Chartered Accountancy course is regarded as one of the most coveted but difficult courses that one could compete for and, needless to say the, the competition for clearing the Common Proficiency Test (CPT) is so intense that only 45-47% of total applicants make it to the next level that is the Integrated Professional Competence Course (IPCC).
However, if you are one of the lucky candidates who have cracked the CPT, you need to roll your sleeves and start preparing even more intensively and uncompromisingly as the competition for the CA IPCC is even more cutthroat.
To crack such a difficult examination one needs to have the best of preparation and practice as much as one can.
The CA IPCC exam is scheduled twice in a year usually in May and November. One CA IPCC exam has already been conducted in May 2017 and the upcoming one is scheduled to be in November this year.
That gives CA IPCC aspirants less than four months starting from today and it can be cleared by anyone who devise an effective study plan and routine and stick to it religiously.
Before chalking out a study plan, you need to know your subjects well and the time you ought to devote on each one of them to make your preparation fruitful.
Subjects for CA IPCC:
- Taxation: Purely theory-based subject that requires more preparation time compared to the other subjects.
- Business Law: It has two papers Ethics and Communication
- Accounts: This covers cost accounting, computerized accounts, financial management, advanced accounting
- Audit: This subject covers government audit, special audit, vouching, and verification
- SM and IT
Study Plans and Daily Routine for Cracking CA IPCC:
- Reading and Revising: The very first step is to do a thorough study of the study materials intensively by referring to one reference book. The next step is to understand and grasp the key points of the subject. Take notes of the points. If you have any doubts or questions get those clarified from teachers, seniors, or peers. After clarifying doubts, revise the study materials and notes for better retention. Recall the key points and write the points on a piece of paper just as the same way you would do in your exams.
- Make a concrete study plan and routine: The next step is to jot down the topics to be covered during the last leg of your daily study regimen and mention the actual results on that day. Following that, determine the reasons for any discrepancies between the desired results and the actual results and take corrective steps to avoid the discrepancy in the future. Apart from the number of hours you spend studying, it is the quality of study that matters.
- Manage your time: You need to be very particular about managing your time and have clarity how you are going to spend your weekdays and weekends on preparations. Maintain a list of all your activities that you do after waking up to retiring to the bed, including your meal times and time spent in the washroom. This will enable to bypass unproductive things and create a sound routine.
- Opt for a combined study program: By opting for a combined study program, that is combining self study and coaching, you get the best of both the methods. Even though self study is indispensible, getting coached from an experienced faculty with proven strong track record has its own merits. The faculties are generally experts in their areas and can impart best tutoring, study materials, and answer all your queries on the subjects. Coaching institute also allow you to interact with fellow CA aspirants and seniors.
- Take mock tests seriously: Mock tests are made on the same pattern of the actual CA IPCC exams and carry similar questions. By appearing mock tests, you become more familiar with the type and pattern of questions and grow more confident.
- To the point and specific answer: To fetch more marks write specific, accurate, and to the point answers. Write down the notes and assumptions in your answer papers. Underline the keywords to attract the examiner’s attention. Keep your answer sheet clean and avoid overwriting.