How to Prepare for CA Final exams

A complete guide on how you should prepare and strategies every subject of CA Final for upcoming Nov 2015 attempt.
Since the CA Final exams are knocking on the door, every examinee must be well prepared for this much awaited period. It is the time to buck up and put in all their strengths to earn the degree. Here is
a study plan and some essential tips subject wise to prepare well for the exams.

Paper 1- Financial Reporting

• For this paper, students must have a grip on Accounting Standards (AS) because it is the most securing area in FR. Do not neglect standards like AS-4, 5,6,9,10,16,17,18,4,25,26,29. Small questions of 4 marks are generally asked from these AS. Be through on AS 22,20,28,30,31,32 and 11. Do these small AS within 10 minutes orally before starting any study or during your break to prevent them from making time consuming.
   
• For the big chapters like Holding, Amalgamation, corporate restructuring, goodwill, valuation which are of 16 marks generally, pay specific attention to concepts, i.e. keep your concepts neat and clean. Practice 1-2 sums of different types and focus on adjustments. Make small self notes on these besides your original notes for a quick revision.
   
• Most of the students find holding too lengthy and ignore this chapter finally. But believe me; this will really hurt your marks. Pay attention to the basic concepts and adjustments of this chapter. Do not ignore the various sub topics like consolidation of JV, associates etc. They are the easiest ones, if you have understood the concepts and much scoring. Questions are focussed on this area. Solve sums on your own to gain confidence.
   
• For the remaining chapters, which are very easy, i.e. Value Added Statements, Share based payments, Brand Valuations, Mutual Funds etc, prepare them very well because they are too easy to score and are asked, though they are sometimes unexpected.
  
  To sum up, the strategy is as follows,
• Start with easy topics first (like AS 26, 19 etc) and then for bigger topics like amalgamation. (first study valuation before amal.).
• After completing a bigger topic, shift yourself again to an easier topic to prevent yourself from excess stress.
• Do not ignore your core time to small topics-do them within 10 mins before starting or ending major topics.
• Solve RTP & MTP . It will help you to gain confidence.
   

Suggested reading material: C.A Praveen Sharma.

Paper 2: Strategic Financial Management
This is also a scoring paper if your concepts are really clear and if you really have a grip on the topic.Practice makes a man perfect. So, you definitely have to practice a lot, if you want to gain exemption in this paper.

• Focus on important scoring topics like Forex, Dividend policy, mergers & acquisitions, Capital budgeting  & mutual funds. Most of the questions are asked from these topics.
   
• Then move towards other topics which are important like security analysis, derivatives, portfolio.
   
• Other topics like leasing decisions, FDI etc are important, hence needs to be given importance after completion of the above topics.
   
• Do not neglect theory portion. They are asked from the chapters like FDI (Chap no 11 of PM), Derivatives.
   
• Solve the Practice Manual. It is strictly recommended because almost 60% of the questions asked in the exam are on the similar pattern and you will be at ease when you get a question which you have already seen.
   
• Develop a habit of solving sums in your rough copy to get the flow and speed in the exam.
   
• Make small notes for yourself which contains adjustments and differ from question to question. Highlight the questions which are of a different type & do not solve the same type of sums repeatedly to save your time.
• Solve RTP, MTP before exams seriously to assess yourself.
   

Note: Before discussing about Paper 3, I would first like to discuss about Paper 4.

Paper 4: Corporate & Allied Laws

• Believe me, theory is the best possible paper, where can easily secure an exemption. I too secured 88 marks in IPCC law and secured good in C.A finals too. All that you need to do is, write the answers to the point, i.e. explain the relevant provision first and then relate the question & justify the situation with the relevant provision, then conclude. This is the best way to present a theory answer.
   
• An examiner allots marks separately for all these parts of an answer. If you are not sure about the section no. The do not quote them. But, learn the important section nos.  To secure full marks. Don’t take stress to learn the section nos. You will gradually learn them while learning the provisions.
   
• One more thing- avoid mugging up; understand, then learn the important points & then explain in your own words.
• If you can’t write the answers, even though you know the provisions, then please improve your writing skills. You need to practice writing two to three
  answers every time and compare it with the actual answers. This will help you to improve your theory.

As far as the chapters are concerned, the following are the ways of preparation.

• Focus on each & every chapter to score well- esp. Company law.
• For Allied Laws: major thrust on Competition act, SCRA Act, FEMA, Banking Act, SARFAESI Act. If you can’t handle SEBI fully, at least go through the past year questions (updated answers) of this chapter. Allied Laws can be covered even by going through the practice questions  of CA Siddharath Agarwal. It covers the whole chapter in a Q/A format. But if you have enough time, then go through the main chapter as well.
• Refer PM because Questions. Are again asked from these.
• Focus on amendments/additions in the syllabus from time to time.

Suggested reading material: CA Siddharth Agarwal & PM for reference.

