Chartered Accountancy course is the most reputed course in the commerce field. And the journey to becoming a successful Chartered Accountant starts from the CA Foundation Examination. The journey is not easy, but it definitely a rewarding one.
What is CA Foundation?
CA Foundation is an entry level test for the CA course which has replaced the previous entry-level Common Proficiency Test (CPT). It is a combination of both Subjective and Objective test, that is at par in difficulty as the later tests of CA Course.
Eligibility Criteria for CA Foundation
To apply for CA foundation one is required to fulfil some eligibility criteria that have been pre-determined by the ICAI. To register for CA Foundation course the candidates must have completed 10th and 12th level qualifying examination carried out by any recognised examination board in India and should have registered before the required date as per the instructions that are given on the ICAI website. Furthermore, one can also skip appearing in CA foundation examination if one has completed bachelor or master’s degree in commerce with at least 55% marks or completed bachelor or master degree in a stream other than commerce with at least 60% marks.
A Brief Outline of CA Foundation Syllabus
PAPER – 1: PRINCIPLES AND PRACTICE OF ACCOUNTING (3 Hours, 100 Marks)
PAPER – 2: BUSINESS LAWS AND BUSINESS CORRESPONDENCE AND REPORTING (3 Hours, 100 Marks)
Section A: Business Laws (60 Marks)
Section B: Business Correspondence and Reporting (40 Marks)
Part – I: Communication
Part – II: Sentence Types and Word Power
Part – III: Comprehension Passages and Note Making
Part – IV: Developing Writing Skills
PAPER –3: BUSINESS MATHEMATICS, LOGICAL REASONING AND STATISTICS (2 Hours, 100 Marks)
Section A: Business Mathematics (40 Marks)
Section B: Logical Reasoning (20 Marks)
Section C: Statistics (40 Marks)
PAPER – 4: BUSINESS ECONOMICS AND BUSINESS AND COMMERCIAL KNOWLEDGE (2 Hours, 100 Marks)
Section A: Business Economics (60 Marks)
Section B: Business and Commercial Knowledge (40 Marks)
Along with these, the candidates are also required to keep themselves updated with Financial and Business news.
For detailed Syllabus visit: https://www.icai.org/post.html?post_id=13633
Exam Pattern for CA Foundation
CA foundation exam is an offline exam that is conducted twice a year. You can appear in CA foundation examination in both English and Hindi language. Each paper carries a maximum of 100 marks and the time period allowed is 3 hours or 2 hours. Paper 1 and 2 are subjective papers while paper 3 and 4 are objective papers. The objective question will have negative marking for wrong answers, 0.25 will be deducted for every wrong answer. The candidates are required to score a minimum of 40% in each subject and an aggregate of 50% in all papers to clear the CA foundation examination.
Preparation Tips for CA Foundation
Preparing for CA foundation requires a lot of effort, but nothing is impossible. The good thing about CA foundation is that it only requires you to clear a certain threshold and is not exactly a competitive examination. So you can relax and just focus on what you have to do in order to excel in this examination. Here are some easy tips you can follow to make your preparation less stressful and more efficient.
Plan your study
The first and foremost thing that you need to do is to plan your studies. You basically have four subjects to cover with numerous topics within them. Start with what topics you are going to cover in a week then tone it down to what topics you are going to cover in a day. At least keep two subjects per day or it will become tiresome and monotonous. If you are attending coaching, clear your doubts with the instructors and inquire about their plan of action and plan your studies accordingly.
Understand things well rather than learning
CA foundation does not test your learning capacity, rather it tests how thorough you are with your subjects, so try not to just mug up. Understanding the concept will not only help you in CA foundation but will actually lay the foundation for future stages, the better you understand the concept the easier it is for you to pursue CA. And remember, keep on revising.
Try to take short breaks
Don’t try to study everything in one entire sitting, take short breaks within them. Take naps, eat snacks, go out for a walk even. Read books if you want to. This will keep your mind fresh and more alert. Sitting for long hours tires your brain out and you retain less that way. Hence, to maximise your efficiency, short breaks are important.
Start with the topic which scares you most
This is the most common advice given to CA students. Since most of the candidates are from commerce background, they will be well versed with some of the topics. Enjoying this advantage they forget about the topics they are not good at, so leave your favourite already known topics for later, and start with your most feared topics. This way you will able to complete your entire syllabus.
Master the Calculator
Gone are the days where you had to count on your fingers to get your accounts balanced, ICAI allows you to bring calculators to ease your pain and save your time. Mastering the calculator saves a lot of time. Be familiar with M+, M-, G buttons. These can save you precious time in the exam.
Prepare your own notes and don’t rely on too many sources.
Prepare notes while you study. If you can do so in chart form it will do wonders during your revision at the last time that is very much required. ICAI provides materials for you to study. In case you are not comfortable with them, refer to your teacher’s note but do not rely on more than one teacher, it will only confuse you more.
Practice mock test papers and past year papers
Practice mock tests, if possible give the mock test conducted by ICAI. It will give you an idea where you are lacking and how to manage your time during the examination. Remember give these tests like you are appearing on the actual test. This will be of immense help when you will actually be appearing for the test. The reason why we always suggest candidates to do this is that despite all the hard work you have put in during your preparatory days, you won’t be able to justify the same with the ultimate results you get just because you did not practice enough. And as you must have been told by your teachers in school days, subjects like maths can be perfected through practice alone.
How to attempt
Try to answer as many objective questions as you can, as they are very scoring. As for the subjective part, build your speed up and improve your presentation. A well written, the neat answer sheet will definitely fetch you more marks.
CA foundation is just a stepping stone for a long journey ahead, work hard and crack it with flying colours.