In this article we will discuss CA Final 5 Month Preparation Plan
After successfully passing Intermediate Examination, a student enters into the last leg of the Chartered Accountancy Course i.e. CA Final Course. In this article, we suggest you the best strategy and Tips for CA final preparation for group 1 and group 2.
How to Start CA Final Preparation for 2020?
Do you know, what is expected from you in the final examination?
We want our student to realize the intensity and expectation of CA final level course before we prepare the CA final preparation plan for the five-month ahead.
It is been assumed that student eligible for CA final exams possess comprehension and knowledge skills and analysis and application skill of previous levels and mastered them during CA intermediate level. Student at this level evaluates and synthesize their knowledge, which means bringing together data into an overall conclusion and judgment is made from individual evaluations and also when summarising evidence from multiple evaluations.
Students who are thorough with the concepts and theories, won’t find much difficulty preparing for the finals exam. The practical training also helps in giving a new dimension to your perspectives, which is again a boon in acquiring evaluation skills. It.might be hard to clear final exams without coaching but it is not “IMPOSSIBLE”.’
CA Final Group 1 and Group 2 Preparation Tips
The Final Course consists of two Groups – Group 1 and Group 2.
Group 1 consists of Four Core papers and Group 2 consists of Three Core Papers along with One Elective Paper. Students at the time of registration for Final Course have to opt for one out of the six options available in the Elective Paper.
CA Final First Group 1 Preparation Tips:
The first group or group 1 study plan which includes the first four paper of the table are majorly assess through analysis and application skills, other than SFM, which will be assessed majorly by your evaluation and synthesis skills.
CA Final Group 2 Preparation Tips:
The second group includes 3 more paper assessed majorly on analysis and application skill set, where two subjects like strategic management and performance evaluation and elective paper include solving case studies of complex nature.
Table Below Shows How Your Skill is Assessed in Different Subjects of CA Final
| KNOWLEDGE | ANALYSIS AND APPLICATION | EVALUATION AND SYNTHESIS | Subjects |
| 5%-15% | 55%-85% | 15%-25% | 1)Financial reporting(A) |
| 10%-20% | 20%-40% | 50%-60% | 2)Strategic financial management(A) |
| 15%-25% | 40%-70% | 20%-30% | 3)Advanced auditing and professional ethics(A) |
| 25%-25%
30%-50% | 40%-55%
50%-70% | 30%-35% | 4)Corporate and
economic laws(A) |
| 10%-15% | 45%-55% | 35%-40% | 5)strategic cost management and performance evaluation (A) |
| 6a)Risk management(B) | |||
| 6b)Financial services and capital market(B) | |||
| 6c)International taxation(B) | |||
| 6d)Economic laws(B) | |||
| 6e)Global financial reporting standards(B) | |||
| 6f)Multidisciplinary case studies | |||
| 5%-10%
40%-50% | 55%-75%
50%-60% | 20%-35% | 7)Direct tax law and
international taxation |
| 10%-30%
20%-40% | 40%-70%
40%-70% | 20%-30%
10%-20% | 8)Indirect tax law (1 GST,
2)customs and FTP |
CA Final Preparation in 5 Months
Before preparing the study schedule for CA final we assumed
- students are on study leave for 5 months
- Possess strong basic concepts and theories.
- The student is willing to commit to an extent of 12 hours daily for study.
- The student is appearing for both groups
With above assumption, the student has ( 12 hours daily *30 days of the month * 5 months)1800 hrs to prepare against 3600 hours available, which is like 50 % of your time!!!
With 50 % of the time and 100 % of your attention, cracking this hard nut would be an easy affair. You just need to have proper planning for the coming days.
