How To Prepare for CA Final Exam

                             How To Prepare for CA Final Exam

Difficulties faced during preparation of CA final exam are what to read, how to read, whether to join coaching or do self study, about study material etc.

some important guidelines and tips are as follows.

How To Prepare for CA Final Exam – Some Important Guidelines

How To Prepare for CA Final Exam

1. Create a Study Schedule – First of all, you have to manage time and prepare a time table. Try to work according to that.

2. Review Your Notes – Maintain small notebook for short notes and formulae, so you can easily go through it before examination.

3. Review Previous Tests – Practice test papers and prctice manual, so that you can get confidence before going for the examination

4. Review Your Text – You can go through your notes which you have prepared while studying.

5. Form Study Groups – Study groups are a good idea and it is very effective. when studying for finals. Assign each person a section of the course to review and teach to the others. Each person should develop possible test questions to cover their section. after this you can discuss with each other.

6. Relax – Final exam time does not mean panic time. Eat well, sleep, and  relax. You will be surprised to find that you have remembered more than you think.

How To Prepare for CA Final Exam – Paperwise Guidelines

When you prepare for the exams, prepare in such a way that you will be able to revise the entire syllabus a day before the exams. Student must have finished at least 4-5 revisions before the examination. At the same time you must have a very clear plan of those three crucial hours. That makes a huge difference in your marks. First, attempt the questions which you know the best. Once you gain confidence, then you will be able to attempt other questions easily.

Paper 1 – Financial Reporting – as per your study material – there are 8-10 chapters . Amalgamation, valuation and consolidation – These 3 chapters together covers 48 marks.  so, make sure you know these chapters very well. Next, accounting standards has  36-40 marks coverage. All AS are very important and make sure you know AS thoroughly. If you are weak in this chapter, don’t worry, practice the questions from text book and practice manual. The chapters will cover 12-16 marks, which are scoring and do not ignore those chapters. It’s simple and the entire marks will be in your pocket. During exam, attempt consolidation at the end, after you attempt all the other questions, as consolidation takes around 45-60 mins. If you can attempt other questions, then you can leave consolidation as a choice. Don’t spend too much time attending consolidation. Most of the student are not able to clear this paper as they spend too much time attending consolidation and then claim paper is lengthy.

Paper 2 – SFM – To clear this paper, make sure that you know the concepts of SFM very well, Without knowing the concepts – it will be difficult to clear the paper. Maintain a small notebook for formulas, as there are many formulas in this paper. This will be very helpful before the exam day for revision. Study the theory very well. Many students ignore theory and attempt problem in the choice question.  Theory can be well comprehended from practice manual. By attempting theory in exam, 16 marks can be answered in a matter of 15 mins. This leaves you with a lot of time to attempt the remaining questions. Derivatives and forex are very important as it has 20-25 marks weightage and  question arises from this area.

Paper 3 – Auditing – It is different from paper 1 and 2 as it contains more theory, Professional ethics is worth 16 marks in exam and easy to score. Standards on auditing cover another 20 marks. All SAs are very important and if it can be quoted, it will help student get additional marks as it leaves an impression on the evaluator. CARO, 3CD, audit and account of company are normally asked for 20-25 marks. These chapters require lot of attention with clause number (3CD) and paragraph number (CARO). Special auditing chapters cover another 15 marks. Practice  questions from textbook and practice manual.

Paper 4 – Corporate law and Allied law – Directors again is important as 16 marks are normally tested in this area. Accounts of company and audit of accounts cover another 16 marks.  Allied laws cover 30 mark, Don’t ignore it as each and every chapter is really important as equal weightage is given to each of these.  The remaining questions can be asked from all the other chapters. Therefore 100 % coverage is very important for this paper. Practice questions from textbook and practice manual.

 Paper 5 – AMA – 1st of all understanding of concept is more important -with the help of concept, you can complete about 60% of the problem. Balance can be completed with practice. Practice questions from textbook and practice manual. The more you practice in this paper with proper understanding, the better your grip will be. Most students neglect theory in this paper which constitutes 33-38 marks. All chapters are important as weightage for each chapter differs from exam to exam.

Paper 6 – ISCA – Chapter 2 and  10 is very important as well as others also. Chapter 5,6,7,8 is comparatively easier to study and lot of marks can be scored from this area. The institute module is more than sufficient to clear the exams. Do not refer any other books for studying. Study the module very well. A lot of time has to be spent on ISCA as it is only theory.  Revise ISCA on a regular basis. This is a paper where you will feel blank if you have not revised for more than 2 weeks in a row. Regular revision is required.

Paper 7 & 8  – Direct and Indirect taxes – try to prepare for these paper 1 month earlier, so that you can allot more time for revision as both the papers are voluminous and  difficult to complete the day prior to exam.  In these papers, Know the provisions very well and complete the entire syllabus during your leave and revise continuously. Case laws related questions are normally asked for 30-35 marks in both Tax papers. It’s simple and easy to score if you have revised at least 4-5 times. The problems are asked for about 30 marks each in both papers. If you prepare well then you can easily get exemption in both the tax papers without much difficulty.

If you have done your part and put in your best, there is no one stopping you from clearing the exam and from  being a successful CA.  All the best for your Examination,  go on and give in your best. Have a strategy in mind, systematic study and patience will see you through the exams.