So you have passed two big hurdles — CPT & IPC and are now preparing to fight CA Final. Let me warn you before you go ahead further that CA Final is not in any way like CPT or IPC. You have to be very disciplined and pre-planned to clear CA Final in first attempt.
Illustrative difference in CA CPT, CA IPC and CA Final (this will help you in understanding it better)
CPT IPC Final
Be ware of dragon 🙂
The only point above pictures help in making is the difference in difficulty levels from CPT to IPC to Final. This point is also clarified by general passing % in these three exams:
CPT – 30%
IPC – 15 %
Final – 8 % (this was 3% in the Nov 2013 exams)
You can read this post on how to register for CA Final
CA Final Exam
CA Final exam takes a much more practical approach as compared to CA IPC, so to do good in examination you should do a lot of work in your articleship. Those who are going through dummy route, be warned that it is really not going to help you, neither for you exams and nor for you jobs. There are 8 subjects in two groups:
Group I
Paper 1: Financial Reporting
Paper 2: Strategic Financial Management
Paper 3: Advanced Auditing and Professional Ethics
Paper 4: Corporate and Allied Laws
Group II
Paper 5: Advanced Management Accounting
Paper 6: Information Systems Control and Audit
Paper 7: Direct Tax Laws
Paper 8: Indirect Tax Laws
Single Group or Both Groups?
A very important question before you start your preparation is whether to appear for one group or both in a single attempt.
Usually you get 4 to 6 months of leave from your articleship in first attempt. So if we consider this time only, then it is not sufficient to prepare even for 1 group. You have to start your studies as soon you pass your CA IPC exams. Now depending on your preparation before taking the exam leave, you can decide that you should take one group or both.
You may use following suggestive indicators to decided this:
1. If you have completed your first reading of all subjects and taken coaching for practical subjects before exam leave;
and
2. Cleared IPC both groups in first or second attempt.
then you should give a try for both groups. It doesn’t mean that those who could not do well, in CA IPC would not be able to do CA Final both groups; f you are determinant that you can work really hard, you should go ahead and appear for both groups.
Self Study or Coaching Classes
This is another important decision required for a successful study plan.
Self study is generally good for those students, who are not very used to taking classes or who like to understand things by understanding themselves. However self study for all subjects is not advisable and on the other side class for all subjects is also not advisable..
Important subjects for Classes:
1. Financial Reporting
2. Strategic Financial Management
3. Advanced Management Accounting
4. Direct Tax
5. Indirect Tax
Other subjects are theoretical and are easy to understand by self study as well. You should focus on subjects like audit and law during your articleship and try to relate it with practical work.
You should try to complete all classes before taking exam leave, so should choose a articleship place where you can get some time for classes as well.
Important: Students targeting both groups in should not take classes for all 8 subjects as each class consumes a lot of time and makes it difficult to take all classes during articleship.
How many classes should be taken in at a time
Maximum 2 classes should be taken at a time as more than 2 classes will not leave any time for revision. These two classes should be on alternate days, so that in a day you will have only one class. This will leave you some time for revision as well.
Which is the Best Coaching Class?
There is no correct answer for this question.
You should decide your class on the basis of student reviews and past results. Do remember classes with max. no. of students teaching in auditorium are not always best.
Make a informed decision after carefully researching the available options and your timing. No teacher can give you a magic pill, which will help you in clearing the exam, after all it is you who has to work hard for clearing the exams.
Books to Refer
Though study material issued by ICAI should be considered as a boundary line for course coverage, but students considering self study may refer other books as well.
If you are taking coaching classes, then refer material provided there. In any case do not refer more than one book for concept.
Preparation Guidelines
Smart working or Hard working
Since time available for studies is no unlimited, you should do analysis of past trends and accordingly cover 80% of the topics from which 95% of exam questions are covered. You can do this with the help of trend analysis of past year papers. ICAI gives a trend analysis in its compilations, you can refer that.
Share to download ICAI trend analysis of all papers of CA Final
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First step in your preparation is to start understanding and learning the concepts.
Now what should be your method of studying?
- First a fast reading of the chapter should be done.. usually one page should not be given more than 5 minutes. Even if you are taking classes, try to take first reading your self, this will help in better clarification of concepts.
- Second reading should be slower, understanding each topic clearly.
