How to prepare for CA final examination (for students who are appearing for 2nd time or more)
Hello friends,
I am not any extra ordinary scholar student, just an ordinary normal student but learned by own experience and able to crack IPCC as well as FINAL examination in 2nd attempt. I can say that learned by way of finding mistakes due to which not cleared and firstly identified, analyzed, rectified that mistakes and able to clear such examination.
Firstly I would like to give one exercise to all the reader (Post – mortem technique).
1) Write all the subjects in order of level of difficulty according to you. (For e.g. If you find SFM very easy, rank it one and so on)
2) Write marks you got in various attempts in front of that
3) If you getting more than 50 marks in various attempts in your favorite subject (i.e. 1,2,3 of step than your selection is correct and this is your strength subject and you just need to polish more to reach 60 marks. BUY if in favorite subject getting less than 45 that means selection criteria is not proper or you need to work more harder on that.
4) For least favorite subjects if you are scoring well i.e. 45 or above it is very good sign for you.
5) Go through the question paper of last attempt & try to remember answers written by you (If you have and certified copies it would be helpful).
6) Compare your answers with the suggested answers given by ICAI (& also compare your expected marks & marks given to you if you have received certified copies) – This activity will make you able to know 75% of you mistakes) .
7) Some general mistakes are format of answer was not proper, unable to understand question properly specially in ISCA, working notes were not made properly etc.)
Why This activity in busy schedule ????? This question might have been raised in your mind.
We all planned our study schedule on the basis of our likes and dislikes but this is wrong method. This would increase our chance of failure up to 30%. Plan your study in according to degree of time required to particular subject according to your understanding towards your subjects. (If you give more than required time to particular subject it has no meaning and IN costing language we can say Opportunity cost i.e losing that time which was to be given to other subject).
Being an second or more attempts reading of subject is not as important as first attempt because all of we know concepts we have to polish our answers
1) Write selected answers or solve problems without looking solution than compare it with practice manual.
2) In theory subjects try to write answers in format given in practice manual
3) In practical subjects be perfect in making working notes. Analyze in which type of question which type of working is made. Categorize types of problems and working type of such questions.
Now point raised how much time to be given to particular subject and how to prepare ??
Before starting this I would like to clear basis on which preparation is to be done.
1) Our goal should be to score 60 in each subject (If we think of 60 we would be able to achieve 50)
2) For 60 we have to attempt properly at least questions which comprise 84 marks (We have question paper of 116 marks)
3) For attempting of 84 marks at least one full reading the day before exam for the subject (my target was twice)
4) For reading of once or twice should not be like first reading otherwise it will not be completed in one and half days. It must be like revising and touching the entire subjects with exam related points.
5) To make your study material small or zipped you have to work on that at your first reading stage, try to summarize the topic in your words, words in which you think, ( I will subject wise discuss it)
Some important points
1) Don’t make every reading as first reading (Second reading should be like the portion should be cover with of efforts or time)
2) Don’t spend to much time to solve your doubts (if you stuck on doubts make note of that & move further & get corrected by friends, teacher & mentor at doubt solving time)
3) Try to quickly revise the topic weekly basis, just have quick look on chapters or topics, this will not let you forget the things entirely. (For. E.g one chapter of law revise in 15 mins by looking at appointment limits, turnover limits, special or ordinary resolution etc.)
4) Write the answers by self & correct it from practice manual
Subject wise preparation & planning
FR
Points
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Problems
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Solution
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Variety of sums
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How to remember & exam day revision
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During first reading solve 2-3 basic sums,
Than solve classes material or PM or Study material in the way which is comfortable to you but
IN ONE SEPARATE PAGE WRITE Q. NO , SPECIAL ADJUSTMENT IN THAT,AND ITS EFFECTS (write it for all the sums & problems , if no new adjustment in that sum write no new adjustment IT will be like summery of that material & very useful during exam time)
Select one question which have all adjustments & solve it solve it regularly
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Accounting standards
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Too many accounting standards
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Daily two accounting standards, if all completed againg start it & continue this cycle till exam (This will help you to revising plus no separate time to be devoted for the AS)
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Finish topic related AS with that chapter (For E.G consolidation, Amalgmation)
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SFM
Points
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Problems
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Solution
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Too many formulas
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How to remember
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Make one list of all the chapter wise formulas, while your first reading, daily just read that once
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When to apply which formula
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While first reading observe types of problems & try to categorize it your words. (e.g. if this type of info is given use this formulas of steps) – This will help you to revise in short time
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Working notes
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How to prepare working notes
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First try to solve problems on your own then compare it with answer given by cls or ICAI (you will automatically get to know about your thinking & ICAI thinking on notes).
Try to prepare notes in sequence of information required
Make notes of all the required part & points required for achieving the required part
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Theory
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Which type of questions can be come
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According to my observation, in theory only concepts are asked in exam on which we solving practical problems (3 out of 5 would be like that) e.g. IRP vs PPP, black – scholes etc. So don’t ignore that theories at least one reading you must do & that to remember bullets
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Forex & derivatives
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Difficulty to many students
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1) Understand concept properly
2) Do practice of basics (specially direct & indirect quote)
3) First solve it on your own & then compare
4) Understand the concept in laymen language or in your own language (if you understand concept in your own language you will able to crack any problems)
5) First confirm that quote is direct or indirect (convert the rate in both quotes for your understanding )
6) Just make sure that in answer you will use only that quote which is given in question (I.e to multiply or divide as per given quotes)
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Audit
This is most puzzled subject as compare to other subjects, the reason for that is every mouth has different suggestions for how to write answers of an audit
Focus Areas: - Improve your answers by key words like Sufficient & appropriate audit evidence. Mark
Key words of all the SAs & make SA wise list of that key words & key points & revise it time to time.
