Study Tips for CA Final Preparation

Chartered Accountancy is one of the most promising courses. A CA qualified professional possesses unmatched job opportunities, enviable pay packages and job at a preferred location. Maybe due to that, the CA Final exam is one of the toughest exams to qualify too. Students turn apprehensive whilst thinking about joining CA courses.

Qualifying CA Final is not a herculean task. Anyone can clear the CA final exam with a planned approach and dedicated effort. We will be discussing the CA final study tips in this article. It will help you in organising the preparation and cracking the exam in the first attempt itself.

The CA final study tips elaborated here will enable you to do smart work. Smart work pays off more often than hard work. Your goal must be clear in your mind and the path towards it must be carved carefully.

Too many books, too much confusion

Referring to too many books can result in confusion. You need to ascertain the requirement and finalise books accordingly. You may tend to lose interest in the study if you start reading from so many books.

Trying to cover topics from all the books can confuse you. It may not remain in your memory even if you study from all the books. This means that a large number of books are not beneficial rather it can have an adverse effect on your CA preparation.

Understand the Priority

Questions may be repeated from some topics. The number of questions will be more from some other topics. Prioritise according to the importance of topics. Thereby, you can put up more effort on those topics.

You can refer to old question papers, mock tests by academies or apps for prioritising the topics. Expert tutors also will be of great help for deciding the priority. By studying this way, your load will be reduced substantially.

Mock Tests

Mock tests are an essential part of CA final preparation. You can attempt question papers from the subjects/ portion you have completed. Mock tests will give you an idea about your strengths, drawbacks and areas requiring improvement. Thus, you can concentrate on those areas for improvement.

Mock tests will also present you the pattern of questions. Majority of the time, the questions follow a specific pattern. Having a hold on the type and style of questions will aid you in being prepared for the final exam.

Practice Manual

The trends show that you can expect questions from Practice Manuals. You must be thorough enough in Practice Manuals. This will also be advantageous for covering the presentation part sought by The Institute of Chartered Accountants of India (ICAI).

Summarise Each Topic

Prepare a summary of each topic you have completed. It can be easy and convenient while revising the topics during the days close to the exam. Never miss the important points from the topics. You can make a note of it separately and mark it important with symbols.

You may prepare the summaries on the day you complete the topic. So that you can have the exact idea about the difficult and important sections of a particular section.

Update on Amendments

CA subjects/ syllabus are subject to amendments without any prior intimation or information. You need to be current about the subjects to know about it. It has to be included in the study materials.

Practice Questions to Strategize the Exam

Practice previous years’ question papers. Repeatedly practising old question papers will give you an insight into the question patterns. Consequently, you can organise the preparations.

It may be difficult to attend all the questions. Hence, you must strategize attending the questions. By which, you are sure to attempt maximum questions correctly. Ensure that you don’t end up answering questions wrongly in a hurry to answer maximum questions. Strategizing the exam will provide you with an upper hand with respect to other students.

Read Questions Completely/ Correctly

Do not hurry through questions. You must read questions completely to understand the exact gist of the question. Answering without reading the question correctly can result in wrong answers.

Be Confident

Lack of confidence can fail you even before you attend the exam. Remain confident during the classes, whilst preparing for the CA final exam, and on attending the exam. It is said that a confident mind can move mountains! This is just a CA final exam.
Never allow a pessimistic attitude to creep into your mind. Pessimism is the enemy of success. An optimistic and confident attitude is all that you need to perform well in the CA final exam.

Remain healthy, Physically and Mentally

This is another aspect related to what we discussed in the previous point. You must eat right and think right. Both physical and psychological health matters. A healthy mind and body, positive attitude and a confident approach are the basic essentialities for success.

Enough Revisions

We tend to forget theories and principles if we do not repeat it in our mind. Since the theories covered in CA are new to you, adequate revision is vital to keep it cemented in your brain. With this, you can answer the question without thinking too much.
Try to revise the topics at least thrice. It will be better if you can practice the question papers and revise the topics more than thrice. This is also helpful in answering more questions in less time.

