Strategies and Experiences of Clearing CA Final May 2019 Using the New Syllabus
Every year, countless candidates appear for the Chartered Accountant (CA) Final examinations, aiming to clear the stringent assessment which forms a crucial part of their journey in the accounting profession. This article delves into the strategies and experiences of a candidate who successfully cleared the CA Final May 2019 examinations, opting for the new syllabus and including Risk Management as an elective subject. The candidate's journey not only provides valuable insights but also offers a real-life example of success to aspiring accountants.
How Were My Results?
My CA final May 2019 examinations were a blend of suspense and relief. Elected for the new syllabus with a focus on Risk Management, I was both excited and apprehensive about my prospects. To my immense joy, I cleared both groups on my first attempt. The results were preponed, which added an extra layer of nervousness to the anticipation. My day prior to the result announcement was one of significant uncertainty and even physical discomfort. I was unable to maintain any food, suffering from a minor anxiety attack, and lacked the energy to fully engage with the day. However, I managed to survive the day and witnessed the results at 16:30, where I saw two 'Pass' notifications. This announcement not only relieved my anxiety but also brought joy, as I did not even look at the scores. The elation of sharing the news with my reporting partner was immense, followed by the euphoria of informing my family. Despite the disbelief, the experience was overwhelming and cherished.
What Was My Study Strategy?
Much like other competitive exams, structured preparation is the key to success in the CA Final examinations. For my preparation, I adopted a systematic approach, starting with establishing an ideal study environment. I joined a library near my residence, as my home lacked the tranquility needed for concentrated study. My preparation strategy was as follows:
1. Financial Reporting (FR)
For Financial Reporting, I followed a dual approach. I began by reading the theory and solving practice sums from the Institute of Chartered Accountants of India (ICAI) material. The ICAI material is known for its clarity and provides ample illustrations to help understand concepts. To my advantage, this subject resulted in an exemption, saving me valuable time for other subjects.
2. Strategic Financial Management (SFM)
With Strategic Financial Management, I integrated class notes with the reference book by A. N. Sridhar. I focused on solving practice sums from the old syllabus manual to strengthen my understanding of the concepts. Again, this subject too resulted in an exemption.
3. Audit
Audit was a subject that required a thorough and methodical approach. I referred to the detailed notes by Aarti Lahoti, reading her entire book twice. Following the advice of Aarti, I also studied the suggested answers, module test papers (MTPs), and rated test papers (RTPs) from the current and previous two attempts. Despite it being one of my weaker subjects, I managed to secure an exemption, which is a testament to the effectiveness of my preparation.
4. Law
Law was another area where I needed to put in additional effort. I referred to the class notes provided by Amit Kharia, supplemented with legal amendments and MTPs, RTPs from the current and previous two attempts. The thorough preparation in this subject resulted in an exemption, proving the effectiveness of my strategy.
5. Costing
For Costing, I primarily used the reference book by Padhukas, followed by ICAI study material to reinforce my learning.
6. Risk Management
Risk Management posed a challenge due to less available study material. Thus, I focused on the ICAI study material and prepared my own notes. Additionally, I created an index to make it easier to find answers within the module. While I expected a higher score, the exemption in Risk Management was still a significant achievement.
7. Decision Techniques (DT) and Integrated Decision Techniques (IDT)
For DT and IDT, I followed the guidance of my professor, Prof. Nihit Jhaveri, who made complex concepts understandable. I read his detailed notes that covered the module and past papers, which were sufficient for preparation.
Earlier, I had utilized two test series from gmetestseries to refine my writing speed and assess my strengths and weaknesses more accurately.
Additional Tips and Miscellanous
Preparing for the CA Final examinations not only requires a well-thought-out study plan but also involves tactical management of external factors. Here are a few tips that worked for me:
Shutting out Social Media: 15 days before taking leave, I deleted social media to cut down distractions. However, I kept WhatsApp active, but strictly for communication and not for socializing.
Structured Breakdown of Study: I aimed to complete the first reading of two subjects before the leave began, establishing a clear timeline and breaking down my work.
Sleep Hygiene: Maintaining a regular sleep schedule was crucial, as I found it difficult to function without adequate rest.
Positive Attitude: I maintained a positive mindset and removed negative influences from my life. This helped in maintaining a healthy mental state.
Leisure Time: Allocating a half-day off once a month for recreational activities, such as watching movies or spending time with friends, provided a much-needed break from the monotony of studies.
Avoiding Comparisons: To prevent comparing studies with others, I chose to immerse myself in my work rather than getting spiraled into comparisons.
Strategic Timing: For those in relationships, consider the dynamics of your personal life. It's important to handle and discuss any relationship issues well before the leave commences.
Ultimately, the success I achieved in the CA Final May 2019 examinations, opting for the new syllabus, was the result of a well-planned and disciplined approach. My experience underscores the importance of a combined strategy of structured study, effective time management, and a positive mindset. It is a reminder that with the right focus and dedication, success is always within reach.