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Points that must be remembered while preparing for CA IPCC CFM exam

Dwaipayan Paul 
on 19 September 2017


This article is applicable for existing IPCC students mainly. Though it applies to new students of IPCC to a great extent. As a senior to IPCC students I feel that I must share some tricks, experience, knowledge which you must know. These are discussed in following points.

1) Self study or Tuition:  It depends on individual student. Go for self study if you are comfortable with. Else join tuition. Main motive is to have a good concept and control over the subject. You may buy P.C TULSIAN book for both the subject (i.e. Cost and FM). Read the book thoroughly. All the concepts are nicely explained there. As you go through the the book, you will gain knowledge step by step, day by day. Also refer ICAI SM and PM. If any conflict arises b/w ICAI SM and P.C Tulsian book, do refer ICAI SM.

2) Concepts :  As I have already mentioned earlier, concept must be cleared. I have seen students solving sums after sums, doing it from various books, though they lack concepts. I deeply feel sorry for them. Unless and until you are clearing your concepts nothing is gonna happen. Please understand, there can be 100 sums from one concept of a chapter. It is obviously fruitful to clear  concept and do 8-10 sums from that concept instead of doing that 100 sums. Believe me friends once you have understand a concept it will become biggest asset for you and will remain forever with you, unlike something/someone which may not be always with you. So run for concepts.

3)How to study:  Again it depend upon individual student. If you are doing tuition, do what your tutor is saying. For the people doing self study, complete FM part first and then go for Costing part. Also after completing a chapter, practice sums given in SM and PM. Doing PM is must as most of the sums comes directly from it. Do RTP of last 3 terms. Mark the formulae and mug up it. You need to remember it within a second during exam time.

4) Practice:  A common question arises is how many times should the sums be practiced? Atleast 4 times, maximum 8 times. Do it again and again until you are feeling comfortable. You not only need to solve it in the exam but to solve it within due time as time is a crucial factor during the exam. During the last revision or preceding to the last revision mark those sums/particular area of sums which you feel that you need to revise it before the exam day. 

5) Theory Part: Don't run for theory separately. As most of the theory question is based on concept you will be able to do it if you are good in sums as well as concept. So read theory along with practical (i.e. concepts).It will be much beneficial. Though there are few theory chapters, read it 2-3 times 1-1.5 months before exam.

5) Before the exam day: Don't go for practicing sums before the exam day. You will end up doing few chapters only. Revise all the formulae and concepts first. Then revise those sums which you have marked absolutely important(by checking the figure in calculator and obviously by not doing it in details in copy).If there is time remaining after all these, revise those critical part which you feel low in confidence.

6) On the exam day: Time is the most crucial factor during exam. Hence you need to make sure that you can finish sums. So you need to have an excellent grip over the subject. So be aware while you are practicing at home and check time. During the first 15 minutes of exam which is given to read question only, mark out sums which you will be doing. Start with the sum which you feel most comfortable with. Try to attempt 100 marks.

7) A typical situation: Here I will sharing you a situation that arose during my exam. It was last 15-20 minutes of the exam. I took the sums on standard costing. After spending 2-3 minutes I was unable to solve ,even a single line. Now what should a smart student do there? "Ye mat socho ke mein is chapter mein bahut mehnat ki hai aur mujhe to ye sum kar ke hi jana hai". Situation, environment is much much different in exam time. So it will a wise decision to leave that sum and move on to next question. I did theory questions after wasting 2-3 minutes in standard costing. Had I never do it, my 4-5 marks would surely gone. Though I was able to score 73 and I did self study.

And do not defer your study plan. Start it from today itself. Because you never know how much time you may require to go into the dept. So start it from now. 

Wish you all the best !

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