Consider Professional Help

Tutors with a professional background can guide you regarding the preparations. You can ask them about the CA final study tips. With years of experience and practice, they can simply point out your mistakes and educate you with the right method to be adapted for successful CA final preparation. They may also brief you about shortcuts to remember certain difficult sections. Thus, the subject topics/ principles/ theories will remain in your brain without studying in detail.
You may follow the above-mentioned CA final study tips to qualify the exam in the first attempt. Nothing can stop a dedicated person filled with an optimistic attitude.

Face-Booked Jio

The hot news of the past few days, amid the COVID 19 pandemic, was the Acquisition of 9.9% stake in Reliance Jio, a unit of Reliance Industries Ltd (RIL), by the Social Media Giant, Facebook.

This certainly isn’t the first time Facebook has bought a stake in a company in India. Facebook owns a minority stake in an Indian social commerce company Meesho and an online education startup Unacademy.

Facebook has agreed to invest Rs 43,574 crore in Jio Platforms. This deal will help RIL to reduce debt and strengthen Facebook’s social media presence in its largest market, especially WhatsApp.

The transaction value of Jio Platforms is at Rs 4.62 lakh crore. Reliance Jio Infocomm, JioMart, Jio-Saavn and JioCinema operate under the parent company Reliance Platforms.

Mukesh Ambani on a video message the other day, said about the future plans of the Amalgamation, which opens up a huge chance for the Company’s presence into E-Commerce business through Jio-Mart. RIL and Facebook were discussing the possibility of creating a super-app by leveraging Jio’s reach and WhatsApp’s extensive presence. Jio Platforms, Reliance Retail and WhatsApp have also agreed to cross-leverage ecommerce platform JioMart and WhatsApp, to help both businesses grow.

WhatsApp being a popular social media platform now-a-days, may also be used as a support platform and experts are expecting a collaboration of both the platforms, maybe a Messenger helped shopping experience. Mr Ambani also said he’s looking forward to making over 3 crore small businessmen in India to enter into the Online trading platform.

However, WhatsApp and Jio will continue to operate as independent entities with their own business models. Both the companies will compete with each other where necessary, in accordance with the respective business models.

RIL said that the transaction is subject to regulatory and other customary approvals. Jio officials said that they are waiting for approval needed from the Competition Commission of India.

Reliance Industries is known for creating a huge market share, a kind of a Monopoly of its own, by providing services and facilities at substantially lower prices, using their advanced business strategies. They’ve done that at least twice in the telecom industry by introducing Mobile phones and plans at Rs 500 back in the early 2000s, which resulted in wide popularity of Mobiles, and lately, by introducing Jio, which made GB sized Internet consumption a daily thing. These strategies made the business tough for its competitors. The Jio-Facebook deal will be closely monitored by the anti-trust watchdog as both companies possess the private data of millions of Indians. This could give an exorbitant advantage to both the companies against rivals such as Google, Amazon or local startups, when both companies come together.

Jio launched three years ago by Mukesh Ambani, has grown at an exponential rate and is today the largest telecom company in India. About 388 million users which account to roughly half of the country’s internet mobile users use Jio. Facebook considers India as its largest market, as 328 million people use Facebook monthly and WhatsApp has around 400 million users in India.

In the year 2016, Mukesh Ambani invested around $40 billion for the purpose of launching Jio. By aggressive expansion into businesses such as e-commerce and grocery, Reliance Industries Ltd has become the biggest retail player in India.

Analysts say that, in a scenario where oil prices collapse, there exists a greater risk in the deal by RIL to sell a 20 % stake of the company to the Saudi Arabian Oil Company Saudi Aramco for $75 billion. RIL has also signed a deal to sell a stake in its telecom tower assets to Brookfield Asset Management, a Canadian private equity firm with the intention of becoming a net debt-free company.

