How to Start Preparation for CA-Final Exam May 2024
How to Start Preparation for CA-Final Exam may 2024
Let me congratulate you for getting just one step away from earning one of the most prestigious titles ‘Chartered Accountant. Before we begin, understand that the profession is quite noble, and with the benefits, it will give you the responsibilities. The exam season is back, and I hope you must be serving the last six months of the article ship training, which will be given to you as allowed leaves to prepare for the exams. Whenever your exam is going to happen, one thing is sure that it will be held, and you need to be well prepared for the same. Hence, stay focused and keep studying, considering the exam will happen in may 2024. This article will guide you on how you can best prepare for the CA-Final exams held in May 2024.
What to Study? - Subjects and Question Paper Format
CA-Final course is divided into two groups, and each group has four papers making eight subjects in total. Under the new scheme, MCQs are introduced in four papers with a weightage of 30%. The below table will explain which papers have objective questions and how much weightage they carry.
Division of Marks
|Paper-1||Financial Reporting (100 Marks)|
|Paper-2||Advanced Financial Management (100 Marks)|
|Paper-3||Advanced Auditing and Professional Ethics (100 Marks)|
30% Objective (MCQs)
|Paper-4||Multi- disciplinary case study with Strategic management (100 Marks)|
|Paper-5||Direct tax laws and International taxation (100 Marks)|
|Paper-6||Indirect tax laws (100 Marks)|
Please keep in mind that there is no negative marking for the MCQs. My advice to you will be to prepare well for the MCQs and practice more to secure 30 marks in the subject out of a total of 100 marks. This will help you significantly when you failed in the previous attempt to meet the aggregate criteria to pass the CA-Final level.
Also check: Some CA Final Test Series
When to Study and How to Plan for Each subject?
Until now, you must be familiar with the planning for exams subject-wise as you must have done so while preparing for the CA-Foundation and CA-Inter levels. However, CA-Final is not everyones cup of tea, and those with firm determination, dedicated efforts will make it through this level. During your internship journey, you must have understood how planning for a task before acting on the job is so essential to complete it successfully and in lesser time. Hence, it is imperial for you to plan and stick to it until you get the ‘CA prefix.
The below is the subject-wise study plan outline provided to you to base your planning. You are free to follow this or customize your own based on the plan given below. The below method will help you structure your study plan and understand how much time is left with you and how much more you can do within the given timeline. Lets quickly run through the program outlined for CA-Final students.
Practical Subjects: 4 (May include few theoretical questions, but the majority will be practical)
- Financial Reporting
- Strategic Financial Management
- Strategic Cost Management and Performance Evaluation
- Direct Tax Laws and International Tax Laws
Theory Subjects: 4 (May include a few practical application questions, but the majority will be theory)
- Corporate Laws and Economic Laws
- Advanced Auditing and Professional Ethics
- Elective Paper
- Advanced Indirect Tax Laws
No. of Hours to Study per Day: 12-14 Hours
Depending on your capability of studying all subjects or appearing only for one group or so, you should target for lesser or more hours.
Study Plan From May 15, 2021, to July 10, 2021:
Group - 1
Adv Auditing & Professional Ethics
Strategic Financial Management
Corporate and Economic Laws
Study Plan From July 11, 2021, to September 15, 2021:
Group - 2
Strategic Cost Mgmt & PE
Direct Tax & International Tax
Adv Indirect Tax Laws
Plan your studies for the Group - 2 subjects to spare one hour to revise Group - 1 topic to keep yourself on the ball.
Revise What You Studied - It Works Well
Revision of the whole syllabus is the key to get the desired result. Because when you study for the first time, you understand the concept, while the revision enables you to quickly write the correct answer when running short of time in the exam. Please see below a revision plan for both the groups before your exam in November 2021:
Revision Plan from September 16, 2021, to October 23, 2021:
Check some CA Final Test Series
Keep the Following Things in Mind to Act as Planned:
- Take alternate subjects to study, one practical and one theoretical.
- Take some time out to do things you love, e.g., listening to music, writing, playing an instrument, etc.
- Remember to cover up always if you could not follow the timetable on a previous day and always reward yourself if you successfully followed the schedule.
- Announce out loud your study plan to your family members or friends so that they can remind you if you deviate from your timetable.
Always think positively and keep studying. My wishes to you all to do the best. Stay safe.