Blog posts of '2017' 'March'

Daily Time Table - for CA Students

 Once you get a complete free time for CA study, then you may implement the following time table with suitable modifications, if required.

 Getting the whole day free for study is possible only in the last few months before the exam. It is the most important and crucial time.

 Last few months before the exam should be well planned and equally well executed. Stay away from all types of distractions during this period.

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How to Plan Studies - for CA Final Students

                 CA Final Students will fall in the following 2 categories:

1. A student who has cleared both the groups of IPCC and joined CA Final along with articleship training, gets a period of 2.5 years (i.e. 30 months) to study for CA Final exam.

2. Those students who are from direct entry (i.e. through graduation route) or those who cleared Group II of IPCC during articleship training will get lesser time to prepare for CA Final.

 In both the above cases, the most difficult task is to manage the balance between articleship and study.

 Let’s first plan for 24 hours available in a day. One must take a rest of minimum 6 and maximum 8 hours in a day. Good rest is a must to keep working efficiently for the whole day.

 Articleship training (including travelling time) will consume approx 8 to 10 hours in a day.

 Your daily routine like getting ready, having food etc. will consume approx 2 hours in a day.

 Now, you might be left with approx 6 hours in a day for studies. Let’s say 1 hour goes in checking Emails, SMS, WA and mobile related issues. It means, you are effectively left with 5 hours for study. Let’s be more realistic and practical.

 Now, spend this time for effective study. Join the coaching classes only in the morning or in the evening time. If you join the classes in the morning as well as in the evening, then it will be too hectic for you. Keep one patch of morning or evening free for revision at home. This is very important.

 If you find that attending coaching classes is very difficult for you, due to time constraint, then you may opt for online coaching or offline video lectures through pen drive & DVD.

 As far as possible, plan for both the groups together.

 Your regular studies or coaching classes should get over 6 months before the exam.

 In the last 6 months before the exam, you should devote 4 months for revision of 8 papers (15 days for 1 paper) and last 2 months for self testing (1 paper per day per week x 8 weeks).

 It means, you should have appeared for each paper atleast 8 times before the exam. Self testing can be done only after the revision is over. Self testing involves either joining paid test series of ICAI or Coaching Institutes or downloading the ICAI question papers and solving them at home in a time bound manner.

 Your 30 months, should get utilized as follows : (a) First 24 months for Regular studies, (b) Next 4 months for Revision and (c) Last 2 months for Self testing.

 The above plan may not be suitable for each one of you. In that case, you can modify this plan to suit your needs and requirements.

 For the purpose of your regular studies, please keep full trust or faith in any one teacher or one author or ICAI study material. If you choose multiple sources of learning for one.

subject, you are most likely to get confused. You may end up wasting your valuable time.

 Generally, 90% contents in all the study material are same. But due to difference in the way of teaching style or the manner of presentation or language used by different teacher or author, you will get confused. Please stick to one literature, one teacher or one author per subject only. This is very important. I have noticed that, the students who study more and more are likely to get more and more confused.

 Refer the other literature only as a reference book but only one study material as a regular study book.

 Please note that, effective study is important and not the number of hours spent of studies. Study with understanding only and not just for the sake of studying. It is a very common question from students, asking for how many hours they should study for CA course. There is no fixed formula for it.

 You should decide for how much time you can study with concentration. Generally, a normal student can concentrate up to maximum 2 hours at a stretch. In such case, you should take a small break (to recharge you battery) of 15 to 30 minutes and then start studying again. If you feel sleepy, please take a power nap of 30 minutes (set an alarm) and then return back to your studies.

 Very important : Have confidence in your own ability. Feel motivated and focused. Keep cool. Don’t panic and don’t get distracted. Avoid exam fever. It is not the matter of life and death. It is just an exam.

 Best of luck !

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How to Prepare for Theory Subjects

 Select any one good study material for reading. It might be classroom notes or a good book of a good author or ICAI study material. Do not read from multiple literature.

 Refer other books or literature, only for reference purpose i.e. in case of difficulty. But select one good study material for complete reading like a text book.

 Sit with the English Dictionary of your choice.

 Read with understanding only. Don’t read just for the sake of reading. It should be effective study.

 If you feel sleepy, please take a power nap of 15 minutes, wash your face and start reading again.

 Once you finish a topic, make a summary notes in a separate notebook. It should contain only important points for the purpose of revision in future.

 In future, whenever you want to revise the theory subject, you should be able to do it with the help of summary notes. It is possible, if you have done a careful reading with understanding for the first time.

How to Write Theory Paper

 Do not write a very lengthy answer to the theory question. It is not an essay writing competition.

 ICAI want you to write the answers in brief and to the point, covering all important points. You may write the answers in points format or small paragraphs or in a distinguish between format also.

 You may underline the important points while writing or may use CAPITAL letters to highlight your point.

