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PREPARING FOR MAY/NOVEMBER 2011 FINALS
(Especially for Self Preparing Students for May/Nov 2011 Examinations)
| DHIRAJ A. RAMCHANDANI |
I know, many of us are always confused regarding our exam preparations. Either our doubt is how to start or what to start or if we start studying then at later stage we find short of time to deal with remaining part or any other such confusion. But after exams, it’s just a relief, no one likes to remember how much hard work one has put on or what strategy one has followed. It’s the time all of us want peace and freedom from studies.
Generally, it does happen with almost all of us, after our PCC exams, we tend to relax and deal with our routine. Hardly anyone thinks about what to prepare or what not to prepare (at that time) for FINALS. And “dekhte hi dekhte” one and a half years elapse, and our finals exam becomes due. Then we realize the real value of time, and we regret for not preparing from the begging only (i.e immediately after clearing PCC). So, I think, lets share this with you all, because, I too went through the same phase. Here, I just want to share the strategy that should be followed for preparations for FINALS with the available time.
Many members of CCI do ask me what is the perfect time to start with preparations or what is the minimum time required for finals preparations. Or something like, how much months’ leave they should get and they can prepare to clear the finals.
But friends, the fact is that there is NO RIGID METHOD of preparing for the exams, and it can never be. Because the moment you consider any rigid method for studies, that very moment you assure blockage of your mind. There are many circumstances, which can affect your preparations, not just one. So never try to prepare any hard & fast study plans. Rather prepare, flexible plans, so that you should not face any problem at last moment.
The most important factor at FINALS level is conceptual clarity. At CPT/PCC/IPCC levels, we used to solve more and more sums to get practice in practical subjects. While in theory subjects, we used to learn or remember the answers and solve more of case studies in AUDIT and LAW. But at FINALS, this is not the criteria to deal with the subject. You may solve 100 sums of CONSOLIDATION in accounts at final stage, you’ll find 101st type of sum in your accounts exam. So here what matters is your own intellectual and interest in subject. Because at the end, vital is your thorough knowledge regarding subject, which you need to obtain after proper understanding every topic in detail. After all it’s not the la-la land but kind of battle ground. So if any of you consider that practicing more sums in any practical subject assures good attempt in exam, forget it. Its ICAI, nothing is impossible here.
Generally, I believe, 5-6 months time is sufficient for any average student as well to prepare for FINALS exams, without any previous coaching. Mind it, I’m suggesting 5-6 months of complete hardcore studies, no laziness is allowed. [I’ll suggest how to utilize these 5-6 months completely after a while in this article only].
Now, many students also find it tedious job to study for 5-6 months at a stretch. So for them, I suggest, they should start preparing theory subjects after their PCC/IPCC results. That means, they should contribute 2 hours daily towards theory subjects alongwith their articleship. In this case, I believe students will be able to do with AUDIT & LAW atleast, before they go on leave for FINALS exams. So that means, in their leave period, they need to prepare for only 6 remaining subjects.
I would still prefer that 5-6 months preparations, as I can concentrate in that method only. In that case, one should study for just 6 hours daily for first month, then 7-8 hours in the second and third month. Finally should sit for even 10 hours a day in last two months. “Sixth month should be the revision month, and trust me, proper revision is a must required or else you’ll end up messing your preparations”.
Anyways, lets switch over to individual subjects and see how they are to be dealt. Hereby, I’ll be considering as 5 months of studies and 1 month for revision. So that means in all 6 months of study plans. And I personally feel, 5 months are more than enough, and especially all the time allocations mentioned below are really sufficient for every subject.
First Group (2.5 months, i.e approx. 75 Days)
Second Group (2.5 months, i.e approx. 75 Days)
And if at all, anyone feels that he/she should take two subjects a day and don’t want to go with above strategy of finishing off one subject first and considering other later. Then in that case, go by HOUR-SYSTEM. For e.g., in group I, audit and law takes in all 30 days. So u can finish off these both subjects in just one month on hourly basis, i.e divide your every day in 3 parts on hourly basis and allot one part to audit and 2 parts to law.Like if you studying 6 hours a day, then study audit for two hours and law for remaining four hours, and accordingly finish both the subjects within one month.
Anyways, let us concentrate on group wise preparations.
As such, result of this group is always better than the second group (similar to PCC). And reason is very obvious, ACCOUNTS-FM are meant to be scoring subjects, and AUDIT-LAW, though are theoretical, case studies in each subject becomes scoring.
These subjects are not so difficult, as we have basics of each subject from PCC/IPCC. So it becomes comparatively easy to prepare for this group.
So, I suggest all of you to concentrate more on this group as :
≈ FINANCIAL REPORTING (ACCOUNTS) ≈
Compulsory questions in the Examination:
One question each from 2 chapters, namely -
Almost 36-40 marks are covered by these two chapters
Other Important topics:
Important Guidance Notes:
≈ STRATEGIC FINANCIAL MANAGEMENT (SFM) ≈
≈ ADVANCED AUDITING & PROFESSIONAL ETHICS ≈
One can safely ignore the following chapters -
Liabilities of Auditors, Internal Control, Audit Planning
≈ CORPORATE & ALLIED LAWS ≈
This group is little odd (as per my view), as I hate ISCA and IDT too I find boring. So this group really needs more attention of students and cannot be neglected or taken for granted like group 1. I can’t suggest much in over here, as I’m myself preparing it for MAY
≈ ADVANCED MANAGEMENT ACCOUNTING ≈
≈ Information Systems Control & Audit (ISCA/MICS) ≈
≈ DIRECT TAX LAWS (DT) ≈
≈ INDIRECT TAX LAWS (IDT) ≈
≈ DISCLAIMER ≈
The views, suggestions, tips, etc expressed above are purely mine. These are not the perfect suggestions, rather very subjective from person to person.
“So please, before following the above suggestions, take advice of your teachers, seniors or your boss as well. Because, for me these procedures were helpful, so before following any of them, do concern any expert.”