The topics covered in Fundamentals of Economics and Management at the CMA Foundation Level
- Since you will be learning the fundamental or elementary concepts at foundation level, you will be gaining knowledge in Micro-Economics such as how to analyse demand and supply, various theories such as Law of Diminishing Law of Marginal utility, Theory of Production such as Law of Variable Proportion, Laws of Returns to Scale
- In Macro Economics, you will be introduced to the structure of Banking, various financial Institutions, its structure and its functions
- In Fundamentals of Management, you will be learning various definitions of management, its processes and functions such as Planning, Organising, Staffing, Directing and Controlling.
The best approach to study Fundamentals of Economics and Management is,
- This paper is purely theoretical but interesting as you will be applying these principles just not in a commercial entity but also in your personal life
- The best approach to study this subject is to first understand the concepts and then solve multiple choice questions. This way you will retain the concepts for a longer tenure and understand where your footing on the subject is
- Study Time: As per ICMAI rules and regulation, there should be at least 9 months of time gap from the time of registration to the time of giving exam. The reason behind this is that a student should do a thorough study of all the concepts. Therefore, it is always recommended to start immediately after registering to the course.
- Study content: There are many books which are available in the market as well as various books recommended by ICMAI. However, from the point of view of exam and to conceptually understand the entire syllabus, Study materials given by ICMAI is highly recommended. Cover the ICMAI syllabus in detail and don’t indulge in any selective coverage of syllabus.