How to crack, pass CA foundation exam on the first attempt?
CA foundation is the first stepping stone on CA journey. The earlier CA foundation was known as CPT. New syllabus has been commenced from July 2017.
Although CPT was quite easy as compared to CA foundation. Few new subjects and topics are being introduced.
The passing criteria are same as intermediate, you have to score 40 marks in each subject and aggregate 50% in the total subject.
You can easily crack CA foundation, only you need right approach and attitude over the exam.
If you are thinking, CA foundation is hard to crack, and then it is your wrong belief. CA foundation is first stepping stone; if you compare with other levels of the CA course then it is nothing.
The first success mantra is you to believe in yourself. Whatever conditions may be.
If you are going coaching classes, I guess you coaching ends before 2 months of commencement of the exam. If you are preparing through self-study, complete your whole syllabus before 2 months, so you can revise frequently.
Whether you are going coaching or doing self-study, my personal recommendation is stick to the only ICAI material. As my personal experience, no questions are asked out of ICAI material, revise 2 -3 times and then move other reference and publication books.
I have seen students; they preferred to study from coaching institute materials, which is again a big blunder. Although coaching institute adds institute materials in their books, you always give your first preference to ICAI materials only.
As per new syllabus, there are 4 subjects.
- Principles and Practice of Accounting
- Business Laws and Business Correspondence and Reporting.
- Business Mathematics and Logical Reasoning & Statistics.
- Business Economics and Business and Commercial Knowledge.
Many students and including me, when I was given CPT, I experienced an intense fear regarding QA sections. As we have seen, mostly fails in this section. So keep in mind and prepare carefully QA. If you are from math’s background, then I suppose this section is not an issue for you. Only if you are from the non-mathmatics background like me, then go hard this section rigorously.
The total you have 4 subjects, almost in 2 subjects are MCQ based and the rest 2 are subjective based.
Accounts and business law and reporting are subjective based and economics and math’s are objective based.
This is the first time ICAI conducting the CA foundation exam. So we can’t comment how question paper will set/ although ICAI has released mock test papers on their website, visit and cross-check and prepare accordingly.
Almost, questions will be set accordingly mock test papers. Carefully watch and solve each mock exam paper.
Let analyze each paper.
Accounts, very scoring subject, you can easily get more than 50 marks, Just stick to the basics because most questions come from the simplest points which sometimes are ignored. Now, Accounts is the main subject for a C. A, so if you want to do well at higher levels of the course you should make your base from here onwards. Stick to only institute material and scanner. Don’t cover all those topics which are not in the syllabus. Work out every question from institute material back of the chapters; solve examples also, sometimes questions being asked directly from models. Revise 3 times minimum.
On examination, you will get three hours to solve the paper. There are total 6 questions, in which you have to attempt 5 questions, where a 1st question is compulsory and out 5 questions you have to attempt 4 questions. Where each question carries 20 marks.
- Law is also most scoring subjects, Another important prospect for CA foundation is the Business Law. After accounts, it is referred to as most scoring subjects. This is a new subject for most people, so try to grab the concept because many questions in the exam won’t be directly from the book. There are three laws, contract act, sales act, and companies act, partnership act. Read three times from institute material and solve the question from the back of the chapters. It covers total 60marks and business correspondence and reporting cover 40 marks.
- This is the only subject which fails a maximum number of students in CPT or CA foundation. Generally, almost 30 to 40 % will question ask in foundation quite easy and the rest of the questions are the combination of the normal and hard level of questions. If you are from maths stream, then this is the subject where you can score more than 60 marks easily. But if you’re from commerce stream and you have also not read at your school level class 11 and 12, then you have to pay costs by giving your hard work and practice to this subject. Only you need to pass this subject.
- Maths can be split into 3 portions, statistics, and mathematics, reasoning. Each section cover almost equals marks, if you are weak in maths, don’t need to study each chapter, there are some easy chapters like equations, ratios and proportions, log, compound and simple interest, permutation and combinations, AP & GP, inequalities and some easy topics of limits and functions. Form statistics read each and every chapter don’t leave any topic. Solve questions from study materials. Some chapters like probability and central measure tendency, index number, correlations and regression and theoretical distribution. Don’t skip these chapters, they carry 2 to 3 marks from every chapter and same as reasoning part.
Another easy subject for scoring after the law, even with your minimum IQ you can solve questions. Economics can be divided into 2 parts, microeconomics, and macroeconomics. In macroeconomics, but need to remember key points, dates, and events and in micro-economics, you need to learn here conceptual. Read from the institute material only; Solve questions given at the back of the chapters. A new topic being introduced here commercial knowledge, solve its questions from ICAI materials only.
Work out every question from study material. You will pass easily.
The first step in your preparation is to start understanding and learning the concepts. Start taking subjects one by one following the timetable.
Right away what should be your method of reading?
First, a quick version of the chapter should be made out. Usually, one page should not be given more than 5 minutes. Second reading should be slower, reading each topic clearly. Once the reading is done all questions given in the book should be attempted. First attempts all questions without using any answers and then check all questions at the end. You should mark your questions in a special way. I.e. The questions which were correct in the first attempt should be crossed and there is no need to attempt these questions again… all other questions which were incorrect should be done on next revision and follow the same steps of crossing the correct questions at that time. 100% syllabus must be covered in any case.
Practice questions from study material models paper and solve from previous year questions paper. Solve maximum paper from model paper and from previous year paper. Practice is the most important part of your preparation and should be given 100% focus. Use calculator shortcuts for better time management and accuracy. Referring to log table and everything is too much time-consuming. Calculator shortcuts are available online. After all, a calculator is a CA student’s best friend. Learn to use a calculator properly, anyone can do the basic functions of it. We just pushed them to the next level.
Most important thing is not to attempt that question, about which you don’t know whatsoever. It’s not necessary to attempt all questions and doesn’t think about the “probability” of the answer is right. It’s very risky to think that, due to negative marking. I know brilliant minds who failed by 5 marks or less because they attempted all answers. I say again, don’t attempt the question that you know nothing about.
That’s all it’s going to be. Best of luck.