RIL has a net group debt of Rs 1.53 lakh crore as of December 31, 2019, and the deal with Facebook will help bring down the debt. Jio could achieve the goal of becoming a net debt-free company by March 2021 with Facebook’s investment.

According to a recent report by Cisco, India is expected to have more than 900 million internet users owing to the increased availability of smartphones and internet plans that are affordable and cheaper.

CA Rajesh Menon
Chartered Accountant & Finance Professional
Logic School of Management

5 Reasons Why Become a Chartered Accountant

Chartered accountancy gained prominence, as a profession, somewhere in the 19th century. Today, it is recognised as a lucrative occupation, and regarded as a great career choice, with ample opportunities to forge ahead on the career front. Chartered Accountants are governed by the Institute of Chartered Accountant of India (ICAI), a statutory body that came into being through an Act passed by the Indian Parliament, in 1949. It is a well-defined job, with opportunities galore in the Govt, private sector, in fields pertaining to finance and business, within the country and abroad. It is a respectable and in-demand profession, which also pays well.

Anyone with Plus two can pursue chartered accountancy as their career. However, there is a catch. It is not among the easiest professions to get into. Don’t assume that studying commerce is all that you need to do. That is not true. You will need to cross a few hurdles on your way to becoming a chartered account. If you are an aspirant, be prepared to encounter fierce competition on your journey towards becoming a CA, for only a few are selected for the coveted programme.

Therefore, it is advisable to enrol in CA coaching classes, so you are at an advantage. CA training in Kerala compares to the best in the country and is designed to give you an edge over your peers. It guides, trains and prepares you to appear for the CA Foundation.

Do not allow the fear of competition deter you because the perks of being a chartered accountant far supersede the initial struggle. Yes, you have to begin early if you want to pursue your dream of becoming a Chartered Accountant. The preparation starts right after class XII, a bit challenging at first, but rewarding in the end. Let’s give you the top five reasons why becoming a Chartered Accountant is an excellent choice.

Varied job portfolios

The chartered accountancy course is not one closed subject. It readies you to deal with various facets related to commerce, which come useful as you shift job profiles. You start as an accountant, at the lowest rung of the ladder and gradually move your way up to maybe running a business.
Chartered accountants are in high demand, and opportunities are galore, in both the Govt. and the private sector. Large business houses hire their service as business advisors.

Varied Career Paths

Chartered accountancy promises you job satisfaction. It is fulfilling as an occupation, allowing you to grow professionally. Chartered accountancy can be your ticket into the ‘big.’ world of business. In today’s world, Chartered Accountants play a significant role in helping companies forge ahead and succeed. They act as Business Advisors; they may not always be in the forefront, but still an intrinsic part of strategy and planning, a critical position, in a business setting.

As business advisors, the responsibility of propelling a business to greater heights, boosting the company’s profit margins and expanding its market share and dividends rests on their shoulders. Their job as business advisors is to help business houses formulate financial strategies that improve overall growth. Over the years, the experience and skill they achieve can help them in establishing their own Chartered Accountancy firm(s).

International openings

The ICAI is recognised globally, and that means that the ICAI alumni can find overseas employment, provided of course that they fulfil the Visa and other criteria. Countries that recognise the ICAI qualification are Australia, Bahrain, Canada, Djibouti, Dubai, Ireland and the United Kingdom. ICAI qualified Chartered Accountants can work in any of these countries. The statistics available are encouraging; over 14% of ICAI alumni are working overseas. And with some nations relaxing visa rules, for migrant workers, the doors of opportunities open for a better future abroad.

Excellent salary and perks

The take-home package of a fresh Chartered Accountant can be upwards of five lakhs, depending on the organisation, its size and location. There are instances of companies offering bigger packages (read seven-figure), to young entrants. The earning potential of someone who chooses to freelance or start their own business is unlimited. This is one profession where the salary increases, exponentially, with experience.

