This article relates with Cost and Management Accounting (Intermediate) examinations. However, students of other professional examinations may also find it useful and interesting.
After passing the Foundation Examination, as conducted by ICMAI, the students are enrolled into CMA Intermediate level. As it is depicted by the track records of a few prior years, there is a great variation between the success rates at the foundation and intermediate levels. There is no doubt that the curriculum and syllabi of this level is tougher and more demanding than the foundation level, still it never means that a student cannot clear the examination, provided proper and honest efforts are made.
We will take account of the subjects and the tips to succeed in the first group in this article:
a) Make a proper time-table and follow it: Every student, whether getting the first or last rank in the examinations, has only twenty four hours to start with. It means that time management becomes really important. Since I cannot make a custom timetable for everybody, I would still suggest the students to follow their strengths. It hardly matters if you study in the night or in the morning, what is important that you do study, every day without missing out. If a student takes out 12 hours from the day for sleeping and other activities like eating, bathing and stuff, he still gets 12 hours in the bank. I suppose that 3 hours per day per subject, even starting today would help the student to clear the December exam easily.
b) Get rid of the distractions: There are a number of distractions which stop a student from following a proper routine and schedule. Social networks, Whatsapp, Facebook, and unnecessary loitering around could be extremely hazardous to your chances in the exams. It seems easy to get rid of these addictions, but in reality, these things become part and parcel of your daily lives. However, you must remember that without getting rid of the distractions, one cannot concentrate on the studies completely.
c) Develop the writing practice: There are a number of students who might have knowledge about a particular subject but they still find it difficult to pass in the examination. This is because the students keep on mugging up the subject without testing their writing skills. A student must remember that the Institute of Cost and Management Accounting of India will not just test your knowledge, but also your presentation skills. You are going to be a professional; you will need to present yourself like a potential professional.
d) Stick to the basics and ICMAI Modules: Believe it or not, a good part of the papers are asked from the ICMAI modules. You should refer to books, notes, internet, and other journals for enhancing the knowledge; but even during that time, do not ignore the modules since the institute keeps them as the base to prepare the final paper.
e) Try to study all four papers during the week: I have seen this issue many times when a student tries to finish off the syllabus of a particular subject at the start of an academic session. Even though there is nothing bad in finishing off the syllabi early, still completely ignoring other subjects for the sake of a single subject is never advised. It also becomes quite monotonous and the overall efficiency of a student is significantly reduced.
f) Direct Tax: It is crucial for the student to understand that Direct Tax paper will include International Tax, which is not only simple but very scoring. Since Wealth Tax has been abolished, it will not be asked in the December attempt, thereby reducing the chances of the students to get some freebies. I would request the students to concentrate on assessment part as much as they do on the five heads of income. Business and Profession is one head which is a bit lengthy and generally skipped by the students. Try not to commit this mistake as this head will be probably the most important out of the five heads of income. Besides this, do not skip the chapters after the deductions from gross total income. There are chances that the examiner would ask at least 10% questions out of those chapters.
g) Law: It is important for a student to remember the sections of various laws applicable. Besides this, do have a habit of writing down the answers and case studies, rather than just trying to remember them.
h) Financial Accounting: The student must be aware that theory part in this paper is not unimportant. Besides completing the numerical part, a student should be ready to deal with a number of theory questions as well.
i) Cost and Financial Management: Generally, the institute provides with a very balanced paper in this subject. If the ICMAI module is properly studied, the chances of succeeding in this paper are very high.
Besides this, I would repeat what I always write in the articles. You are rewarded the marks as per your efforts and knowledge. The institute does not have any personal vendetta against any student in particular, and if you are willing to provide your best attempt, there is nothing which can stop you from succeeding.
If any student has a particular query about any subject, please feel free to message me via CAclubindia.