This is just based on my experience and views only. Hope it will be useful for students who are preparing for PCC/IPCC exams in the forthcoming exams to pass with ease. I had followed this strategy to pass PCC exam in 45 days with only 25 days leave from office. I secured 311 marks in both groups of PCC following this strategy for just 45 days with only one reading cos of time constraint .I had failed in 3 subjects in Nov 2008, my auditor kept harping on my intelligence often, my seniors in office assigned me some problematic clients to handle alone without giving me an idea of the problem that existed nor any help when I needed very badly and ICAI had placed a ban on transfer right at the time I was about to take it(Grr..under the reason that students are not taking articleship seriously and putting dummy and blah, blah.. thus many genuine students have to suffer L). I had made my mind to pass and prove them that I am not as incapable as they have projected me. You can tweak this strategy according to your strengths and weakness. This is dedicated for every PCC/ IPCC student who is struggling because of lack of motivation, irritating bosses in office, unhelpful seniors and uninspiring teachers at coaching centres.
Accounts: I used my tution notes for concept understanding (I went for coaching to Mr. M.P. Vijay Kumar). You can use RL Gupta or Padhukas if u are doing by self for concept clarity. For sums, I just solved the problems thoroughly from Padhukas (all ICAI probs, past RTPs &exam questions covered) for Single entry system, Non Profit Organisation, Hire Purchase System, Partnership, Amalgamation and Internal Reconstruction and Cash Flow Statements. For the remaining chapters, I did sums from ICAI’s compilers alone (IPCC students may have to follow a different strategy as they have two papers of accounts with PCC’s accounts split into two halves). For AS, I used D.S. Rawat. I scored 66 marks using this.
Audit: I used V.K. Aggarwal and revised using Reliance Compiler after completing each chapter. I used Reliance Compilers to revise on the day before the exam. I got 55 in this subject.
Law, Ethics and Communication : I used Munish Bhandari’s book and revised using Reliance Compiler after completing each chapter and Revised using Reliance Compilers during the day before the exams. U can use shortcuts for Ethics and Communication but don’t follow any shortcuts for law as it is purely based on ur interpretation alone. For communication don’t ignore the practical aspects such as preparing a partnership deed,preparing a Power of Attorney, preparing a MOA and AOA etc. I secured 50 in this subject.
Costing and Financial Management: I used Padhukas blindly for both concepts and problems. In case of Costing,I studied Standard Costing, Marginal Costing, Materials, Overheads, Non Integrated Costing thoroughly and for the remaining chapters in Costing, I spent less time just studied the concepts and worked out past exam questions and Past RTPs alone. For FM, I studied Cash Flow and Fund Flow statements, Capital Budgeting, Working Capital Management thoroughly and studied only concepts and worked only past exam sums and RTPs for the remaining chapters. For theory in FM, It is sufficient if u use compilers alone . I got 50 in this subject also.
Taxation: I studied from T.N.Manoharan’s book. First, I finished VAT and Service Tax. 25 marks easily over. Then the recent amendments given separately in that book. Then finished Salaries, Profits and Gains from Business and Profession, Capital Gains thoroughly and for the remaining Chapters, I just read the provisions given in the book and worked out the questions given at the end of each chapter. Only thing is that this book contains some typing errors in case of some problems solved in that book otherwise, Mr. Manoharan has done a good job. Yes, I completed a hat trick by getting a 50 in this subject also.
Info. Tech and Strategic Management : I studied Flow Chart, Internet and Network Communications and DBMS thoroughly from Dinesh Madan and for the rest of the chapters in Info. Tech I studied using compilers alone. Info Tech requires a lot of memory than analytical skill cos questions are not case study type as in audit or law except Flow Chart. For Strategic Management, I used Dinesh Madan’s book only. I did only little preparations for this subject as I focused a lot on the hardcore subjects. In Strategic Management, your knowledge in English or Hindi(depends on the medium in which you are writing) matters.2% luck helped me in this subject where I passed securing just 40.(Thanks God J, else another six months for this group cos I secured only 140 in this group and took the benefit of set off as I had appeared for both groups)
Other Things I did:
1. Slept only 5 and1/2 to 6 hours a day. I used to sleep at around 11.00 to 11.30 p.m and wake up at 5:00 a.m. every morning. Studied for 8 hours on an average for last 45 days before the exam and around 12 hours during the 25 days when I got off from office.
2. For relaxation, I used to speak to my mom and my maternal grandma who showed understanding to me with regard to the stress(to do the whole course in 45 days is very stressful unless u have some person who listens to ur probs patietenly and keeps u on drive with their kind and motivating words)
3. Changed my mobile no. to stay away from my auditor and my friends. Yes, I can stay in touch with my friends after my exams gets over. (My auditor was angry with me for switching my mobile off when he wanted to contact me urgently..Grr..when I was preparing seriously for exams with the pathetic amount of leave he had given me, still he is not satisfied and wants me to help him with office work).
4.Did some deep meditation during the early morning after I got up for 20 to 30 minutes to begin my studies with a clear and calm mind. Used caclubindia for just clarifying my doubts in any particular subject alone and did not visit any forum at all cos I didn’t want to read anyone’s prob at that time and disturb my mind as well as listen to the strategy of other people and confuse myself. Visited www.icai.org for any announcements alone. (ICAI is famous for bringing some changes in the last moment. For Nov 09 exams, they had brought an amendment in the last moment announcing no choice question paper and in Nov 2010 exams, they were busy bringing changes in exam timings from forenoon to afternoon and bringing choices in exams just 1.5 months before exams)
P.S.: I am not writing this to agitate students against ICAI or any members. There are some co-operative members who are ready to understand things from the point of view of students and lend a helping hand. I am not suggesting anyone to depend on Reference books alone and throw ICAI materials in dustbin or depend on shortcuts alone . I had to finish the huge portions in lesser time and hence, had to follow this tactics. Genius students need not agree to what I say cos you will clear the exams in any situation. This is purely for average students who want to prepare and finish the exams badly in less amount of time cos of any hardships faced. For other students, who are getting good amount of leave but doesn’t know where to begin and where to finish, I hope this write up will prove useful to you all. Never lose hope under any circumstances. Never skip any attempt however bad your preparations are. Don't waste time on deciding whether to write a single or both groups or take decision based on what your friends do, Just follow your intuition. Wishing you all “All The Best” and a grand success in your CA exams. Happy Studying.
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