Tips for CA Final Students to Start Over in A Better Way
Results have been declared by the ICAI for the CA Final examinations. Congrats to all those students who became Chartered Accountant and wish you all the best who did not clear this time but going to clear next time.
We can understand what are you feeling right now. Perhaps facing failure is the most difficult part of your life but remember Failure is only the opportunity to start again, only this time more wisely.
This may be the first time or third or sixth or tenth or even more. The number of attempts could not judge your ability. There is a number of students who are facing such situation and as you know that the average result of the CA Final lies between 3-10 percent. That means in order to crack this exam you have to place your name on top 10 percent of students.
You must have met so many people who use to say that better luck next time. But let me warn you that there is no such thing called luck which can help you to pass this exam. The only way to become CA is hard work and dedication so don’t afraid to accept this fact and dedicate yourself completely towards this course.
But for now, do not rush over the books. Relax your mind and give yourself at least few days rest. Chill out with friends and then gather the study material. Forget what has happened and remember what you can do now which can make your future better.
If you are facing the humiliations from the society or yelled by your parents then take it as a challenge and prepare yourself in such a manner which will shut everyone whispering.
Here are some tips which can help you to start your studies again and this time in a better way -
Important to cover Amendments
Start again with the updated and latest material and never ever skip the amendments especially in Law and Taxation. ICAI is expecting from you to remain updated with the finance and laws. Generally, amendments have seen to cover a major part of your paper. So, prepare well for the amendments.
Cover the AS and SA first
Accounting Standards and Standards of Accounting covers a warm weightage in your paper and also dam easy to prepare so complete AS and SA as soon as possible. IND AS, carve out, carve in and IFRS are also part of Accounting Standards so prepare them thoroughly.
Case Studies are generally asked from Standards of Accounting hence practice as many case studies as you can.
Don’t Skip the case studies
There is always a question from case studies in papers like Direct Taxes and Indirect Taxes. However, it is typical to remember the names of thousands of case studies but you can go through the decision and related provision with that. Latest case studies generally seem to important for your attempt. So, prepare them thoroughly.
Don’t Skip Allied Law
A big mistake done by most of the candidates is skipping Allied Laws. In terms of syllabus Allied Law covers a big portion but when we talk about weightage of marks then Company Law covers a major part as well as it is easy and interesting compared to Allied Law.
That’s why students often skip Allied Law having such thought in mind that they can easily pass by studying only Company Law.
However, the paper is designed in such a way that at least one part of every question comes from the Allied Laws and if you leave every such type question then it leaves a negative impression on the examiner results into failure.
So, prepare company law thoroughly but don’t skip Allied Laws.
Learn with Mnemonics
Some of the subjects like ISCA needed to learn along with understanding. Many of the students scared from this subject. This may be because the time it takes to learn this subject and difficulty to recall the points in exam even after studying a lot.
Students should learn the points with mnemonics which could help in not just learning the points but also in recalling them during the exam.
Writing points is not enough, remember that you have written inner content also properly.
Complete International Taxation and GST first
The students with old syllabus are also going to face International Taxation in Direct Taxes (30 Marks) and Goods and Service Tax in Indirect Taxes in May 2018. This is new for the old students so try to complete that part first which gives you a big relief.
Write with section numbers
At the IPCC level examiner is not accepting from you to write each and every section number but when we talk about Finals then Section number is considered important. Therefore present the answers with the section number but you are confused then skip writing the section number and write the answer like, “According to the provisions of Companies Act 2013…..”
Cover the Practice Manual Questions
Never ever skip Practice Manual. It is the most important part of your syllabus especially when we talk about presentation then none of the practice manuals can be a perfect guide to start.
Papers of Advanced Management Accounting (Cost) and SFM (Strategic Financial Management) and Financial Reporting (Accounting) are mainly covering from Practice Manual.
Therefore, prepare the PM thoroughly.
Revise atleast three times
Revise at least three times before the exam. Allocate your time in such a way that results into three times revision before the exam. Complete your syllabus at least a month before the exam and smartly allocate your time for the revision.
These are some aspects where most of the students lack and which results in their failure. So, be sure that you don’t repeat such mistakes and in case you feel a lack of guidance join some good result oriented coaching institute or go for CA FInal online classes at your home.