You've already come so far that you are privileged to read this article. And we know that "you will work so hard that one day your signature will be called an Audited Financial Statement." As we all know CA Intermediate Exam is held twice in a year, in the first week of May and in November.
First things first you'll have to know the fundamentals that-
What you're going to do?
How you're going to do?
So basic thing that you need to do is list down all things-
- Know the whole syllabus and have in-depth knowledge of all the topics.
- Create a concrete study plan that is neither too strict nor too lenient so that you can accommodate easily and prepare accordingly.
- Timely revision is the key to excel in CA Intermediate Exam.
- Solving Past Year papers would certainly help you in getting the real picture of your exam.
- Proper Time Management is very crucial and mandatory because you cannot waste time in topics that would not fetch you enough marks.
We talked about some general things that a CA Aspirant must do and we're pretty sure that you guys must be sweating hard to achieve that. Everyone knows how vast the Intermediate syllabus is so you need a detailed strategy for covering all the subjects without any topic left.
Before that let's look at what all subjects you have to cover-
So CA Intermediate Exam is divided into 2 groups and both the groups have different subjects. The subjects are as follows-
- Cost and Management Accounting
- Enterprise Information System And Strategic Management
- Financial Management And Economics For Finance
Students are required to obtain 40% marks in each paper and 50% marks in aggregate of all the subjects. A student can appear in either one group or both the groups at a time.
We know that it's easy but it's not even impossible to pass with flying colors. Here our professionals have shared subject-wise tips to score well and get a step closer to your ultimate goal.
SUBJECT WISE STUDY PLAN-
Accounting is all about numbers and as we all know to score in this area is comparatively higher when compared to other subjects. Update yourself with all the revised schedules and prepare your balance sheets with the same. Go for topics that have more weightage like Redemption Of Preference Shares, Shares, Debentures, etc. Secondly, cover the Accounting Standards thoroughly because it's important as well as easy.
CORPORATE AND OTHER LAWS-
It is broadly divided into two segments-
Company Laws (60 Marks)
Other Laws (40 Marks), The course is really vast and needs time. One major topic here is Mnemonics which is important and scoring as well. Keep revising laws once done. Don't just rely on Companies Law, complete each and every topic thoroughly and especially Companies Act 2013
COST AND MANAGEMENT ACCOUNTING-
Cost and Management Accounting is again a practical yet very interesting subject and you need to clear your concepts beforehand. More and more practice of this topic will cover all the doubts and problems. Always start with the theory and basic concepts so that there is no confusion while solving questions.
Taxation is divided among two sections one is Income Tax and the other one is Indirect Taxes. Here you'll have to understand each and every clause for your exam as well as Articleship. As we all know GST is also introduced and it has replaced 17 indirect taxes in India so you need to cover that all thoroughly.
Advance Accounting is all about Accounting Standards, ESOP, Buyback, Underwriting, Reorganisation Of Companies, Financial Reporting Of Banking Financial Services and Insurance and other topics as well. Begin from the Accounting Standards as they are the easiest to start and cover around 20 marks. Cover Partnership at last because these are lengthy and time taking. Practice as many questions as you can for a clear concept and fewer mistakes in exams.
AUDITING AND ASSURANCE-
This subject might give nightmares initially but if done in the right manner you can surely get through it. You don't need to score full marks as this subject is a bit tough and less scoring but you'll have to read each and every concept because this is the very basic and fundamental thing of Chartered Accountants and everyone has to perform audits. You should have a clear command over your language. Start with Standards on Auditing as they cover around 20 marks. Company Audit should be the top priority because it's easy and covers around 30 marks. Focus on your presentation as well and revise all the topics thoroughly.
ENTERPRISE INFORMATION SYSTEM AND STRATEGIC MANAGEMENT-
This subject is also equally divided into two sections that are Information Technology and the other one is Strategic Management. SM is easy whereas IT is a little bit tricky and requires more practice. So don't stick on a topic for more than a single day. Cover each and every lesson very clearly so that you don't get any topic left for the last days of your exam. Make short notes and a summary of the chapters for a quick revision.
FINANCIAL MANAGEMENT AND ECONOMICS FOR FINANCE-
This Subject is also divided into two subparts that is FM and Economics For Finance. Both the subjects are equally important and contain formula and theory both. Try to learn the derivation of formula so that you can easily revive them. Important topics are Cash flow, Fund Flow, Leverage, Capital Budgeting and thoroughly prepare sums on payback period, PI, ARR, NPV, and IRR. These are some important topics so prepare them very well.
Cover each and every topic very well. Start from topics depending on their length and your convenience.
We've covered all the subjects and their strategies but it's not a hard and fast rule that you must stick to this plan only. Remember at the end of the day you have to prepare and give the exam so plan and study accordingly.