George Carlin, an American stand-up comedian once wisecracked- “Some people see the glass half full. Others see it half empty. I see a glass that’s twice as big as it needs to be.” This quote wittily speaks volumes about the mind-set of every CA Final student.
Having successfully completed the IPCC, yet to crack the Final course, the position of every CA student is like a glass that’s half full (assuming that the students are optimistic enough to see the brighter side).
Eligibility to appear for CA Final:
A student who-
- Has successfully cleared both groups of IPCC examinations and
- Is currently undergoing the last 6 months of his/her articled training or
- Has completed the articled training of 3 years
-can register for the final course.
The final course is divided into two groups of 4 papers each, with each paper carrying 100 marks.
- Financial reporting
- Strategic Financial Management
- Advanced Auditing and Professional Ethics
- Corporate (70 marks) and Allied Laws (30 marks)
- Advanced Management Accounting
- Information Systems control and Audit
- Direct Tax laws
- Indirect Tax laws (Central excise 25 marks; service tax 50 marks; Customs 25 marks).
CA Final Examinations:
Candidates can appear for either of the groups or both groups in a single attempt. A minimum of 40 marks in each paper and an aggregate of 50% is considered the pass percentage. Securing a minimum of 60 marks in a single paper exempts the candidate from having to re-appear for the paper even if he/she has failed to score the pass percentage of 50 in that particular group.
Advanced Information technology training programme:
This IT training programme aims at providing working knowledge of various IT tools that aide in performing the role of a CA, such as MS-Excel, CAAT (Computer aided audit techniques), ERP (Enterprise resource planning) etc. Students are required to undergo the 100 hours of AIT training during the third year of their articled training before appearing for the Final examinations. However, for students who are unable to attend the AIT for reasons beyond their control, but are otherwise eligible to appear for CA examinations with effect from November 2015, can do so, provided they complete the AIT before enrolling as a member of the ICAI.
Course fee details:
The course fees approximately amounts to Rs. 10,000/-.
Examination tips to clear CA Final:
- With respect to Financial reporting, Consolidated financial statements and Amalgamations cover the major portion of your studies. So concentrate on these key areas. Practise atleast 25 sums a day.
- As for strategic financial management (SFM), International financial management, portfolio management and derivatives (futures and options) are the most important chapters that needs maximum concentration.
- For the Auditing paper, professional ethics adds a whopping 16 marks weightage. It is easy to study and interesting too. A good exposure in articled training will definitely come handy for the Auditing paper. Focus on son auditing standards is a must.
- Luckily, many chapters covered in the syllabus of Corporate laws are already covered in Auditing. Cover as much as possible in Companies Act 2013 before setting off for the allied laws. Do not quote the sections if not confident about it. It will create a negative impact.
- Practice manual is the Holy Grail for Advanced management accounting. Practice as many sums to gain speed as most of the candidates appearing for AMA reportedly do not complete the entire paper due to lack of time.
- ISCA, though a seemingly easy paper, is often mistakenly taken for granted. It can make-or-break the results. Learn the sub-headings by heart, understand the explanation part and try to frame your own sentences. Often students fail in the subject due to inability to express the right annotations.
- Amendments and case laws cover as much as 40% of direct taxes Do not state the names of the case laws if it creates dilemma. Students can simply give the judgement as score most of the marks even if the name of the case law is not quoted.
- The same applies to Indirect taxation
- Enrol in various study circles and engage in discussions related to the subject. Attend seminars whenever possible. The more the knowledge is shared, the more the student will gain.
- Instead of waiting for the study leave of three months to start the preparation, it is always advisable to start well in advance. The study leave is highly resourceful as it is best used for revising what has already been studied. In order to clear the exams, students are expected to do a minimum of three revisions before appearing for the examinations.
- Concentrate first on the Institute materials, then the Institute practice manuals, followed by the revision test papers. In order to gain more practice on the subjects, one can refer to other reference materials, but experienced faculties recommend using the Institute study materials as the primary source.
- Attempt as many mock exams as possible. It would boost your confidence and also help assess your areas of weaknesses.
- Study practical subjects and theory subjects alternatively. Theory papers could be dull. Alternating with practical papers will ensure that the studying process does not become monotonous. In case you are studying Auditing standards, the next subject you take up for studies can be some practical papers like AMA or Financial reporting.
- Make short notes as you study. These notes will be useful during revision as you can use the same to help recollect the key words.
So here’s wishing all the CA Final students good luck and an exciting career ahead!