 Please remember that use of sketch pen, highlighter, red pen, green pen etc. is not allowed. You may either use blue pen or black pen only.

 You may quote an example or case law as may be necessary to improve the quality of your answer. You may use your own language while writing the theory answers, but try to cover all the important points.

 You are not expected to remember the entire answer by heart and reproduce it as it is. It is not possible and it will kill your writing skill as well.

 In case of law and tax related papers, use the legal language, sections, case laws to illustrate your answer.

 If you don’t know the answer at all, it is better to avoid the question. Don’t bluff and spoil your impression. Do not waste your time and examiner’s time.

 Please remember, in ICAI examination, Quality is rewarded and not the Quantity.

 Best of Luck !

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How to Choose a CA Firm for Articleship

 Majority students have a tendency to treat the articleship training as a roadblock in becoming CA. However, the fact is that this 3 years training makes you smart and a competent chartered accountant.

 There is always a difference between theory and practice. There is a lot of difference between reading Income Tax from books and doing the Income Tax work of a client. Similarly, there is a lot of difference between reading Audit book and doing audit work of a client.

 CA course is designed in such a manner that you get an opportunity to know both i.e. Theory and Practice. This really makes you a Perfect CA. Simply speaking, don’t ignore articleship training.

 Now, the main question is in which CA firm we should join the articleship training.

 We should divide the CA firms in 3 broad categories i.e. (1) Big firms, (2) Medium firms and (3) Small firms.

 Each of these firms have certain pluses and minuses. Please remember that you will not find all pluses at one place. Let’ understand them carefully, so that you can take an informed decision.

Joining Big Firms :

 Big firms are those where you have multiple CA partners, CA employees, huge number of article clerks, the business of the firm is spread across the globe. The most famous big 4 firms by the name are – E&Y, Deloitte, KPMG and PWC. There are other big firms also having their offices in various cities.

 These firms will pay you a very good amount of stipend ranging from ` 15,000 per month to 30,000 per month during the tenure of articleship. It means, those who want financial help should join these firms.

 You will get to learn a corporate culture in these firms. These firms are known for their meticulous planning and execution skill. You will learn how to talk, how to dress, how to write, how to present yourself and so on. It will groom your personality.

 You will get an opportunity to travel India and sometimes abroad. Those who love travelling may give preference to these firms.

 There is a high degree of specialization in these firms. It means, you will either be placed in Statutory Audit Department or Internal Audit Department or Direct Tax Department or Indirect Tax Department or Transfer Pricing or Project Financing etc. In short, you will become a specialist in one particular field.

 If your objective is to get a job in the corporate world after becoming CA, then this is a clear choice. If you want to settle abroad in future, then also you may join these firms.

 The only drawback is that your time schedule is tight. Work pressure is higher and you are left with little time for study. You won’t get leave as per your choice, you will be discouraged to attend college and classes. In this case, you should prefer external degree for graduation.

Joining Small Firms :

 Small firms are generally the sole proprietorship firms. These firms generally operate from one place only and have a local office in your city.

 These firms have a local client base and they handle variety of work of small clients. You can develop personal relationship with those clients.

 Stipend amount is very low. These firms will pay basic minimum amount as prescribed by ICAI.

 In these firms, you get to learn many things. There is a personal touch with the boss. There is a homely atmosphere, flexible timings, no work pressure, very few outstation visits etc.

 If you do not love much travelling, you want home food daily, relaxed routine, want to attend college and coaching classes, you should prefer this option.

 If you are interested in starting your own practice after becoming CA, then this is the best option.

Joining Medium Firms :

 Medium firms are generally the partnership firms. These firms may have 3 to 4 partners, few CA employees and 25 to 100 articles. These firms have one head office and few branch offices in other cities.

 These firms have few corporate clients, few educational trusts, some large business clients and small individual clients as well.

 The stipend will be neither too high or too low.

 In these firms also, you get to learn variety of things. There is a personal touch with the boss. There is a homely atmosphere plus some touch of corporate culture.

 There will be occasional outstation visits also. In busy season, there will be a huge work pressure and sometimes there will be a relaxed schedule also.

 There is some scope for flexibility, some scope for attending college and tuitions etc.

 It combines the pluses and minuses of Big firms as well as Small firms.

 If you are in a confused state of mind about joining big firm or small firm, then prefer medium firm.

 If you are not sure about whether you will start your own practice in future or you will join a job, then this option is the best.

Important Note :

The above guidelines are to help you out in case of confusion. However, if you are still undecided, then use a lottery system by picking a chit at random. Trust your favourite God. Either way, your decision is right, if you take the articleship training seriously. Give your best and you get the best in return. Your career mainly depends upon how you perform on the job or in practice. Avoid comparing with other friends to reduce frustration and confusion.

Best of Luck !

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