How to pass the CA IPCC Exam with flying colours?
A career option as Chartered Accountant (CA) is one of the best career opportunities for the taking right now. A career that is marked by respect, prestige, excellent prospects and outstanding financial rewards for a lifetime, CA is rather one of the toughest exams to crack. Any prospective candidate or aspirant for CA has to go through three stages of exams conducted by the Institute of Chartered Accountants of India (ICAI).
Stage 1: Common Proficiency Test (CPT)
Stage 2: Integrated Professional Competency Course (IPCC)
Stage 3: Article training for 6 months
What does it take one to become a top-notch CA professional? What are the preparatory steps to take the CA IPCC Exam by its horns and come on top?
If you have managed to flip the first few pages of some of the best Self-help or Personality Development books available in the marketplace, you will find that the golden rule of success is to develop a positive attitude towards success and the will to achieve it, no matter what the obstacles are. Next, Goal setting is the key to igniting motivation. The practise of setting goals will put you in good stead and keep your hopes alive from the moment you start preparing for your exam every day until your CA IPCC exams are over.
Schedule your study plan
As CA IPCC exams require meticulous and laborious preparation, it is important that you spend at least 12 to 14 hours of study daily. Leave the last 10 days for ‘soft studying’ before your CA IPCC exam. Multiplying the number of study hours to the number of days thus available will help you allocate the study hours uniformly across all the 7 papers. Schedule a date-and month-wise study plan with the names of the subjects mentioned against the daily plan. It is recommended that you go for one practical subject and one theory every day. It also pays to monitor your progress at the end of a day’s study by checking if you are done with what you had planned for that day. You should be prepared to take suitable action in case of any deviation from the study target to keep the ball rolling.
Study Aids & Manuals
There are study aids, texts and manuals that you should fill your arsenal with:
- Study materials prepared and provided by ICAI
- Reference books and also study materials offered by Institute
- Success Manual and Revision Test Papers (RTP)
You should study the theory part of each subject well, understand it correctly and apply the same while solving problems. Every sentence of the subject must be clearly absorbed. For example, when studying theory paper such as Law, you should go through reference books, numerous case studies and get the updated info. Here too, as we discussed earlier, note down the things you had studied at the end of the day. Visiting the Knowledge portal of ICAI will keep you updated for your exams.
Learn to categorize problems
After you are done going through the theory part and understanding it well, try solving out each and every problem that is given in the reference books and study materials. Avoid referring to the theoretical part while you’re solving problems. This can help you to brainstorm the problems under discussion. At this point, you need to categorize the problems into ‘complex’, ‘manageable’ and ‘simple’ and work according to the complexity of the problem. This categorization will help you solve all ‘manageable’ problems during the second revision. In the third revision, you can focus completely on ‘complex’ problems. In the first revision, you can focus on at least 50% of ‘manageable’ problems and all ‘simple’ problems. Lastly, the problems from your Practise Manual can be worked out.
Being a cool customer
Being calm and composed prior to D-Days is equally important. This will help get rid of the various anxieties and possible phobias throughout the preparation period of the CA IPCC examination. The last 10 to 15 days just before the exams are vital as you should prepare yourself not to be distracted by negative mental thoughts and beliefs. At the examination, try to attempt the theory part, and then the problem section.
Library & Mock Test
Try scheduling your visit to a local library at least once a week. If it is a good library, you can spend time preparing notes referring to books you intend to study. Attempting at least 2 to 3 mock tests can instil the much needed confidence before the exam.
Join a good CA Coaching Institute
Finally, joining a good CA Coaching Institute or Centre will help you assess where you stand in terms of performance and help improve your performance further. Do talk with your contacts in the academic circle, search online, and assess the reputation of the CA Coaching Institute before you join one.
Passing the CA IPCC examination, let alone topping it, needless to say, is a daunting task. The guidelines stated above is just an eye-opener for someone looking to learn the nuances of studying for the CA IPCC examinations. Get in touch today with us if you are looking to crack the CA exams, with our unique, result-packed tests (VPT) for CA CPT, IPC and Final.