The ICAI advantage

The ICAI is a premier institution recognised the world over. Unlike other courses, in other fields, where candidates shortlist institutions based on their ranking, it is different from the ICAI. Prospective candidates know it is ranked among the best on the international arena. Further, getting into the ICAI is no mean feat; it is an accomplishment in itself. You gain a competitive advantage that puts you ahead and helps you plan and charts your career.

However, these are the 5 Reasons Why to Become a Chartered Accountant. If you want to become a CA, then be up for the challenge. And here is where CA training in Kerala can be of help. It is a long journey, but with the right training, you can achieve your goals.

Which is the best option for your career? CA, CS or CMA

There comes a stage in life where all you need to figure out is the best career option. It is not easy to select from the various options available. Remember the time when we felt that selecting a course amongst science, humanitarian studies, and commerce, was going to be the biggest decision of our lives? Choosing a career option is even more confusing than that as it will make us the person we have had always wished to be.

Continue reading Which is the best option for your career? CA, CS or CMA

CPA vs MBA: Which One is Better For Your Career & Salary?

CPA stands for Certified Public Accountant and is governed by the American Institute of Certified Public Accountants (AICPA). It is a financial accreditation that comes with a global status and is perfect for the people looking for job options out of India. However, MBA stands for Master of Business Administration is a PG Degree that is awarded by many institutes and universities in India. Though the course MBA has been touted as your perfect entry ticket to a wonderful career that comes with fat pay cheques, things have been changing in relation to the course. The following post will be reflecting on the comprehensive comparison between MBA and CPA. Find which course comes with better job prospects and bigger salaries. You can also find a reference for the best CPA Coaching Centres in Kerala.

Continue reading CPA vs MBA: Which One is Better For Your Career & Salary?

Company Secretary Course Details | How to Become CS?

CS or Company Secretary is one of the most sought after jobs by the people that have some background in finance and accounting. Defined as a profile that is responsible for managing all the highest level financial and general planning of companies and ensuring that a company runs as per the laws, CS is one awesome JOB! However, to acquire this awesome job, you have to take and pass some really hard papers. And, if it is not enough, you have to fulfil some professional working requirements as well.

Continue reading Company Secretary Course Details | How to Become CS?

Which is better after B.Com – CMA USA or MBA

The world of career sees a myriad of opportunities in the future that will pave the way for a more integrated workforce. Though there are many new emerging domains that are absorbing people at high rates, the fact that you have to be extremely good to have a rewarding career still stays true. In the light of ‘global jobs’ people are looking for earning some global certifications and standardized courses. The studies are also not limited to the colleges; universities or schools. There are independent bodies that are members of reputed standardizing authorities for a discipline that provide various short term and long term courses. Continue reading Which is better after B.Com – CMA USA or MBA

CMA Exam Study Tips

CMA, or Certified Management Accountant, is a professional certification in the field of financial management and management accounting. This certification is used to signify that the holder has the appropriate level of knowledge and skill in the areas of financial analysis and planning, control, decision making, and support skills along with the professional ethics expected from a CMA degree holder in the industry. Though CMA is a certification which is US-based, this certification is recognized around the globe. Institute of Management Accountants is the authority which issues this certification. Continue reading CMA Exam Study Tips

Which is better CMA India or CMA USA?

CMA India or CMA USA, which of the two is better? In whose favour does the consensus tilt? Many in the field rank CMA USA higher than CMA India, but that is not to say that the latter is of a lesser value. On the contrary, CMA India is highly valued; it is just that CMA USA is seen, as a better value proposition, for many reasons.

That being said, it is important to note that CMA India and CMA USA are almost the same, with respect to knowledge and information that is acquired. However, there are certain subtle differences that give CMA USA an edge over CMA India. These have more to do with the way the exam is conducted, and not the course material. Continue reading Which is better CMA India or CMA USA?