Students who register for the CA foundation exam get four months to prepare for the exam. In this article, you will understand how to prepare for the CA Foundation in a four month study period. While preparing for the same, a perfect blend of hard and smart work is required. We will also give you smart advice that will help you to crack the first level of Chartered accountancy course, CA Foundation, in your first attempt.
It is the dream of every commerce student to become a Chartered Accountant. Chartered Accountancy is considered to be one of the toughest professional course in India and every year lakhs of students appear for the CA course. Despite so many applicants appearing for the exams every year, there are still only 2,80,000 chartered accountants in India. The Institute of Chartered Accountants of India (ICAI) is the only body authorized for conducting the CA exams in India.
This entrance examination has been named as CA Foundation and has replaced the current entry-level i.e CPT (Common Proficiency Test). CA Foundation is tougher than CPT. ICAI announces the CA Foundation exam schedule in July for the November term of examination and in January for the May term of examination. It is important to secure a minimum of 40 per cent marks in each of these papers and a minimum of 50 per cent overall aggregate in all the papers put together to clear the level one examination, hence there should be a proper strategy for CA Foundation Preparation.
Students who intend to do this course can register for the CA Foundation after completing their 12th standard from a recognized board. This is the minimum requirement for a student registering for the CA Foundation exam. Once you have registered for the CA Foundation, you get 4 months to prepare for the exam. Make sure to study properly in these four months. If you are a non-commerce student, then you will have to put in additional efforts to understand complex subjects of CA Foundation.
At the foundation level, the entire syllabus is divided into four subjects:
- Principles and Practice of Accounting.
- Business Laws and Business Correspondence and Reporting.
- Business Mathematics and Logical Reasoning and Statistics.
- Business Economics and Business and Commercial Knowledge.
10 Smart Tips to prepare for CA Foundation in 4 months
- Prepare a Time Table: This is the most basic and the most important step before starting your studies. Rather than being confused everyday thinking about what to read or where to start, make a proper study plan and follow it religiously. Choose study material and allocate proper time on every topic accordingly. Doing so will help you properly organize your studies.
- Take proper coaching: Teachers and mentors play a vital role in the success and failure of a student. So, it is crucial to have reliable study material and teachers for the CA Foundation preparation or any other CA exam preparation. Make sure to clear your doubts and understand the basic concepts during the CA foundation preparation.
- Focus on Statistics and Logical Reasoning: If you are a Non-Maths Commerce student, then you are advised to especially focus on Statistics and Logical Reasoning. Logical Reasoning consists of 20 marks and the remaining part is divided equally between Maths and Statistics. Therefore, it is crucial to focus on this subject. It is also advisable and beneficial to prepare a formula copy to jot down all the important formulas of the subject that comes in handy one day before exams.
- Make your own Revision Notes: Apart from the study material and coaching classes, prepare your own revision notes. Jot down all the important points or questions. This will help you in a quick revision during the crucial days before the examination.
- Be Pro with Calculator: ICAI has allowed students to use calculators during exams. Usage of calculator has reduced the labor work which had to be done by the students. Learning small keys like M+, M-, G etc will save your important time in the exam.
- Take Short Breaks: There is no point in studying at a stretch of 4-5 hours. If you want to study effectively then do not study continuously. Make it a point to take small breaks of at least 10-15 minutes every 2-3 hours to freshen your mind. Pick up the theory subjects in the morning as morning is considered to be the best time for the theory subjects.
- Revise Thrice: The CA Foundation syllabus is vast and needs to be revised at least three times before the exam. Plan your revision efficiently i.e revise each topic in your first revision and mark the same type of questions so that your precious time is not wasted in solving similar questions again. Try to complete one question for each type in the second amendment and mark the questions for your third amendment, which seem difficult, important and require another revision. In your final and third revisions, read the concepts and solve only those questions that you think require a further revision.
- Practice Mock Test Papers, Revision Test Papers and Past Year Papers: Solving MTPs, RTPs, and PYPs not only gives you a reality check of your preparation, but also gives you an idea of the proper time management. These practice papers are very helpful in clearing the CA exams. They make you aware of various aspects of the exam such as types of questions asked/anticipated, time management, marking scheme etc. Solving RTPs, MTPs, and past year papers enable you to confidently solve the questions with ease and instil a great amount of confidence in your CA Foundation preparation.
- Revision in the last month: Last month’s revision does wonders if done properly with self-prepared notes and study material. Don’t refer to any other study material or any other teacher notes. All your efforts and struggle will be a waste of time if you don’t revise what you have studied. Timely revision helps in a better understanding and proper retention of topics. It further helps in boosting up confidence. Therefore, keep at least one hour daily for revision.
In case you fail to clear the exam in the first attempt, you need not worry. You can prepare well and reappear for the exam, as the CA Foundation exam is held twice a year in May and November.
All the best for your exams.