Introduction
The demand for skilled professionals, particularly a Company Secretary, has grown as a result of globalization and the emergence of new companies. It is one of the most specialised and highly desirable professions, which only a few people can successfully pursue each year. The job is among the highest paying careers for commerce students and has a very varied profile. It is responsible for a wide range of company-related duties, including governance concerns, legal compliances, securities and exchanges, taxation, etc. However, in to become one of these business leaders, a person must be a certified company secretary, which may be accomplished by enrolling in a CS course, one of the most popular business management courses.
What Is A CS Course?
The CS course, often known as the Company Secretary course, is specifically intended for students who have prior business experience. Any student who has completed the criteria is eligible to enroll in this course. The course is a three-year program offered by a statutory body named the Institute of Company Secretaries of India (ICSI). It is almost identical to other professional programs like the ICWA course, CA, etc., and comprises three stages, the eligibility for which varies depending on the credentials of the candidate. The candidates must pass a rigorous exam administered by ICSI to pass these stages. Only successful candidates get certified as Company Secretaries and can thereafter work in positions with high salaries.
What Is The Importance Of a Company Secretary Course For A Law Student?
In today's world, a profession in law has become quite active. The field offers a plethora of opportunities. Numerous changes are being made to the existing laws. In 2013, a new version of the Companies Act was enacted. Therefore, a lawyer qualified in the CS course is likely to have access to a wide range of opportunities.
It is a well-known course that offers additional knowledge to set oneself apart and makes one highly desirable in the sphere of fierce competition with a good salary and other benefits. Furthermore, a professional course will undoubtedly add a professional certification to the name of the individual, which increases his employability. The syllabus of the three staged courses is identical to that of the business and corporate law courses. Even if someone enrolls in a CS Programme to add a degree to his resume, he stands to benefit to some extent from it.
What are the three stages of CS?
The first stage to pass to become a CS is CS Foundation. Candidates must have passed the Senior Secondary (10+2) examination at a Board or University established by Indian law, or at any other examination deemed equivalent by the Central Government. The duration of the Foundation Programme is 8 months, excluding the months of admission and the examination. Students enrolled in the Foundation Program must pass the Foundation exam three years after admission. Business Environment & Law, Business Management, Ethics, and Entrepreneurship, Business Economics, and Fundamentals of Accounting and Auditing are among the topics one must study to pass the CS Foundation Exam. ICSI Company Secretary Foundation Programme has been replaced with CSEET (CS Executive Entrance Test) since about February 2020. After the completion of this stage, there are two more stages to be completed to become CS.
The Executive Programme is the next stage in the CS curriculum. In total, eight papers in the two modules make up this programme. At their convenience, students can choose to take either or both of the modules together. Out of the eight papers, four are subjective questions that require students to write down their answers, and four are multiple-choice exams that are graded using an OMR sheet. The topic covers capital markets, securities laws, tax laws, and interpretation of general and company laws.
The Professional Programme is the last stage of the CS curriculum. This module is divided into three separate modules, each of which has three papers, for a total of nine papers. The nine papers for this professional programme are all subjective, although two of the nine papers are open book exams, allowing students to bring their books and notes with them when they show up for the exam. The topic covers advanced tax laws, drafting, appearances, pleadings, secretarial audits, compliance management, and due diligence. It also covers risk management, compliance, and ethics.
Curriculum Of The Company Secretary Course
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Foundation Programme [4 Papers]( New Syllabus – W.E.F. 1st April 2017 )
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Business Environment And Law
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Business Management, Ethics & Entrepreneurship
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Business Economics
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Fundamentals Of Accounting And Auditing
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Executive Programme [8papers] ( New Syllabus – W.E.F. 1st Mar 2018 )
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Module I
(4papers)
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1. Jurisprudence, Interpretation & General Laws
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2. Company Law
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3. Setting Up Of Business Entities And Closure
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4. Tax Laws
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Module II
(4 Papers)
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5. Corporate & Management Accounting
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6. Securities Laws & Capital Markets
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7. Economic, Business, And Commercial Laws
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8. Financial And Strategic Management
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Professional Program (NEW SYLLABUS – w.e.f. 1st September 2018 )
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Module 1
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1. Governance, Risk Management, Compliances, And Ethics
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2. Advanced Tax Laws
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3. Drafting, Pleadings, And Appearances
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Module 2
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4. Secretarial Audit
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5. Corporate Restructuring
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6. Resolution Of Corporate Disputes
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Module 3
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7.Corporate Funding & Listings In Stock Exchanges
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8. Multidisciplinary Case Studies
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9. Electives 1 Out Of Below 8 Subjects (The Examination For This Paper Will Be Open Book Examination)
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9.1. Banking Law And Practice
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9.2. Insurance Law And Practice
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9.3. Intellectual Property Rights– Laws And Practices
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9.4. Forensic Audit
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9.5. Direct Tax Law & Practice
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9.6 Labour Laws & Practice
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9.7 Valuations & Business Modelling
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9.8 Insolvency – Law And Practice
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Course Fees Involved:
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CS Foundation Programme
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Rs.4500/-
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CS Executive Programme
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Rs.9000/- for Commerce Graduates
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Rs 12,500/- for CPT passed of ICAI / Foundation passed of ICAI-CMA
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Rs 10,000/- for Non-Commerce Students
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Rs 8,500/- for CS Foundation passed students
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CS Professional Programme
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Rs.12,000/-
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Official Source
DETAILS OF EXAMS INVOLVED
Examination for the Company Secretary course is conducted twice a year in June and December. The Institute allows students to appear in examinations in English as well as in Hindi. (Except Business Communication subject of Foundation Program)
Examination fee
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Foundation Programme -Rs. 1200/-
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Executive Programme - Rs. 1200/- per Module
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Professional Programme -Rs. 1200/- per Module
Qualifying Marks
A candidate is declared to have passed the Foundation / Executive / Professional examination if he/she secures at one sitting a minimum of 40% marks in each paper and 50% marks in the aggregate of all subjects.
