How to Crack CA Final in the First Attempt – Subject Wise Approach

Cracking the CA Final in the first attempt is a challenging but achievable goal. Here are some effective strategies to help you succeed:
– Early and Consistent Preparation: Begin your preparation well in advance. Aim to start at least a year before your exams. Dedicate a fixed number of hours each day to your studies. Consistency is key to retaining information.
– Understand the Syllabus and Exam Pattern: Familiarize yourself with the entire CA Final syllabus and focus on all subjects equally. Understand the format of the exam, the types of questions asked, and the marking scheme.
– Effective Study Material: Use the study materials provided by ICAI as they are comprehensive and tailored to the exam requirements. Complement your study with recommended reference books for deeper understanding and practice.
– Time Management: Make a detailed study plan covering all subjects, with specific timelines and milestones. Identify high-weightage topics and prioritize them in your study plan.
– Regular Revisions: Regularly revise what you have studied to reinforce your learning. Make concise revision notes for quick reviews before the exams.
– Practice with Past Papers and Mock Tests: Solve past years' question papers to get an idea of the question patterns and difficulty level. Regularly take mock tests under exam conditions to build your confidence and improve time management.
– Focus on Practical Application: Focus on practical problems and case studies as they are a significant part of the CA Final exam. Understand the practical application of theoretical concepts in real-life scenarios.
– Stay Updated with Amendments: Keep yourself updated with the latest amendments in laws, accounting standards, and other relevant areas. Follow ICAI announcements and updates regularly.

Table of Contents

1. Introduction
2. CA Final Syllabus
3. Steps to be Followed
4. Subject-wise Planning
5. Conclusion

1. Introduction

Cracking CA Final Examination in the first attempt is the most crucial milestone to be achieved by a CA student in his/her journey towards a professional career as it is the last stage of CA curriculum. Final Course covers inculcation of advanced application knowledge of core and allied subjects to accountancy profession.

Remaining determined throughout the long period of study along with managing the practical training demands a great deal of planning and effective time management skills; thus making regularity in studies an essential ingredient. Accordingly, the course and its requirements must be understood thoroughly by the candidates.

The subjects of Final Course are classified into two groups (3 papers in each group) which a student can study and appear in the examination group-wise or both the groups together, exams of which are held twice a year in the month of May and November.

A detailed syllabus analysis in order to aid effective planning is presented below:

2. CA Final Syllabus

Notes:

• Passing Criteria – 40% Individual Subjects/50% Aggregate.
• All subjects – 30% MCQ/Remaining 70% Subjective.
• FR/Law/Audit/DT/IDT – 30% MCQ/Remaining 70% Subjective.
• IBS – 40% MCQs/Remaining 60% Subjective
• Recommended Approach – Both Groups together to be appeared in examination as set off of marks is possible.

3. Steps to be Followed

• Gather all resources – ICAI material, RTP, MTP, CRACKER or Past year papers.
• Strategy for first time study should be 100% coverage of all the topics and from all the resources (for e.g., ICAI module, RTP, MTP, etc.), one should never go for selective study or postpone things.
• Make a realistic plan – short-term plan including one practical and one theory subject daily.
• One should plan his/her daily routine (Hour Basis) and also keep a check on whether targets are being achieved.
• Understand the concepts in depth.
• With theory subjects make a habit of reading multiple times to have clear understanding of concepts along with memorising the text/keywords.
• Make notes for each subject individually which shall include – Tricks to remember

1. 1. Keywords
   2. Formats
   3. Formulae
   4. Sample Answers
   5. Technical Words
   6. Charts/Audio links

• Review/Revise whatever has been studied every night.
• Always prepare one book for each subject for revision.
• Always highlight the difficult areas while studying.
• One must attempt at least one mock test paper series thoroughly, by creating exam type environment, within the stipulated time frame.

4. Subject-wise Planning

1. Financial Reporting (FR)

• • FR is a practical subject and one of the most scoring subjects.
  • Best study material – ICAI Module, RTP, MTP, Past Year Papers.
  • One must group the Ind AS i.e., there are groups of Ind AS for which all basic concepts viz – exclusions, time of recognition, etc. remain the same. One should refer the index given in the ICAI Modules for the aforesaid.
  • The key to study practical chapters viz – Consolidated Financial Statement, Share-Based Payment or Financial Instrument is written practise after understanding the concepts.

2. Advanced Financial Management (SFM)

• • AFM is a practical subject and one of the most scoring subjects.
  • Best study material – ICAI Module, RTP, MTP, Past Year Papers.
  • One must always understand the concepts first and then practise as many sums as possible in writing and not orally.
  • One must mark the specific sums in the book itself, so that the same would be helpful at the time of revision.
  • Special attention must be given to the Chapter – Forex and Derivatives.
  • Mistakes committed while practising for the first time must be noted to keep a track of improvement.

3. Advanced Auditing, Assurance and Professional Ethics

• • ICAI Module is the best study material.
  • Always focus on the keywords and try to remember them instead of memorising the whole text which is practically not possible.
  • Although revision is the key in this paper but writing practise would serve a long way in improving the presentation skills along with time management in the exam.
  • At the final level, ICAI expects the aspirants to quote Section number or SA number and name wherever applicable. So, one must make a habit of making them a part of their notes.
  • All the practical aspects covered during articleship, form part of the theoretical portion in this paper which cover 20% of the syllabus.
  • Professional Ethics is an important and a scoring chapter of the syllabus. Thus, one must prepare them in entirety instead of just going through the question and answers.
  • One must refer the guidance notes and statements with every amendment issued by ICAI in auditing standards and attach it along with the final revision book.

4. Direct Tax Laws and International Taxation

• • This paper is divided into two parts – Direct Tax Laws and International Taxation.
  • Personal notes made during first reading from any source would be the best reference for this paper.
  • One must understand the provisions and their applicability and then try to remember the same by practising questions or through case laws.
  • One can gain a grip on the provisions and also presentation of answers by practising as many questions as possible.
  • Quoting the correct section is of utmost importance and the same can be memorised only by revision of the provision along with the section numbers.
  • Solving MCQs asked in the previous attempts besides the MCQs issued by ICAI on their BOS Application, would help one practice extra questions and structure his/her studies accordingly in order to fetch good marks.

5. Strategic Cost Management & Performance Evaluation

• • This paper is divided into two parts – GST (80% weightage) and Customs and FTP (20% weightage).
  • Practical experience gained during articleship is the best knowledge gathered for GST, which makes preparation of this part of the paper much easier.
  • Strategy for this paper is the same as mentioned in Direct Tax Paper i.e., personal notes are the best reference material and enough practise by understanding the provisions is the key to this paper.
  • Separate notes for various timelines and different rates of interest are very important to avoid last moment confusion.
  • In GST, clarity of the set off provisions related to Input Tax Credit (ITC) is very crucial.
  • Refund, Duty Drawback chapters under both GST and Customs are very important to be understood conceptually.

5. Conclusion

Accordingly, all the aforesaid guidelines would serve a CA student in a great way to prepare for the CA Final exams, and help him plan and utilize the time duration available with him/her for such preparation effectively towards a successful career.