I observed this attempt's result and came to know that many students couldn't pass in 2 subjects viz. "Strategic Financial Management" and "ISCA"
I have already discussed on ISCA in detail and now it is time for us to evaluate what went wrong in SFM, since I was also one of the victims in the said subject.
I would like to invite all CAs / CA Final Students to give their valuable views in this regard because this time is was "Mass-failure" in SFM.
When I went thorugh "suggested answers" posted by ICAI, I came to know the blunders i made in the answer paper. Major mistake from my side was - "Irrelevant working notes which took me off the main part of answer and resulted into waste of time".
I found following shortcomings in my answers -
1) SFM is similar to maths paper. Formulae and Final Answers have to be accurate. I can't comment whether ICAI has awarded marks for steps; however it can be confirmed if you've applied for Certified Copies.
2) Only knowing the concept and formula is not enough. You need to apply it in different scenarios. If your answer is not backed up by working notes, then it will not fetch any marks. More importantly, working notes should be relevant. (I wasted a lot of time in Reconstruction Problem because of lengthy working notes)
3) Concept error will cost you a fortune. This is confirmed again this time. Last time I had same experience in PE II accounts paper. The moment you make concept error, you're almost gone. whether you make an error knowlingly / unknowlingly; but it does cost you a lot.
4) More practice is needed for - Derivatives, Forex and Misc practical topics where you get small formula based or concept based questions.
5) Theory answers should be technical. Plain english won't fetch much marks. You answer should sound like a Finance Manager.
ICAI has definitely maintained and raised its standards from time to time. Instead of questioning those standards, I would suggest you all to raise to those standards.
I read and understand entire theory alongwith formulae and then proceed for problems. Try to understand the logic behind each formula. Do extensive problem solving practice. Refer ICAI module and other material of ICAI supported with one of the recommended books.
Even I'm waiting for some useful tips..