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

How to maintain concentration during CMA – India exam preparation

Becoming a Cost and Management Accountant means that you have earned a highly valued professional credential from the world’s most respected management and accounting competency organization. It puts you in a stellar league of just over 85,000 highly qualified professionals from around the globe. It almost guarantees you higher earning potential when compared to non-certified professionals.CMA professionals in India can choose from a whole spectrum of extraordinary job opportunities. Continue reading How to maintain concentration during CMA – India exam preparation