Are you aiming for great scores in CA Final? You're in the right place!
CA Final exams are quite challenging, and achieving success requires a strategic and well-organized approach. The exams begin in early May, giving us about four months to get ready.
In CA Final Group 1, there are three subjects:
- Financial Reporting
- Advanced Financial Management
- Advanced Auditing & Professional Ethics
The first two subjects, FR & AFM, involve practical aspects, while the third, Audit, is more theoretical.
Students typically choose between two preparation plans:
- Live Classes
- Self-Study (using video lectures on Pen Drive/Google Drive)
Key Information for CA Final Exams in May 2024:
This time, there are Multiple Choice Questions (MCQs) for all three subjects - FR, AFM, and Audit.
The good part is, if you get the answer right, you get full marks. This can really boost your chances of passing and achieving a good overall score.
However, there's a challenge – there's a compulsory question with no options to choose from. So, you'll need to study that part thoroughly.
Make sure to take advantage of video classes by the best teachers. To find out who the best teachers are: Click Here
CA Final Important Links:
Important Resources for CA Final \ Ultimate Guide to the CA's Final New Syllabus
Assumptions:
We assume that you've already received coaching for at least two subjects, for example, FR and AFM, and now you're considering getting coaching for the theoretical subject, Audit.
Preparation Approach for Group 1:
Our recommendation is to focus on one theory paper and one practical paper at a time. Additionally, break down the period from January to April into four parts, and the strategy for each of these phases is outlined below:
Jan 24 - Feb 24 Plan:
It's better to pick two subjects simultaneously to stay motivated during your preparations and avoid getting bored with just one. With a dedicated 30-day period (mid-Jan to mid-Feb), any student can thoroughly practice or memorize two subjects, assuming there are no work commitments. Aim to finish around 60-70% of the subjects by mid-Feb.
Our recommendation:
Begin with Financial Reporting (FR) and Audit. FR demands thorough study and practice, while Audit is generally considered a lighter subject but is scoring. Hence, these two subjects need careful attention from students.
For FR, it's highly recommended to practice all types of problems in FR and make a note of the topics where you encounter difficulties for future preparation.
For Audit, focus on memorizing and writing down headings for all answers, with special attention to Standards of Auditing, as the paper often features substantial questions from this section.
Plan for February 2024:
Now, focus on the AFM paper to ensure you finish your entire syllabus by the end of March. Follow the same approach for these two subjects and aim to complete 60-70% of the syllabus by mid-March.
Our suggestion:
If you haven't received coaching for audit and plan to use videos for it, February is the right time to purchase them. Assuming you've already taken coaching for AFM, now is the perfect time to reinforce your understanding by practicing problems. The goal is to cover around 60-70% of the syllabus for both subjects by mid-February.
Plan for March 2024:
During this period, you can easily cover the remaining 30-40% of all subjects. Once you've comprehensively covered the full syllabus of all subjects by the end of March, you'll feel confident about scoring well in your final exams. For those who opted for self-study, consider Fast Track Videos by Top Faculties based on your preparation level during this time.
Key Points for Independent Study:
Here are some simple steps for effective self-study:
- Read and note down the important points chapter-wise.
- Use the Practice Manual, Revision Test Papers, and Past Year Papers for practice. Aim to complete all the relevant questions mentioned.
- Time management is crucial in CA Finals. Practice answering questions within a time limit to avoid running out of time during exams.
- Solve mock papers to simulate exam conditions.
- Understand the marks' weightage for each topic and plan your study time accordingly.
- Above all, get started with your studies!
Plan for April 2024 [Final Two Weeks Before Exams]:
- Start by practicing the critical topics that are important for the exams. It's not a good idea to skip any topic, as each one holds a significant weightage of 10-14%, which shouldn't be overlooked.
- Ensure a thorough revision of all topics and create notes for Exam Day Revision. This revision right before the CA Finals is crucial. It's vital to quickly go through almost all the topics the day before the exams.
To make this easier, prepare concise one-page notes for each topic. These will be sufficient for a quick review instead of dealing with bulky books on the exam day.
As you approach the final day before your examination, just review the important points and ensure you get a good night's sleep!
Key Points to Remember:
Here are some easy-to-follow tips:
- Practice writing regularly.
- Focus on learning point headings and jot them down.
- Participate in mock exams provided by ICAI and various instructors.
- Solve Multiple Choice Questions (MCQs) for FR, AFM, and Audit (30 marks each).
- Use the Mnemonics technique to remember headings, especially for Audit.
- Take notes and mark any doubts while watching lectures.
- If you stick to this plan, you might achieve exemption [60+] in Audit. This time, with the introduction of 30 marks MCQs in Practical papers, there's a chance to score full marks in this section and also perform well in FR & AFM.
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