified)andthe industry to interact with the objective of building capacity for international bestpracticeorientedfinanceandaccountingcultureintheIndianindustry.
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StatisticsoftheMembersWorkinginIndustry/Practicing The totalno.oftheMembersofICAIfortheprecedingyearsdividedintofull timepractice,parttimepracticeandnotinpracticeareasfollows:

Notin Practice Part Time Practice Membersin Industry Totalofnotin practiceandpart timepractice Numberof 45388 Membersason 1.4.2005 Numberof 53255 Membersason 1.4.2006 Numberof 61568 Membersason 1.4.2007 Numberof 67467 Membersas on 1.4.2008 Numberof 74927 Membersason 1.4.2009 11289 56677 66869 123546 Full Time Practice Total
9665
62920
68026
130946
9329
70897
68944
139841
9035
76502
68979
145481
8311
83238
70362
153600
95
ICAINetwork
96
Notes
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Handbook For Newly Qualified CA

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Handbook for NewlyQualified Chartered Accountants

CommitteeforMembersinIndustry THEINSTITUTEOFCHARTEREDACCOUNTANTSOFINDIA (Setupunderanactofparliament)

Publishedby: ThePublication Departmentonbehalf of TheInstituteofChartered Accountantsof India,ICAIBhawan, PostBox7100, IndraprasthaMarg,NewDelhi 110002

Themoreyouarewillingtoaccept responsibilityforyouractions,Themore credibilityyouwillhave

(CA.VijayK.Garg) ViceChairman, CommitteeforMembersinIndustry

Inthissection... 1 GoodGrooming 2 Communication Skills

Yourappearanceshouldsaywhatyou desireotherstoknowaboutyou ________ Awiseoldmanoncesaid, eatwhatyoulike, butwearwhatotherslike.

Hairshouldbeneatlycombed.Nicelytrimmed,notextendingbelowthe ears. Avoid usingcoloursunlessanduntilitisessential.

The faceshouldbecleanshavenandthereshouldbenostubbles. Iftherearemoustaches,theyshouldbewelltrimmed,abovetheliplevel andnotdrooping. Beards shouldbeavoidedexcept incasesofreligiousreasons.

Nails shouldbecleanandwell manicured.

Interview attire Thefollowingarethedressrequirementsneededforformalinterviewattire, aswellassuggestions onhowtoachieveanoverallprofessionallook:

Should becutinanelegantcontemporarystylewhichismanageableand looksneat.

Womenshouldwearawelltailoredbusinesssuitinconservativecolours suchasblack,darkblueordarkgreywithafineprint. Scarf andshoesmustbewellcoordinatedwiththebusinesssuit. Sareesmustbewellironed.Ifcotton,alittlestarchaddswonders.The fallsmustbewellstitchedon,withnobitshangingapart.

________ Alwaysbearinmindthatyourown resolutiontosucceedismoreimportant thananyonething

The actualwordsyousay. The wayyousaythosewords,e.g., tone and speed. Your bodylanguage.

Sittingtoo relaxed in your chair. Loungingbackwithlegscrossedwidelyattheknee. Headthrownbackandlookingandspeakingdownoverthenode ? Talkingwhileplayingwithkeysortappingapencil. A patronizingandoverconfidentmannerputspeopleoffandmakesone amostunacceptablecandidate.

Sittingwellbackonthechair. Bodystillanduprightbutnotrigid. Lookingdirectlyatanyonetalkingtoyou. Turnbyturncreatingeyecontactwithallthemembersoftheboardyou speakto.

Speakingnaturally. Sometimessmilingwhenyouspeak(notgigglingorsimpering). Exudingpleasantness,confidenceandpoise.

Themoreyouarewillingtoaccept responsibilityforyouractions,themore credibilityyouwillhave

Alwaysbearinmindthatyourown resolutiontosucceedismoreimportant thananyonething"

Atimelimitispredefinedatthestartofthediscussion.Aspecifictimewillbe giventotheparticipantstogothroughthereadingmaterialgiventothemif thediscussionistobebasedoncasesituation.Usually10to20minutesare allottedforthediscussion.Thecandidatesdiscussthetopicforthespecified timewithnointerference.

