How to do Self-Study for the CA (Chartered Accountancy) Exams of ICAI?

 

This plan is applicable to all the levels (Foundation, Intermediate and Final).

I created this from my own experience and after watching some YouTube videos.

Note:

·         All the MTPs, RTPs & PTPs are available on ICAI's website.

·         Read Footnotes and Annexures for knowledge only as they are NOT for EXAM.

·         You can study from wherever you want but solve ICAI study material only for both Practical and Theory subjects.

·         Conceptual clarity is must.

·         Always remember "Less is More", 60% of syllabus = 75 marks

·         Do not do selective study

How to Study?

1.    Use Section-wise Weightage from ICAI's website to plan your studies.
Do your time analysis (maintain a Time Journal of how you spent your time) and then make a Time Table.

2.    For each subject first read the INDEX and then check PAST TEST PAPERS (PTPs) and make list of topics asked. (Do this in the beginning of each Chapter)

3.    Make Clear & Tidy to the point NOTES (They help a lot in revision)

4.    For Theory, Complex or Long Topics - create summary notes also after completing them.

5.    For Theory subjects:

First Understand them and then Learn them (Revise 1hr in night and 1hr in morning)

-          In Law learn section numbers also (only those which are repeated in study material)

-          In Audit and Accounts learn Standard number and name also.

6.    Mark Important points in questions and important questions also. (Those questions which you are unable to solve or are facing difficulty in solving)

7.    Begin a New Topic/Chapter from a New page (It helps in revising) [New Page Policy]

8.    Revise Daily and create flowcharts in law, audit etc. and for Rates create Tables.

9.    Meditate in the morning and use STOPWATCH to improve concentration.

(while studying start your stopwatch and see for how long you can sit and study & then keep increasing your target).

10. Read some financial news daily (It keeps you interested, improves knowledge and enhance the level of your preparation)

11. If you've enough time solve illustrations from Pronouncements also.

How To Memorize Theory? [VSI Jaipur's Strategy]

DISCLOSURE: I've not taken any coaching classes from my CA Exams from VSI or any other institution. This knowledge is gathered from CA R.C. Sharma sir's video on VSI Jaipur's Youtube channel. 1. Keep Positive Mindset: 'Theory is interesting and easy.' [Indeed it is, if you understand it properly. ] 2. Study theory subjects when your mind is fresh. [Early Morning generally] AND When you are feeling lazy study those subjects which you feel are interesting. 3. Never take Notes/Short Notes of someone else. [Since you'll never get the context or background of the topic] 4. Read the ICAI Module and Underline Important (Key) sentences and Key words [Essence]. (It's important that you understand the context.) [Disclosure: Making Notes required time and we are short of it. So this is the best way.] 5. How To Revise? Revise those sentences and words only. Don't read the whole book again. Revise 5-6 times. [It develops photographic memory.] 6. Don't try to test yourself by closing your eyes and then remembering what you've just read. It'll break your confidence. Understand what you've just read and read again & again with that understanding. [In short: You've to keep looking at those line while revising & reading and don't take your eyes off them. Also Don't try to count the points of a specific topic with closed eyes. (Hindi: Dekh Dekh ke revise krna hai)] 7. To test yourself solve ICAI's Mock Test & Questions. 8. In the end Just Believe in Self & Keep Positive Mindset. 9. I recommend watching R.C. Sharma sir's video on VSI Jaipur's Youtube channel.

How to Revise?

Revise at least 3 or 2 times

·         1st Revision:

1.    Make Summary

2.    Solve marked questions

3.    Mark questions for 2nd Revision

4.    Omit obsolete notes and mark amendments

5.    Check PTP, RTP and solve ONE question in writing of each Theory chapter

 

·         2nd Revision:

1.    Read not Write (Read marked questions and their answers instead of solving them)

2.    Mark questions for 3rd Revision

3.    Solve MTPs (Mock Test Papers)

4.    Highlight important points in summary

5.    Focus on FORMATS given in the study material

 

·         3rd Revision:

1.    Concentrate on Difficult concepts and topics (Questions)

2.    REVISE REVISE REVISE!

 

EXAM EXAM EXAM!

Important points for answer presentation in exams.

1.    New Answer New Page Policy

2.    If any page left blank fold it and write please turnover

3.    Solve questions in series 2(a)(b)(c) etc - if you can't solve them then leave space and move on and comeback after completing rest of your exam

4.    Do not number differences

5.    Do not forget Black Pen and Admit Card

6.    Bring Calculator in all exams.

7.    Underline and Capitalize KEYWORDS

8.    Use Pencil for MCQs

9.    While making accounts draw line in end after finishing your exam (Practice is required for it)

10. After reading the question paper decide the order in which you want to solve the questions

11. In practical subjects first make the format and then do the calculations in the end (It saves time)

TIPS:

How many hours should I study each day?

Ans- As much as you can

How to deal with burnout or boredom?

Ans- Go for a walk or take a break and relax (by watching a movie, reading a book, meeting old friends etc.)

 

Motivational Quotes

"You can't go back and change the beginning, but you can start where you are and change the ending."

-C.S. Lewis

"We Generate Fears While We Sit. We Overcome Them By Action."

-Dr. Henry Link

"Many of life's failures are people who did not realize how close they were to success when they gave up."

-Thomas A. Edison