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How to prepare for CA Final!

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     on  14 November 2011    

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Never panic!
Study Regularly!
 
Proper studying strategy and its execution!
 
Following these things may help you:-

1. Just count the days you have to be invested in studies, rather counting the number of days you have wasted. Follow "what can be done approach"!
 
2. Plan your subjects and divide the number of hours that you have among the subjects depending on your capabilities. Keep a provision for regular revision also. Regular study and revision will help you overcome the fear of CA Final Examinations.
 
3. Go according to the plan. Execution of the study plan is important rather than just planning it. So keep the study plan realistic. As and when you achieve it you will grow in confidence.
 
4. Revision of chapters studied is important. So keep a provision for revision in your study schedule. Revision (quick) will only increase your confidence.
 
5. Prepare summary notes (in short; the real content) of the chapters when you study (from now itself, right from day 1). Alternatively you can write four-five lines on each page's margin mentioning the important points and concepts that you studied in that page.

This will come more than handy in your exam days as you wont have much time to study the whole book. Just reading those summary notes and concepts will help you recall the chapter content immediately.
 
6. When you are studying any chapter just make an additional list of the concepts you found difficult to understand. You can read them properly during exam days.
 
7. At a single time study two to three subjects. This will keep you away from the boredom of studying a single subject. You can keep a mix of theory and practical subjects which will keep you glued to your books. And most importantly don't read for the sake of exams but for the sake of learning. Enjoy your studies!
 
8. Prepare everything. Don't leave anything. In CA exam papers you will find only those questions which are not important and which should not have come. Work hard on the things you are good at. And work harder on those you aren't good at.
 
9. If there are any changes/amendments in any subject, study them well. They are important from exam point of view.
 
10. If you are/have taken any coaching, follow the advice of your tutor. You'll surely succeed. Stick to the same notes and books that you have been using from the beginning. Don't change your books(different writers). This creates a lot of problem in terms of, adapting to the style of writing answers or approach to the problems.
 
For individual subjects do the following :-
 
1. Financial Reporting: Prepare all the accounting standards thoroughly. Also, practise from compilers. Chapters like amalgamation, company accounts, amalgamation, etc need to be done properly. They carry good marks if they come.
 
While practising the sums now, just mark few important sums (which covers all the concepts learnt in the chapter). Select the sums in such a way that if you only see those sums on the day of exam you will cover the whole chapter. So before exam you will have to only see those 4 or 5 specific sums(in a chapter) and not worry about the whole chapter. Follow this practise for accounts, mafa, costing.
 
2. SFM - Go behind the concepts. Just don't blindly mug up the formula's. The better you get the concepts, the better you will remember the formula's/subject. Prepare a list of formula's and important concepts, and tricks that you learnt while studying the subject. These will come handy during the exam day. Follow the study material properly. Theory is very very important in MAFA.
 
For practical, follow the policy of marking sums (as mentioned for accounts)
 
3. Auditing & Professional Ethics - Complete the compiler first, then study from your book. This way you will find it easier to grip the subject.
 
See the format of writing a good answer. Study important chapters very well. See the marks distribution of chapters in previous years paper and rank the chapters accordingly.
 
4. Corporate and Allied Laws - Again focus more on important chapters like Directors, SEBI, FEMA etc. First complete these chapters as  some of the questions are always from these chapters. See the marks distribution in previous terms and rank your chapters accordingly. But yes, prepare all the chapters. Have an idea of all the chapters.

First, do the compiler thoroughly (Follow how to write answer to a practical question). the study from book. You will be able to follow the book better, after you have studied practical questions from compiler.

You can prepare bullet point notes(at the page's margin) as you study. These will help during exam days and help you manage the subject's revision.
 
5. Advanced Management Accounting - This paper has to be done very well. In this paper you have to understand all the concepts, whatever you study. Don't blindly mug up things. Most of the students find this paper difficult and it is because they don't concentrate on concepts.

Do QT part of the costing very well. It is comparatively easy and scoring. So do QT thoroughly. In exam, answer QT questions first in a short time. This will help you utilize the saved time for lengthy costing questions.

Also study the theory of costing well. The theory helps in scoring marks, if you write well. don't leave theory for the last moment.
 
Again follow the marking policy of sums(must for costing), what I have mentioned for accounts. Prepare the list of formulas and important concepts.
 
6. Information Systems Control and Audit - This paper has to be studied regularly. You may find this subject 'not so great' but then generate interest and study it. Learn bullet points of each answer, and simply understand/read the subject matter of each bullet point. Don't leave this for the last moment, else it will be too late.
 
7. Indirect Tax Laws - This the most vast paper. Follow your classes very well and do regular study. Assessment Procedure is again a very important chapter. Learn it very well.
Managing this paper before exam day is very difficult coz the syllabus is very huge. So accordingly plan from the beginning. Give more time to Direct taxes to gain confidence over this subject. Also practise writing answers for the questions.
 
Amendments, Circulars and Recent Case Laws are very very important. These may comprise 30% marks in your paper. Do them very well.
 
8.Indirect Tax Laws - Last but not the least. This paper you may find easy but then study the concepts well. Practise writing answers and study from material very well.
Amendments, circulars and recent case laws are very very important. These may comprise 30% marks in your paper. Do them very well.
 
Following these will keep you better prepared. Trust me preparation strategy is more important than anything else! Have faith in your abilities.
 
In examination hall always keep a track of time but never panic!
 
Best of luck
Best wishes
 
Sumit Patwari
 
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