Paper 3: Auditing Assurance & Professional Ethics
Most of the students tend to secure poorly in this paper. But, do not panic. The study plan goes as follows.

• First of all, do professional ethics very well. Learn the clauses, sub-clauses, everything. Solve the practice ques. from the PM. Have a grip on this topic. 16-20 marks are covered in the paper.
   
• Then focus on Standards on Auditing. This is also asked substantially. Learn the SA’s name & no.s  As thoroughly as you can and go through the PM very well. One more thing about this paper , which most of us tend to neglect is preparation of Accounting Standards. Sometimes questions on AS are asked in the exams. Sometimes you need to link SA with AS too and you tend to secure very well.
   
• The manner of answering the ques. are the same as mentioned above for law. Be careful, when you quote any clause or SA no. Step wise marks are allotted here also.
   
• For remaining portion like company law, bank audit etc be through. Do not ignore them. You can expect direct questions from there too. (Be through on Company law too to link it with co. Audit).
   
• You have to obviously give specific & relevant points for your answersto pass and secure well in this subject.Be specific, not generic.

Paper 5: Advanced Management Accounting
The first & foremost requirement of this subject is to bifurcate the entire syllabus into 4 parts.

1. Operation Research
2. Standard Costing
3. Decision Making
4. Misc. Topics.
5. Theory

• OR: This paper requires through concepts on OR. 0-30 marks are covered in this paper from OR. For this, brush up your concepts & refer PM for the numerical.Do not ignore the theory portion of OR too. Nowadays, tricky questions are asked in theory, instead of any direct question.
   
• Standard Costing: Do not ignore though it is very lengthy. You can easily secure 16 marks from this topic. Go through the formulas properly & understand them instead of mugging them up and then apply it in the sum.
• Decision Making: Understand each topic well like make/buy, subcontracting , TP etc. Refer PM for different ques. ( Q’s in PM are very large in no. Hence do not sit and solve them. Go through the answers and mark those Q’s which are entirely different.)
• Misc. Topics like shut down, TQM, ABC etc are really very important, scoring  and are easy. Do them properly as possible.
• Theory: Do not ignore. It covers substantial portion (upto 30 marks). Hence, learn the imp. Theory Q’s. Focus on concepts for tricky Q’s.
• Solve RTP  & MTP.

Suggested reading material: CA Sanjay Agarwal & PM.

Paper 6: Information System Control & Audit (ISCA)
A very dangerous paper for the most. But, I would really want to state  that, it can be the easiest papers in group II, only if efforts are made by you.

• For this paper, first you need to make notes for yourself in such a way, that you can remember the main points easily. (I also prepared my notes in a Q/A format.
• Strategy for this is to study these chapters in the following manner:

Do chapter. Emerging Technologies first. Short notes and big Q’s of 8 marks are asked from this chapter.
Next do Info. Tech. Reg. Issues- very important- Q’s are surely asked from this.
Do chapter 6 ( Auditing of Info system) And Chapter 2- (Info. System Concepts).
After that, Chapter 1, 3 & 5.
Finally do Chapter 4( BCP & DRP)

• You can make a mix of easy and difficult chapters.
• Go through PM but do not ignore the topics from the book not covered in the PM.
• Revise each topic daily because you need to remember them till your exams.
• Practice writing the answers and then compare. This is the best way of improving in ISCA. Focus on key points of the answer.

Paper 7: Direct Tax Laws

• First do the amendments very thoroughly. For Nov 15 exams, you need to focus on the content as well.
   
• Study each topic or module of C.A. Vinod Gupta properly. You can do this by parallely opening the summary module & the main module. Read the detailed provision & then go through the summary module. If you understand it then for your next revision do not open the main module. Do this for all the topics.
   
• Focus on numerical of PGBP, capital gain, wealth tax (if applicable in your attempt), foreign taxation & MAT.
   
• Solve PM for numerical questions & if you can solve it properly, then mark different questions to just get a glance during revision.
   
• Before exams, go through the summary module only, amendments & important case laws and few numericals (if possible).
   
• Solve previous year questions/numerical (updated ones) & RTP & MTP.
• Revise on regular basis.

Suggested Study Material – CA Vinod Gupta & PM, amendments by ICAI (Supplementary module).

Paper 8: Indirect Tax Laws
It is one of the most scoring papers in group II after cost.The strategy goes as follows:-

• Do the amendments very well. Highly important.
• Prepare important case laws.
• Do the service tax thoroughly. It covers the major portions focus on numericals & other concepts.
• Then do numericals of central excise followed by customs & FTP (Do not ignore FTP, it’s very easy and scoring) (Valuation of both central excise & service tax are very important).
• Do the theoretical portion of central excise & customs.
• Refer PM for numericals & S.Tax & solve RTP & MTP.

Revise regularly.
Suggested reading material – PM, Bangar

I hope the chapter wise detailed strategy will help you to secure high in the exams. Go for both groups instead of one. Study on a daily basis and switch off your cell phones while studying. Study well... Good luck!