Why Do Law Students Pursue The CS Course?
A professional course like "Company Secretary" covers a variety of topics, including law, tax law, management, accounting, and more. Those who choose to serve as company secretaries are accountable for ensuring the company they work for complies with all applicable rules and regulations. In general, a company secretary is in charge of all legal issues. The Board Report, the Company's Financial Statements, and other significant papers are all signed by the Company Secretary. Furthermore,-
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Every big organization needs someone who could advise the Board of Directors and help them develop plans and policies
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A Company needs an organizer who can keep track of share allocation, generate and distribute share certificates and supervise the production of various statutory, annual and director’s reports
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An organization might need an agent who acts on behalf of the company and enters into contracts while the company’s directors can focus on other strategic matters
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A company needs a medium that directly connects and communicates required information to all the company’s stakeholders.
According to the Companies Act of 2013, appointing a company secretary is required for a certain kind of company. LLB works with all aspects of law, whereas a company secretary can only work for corporations. LLB covers a range of legal topics, including corporate law, criminal law, and civil law. If interested, a person can enrol in both the LLB and CS programmes. Given that CS covers a wide range of law and LLB focuses solely on law, it will make for a solid match. While Company Secretary can only be studied at the Institute of Company Secretaries of India, LLB can be pursued at any university.
What are the advantages of doing both CS and law?
- The Company Secretary Program increases the chances of being hired for a senior designation that also comes with a sterling benefit package. Not only will it open the doors to a variety of options, but it will also give the holder a clear advantage over a normal dual- or single-degree graduate.
- Gaining improved prospects during your career depends heavily on your qualifications. It has been rightly stated that the combination of a career and a passion is a beautiful thing. There is nothing wrong with pursuing a career as a company secretary in addition to a legal degree if one is truly interested in corporate and business law.
- A CS Being a professional is well-respected in society, and having a CS degree and an LLB degree shows that you have put a lot of effort into your career. You are likely to command greater respect from others and have greater social standing.
What are the challenges in pursuing law with CS?
Both the LLB and CS courses are challenging. The thing they both have in common is “law”. Time management is the first and perhaps one of the biggest challenges involved. Due to CS examinations, LLB exams may also suffer significantly. Exam schedules are also highly demanding, and it is clear that someone who is weary cannot study effectively. The second challenge that one could face is topic weightage. For instance, the Indian Penal Code, CPC, CrPC, etc. are treated in length in LLB but just the most salient provisions are covered in CS. In contrast, CS merely provides a cursory overview of the Constitution, whereas LLB requires extensive study.
The Income Tax Act, The GST Act, The Customs Act, The Contract Act, The Negotiable Instrument Act, and The Sale of Goods Act are some of the very important acts in the CS company act and have a high weightage, whereas the LLB these acts have a relatively low weightage which makes preparation difficult. In other words, the parity is less between the two courses which require the student to dedicate more time. The third issue is that whereas CS can be completed without attending regular classes, this is not an option for LLB. There are numerous more difficulties that a person may have, but these three are the ones that can have the biggest effect on the outcome. However, the CS course is a great advantage for law students and if the long-term hard work and determination can be sustained, all the challenges will appear to be simple.
What Are The Career Prospects After Pursuing CS For Law Students?
Firstly, Students studying law who choose Company Secretary as an additional subject will have the chance to work as legal consultants for firms, private companies, banks, financial institutions, the ministry of corporate affairs, the department of company affairs, and other regulatory bodies. It should be highlighted that the aforementioned person will also be qualified to launch their own company or independent practice.
Secondly, A Company Secretary is granted special status under the Companies Act of 2013 as KMP (Key Managerial Personnel) and other related parties, together with the managing director (MD), chief financial officer (CFO), manager, whole-time director(s), or chief executive officer (CEO).
What Is The Salary Of A Lawyer With a CS Degree?
Two degrees, especially in a professional field, will help land a good job. Due to the value, you will contribute to the company by having both qualifications, you will be paid more. Your salary will mostly rely on the type of company you work for, either public or private. Whether a corporation is local, domestic, or global also affects the answer.
Private entities like Multi-National Companies or Fortune 500 companies usually pay better than government organisations. If it is a government organisation, it depends on which grade you join and whether the department falls under state or central government. The annual remuneration of a Legal and Company Secretary in India ranges between ? 4.0 Lakhs to ? 20.0 Lakhs with an average annual salary of ? 8.0 Lakhs, according to Ambition Box.
Conclusion
In conclusion, it can be said that a company secretary is one of the most significant alternatives to a law degree for students. A company secretary with this additional degree is superior and has a distinct advantage when compared to a graduate with a single or dual degree. Further, it is reiterated that practical training should be completed while pursuing company secretary to get work experience and continue to be competitive for high-paying jobs and positions.
[1] Mukherjee, R. (2019, November 20). What is the benefit of law students doing CS? iPleaders. https://blog.ipleaders.in/benefit-law-students-cs/
[2]Gupta,S. (2017, May 26). Company secretary as Company Law Advisor. TaxGuru. https://taxguru.in/company-law/company-secretary-as-company-law-advisor.html
[3] Garima Chouhan. (2022, July 21). Doing Law and Company Secretary (CS) Both. adda247. https://www.adda247.com/school/doing-law-and-company-secretary-both/
[4]Agarwal, A. (2021, January 3). Commerce and law - a successful relationship. iPleaders. https://blog.ipleaders.in/commerce-law-successful-relationship/
