Wednesday, 13 June 2012

HOW TO CRACK CA FINAL EXAMS


Is it really tough to clear CA final exams?  It’s your perception that matters. If you think it is tough, then it will be, but if you say it’s not tough, then you can easily clear the exams. It is belief, which you require to clear the CA final exams.  Along with this you also require lot of willpower, determination and focus. These words assume great importance while you prepare for your final exams.

Preparation for CA final exams becomes a little easier if you have done your articleship in a very structured manner with full commitment and passion. Practical training does make your theory preparations easier, as you would have applied theory during the course of training.

While you enter the core phase in your exam leave and if you are feeling down, visualize yourself as being a Chartered Accountant. Visualize having CA prefixed to your name, the amount of opportunities you ll have once you become a CA. This in itself will inspire you to study.


During study leave, irrespective of amount of leave, give in your very best from day1. Focus, focus and focus- this is what is required.  It doesn’t mean that you have to study 24*7. No, there is nothing like that. Have a little bit of fun in between like an occasional movie, sports activities, exercise.  These activities will help you will refresh your mind and keep you mentally fit. At times by keeping your mind off from studies does a world of good.  An hour or two a day being away from study will help in relaxation of mind. Listening to music, exercise, playing sports or watching TV, occasional outing is really good for mind as it keeps you fresh as you are living the present moment and not in past or future. But when you enter towards the last month of study leave,  leisure time can be reduced to 30-45 mins a day, as time becomes very crucial.

When you prepare for the exams, prepare in such a way that you will be able to revise the entire syllabus a day before the exams. Student must have finished at least 4-5 revisions before he/she writes the exams. At the same time you must have a very clear cut strategy during those three crucial hours. That makes a huge difference in your marks. Attempt the questions which you know the best at first. Once you gain confidence, then you ll be able to do the other questions without much difficulty.

Most of you would be attending classes for various papers. Problem arises when you attend classes of more than one faculty for the same paper. This is not at all required. Attend classes of one faculty for one paper and believe in that faculty. Practice problems from the material of that faculty. At the same go through the problems and questions in the institutes module and practice manual which have not been done in class by the faculty. For havens sake, do not ignore practice manual and module. Do not do selective studies, but cover the entire syallabus. This is because questions can be asked from anywhere.  All these factors play a very important roll.

Now coming into the crux of the topic, there are 8 papers in final exam. Method of preparation for each of the papers will have to be approached differently.

Paper 1 i.e. is Financial reporting, there are 8-10 chapters in total as per the study material. Make sure you know Amalgamation, valuation and consolidation very well. These 3 chapters together will fetch you 48 marks. Know your Accounting standards very well. Accounting standards normally come for 36-40 marks. All AS are very important. Make sure you know AS thoroughly. AS 30, if you find it difficult, don’t worry, practice the questions well in the text book and practice manual. It’s all about discounting. The remaining miscellaneous chapters will cover 12-16 marks which are scoring and do not ignore those chapters. It’s simple and the entire marks will be in your pocket. While you write your exams, as a part of strategy, attempt consolidation at the end, after you attempt all the other questions, as consolidation may take around 45-60 mins. Best suggestion, if you can attempt other questions, then you can leave consolidation as a choice. Most students are not able to clear this paper as they spend too much time attending consolidation and then accuse lack of time/ say that paper is long.

Paper 2 i.e. SFM, to do well in this paper, it is very important that you know the concepts very well. Without knowing the concepts, it will be very difficult to clear the paper. Maintain a separate small book for formulas, as there are many formulas in this paper. This will be very helpful before the exam day. Study the theory very well. Many students ignore theory and attempt problem in the choice question.  Theory can be well comprehended from practice manual. By attempting theory in exam, 16 marks can be answered in a matter of 15 mins. This leaves you with a lot of time to attempt the remaining questions. Derivatives and forex are very important as normally 20-25 marks question arises from this area. Past trend indicates that questions tested in exams are practice manual based.

Paper 3 i.e. Auditing, different from paper 1 and 2 being more of theory, Professional ethics is worth 16 marks in exam and easy to score. Know the clause number well. Standards on auditing cover another 20 marks. All SAs are very important and if it can be quoted, it will help student get additional marks as it leaves an impression on the evaluator. CARO, 3CD, audit and account of company are normally asked for 20-25 marks. These chapters require lot of attention with clause number (3CD) and paragraph number (CARO). Special auditing chapters cover another 15 marks. The balance questions can be answered with the help of articleship training as answers to these questions will not be available in your study material. This is where the institute tests student’s articleship training. It could have an influence on the results of this paper. Practice manual questions are really good in this paper. Material suggested for this paper is Surbhi Bansal
.
Paper 4 i.e. Corporate law, Directors again is important as 16 marks are normally tested in this area. Accounts of company and audit of accounts cover another 16 marks.  Allied laws cover 30 marks and each and every chapter is really important as equal weight age is given to each of these.  The remaining questions can be asked from all the other chapters. Therefore 100 % coverage is very important for this paper. Practice manual and text book are good for this paper. Also Munish Bhandari material is suggested for this paper.