Refer practice manual of Audit to see the formats of answers especially for professional ethics as well as Standards & try to follow that pattern as possible as.
Sequence of study
1) Weekly revision of professional ethics (Confirm your 12 out of 16 marks )
2) Combined study of law and audit topics which are common and related to company law & allied law (This will cover your audit and law part as well in one reading). (This will confirm your 12 to 15 marks) (Topics are – Co audit, CARO, Audit of PSU, Investigation, cost audit)
3) Just like AS read daily 2-3 SA with its special points (half an hour will be enough for that) – this is basically to remember points of that S.A. (Your key words, key points and format of answers will be the solution for not getting marks) (being conservative 15-18 marks)
4) Please do Peer review, due diligence, audit of co –op soc, special audit assignments, Audit of CFS once & make one short notes of bullet points) – Many people ignores or skip that topics but this is easy & fruitful topics & this topics works as supportive elements towards scoring specially when paper is difficult.
5) I Ignored Audit of banks and insurance since it consumes lot of time but if time permits you can have look in that chapters (But Please study NPA provision, % of reserves creation & topics under which amount to be transferred in reserves etc type questions)
6) Please try to Improve quality of answers focus on that
Law
I think most comfortable subject in group 1 is law, I would like to suggest students give less time to comfort & score more and devote that time to subject like audit where we need to Improve.
1) Try to summarize all the limits of appointment of director, auditor or formation of committee e.g if there are same limits for appointing any director or formation of committee summarizes it together. Try to make arrow charts, if yes what to do or if not what to do, this will be easy to memorize it will save your time ( I and my friend have spent three days to summarize company law) . This results in quick revision of that subject.
2) In your study material only write short forms, days required, percentage, Board resolution or Special resolution, this will save your lot of time (for e.g. 100-cap, 200t/o, 50 – loans, BR,SR,15 days, DIR 1 etc)
Costing
Same strategy as FR and SFM (summery of problems, formula sheets, special points of any problems, observe working notes)
Direct tax & Indirect tax
First go with amendments & Revise all the amendments periodically it has very good weight age in exams
1) Don’t over think the provisions of direct tax & don’t try to over think different different situations applicable to that provision. (NOTE: Do this after exam it will be beneficial to practical life) but for an exam point of view just an understanding of section and application of that sections theoretically in problems is important.
2) Read section or provision, remember that section, understand the section & solve problems of PM or any material which you follow
3) Cautions: don’t create doubts during and exam time & don’t read the reading prior to exam day as first reading. At that day your goal should be cover syllabus as much as possible, please do not get stuck in any one point.
4) In answers write note on all the points which are relevant for that problems.
5) Write note for assumption, alternative solution if available, for treatments which you have given in that problem)
6) Focus on time limits, limits of applicability, rates of interest etc
7) Please focus on practice manual, solve it at least once
8) For case laws : Firstly do all the case laws of which decisions are given by honourable supreme court (remember name & decision given). If you study in groups only discuss decisions among group which will be given in black box in case law book for the rest of case laws, if you are good at remembering names than only remember names otherwise make you aware of decisions of case law which means in exam you will be aware that this type of case and this was decision. So at least you can score 11/2 or 2.
9) Format of answering case laws: first write fact of case what happened from question, then write provision of act what is the treatment as per act, then decision of court in one of cases, finally make conclusion.
INDIRECT TAX
Don’t miss out common chapters (12-15 marks weighted)
Service tax:
Don’t try to read mega exemption in one shot. Divide in 5-5 group & remember it.
Time to time revise all abatements rates, reverse charge list & declared services.
If you following banger do solve all the practical problems & then read theory, it covers all the points.
While writing answers please be careful if any service is exempt rather than writing nil write exempt under notification or exempt under mega exemption notification etc. (THERE IS DIFFERENCE BETWEEN NON TAXABLE AND EXEPMT)
NOTE: All the above information and tips are just recommendatory. Writer doesn’t take any responsibility if it doesn’t work.
“Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle and it becomes the bottle.
- BRUCE LEE
Concluding my words I want to say that be confident, love yourself, believe in you, evaluate yourself then you measure that how much efforts you are putting & how much it requires. No one can know you better than you, you will not able to enjoy your success unless it has tough situations or problems. Don’t lose hope, give your best performance. Just like bruce lee’s quote don’t stuck on any particular or don’t make any particular stand of yourself BE SHAPELESS & move it towards your goals. Be focused, self motivate yourself set competition with yourself, compete with your past records, defeat that. (In my first attempt I got total of only 280, I fixed goal of 560 & worked for that goal, I didn’t get 560, I just managed to clear the examination but I crossed 400 that’s what I wanted.
JAI HIND
- Bhavesh B Gadhavi
- 9833220153
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