Pointsto improvetheperformanceingroupdiscussion TakeInitiative

Enterthediscussioninameasuredmanner. Choosethecorrectpointofentry. Presenteachviewforcefullyandconvincingly. Concludeeachargumentattherighttime.

Berelaxed. Bepleasantandcourteoustoothers. Beconfidentaboutwhatyouwanttosay. Addresseachpersonbyhis/hername.

Havethefactsright,beforeexpressingthembeforethegroup. Trytorelatedisparatedaytodayeventstothepointbeingdiscussed. Ifyouarenotabletounderstandthetechnicalterm/Abbreviationsused byanothermember,itisinordertoaskforclarifications(aslongasthat isnotyourownareaofspecialization)

10. Can anybodypredictstockmarketindex ? 11. Is futuresmarketgamblingorariskmanagementtool ?

Educationisbothatoolofsocialjustice aswellasafundamentaldriverof economicdevelopment

1. PreparingYourselfforanInterview 2. CommonInterviewQuestions 3. QuestionsonGeneralAwareness 4. Question RelevanttoCA Profession

Frequentlyshiftingyourpositionsinthechair. Blinking. Scratching. Stretching. Yawning/burping. Giggling. Crackingknuckles. Fiddlingwithapenormobile. Answeringintenseundertonesorinashrillvoice.

Reserveconfirmedticketsin advanceforthetravel. Decideonthetraveldate,timeandmode,givingaclearmarginforany

Theanswersgivenbelowareintheformsofhintsjusttoprovidegeneralidea tothecandidatesabouthowtoapproachaninterview.Thecandidatesshould giveoriginalanswersbasedontheirownexperience. 1. Whatareyourstrengths?

Ifyouarenotemployed mentioninpositive termsthereasonfor leaving. If youareemployedfocusonwhatyouwantinyournextjob:Iamlookingfora companywhichisteamfocused.

48. 49. 50. 51. 52. 53. 54.

55. 56. 57.

Sports 1. WhatisAghaKhanCupassociatedwith? 2. Hockey

WhatdoesASEANstandfor ? Associationof SouthEastAsianNations

10. WhatdoesSEZstandfor ? 11. SpecialEconomicZones

Currently, howmany states aremembersoftheEuropeanUnion(EU) ? 27

12. WhatisWorldBankalsoknownas ? InternationalBankforReconstructionandDevelopment(IBRD)

16. InwhichcountryisDubailocated ? UnitedArabEmirates

18. Whichisthelargestoilexportingcountryintheworld ? SaudiArabia

19. Lucknowissituatedonthebanksofwhichriver ? Gomti

22. WhichcountrywillbehostingthenextOlympicgames ? England(Londonin2012)

24. WhichplaceisassociatedwiththedeathofBuddha ? 25. Kushinagar

26. InwhichcountrywastheUNClimateChangeSummitheldinDecember 2009 ? Copenhagen,Denmark

27. Thetallestbuildingoftheworldislocatedinwhichcountry ? BurjKhalifa,Dubai,UAE

28. WhereistheGobidesert ? Asia

29. Whereistheheadquarterof WTO ? Geneva,Switzerland

30. Whichcountryisthelargestproducerofcoffee ? Brazil

31. WhereisHollywood ? UnitedStates

32. Whichplaceintheworldiscalled"TheGiftofNile ? Egypt

34. Whichcontinentiscalled"TheDarkContinent ? Africa

35. InIndia,whichcityiscalled"TheCityofPalaces ? Kolkata

36. Whereisthe"JagannathTemple"situatedinthecountry ? Puri

37. InwhichPartofIndiaisBulandDarwazalocated ? FatehpurSikri,Agra

38. WhichfamouscavesaresituatedinAurangabad,Maharashtra ? Ellora

39. WhatisAnandcityinGujaratfamousfor ? Amul

40. WhereisVijayGhatsituated ? NewDelhi

41. WhereisBhabhaAtomicResearchCentersituated ? Mumbai

42. WherearetheHeadQuartersoftheCentralRailway Zonesituated ? Mumbai

44. WhichisIndia'soldestandbiggestNuclearPowerStation ? Tarapur

45. WhichcountryintheworldhasthehighestLifeExpectancy ? Japan

50. WhichvirusisresponsibleforSwineflu? H1N1