Paper 5 i.e. AMA, text book and practice manual are ideal for preparation for this paper. Understanding of concept is more important. With the help of concept, you can complete about 60% of the problem. Balance can be completed with practice. The more you practice in this paper with proper understanding, the better your grip will be. Most students neglect theory in this paper which constitutes 33-38 marks. Again Practice manual would be sufficient enough to study theory.  Even in QT, don’t neglect theory as it is a scoring area. 30 marks can be easily obtained in full. All chapters are important as weight age for each chapter differs from exam to exam.

Paper 6 i.e. ISCA , The institute module is more than sufficient to clear the exams. Do not refer any other books for studying. Study the module very well. A lot of time has to be spent on ISCA as it is only theory.  Revise ISCA on a regular basis. This is a paper where you will feel blank if you have not revised for more than 2 weeks in a row. Regular revision is required.  Chapter 2, 10 is important as well as others also. Chapter 5,6,7,8 is comparatively easier to study and lot of marks can be scored from this area. Study this paper with lot of effort. ICAI require more or less you to reproduce the same from material. The suggested answer also shows the same. Do not put this paper for the end. Try to enjoy it and you will learn this paper quickly. Believe in yourself that you can do well in this paper. This paper can ruin your chance to clear your CA. Realize the importance of this paper and do not underestimate it.

Paper 7 & 8 i.e Direct and Indirect taxes- both the papers are voluminous and  difficult to complete the day prior to exam.  In these papers you must be smart. Know the provisions very well and completed the entire syllabus during your leave and revise continuously.  The institute releases a case law applicable for each exam. Study those case laws very well. There is no need to know any other case law than what institute has given. Case laws related questions are normally asked for 30-35 marks in both Tax papers. It’s simple and easy to score if you have revised at least 4-5 times. The problems are asked for about 30 marks each in both papers. If you prepare well then you can easily get exemption in both the tax papers without much difficulty. Wealth tax in Direct taxes is worth another 10 marks. Study the other areas well; tax paper shouldn’t be a difficulty at all. Books suggested are TN Manoharan (DT) and Bangar (IDT).

If you have done your part and put in your best, there is no one stopping you from being a successful CA.  Everything lies in your mind. Hard work, focus, determination and the will to do it, is what matters. Go on and give in your best. Have a strategy in mind, systematic study and patience will see you through the exams.

Wishing you all the very best for all endeavors.

49 comments:

  1. Dear Sir,
    Now I feel very lucky to have read your article, it was very helpful Deepak ji. I'm also a CA Final student and my exam is in May 2014 so I was looking for an article teaching how to crack CA Final with good marks and landed on your article. It was really helpful sir, thank you very much.
    Sir it would be more kind of you if you can please provide me your contact (email/mobile or both) so that if needed I can have guidance from you.

    ReplyDelete
    Replies
    1. Sir can you suggest an SFM text book apart from Institute material

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    2. Thank u Sir for such a great advice.......

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    3. Thank you sir for your guidence about CA-FINAL Exams

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    4. dear sir
      it is very helpful & gets lots of knowledge regarding exams.
      thnk u so much

      Delete
    5. The last two lines relating to ISCA are true. It can ruin your chances of becoming CA and it did ruined my chances in Nov 13. I scored 196 in grp 1 and 202 in grp 2 bt got 36 in isca.
      If it was a 40 I could have become a CA !!

      So please dont underestimate ISCA, it may require more effort than any other subjects..

      Delete
  2. One of the best SFM book is written by SD Bala and V Pattabhi....please note it is also an ICAI recommend book !

    ReplyDelete
  3. yes...SD Bala and V Pattabhi...book is simply rock...wat a book it is...i really enjoy readin that book..

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  4. Thanks for the article sir......

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  5. sir i am a ca final student & my attempt is in may 2014. I am unable to go for coaching which really makes me feel stressed. i would like to know how can i crack the exams without taking coaching. how should i start preparing as i don't have much time left with me.

    Thanks

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  6. sir, is it required to mention the case names applicable for case law questions in dt and IDT or will the basis alone do

    ReplyDelete
  7. Simplified Approach to Direct Tax Laws (For CA Final)

    Simplified Approach to Direct Tax Laws (For CA Final) by CA. T.G. Suresh

    The 11th edition of Simplified Approach to Direct Tax Laws covers the subject of income tax and wealth tax, presented in a comprehensive yet easy-to-understand style. It is a must-have tool that would enable the students master the subject and gain expert knowledge.

