The CA Foundation Course is the entry-level examination for the Chartered Accountancy (CA) course offered by the Institute of Chartered Accountants of India (ICAI). The CA Foundation exam was previously called the Common Proficiency Test (CPT).
Candidates are eligible to enrol for the CA Foundation exam after clearing Class X examinations and are eligible to appear for the exam after clearing Class XII examinations.
The CA Foundation exam is a mixture of objective and subjective questions comprising the following four papers:
Principles and Practice of Accounting.
Business Laws & Business Correspondence and Reporting.
Business Mathematics, Logical Reasoning & Statistics.
Business Economics & Business and Commercial Knowledge.
For the year 2022, the CA Foundation exams will be scheduled in the last week of June 2022 and November/December 2022 under the new framework.
The CA Foundation exam is the initial step in seeking a career as a Chartered Accountant and serves as a mandatory requirement for the clearance of the certification. After passing this exam, one must pass the intermediate and final stages.
The CA certification validates that the individual has received a certification from a statutory body and that the individual knows and understands a wide range of accounting and business areas like taxation of a business, maintaining records of investments, auditing financial information and business practises, among other things. CA’s are also eligible to provide financial advisory to businesses.
Since the certification is considered prestigious across the country, it is no surprise that it is a tough nut to crack. Therefore, we will discuss some quick tips to help you ace the CA foundation exam on the first attempt.
How to Crack the CA Foundation Tips:
1. Practise, Practise & Practise There is no such thing as too many mock exams or too many practise papers. Therefore, write as many mock exams and practise revision papers to expose yourself to an exam environment, a wide range of questions and long sittings during study sessions. Additionally, attempting to answer as many questions from the revision exam papers helps you determine your strengths and shortcomings. This will help you formulate an approach to take the exam.
2. Stick to your study materials A lot of students tend to succumb to exam pressures and try to read through materials from various publications and authors. However, that can confuse you so close to your exam or break your confidence in case the material covered is different. Therefore, you must stick to the study resources you’ve been using since the beginning of your preparation. Further, stay updated about any changes in the curriculum and make sure that you refer to the appropriate study materials for your exam.
3. Create your own schedule Schedules should always be achievable but not too relaxed. Therefore, formulating a schedule that tests your limits but also gives you enough time to pace yourself always comes in handy. Check out our blog for CMA candidates where we discuss the SMART technique to develop a schedule. Another suggestion would be to develop a schedule well ahead of your exam. That way, you could distribute all your subjects over several days, and then study for each subject depending on how you want to split your time.
4. Take breaks between study sessions While you are making your schedule, also make sure to include sufficient study breaks in it. Instead of wasting time on social media, clear your thoughts by watching a stand-up comedy or listening to music. You should nap in the afternoon to break up the monotony of long hours of studying and to give yourself some rest. It improves our focus and energy levels.
5. Keep track of important points for each subject Are we machines? No. Do we have super brains? No. Are we humans and can we possibly forget things? Of course! So don’t be alarmed if you forget some important formula or forget where you got some important exam update from. Instead, make a list of the most important points from each chapter of your reading materials or keep track by using sticky notes. Decide an approach that works best for you to ensure that you don’t lose track of things. This would also help you have a one-stop-shop for revision purposes before your exam. Things will start to fall into place as you read your notes and key points.
6. Understand your strong and weak areas As you practise more and more, you will be able to identify your strong and weak areas. Make a concerted effort to improve in your strongest subjects. If you are well-prepared in at least two topics and score 85 or higher in each subject, you can possibly obtain a rank. Also, rather than copying someone else’s study strategy, devise your own. Maintain your focus, complete the curriculum, and revise at least twice.
7. Prepare a strategy for the exam The structure of the exam gives you 15 minutes to go through the question paper. So, develop such a strategy wherein you can thoroughly use those 15 minutes to analyse the question paper. In those 15 minutes, jot down the questions you know best and try to answer them first. The rest can be completed afterwards. If you are unable to answer a question, move on to the next one.
8. Relax, Relax & Relax Keep your cool before the exam by not putting too much pressure on yourself by reading a lot at the last minute. Allow your mind to recall what you’ve already learned. Try to keep the last day as light as possible and only focus on going through the most important areas of the curriculum so your momentum doesn’t break.
We hope you find these tips useful and you are ready to crack your exam on the very first attempt – All the best!
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