CA Final Preparation Chart
| Month | Practical study | Theoretical study |
| First month | 90 hr( 3 hrs daily for mth) | 210 hr(7 hrs daily for a month) |
| Second month | 150 hours(5 hrs daily for mth) | 180 hours(6 hrs daily for mth) |
| Third month | 270 hours(9hrs daily for mth) | 90 hours( 3 hrs daily for mth) |
| Fourth month | 270 hours( 9 hrs daily for mth) | 90 hours ( 3hrs daily for mth) |
| Fifth month | 270 hours( 9 hrs daily for mth) | 60 hours ( 2 hrs daily for mth) |
| Total hrs | 1050 hrs | 630 hrs |
Practicing practical problems and making notes of theoretical parts simultaneously will help to cover the major part of the syllabus
The first and second month should be focused on making theoretical notes along with few hours of practice section of subjects like FR and SFM.
The third and fourth month should be totally focused on solving as many practical problems and just revising the notes prepared in the first 2 months.
The fifth month should be in revising the notes and solving case studies and RTP and fetching guidance notes issued by ICAI.
Now we will discuss the different subject and their weightage in assessment and tricks for that particular subject
CA Final Subject Wise Preparation Tips for 2020
CA Final FR Preparation Tips
Paper 1 Financial Reporting- Section 2 and section 4 are the highest weightage with 30%-40% and 15%-25% respectively
Tips
Section 2 includes the Application of accounting standard and making the financial statement. Students can score by making notes and remembering all the standard thoroughly
Section 4 includes 2 chapters to be practically solved, Accounting and Reporting of financial instrument and Accounting for share-based payment
CA FINAL SFM Preparation Tips
Paper 2 SFM(Strategic Financial Management)- This subject need lot of practice and weightage is given to all section
Tips
Students should daily solve 3 questions from this chapter to cover the course along with revision
CA Final Audit Preparation Tips
Paper 3 Advanced Auditing and Professional Ethics- The weightage in this paper is also evenly distributed among its chapters. The major work done under Articleship is auditing and that the student has practically experienced the auditor’s profile, it would be easier for them to understand the theoretical portion of the paper which cover 20 % of the syllabus.
Tips
ICAI issue guidance notes and statements with every amendment in auditing standards Students should levy to these amendments and attach it to their CA Final study material.
CA Final Law Preparation tips
Paper 4 Corporate and Economic Laws- This paper is divided into two parts
First part Corporate Laws Carry 70 marks and highest weightage is given to section 1 of this paper.
Second part Economics laws carry 30 marks and weightage is given more to section 1 and 4
Tips
This is theoretical paper, and proper notes can help in scoring more with less time involved in revision.
CA Final Costing Preparation Tips
Paper 5 strategic cost management and performance evaluation- This paper is divided into 2 parts
Both parts have equal weightage of around 40 % and 20% weightage is given to case study covering the content of this paper
Tips
Only Read case studies for the first 2 months to get acquaintance with the solving pattern and then start solving other problems
CA Final Elective Paper Tips
Paper 6 is elective and have open book examination. Where students are allowed to carry books at the examination center. The students need to prepare case studies related to their paper.
CA Final DT Preparation Tips
Paper 7 Direct Tax Laws and International Taxation- This paper is divided into two parts. Both parts have a short syllabus. Weightage is given to the 1 section of the first part Direct Tax laws which is for 70 marks.
Part 2 International Taxation carries 30 marks and weightage is given to 1 chapter.
Tips
It’s one of the boring subject in personal view. It’s better to discuss topics related to the paper with friends and faculties, to learn more about it in an interesting way.
CA Final IDT preparation Tips
Paper 8 Indirect Tax Laws(100 marks)
GST first part of this paper is for 75 marks where weightage is given to Section 1 of this paper and the other part is for 25 marks , where weightage is given to section 2 of this paper
Tips
To understand GST paper it is advisable to learn about it during your practical training itself to make it easier while preparing for exams.
Keeping yourself healthy, keeping yourself hydrated
Keeping yourself positive is what will make you thrive according to your plan.
Now we told you the best CA Final preparation strategy, CA final study plan and some tips for CA Final preparation.
We wish you all the best and
Keep yourself healthy and ambitious
