My CA Final Preparation Journey | IPCC AIR 2, Final AIR 13
About the Author: Shubham Kothari is a Chartered Accountant with CA IPCC AIR-2 and CA Final AIR 13. He is currently placed in the top-tier Consultancy firm - Boston Consulting Group (BCG). His interests include Cricket and he firmly believes that the game has inculcated numerous values in him and has played a crucial role in his academic performance. He is also a value investor and his hobbies include cooking and singing. He believes in smiling his way to success. Shubham simply adores good Bollywood music and his favorites include Arijit Singh and Kishore Kumar.
I had cleared CPT and IPCC in Nov 2014 with AIR-2. Thus began my arduous CA Final journey! Join me on my CA Final preparation adventure in the CA Final Guide!
CA Final Preparation in the 3 years of my Articleship
First Year of Articleship
My CA final attempt was due in Nov 2017 and my preparations did not begin any earlier than other CA Final candidates. I had joined a mid-sized firm in Chennai in April 2015. My batch mates had already started their preparation and had joined various classes while my mind kept repeating that maybe it was too early! After considering facts and combating confusion for days I decided not to study in my first year. I decided to devote that year to cricket and was playing the 5th division of the Tamil Nadu Cricket Association League. Matches were usually held early in the morning, so this decision dint really create any impact my articleship. Apart from cricket, I was also interested in the stock market and started investing and reading about the same. One line summary – no CA Final preparation in the 1st year.
CA Final Preparation in Second Year of Articleship
Having missed the bus on purpose in the 1st year, I had to make up for it in the 2nd year. While others were doing one class at a time, I was left with no option but to join two classes simultaneously. I joined FR (Financial Reporting) and AMA (Advanced Management Accounting) in June 2016. I preferred classes over self-study for practical subjects because I always felt that the expert teaching the subject simplifies it and if I were to study the same on my own, I would end up spending twice the time to understand the concepts. I was very attentive in the class (when you sacrifice the early morning sleep, you better pay attention) and ensured that 60% of the preparation was done in my class itself, which is the whole point of joining a coaching class. Once the classes were done in September 2016, there was a 2-month break. I ensured that 80% of the preparation was done in these 2 months for FR and AMA. The focus was more on understanding the concepts rather than solving sums from the material ICAI had provided.
The next set of classes began in December 2016 when I joined SFM (Strategic Financial Management) and DT (Direct Tax). Since I missed study in Year 1, I had to catch up on other subjects too. With 2 classes already ongoing, I decided to join Law in February 2017 too. At this stage, I had classes every day morning and evening, and articleship in between. The only reason I used to go home was to sleep. The moment I got into bed, I was almost dead! I literally felt so low at this stage that I decided to quit the Law class. That was when reality hit me hard and I realized that I had become a machine – running in cycles! My day was about getting up, going to class, then office, then again class, home, dinner, study, and sleep……..! Was there a life? No there wasn’t. My heart longed for the field. I was REALLY missing the early morning matches. I was desperate for a break but then that was a far fetched dream! And then one day it hit me that I hadn’t touched my cricket bat for almost a year! How could I stay away from the one thing I loved? The CA Final course had made me ignorant of everything beautiful I was surrounded by! Just when SFM and DT were about to get over, the registration for IDT (Indirect Tax) classes had begun and batches were starting from the very next day. Break had become a Utopian concept then!
IDT started in April 2017 and I just didn’t like the class. I quit it midway and started to prepare for the subject on my own. But then AMA and ISCA (Information Systems Control Audit) were also to be focused on! So well! I guess my summer of 2017 was planned!
CA Final Preparation Plan in Study Leave
Not sure if this was the break I was looking for! My study leave started from June 2017 and I had solid 5 months for preparation time. Wait a minute, I hadn’t seen my love for more than a year. And a cricket tournament was lined up in June and July. I made up my mind to play the tournament and my Sundays were spent for my love. Played the tournament, got the man of the series award and parted with my beloved once again, courtesy - CA Final of course! Tax, accounts, finance - all awaited my undivided attention!
The CA Final subject wise preparation plan for study leave was as follows:
- Finish 1st read of group 1 in June
- Finish 1st read of group 2 in July
- 1st revision of all 8 subjects in the next 40 days
- 2nd revision of all 8 subjects in the next 25 days
- 3rd and final revision of all 8 subjects in the next 25 days
The 1st read and the 1st revision were in the order of exams. The 2nd and 3rd revision were in the reverse order.
The number of hours I put in gradually increased. It started from around 8-10 hours a day in June and July and went on to 12-14 hours a day in the next 2 months. The engine got overused and the mileage reduced to 11 hours a day in the month of October when it mattered the most! No fuel could increase the mileage. The bedroom looked like a library decorated with heavy books.
Exam Time and CA Preparation Tips
And then came the day I had been waiting on for so long! FR exam went smoothly (though the marks-57 do not justify ‘smooth’) and that gave me momentum. The days went by quickly. And after the last exam, life became NORMAL.
Alas! FINALLY! A break!
Results
I passed with All India Rank-13! Hurray!
CA Final Preparation Strategies
- Stick to the plan. Say you have allotted 8 days for SFM, do not make it go beyond 8. That spoils the plan in the long run.
- Stick to one book. Do not compare your book with other authors. Once you have decided on a book, play the game with the same.
- Do not solve institute’s mock papers. They are not up to the exam level and hence of no use. Rather solve past exam questions. You can find free Previous Year Question Papers on Exambazaar.
- Make sure your handwriting is readable. Readable to others too!
- Do not compromise on sleep.
- Mentally prepare yourself that you only have 85 marks on average to play with in each paper. Either you will not know the answers for 15 marks or you will not have the time for 15 marks. So you need 400 out of 680 and not 800. That comes to scoring 58.8%.
- Do not spend more than 30 minutes per question in the exam.
- Make short notes for yourself!
- Have a chocolate before every exam! Preferably Kit-Kat :)
Remember,
The more you sweat in training, The less you bleed in the battle!
Cheers!
And Hey! This is me doing what I LOVE the most!
Here' are a few pictures from my CA Final Journey on Quora as well - Can-CA-aspirants-share-pictures-of-their-study-room?
Good Luck!