    Key Features

    Applicable for the May 2013 exams and updated for Finance Act, 2012
    Solved questions of past exams based on provisions of current assessment year at the appropriate places
    Question paper to the November 2012 exam included
    Flowcharts and tables used throughout the book
    Concepts supported by worked examples
    Recent amendments and recent decisions covered in the appendix
    Key points provided for each topic discussed in a particular chapter
    Formulae and calculation methodologies given prominently

    ReplyDelete
  8. Is it possible to clear ca final 1st group in nov 2013 if I start doing self study now....or I should go far classes.

    If clearing by self study is possible ; what strategy is to be followed and which books should I refer for easy and better understanding of the subjects

    ReplyDelete
  9. you shouldn't go for coachings now. Becoz after completion of course in the coachings, you wont have enough time for revision with you. With coachings you cannot prepare well. First grp is very easy to handle. Only good study material and determination is required.
    for accounts & SFM- you analyse for yourself (wrt book and notes)
    for audit and law, you can go for Surabhi Bansal and Munish bhandari sir's book.
    And YES!! you can clear it!! It's not an acturial exam. SELF STUDY IS ALWAYS BEST.
    Thank you

    ReplyDelete
  10. Its so helpful...thanx

    ReplyDelete
  11. very nice.................regaining confidence...............................................but some what implement is difficult .........................but tried it.................nothing is impossible................

    ReplyDelete
    Replies
    1. thanks Hiral for motivate yes nothing is impossible

      Delete
  12. 3 Months of Study can clear CA finals?
    Already attended coaching.

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  13. I appeared for CA final group2 in may2013 but failed to score good marks in DT and IDT i hav prepared DT from Vinod Gupta Summary Module and IDT from Taxmann module. Now i will be appearing in Nov 2013 and this time i want to clear my exams. I have already cleared my Group 1 in May2012.please advise me how to study both taxes in efficient manner.

    ReplyDelete
    Replies
    1. SUMMARY SE KUCH NAHI HOTA RE

      Delete
  14. Thank you very much sir,

    ReplyDelete
  15. wat an article..thank u so much sir...

    ReplyDelete
  16. boss.. i have lost all my confidence as i failed in recent attempt and i am doing job also... but after reading this article i regained all my confidence and now i am again carving my weapons for november 2013 battle.... i am studying myself without coaching .... thanx for this article sir... lets have man to man with ICAI...

    ReplyDelete
  17. Nice post, I bookmark your blog because I found very good information on your blog, Thanks for sharing- more information
    http://goo.gl/tGqfRs

    ReplyDelete
  18. respected sir..can u please suggestvch txtbuk shld b rffrd for costing ?

    ReplyDelete
  19. Thank u sir...pure motivation...

    ReplyDelete
  20. If you are looking for CA, CS,ICWA classes in delhi India, Please visit us at Bhupesh Anand Classes in East Patel Nagar,cont-9873149995

    Best CA classes

    ReplyDelete
  21. Sir, after seeing the results of last exam, i was scared.. bt after reading ur article, i have found a way.. thank u..

    ReplyDelete
  22. recommend books for IDT, DT, and SFM..
    also for DT and IDT notification applicable upto what date

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  23. sir, plz suggest me a reference books for ca final all subjects....

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  24. thank you so much for valuable suggestions.

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  25. Can u tell me Highest Marks in DT CA Final November 2013, i got 74 marks is it highest?

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  26. Human can do anything, so just belief on yourself.....

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  27. very nycly summarised...too inspiring

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  28. its so inspiring..i m saving dis page as i know it vll surely help me for my examz

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  29. Sir,
    its so inspiring.. would 3 mnths be sufficient for preparation? sir ill be very grateful if u can give me study chart? should v read all the subjects daily?

    ReplyDelete
  30. What about GB Gupta for SFM? if any one has referred let me know your review on the same

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  31. Dear Sir,

    Your Article is a confidence booster.....!!!

    ReplyDelete
  32. Sir, can you suggest me a quick revision program for 30 days before exams.
    i have completed my preparation through self study. i wish to pass out the exams in first attempt of may 2014.
    thank you.

    ReplyDelete
  33. what is your opinion for appearing in a mock test being conducted by ICAI at regional branches.

    ReplyDelete
  34. My concepts are not clear in SFM. Plz suggest me that what i have to do to make them clear. I am reading through Padhuka.

    ReplyDelete
  35. Can anyone please suggest a comprehensive , clear and complete book for self study of SFM.

    ReplyDelete
  36. Can anyone suggest a comprehensive clear and complete book for self study of SFM

    ReplyDelete