Optimizing Your Study Strategy for CA Final Group 1 in Three Months
Preparing for the CA Final Group 1 in three months may seem daunting, but with a clear and organized strategy, it is very much achievable. Here, I share my insights and strategies based on my experience, hoping they will benefit you in your journey to cracking the final group 1 exam.
Setting the Right Mindset and Strategy
Positive thinking and a well-thought-out plan are the cornerstones of success. Three months are more than sufficient if you are willing to give your best shot at just one group. Start from now, stay honest, and make a robust study strategy. Don't just plan; ensure you implement it diligently. If you are an article holder, ask for leave days from your principal to focus on your preparation.
Conquering the Challenges of Social Media and Phone
Avoid social media and your phone as much as possible. This may be challenging, especially at the beginning, but if your mind is set on achieving your goal, you will overcome these distractions. Your focus should be on quality study time. Dedicate at least 12-14 hours a day to studies. This may seem overwhelming, but ensure you get sufficient rest after your hard work.
Every sacrifice is worth it. Practice is crucial, not just on the calculator. Write out your practical subjects along with theory subjects to clarify your concepts. Regular writing practice is highly recommended, especially for subjects like Financial Reporting and Strategic Financial Management.
Subject-Specific Strategies
Financial Reporting and Strategic Financial Management
Financial Reporting is often considered dry and lengthy. Nevertheless, it covers a significant portion of the marks. Focus on areas like Business Combination, Consolidated Financial Statements, Financial Instruments, and Share-based Payments (within IND AS 115). After these chapters, dive into Asset-based IND AS chapters, which are generally easier. Theory chapters should be a last resort or ignored if you have limited time.
Strategic Financial Management is the easiest and most scoring subject. The syllabus is less extensive compared to other subjects, and the practical sums are straightforward. Try to score exemption in SFM, as this can significantly boost your aggregate score, especially considering the challenging Audit subjects.
Master chapters like Forex Derivatives, Portfolio Management, and Mergers Acquisitions. These topics can guarantee you a high score. Additionally, do one mock test before exams to assess your preparedness.
Advanced Auditing and Professional Ethics (AdDPE)
This is a subject many CAs dread, but it's crucial for passing the final exam. Focus on chapters like Professional Ethics and Company Audit, as these are the most interesting and less daunting. Refer to another book for SA (Standards of Auditing) as this section carries around 20 marks. For Audit, stick to the ICAI module and try to rote-learn as much as possible.
Corporate and Other Laws
Corporate and Other Laws is an easy and short subject if you have a good rote memorizing power. Focus on the first three chapters related to directors and the Insolvency and Money Laundering chapter. Try to memorize the ICAI module language, as section quoting is not necessary but can impress the paper checker.
General Preparation Tips
See the syllabus as a massive ocean. It's impossible to cover 100% of it, so aim for quality over quantity. Do Review Test Papers (RTP) and Mock Test Papers (MTP). Sometimes questions are directly asked from them. Stay confident and motivated. Work hard for a short period, as time does not return. All the best!
In conclusion, with a robust strategy, consistent effort, and the right mindset, you can crack the CA Final Group 1 exam within three months. Good luck!