When you have determined to set out to be a Chartered Accountant, you will be faced with the inevitable question of coaching. The first level of clearance for the CA qualification is that of the CA Foundation exam. A lot of candidates remain confused about whether or not to apply for a coaching class, while they are preparing for the Foundation exam. And so, the inevitable question – CA Foundation Without Coaching: Is it Possible?
The answer to this question is Yes. It is definitely possible. But it is also not entirely without some difficulties. Well, when it comes to admitting yourself to a coaching class for CA Foundation, there are pros as well as cons. As in any situation, there are advantages and disadvantages. That being said, let’s look at both sides of the coin.
To not take coaching classes for CA Foundation implies complete self-study for the period of four months, prior to the exam.
Self-study entails a lot of discipline, proper planning and determination. Of course, it requires hard work and consistency too, all of which you have to bring to the table yourself. In this case, there is no external factor or person who is telling you what to do, when to start studying and how to answer MTPs (Mock Test Papers). You have to be continually confident about your planning and what you have achieved after each day’s practice.
When it comes to the course material, since you have no frame of reference from a CA coaching class, be assured that the ICAI material is enough to prepare for the CA Foundation. All CA coaching notes are essentially derived from this syllabus itself.
You will need to read through and understand all the concepts thoroughly. Additionally, you will need to practice consistently and do mock tests.
Here are some steps that could help you while you self-study for CA
• Practice each and every question from the ICAI study material.
• Focus on understanding the concepts rather than just learning by rote.
• Accounts – Understanding concepts is critical. Finish your study material as well as some past years’ questions
• Law – Understand the context. Use the keywords highlighted in the study material.
• Maths, Reasoning and English – Consistent practice is crucial. In Math, practice a lot and use a timer to complete 100 questions in time.
• For Economics and Commercial Knowledge – Overall and thorough understanding is important.
Self-study is definitely considered to be one of the most trusted methods of study. You find yourself studying according to the student itself knows himself better.
However, for some students self-study doesn’t work. Some find it tough in terms of or reading or analysis skills not good enough. In such cases, coaching classes may be necessary to clear CA Foundation. CA coaching classes provide guidance, notes, lectures and conducts tests as well.
Go for coaching to clear concepts and address doubts with the teacher. This then combines self-study with coaching.