- Once the reading is done all questions given in the book should be attempted. First attempt all questions without using any answers and then check all questions at the end
- You should mark your questions in a special way..i.e. the questions which were correct in the first attempt should be crossed and there is no need to attempt these questions again…all other questions which were incorrect should be done on next revision and follow the same steps of crossing the correct questions at that time.
First Reading of each subject should be completed in 20-25 days.
Revise
Revision is a very important part for achieving success in any exam. You remember only 20% of what you read after 24 hours, so multiple quick revisions are very necessary.
Do not forget to study compilations of ICAI. These are compilation of previous year questions and are very helpful. More than 70% of the paper comes from compilations.
Practice
Practice is the most important part of your preparation and should be given 100% focus. Once you have completed your first revision of all subjects, its time to take mock test.. mock test help a lot in preparing you for exam day and also highlight your weak areas.
Read this post on why mock tests are important and this post where CA Final topper tells how mock tests helped her.
How many hours of study
Well during articleship you will not get much time, so should keep yourself engaged by way of coaching classes and try to give one or two hours in revising what is taught in class. On weekends you should try to give 5-7 hours of study to a subject for which you are not planning to take coaching classes.
During your exam leave, you should fix a time table and try to give at least 12-14 hours daily. You should have breaks once in a while and go out for movies or fun.
A suggestive time table can be:
6.45 : Wake-up
7.30 – 9.30 : Study
9.30 – 10.30 : Breakfast and routine activities
10.30 – 13.30 : Study
13.30 – 14.30 : Lunch
14.30 – 17.30 : Study
17.30 – 19.00 : Tea, watch TVor catch up with friends
19.00 – 20.30 : Study
20.30.- 21.30 : Dinner, TV, take a walk
21.30 to 23.00 : Study
23.00 : Go to bed !
This is only to tell you that it is important to take breaks in between the study time so that your mind is fresh. Generally you should keep at least two subjects for study in a full day.
If you get up late, then you can adjust the time table accordingly.
Don’t forget to get some coffee, if you feel sleepy, it really helps 🙂
Importance of Self Prepared Notes
Syllabus in CA Final is very extensive and it is difficult to revise from book every time. So it is very important that you start preparing notes on your first reading itself. This may sound like a lot of work but it will then reduce a lot lot of your work at the time of revision.
Study Group
Forming a study group helps in discussing queries and getting a better understanding of the subject. If you have friends taking CA CPT exam then you can form a study group with them or else you join an online forum for forming a discussion Group.
If you have any questions or experience to share, write in your comments.
View Comments (136)
Hi Prabhat,
I hope the mock test facility for CA Final students is available at your centre as I am planning to give them.
Also wud it be better to try for 4+1 as in 4 subjects of Group 2 and 1 (SFM) of group 1 for May 14 considering the following:
A. this is my second attempt
B. my second group total this tym was 197 and I am more comfortable with it.
C. SFM is a strong subject of mine. Weak in FR & Audit
Rgds
Nikhil
Hi Nikhil,
We have stopped providing the mock test series at our center as not a lot of students come for taking the test. However you can take mock test yourself at home using mock test series issued by ICAI.
https://www.pace2race.com/ca-final-icai-model-test-papers-nov-2013/
Then you can send the scanned copies to us and we will check and give you the feedback for free.
You can try 4+1 as you already got 197 in 1 group.
Sir can you refer me a full-time CA final classes institute in Delhi.
I mean to say that any institute which provides both groups classes under the same roof and without their clashes of time.
Thanks Sir , Thank You Very Much for the guidelines
Surely it will help me in preparations of my exams....
Sir,
Giving one group of CA Final Exam at a time would still be counted as a single attempt or two attempts?
it is still considered as single attempt
My attempt is in May 2016 and right now i am just done with FR AND SFM coachings. i m looking for appearing only one group .. but my question is in campus placement there is no such option of one group at one time .. campus placement always pick up as "second attempt" if you have given single group at one time . please resolve my query and guide me in right direction.
Clearing one group in each attempt is vaguely considered as first attempt only in industry. Campus form may not have an option for this, but you can write as 'each group in first attempt'.
I am appearing for CA finals in November 2014 which is my first attempt but i am planning to give only one group at a time. So i just wanted to ask whether giving one group at a time will be considered as one single attempt or two attempts? Accordingly i need to plan for the same. Your advice is essential.Thanking you.
