CA Foundation 2022: The Institute of Chartered Accountants of India (ICAI) conducts examinations for CA aspirants twice every year – May/June and November/December. Each candidate aims to clear CA Foundation in their first attempt and make the cut. However, multiple distractions and poor time management can make it challenging for students to clear in one go. Nevertheless, with the right guidance, the right attitude, and relevant study material, one can easily fulfil their dream of becoming a CA.
CA Foundation exam is conducted at various levels as per the ICAI’s courses. To become a certified Chartered Accountant, aspiring candidates need to qualify all levels of ICAI examinations. This year the exam will be held on 24th, 26th, 28th and 30th June respectively. The foundation exam is a prerequisite and the first stage for those looking to pursue a career in accountancy. Post this exam, candidates need to clear the Intermediate and the Final exam.
Tips to Clear CA Foundation
As the date for the exam draws closer, here are some tips and tricks to help you get your preparation on track:
1. Study Conceptually, Avoid Rote Learning: CA exams are quite different from school examinations, especially concerning the questions asked, as students are tested on their conceptual knowledge rather than mechanical knowledge. Therefore, candidates need to have a strong command of their basics and fundamentals to pass.
2. Inquisitive and Eager Attitude: A CA aspirant must have a questioning attitude. This research-oriented attitude helps them deep-dive into concepts and not just raise questions but also find answers to those questions. This attitude helps a learner tackle the vast syllabus in the most adaptive manner. Since the questions are case study based, it becomes crucial for a learner to have a skeptical approach.
3. No Window Dressing Approach: Since CA is a professional exam, the aspirants are expected to answer questions precisely and to the point. Here the length of answers is not determined based on marks but instead based on points covered. At times, a 5-mark question may be answered in mere 2-3 lines/steps as covering the requisite points is more important.
4. Abundant Writing Practice: A CA aspirant must have ample writing practice. Whether it is practical questions of subjects like Accounting and Mathematics or theoretical answers for subjects like Law and Economics, one must solve adequate questions and practice writing multiple answers to overcome the fear of forgetfulness. Also, you must ensure you practice credentials writing a must which will ensure you do not blank out upon reading the question paper.
5. Daily MCQ Dosages: MCQ papers of Business Mathematics, Statistics, Logical Reasoning, Business Economics and Business and Commercial Knowledge comprise 100 MCQs each to be solved in 120 minutes. Therefore, a learner needs to practise several MCQs to get conversant with the actual examination.
6. Choose your Books of Basic Study: CA aspirants must select their basic books for preparation study. Selection of material should be done meticulously.
7. Study from Must-Cover Resources: Every CA Foundation aspirant must cover ICAI Study Material, Revisionary Test Papers (RTPs), Mock Test Papers (MTPs) and Previous Year’s Question Papers (PYQs). Besides this, CA students must also keep themselves updated by visiting ICAI’s website www.icai.org.
8. If you Fail to Plan – You Plan to Fail: One must draw a plan for their first-time studies, multiple revisions, tests, etc. A plan should not be very rigid; it must have some flexibility so that it doesn’t demotivate you. The goal should be periodically reviewed and updated based on the status of studies. Every CA student must prepare a 120 Days, 90 Days, 60 Days and 30 Days plan and review it periodically.
9. Test to be the Best: Testing and self-analysis are a crucial part of the overall preparation for any CA exams. One may invest hundreds and thousands of hours in studying and understanding the concepts but still become anxious during the exam because of a lack of testing and self-assessment. It is thus highly recommended that students solve at least 2-3 sample papers or mock tests before the actual examination.
10. Group Studies: A proper study group forms an essential part of a CA aspirant’s life. The right peer group will help you stay focussed as they will appreciate you on your achievements and guide you when you go wrong.
The Bottom Line
CA is one of the most sought-after careers in the country. As the exam was postponed this year due to the pandemic, aspirants must use this extra time to focus on their revision. Well planned preparation strategy goes a long way in cracking the A exams as it needs a structured approach. A rigid plan does not solve the purpose so ensure your study plan has some flexibility to keep you motivated. Additionally, do not forget to regularly check the official website of ICAI for all the necessary updates related to the exam.
(Author is CA Educator at Unacademy. Views expressed here are personal.)
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