ICAI Crucial Update to INCREASE your CA FINAL Sep' 25 Score - Take Maximum Benefit #cafinal

Summary

This video provides essential strategies and insights for CA exam preparation, focusing on Group 1 subjects like FR, AFM, and Audit. Key tips include understanding ICAI's expectations, avoiding common student mistakes, and mastering time management. It emphasizes the importance of using correct terminology, reading questions carefully, and practicing case-based questions. Students are advised to focus on high-weightage chapters, regularly revise, and use structured resources like workshops and test series. Success stories of students who followed these strategies demonstrate how smart study techniques can lead to improved exam performance.

Takeaways

• 😀 Focus on key terminologies in theoretical subjects, especially in FR and Ind AS, as ICAI deducts marks for incorrect terminology usage.
• 😀 Avoid answering differently from the question requirements; always read the question carefully to provide the correct answer.
• 😀 Time management is crucial, particularly for lengthy subjects like FR and Audit. Practice with tests to improve time efficiency.
• 😀 In FR, ensure you draw balance sheets as per Schedule 3 and provide reasoning for each treatment or adjustment.
• 😀 Use proper language, section numbers, and clauses in Audit answers to get extra marks. Interlink facts with provisions for higher marks.
• 😀 Don't ignore theory in practical subjects like AFM. Theory can save you marks, so focus on it to avoid mistakes and increase your score.
• 😀 Pay attention to instructions in the AFM paper (e.g., currency values, decimal points, and time periods). Mistakes in these lead to major errors.
• 😀 In AFM, practice neglected chapters like security valuation, forex, derivatives, and mergers & acquisitions, as questions come from these topics.
• 😀 Regularly revise selected chapters and take mock tests. Focus on high-weightage topics and practice case-based questions to improve interpretation skills.
• 😀 In Audit, avoid writing generic answers; instead, focus on case-based questions and avoid misinterpretation of questions for better accuracy.
• 😀 Utilize structured study plans, like those suggested by Rucha Ma’am, focusing on key chapters and regular test-taking, to manage time and improve scores.

Q & A

What common issue did students face when reviewing their answer sheets after the last examination?

Students observed that despite their answers being correct, they were awarded zero marks. Many students expected higher scores, such as 60+, but received only around 25-30 marks. A significant number reported that even with correct journal entries, missing specific terminology led to mark deductions.

How can students benefit from the ICAI's subject-specific webinars?

ICAI's webinars provide detailed insights into their expectations, including how the paper will be set, which areas to focus on, common mistakes to avoid, and how to present answers effectively. The webinars aim to guide students in securing bonus marks and improving their performance.

What key advice was given about writing answers in FR (Financial Reporting)?

In FR, it's crucial to use the correct terminology, such as 'derivative' in financial instruments or 'present obligation' in Ind AS 37. Writing answers differently from the question requirements, like performing calculations when only a provision was asked, can lead to losing marks.

What are some common mistakes that students make in FR and how can they avoid them?

Students often miss important terminologies, fail to write proper reasoning for adjustments, or make errors in classifying items. To avoid these, students should focus on understanding ICAI's expectations, reading the question requirements carefully, and including working notes and reasons for adjustments.

How can students manage their time effectively while preparing for the exams?

To improve time management, students should practice with tests and focus on selected chapters based on past papers, section-wise weightages, and ICAI's RTPs and MTPs. Creating a schedule and revising these chapters repeatedly can help improve exam performance.

What advice was given for the AFM (Advanced Financial Management) paper?

In AFM, students should pay close attention to the instructions in the exam, such as exact rounding off requirements and the specific terms given in the question. They should also practice chapters like security valuation, forex, derivatives, and mergers & acquisitions, which are often overlooked but frequently tested.

What are the common mistakes in AFM that students should avoid?

Students often make errors in formula memorization, calculation errors, and misinterpretation of instructions. To avoid these mistakes, students should create a formula book, practice regularly, and ensure they follow the instructions given in the exam.

What is a key mistake students make when answering audit-related questions?

A common mistake in the audit paper is interpreting the question incorrectly. For example, students may write about the functions of an auditor in response to a question asking about the fundamental principles of proprietary audit, leading to mark deductions. Students should carefully read the question requirement before answering.

What is the importance of interlinking facts and provisions in Audit?

Interlinking facts with provisions is crucial in audit answers. ICAI allocates marks for not just listing facts and provisions, but also for showing how they are connected and providing a clear conclusion based on the question's perspective, whether from the auditor's or the management's viewpoint.

How did a student improve their exam performance after following Rucha Ma'am's guidance?

A student shared their experience of improving from 125 to 174 marks after following Rucha Ma'am's time management strategies, test series, and specific focus on selected chapters. The guidance helped them build confidence and enabled them to clear the exam with two exemptions, one in FR and one in AFM.