CS Professional Strategic Management & Corporate Finance (SMCF) | CRACKER

Strategic Management & Corporate Finance – CRACKER is an examination-focused question bank and answer-writing companion for Paper 5 of the CS-Professional programme. It does not re-teach the syllabus; instead, it assembles the questions that have actually been set by the ICSI—drawn from well over a decade of past papers—and pairs each with a fully developed model answer written the way the examiner expects it to be presented. The paper is unusual in that it spans two very different demands: the discursive, application-led reasoning of Strategic Management and the provision-heavy, computation-led discipline of Corporate Finance. The book is designed to train a candidate in both—turning conceptual reading into structured, examination-ready writing and giving aspirants a single resource for revision, self-testing, and answer-writing practice in the final stretch before the examination.

The Present Publication is the 5th Edition | June 2026, authored by CS NS Zad and CS Divya Bajpai, with the following noteworthy features:

• [Fully Solved Previous Exams, Arranged Topic-wise] Fully solved questions of previous examinations, presented as per the latest examination pattern, arranged topic-wise under subject sub-headings, and covering past questions up to and including the June 2026 examination
• [Examination-Oriented Model Answers] Each answer is written to the depth and form expected in the examination, organised under clear headings and sub-points so that it can be reproduced under time pressure
• [Answers Anchored to the Governing Law] Every answer is tied to the precise provision in force (for example, the Companies Act 2013, the Companies (Share Capital & Debentures) Rules 2014, and the SEBI ICDR and LODR Regulations) and is fully updated to the current provisions and case laws
• [Complete Worked Solutions for Problem-based Questions] Numerical and project-appraisal questions are solved step-by-step, with working notes, present-value tables, and a reasoned concluding decision.
• [Scenario Questions Resolved through Tabular Analysis] Application and scenario questions are set out so that eligibility tests and comparative assessments reproduce cleanly in the answer book
• [Chapter-wise Marks Distribution & Trend Analysis] A built-in analytical apparatus that enables targeted, high-yield revision
• [Chapter-wise Comparison with the Study Material] Mapping each chapter to the corresponding chapter of the ICSI Study Material for friction-free use alongside the official material
• [Diagrams, Flowcharts & Comparative Tables] Used throughout to aid understanding and recall

The book covers the complete syllabus of the paper, organised into two parts across 18 chapters. Part I – Strategic Management builds the conceptual and analytical apparatus—environment scanning, strategy formulation, competitive positioning and managing the multi-business firm. Part II – Corporate Finance covers the full fund-raising landscape, from the legal and procedural mechanics of equity and debt issuances to specialised investment vehicles, foreign funding and project evaluation.

• Part I – Strategic Management
• Introduction to Strategic Management
• Analysing External & Internal Environment
• Business Policy & Formulation of Functional Strategy
• Strategic Analysis & Planning
• Competitive Positioning
• Managing a Multi-Business Firm & Analysing Strategic Edge
• Part II – Corporate Finance
• Sources of Corporate Funding
• Raising of Funds from Equity & Procedural Aspects – Public Funding
• Real Estate Investment Trusts
• Infrastructure Investment Trusts
• Raising of Funds – Private Funding
• Raising of Funds – Non-Fund Based
• An Overview on Listing & Issuance of Securities in International Financial Services Centre
• Raising of Funds from Debt & Procedural Aspects
• Foreign Funding – Institutions
• Foreign Funding – Instruments, Laws & Procedures
• Role of Intermediaries in Fund Raising
• Project Evaluation

The structure of the book is as follows:

• Two-Part Organisation — The content is organised into two parts—Strategic Management (Part I) and Corporate Finance (Part II)—mirroring the architecture of the paper
• Analytical Front Section — An analytical front section precedes the chapters, allowing a candidate to plan revision before turning to the questions
• Session & Marks Tagging — Each question drawn from a past examination is tagged with its session and marks, and recurring numericals are set out as separately labelled 'Problems'
• Descriptive vs Practical Classification — Past exam questions are classified as descriptive or practical (application/problem-based), making the weightage and question style clear at a glance

About the Author

N.S. Zad

N.S. Zad obtained his Commerce degree from Shivaji University, Kolhapur, and cleared the CS Final Exam in June 2005, conducted by the Institute of Company Secretaries of India. He has been teaching for the last ten years and has extensive teaching experience in various professional courses, including CA, CS, and CWA, at the IPCC/Executive and Final Levels. He has practical experience working with medium and large-sized organisations and firms of practising company secretaries.

He has written the following books, which TAXMANN publishes:

• CRACKERS for all subjects of the CS Executive Examination
• MCQs on Financial & Strategic Management Accounting for CS Executive
• Securities Laws & Capital Market for CS Executive

Divya Bajpai

CS Divya Bajpai is a distinguished Practising Company Secretary with a Commerce degree from Banaras Hindu University (BHU), Varanasi. She successfully cleared the CS Final Exam in June 2016, administered by the Institute of Company Secretaries of India (ICSI). In 2019, she was an active member of the Women Empowerment Committee of the Northern India Regional Council of ICSI.

CS Divya Bajpai is also a certified Trademark Attorney with extensive experience working with listed entities and organisations of varying sizes. She is a partner at MSD & Associates, a renowned firm of Practising Company Secretaries based in New Delhi.

Understanding the evolving needs of CS students under the new ICSI syllabus, she has authored several books for the CS Executive and Professional levels, as well as the CA IPCC and CA Final levels. Additionally, she has contributed numerous articles to the Corporate Professional Magazine, published by Taxmann.