As mentioned if you pass each group in one attempt, it would be considered as single attempt
Hello sir,
I missed CPT rank with just 2 marks and I finished both groups of IPCC in first attempt.I am currently doing my articleship in PwC Bangalore.My attempt is in May 2017 and today is 6th jan 2015 that means I have 2 1/2 yrs more,therefore kindly recommend a DETAILED PLAN/SCHEDULE to prepare for both the groups in CA Final with which I will be most benefited and will strictly adhere to it.Do we have to start preparing for the CA Final from the day 1 of articleship?
Yes you should start studying from day 1 of articleship, but it is easier said then done. So your target should be that you complete all coaching classes at least 6 months before your attempt. For the subjects you are not taking classes, atleast one reading should be completed in the same time. So when you take your exam leaves you should not be surprised with syllabus.
Thankuuuu soooo muchhh Sir for ur Guidlines...
Hello Sir,
My Ca Final Attempt is in May 2016, It is Being Said that the syllabus Would Undergo many changes by that Attempt. In First Group Expectations are of IFRS coming up, in Second Group introduction of GST. Apart From this there are also news of new subject INTERNATIONAL TAXATION to get introduced as a additional subject. I talked to few coaching class teachers and they insisted me to give only one group as may 16 will be the worst time to appear for both group.I desire to give both Groups together but Do not Want to end up taking unwise decision out of mere desire.I want to know will it be wise if i will give both groups in may 2016, or should i give only one group. Your Opinion will be of big help. the second doubt i have is, if i read company law and Audit now will that be helpful for my Attempt as their is addition before every attempt of company law 2013 and its Respective effects on company Audit .
this is my past Academic Records for suggesting me if i Should go For Both Groups or not
SSC-89%, HSC-84%,CPT-146(1st Attempt), IPCC G-1 - 203 (1st attempt), IPCC G-2 -153 (3rd Attempt)
Looking at your IPCC result, you may need a bit of introspection and understand why it took 3rd attempt there. Final is much more difficult and stressful than IPCC and hence would require much more effort than what you put in IPCC. Talking about changes, that should not be a worry.. according to me first time exam after changes are easy and everyone is not equally prepared so goes in your favor if you are prepared.
For law and audit changes/additions is not a worry but you can prepare for other subjects by the time so you can prepare for these two subjects sometime around july / aug.
DEAR SIR,
I have cleared CA FINAL GROUP 2 Exams in NOV 2014 in 1st Attempt with 215 marks, i appeared for single group in NOV 2014.
Having regard to my Group 1 preprations and Articleship which wil end on 30th april im in no Position to appear for GROUP 1 exams in MAy 2015, So i hav not filled Exam Form for the same till now.
Plz Suggest me if i appear In Nov 2015 exam and clear it in ONE GO, how many attempts i wil be callled for clearing CA FINALS?
PLZ SUGGEST ME ASAP >>>>
Though it is advisable to give exam in may attempt, but if you are not prepared at all then you should give nov. attempt. You can still call it as first attempt if you clear it in nov exams.
Nice,
My Ca Final Attempt is due on Nov-16, and my office time is 10.30am to 5.30 pm. No classess taken by me yet..please suggest me about prepration
You should try to take classes for subjects you want by Aug and also start preparing for other subjects on the side. Your goal should be to complete one reading by August.
Sir I hv completed article ship. Ca final attempt in nov 15. Currently I am doing coaching for fr, sfm and cost. Cost will be Done till march n will join qt and isca. In all this 5 will be done till 31st may. Law i hv started self from module. I will complete till may audit n law one reading from module through self. I hv few ques...1. Law n audit sufficient from module n pm? 2. How to make notes? It shld be just for our understanding or shld I write down everything. . Like define audit.. in that scope objective n all?? 3 I heard from many that dt n idt shld be done earlier because it is vast. So shld I dont do qt n isca now n do dt or idt first? Or it can b done from june first week till aug? Any complications? At the end I hv to decide how to revise n all? 4. Revision can be done in 3 months? 5 is test series necessary? 6. How to revise theory n practical in particular way...if ny? Thank you :)
Try to finish first reading at least 4 months in advance and post that at least 2 revisions are required. Test series are very important and will help you a lot.