CA is a tough nut to crack! In CA, consistency is the key to success! Although this applies to all exam preparations, CA IPCC preparation in 30 days is a challenging task. The CA IPCC syllabus is huge and you need to approach it meticulously and strategically.
You need to study at least 12 to 15 hours a day, split into 3 hours of study with small breaks. Avoid all distractions. Until you complete the exam, plan your daily schedule split into two parts, study, and sleep. Break time is meant for eating and bathing!
Using practice manual is the best option for the students. Once you have completed studying the major modules, do not go for any other references. Just stick to practice manuals.
CA IPCC Preparation for Accounting:
Study the complicated topics first and you can even prepare for the easy chapters in the last leg. Some of the tough chapters include amalgamation and reconstruction, partnership, investment accounting, insurance claims, and accounting standards. Allocate more time to study these chapters. Do not leave the tough chapters for later. You may run out of time.
CA IPCC Preparation for Business Ethics, Law and Communication:
Some students may find this paper very easy among other subjects. However, it differs with each student. Of course, Law is a voluminous subject. Try to understand the core of each chapter. Do not mug-up other than definitions. It is easy to score exemption in these subjects. You don’t need to write essays to secure marks. Make it brief and precise.
Make yourself thorough with the NI Act and Contract Act. Spend considerable time on case laws. Understanding concepts is key here. After completion of this, move to ethics and communication. You can read company law towards the end.
CA IPCC Preparation for Costing and Financial Management:
It is impossible to give special weight-age to any specific chapter in Costing and FM. However, do not ignore theory.
Complete CA IPCC preparation for FM, before you move on to cost. In Costing, concentrate more on the core subjects like Contract costing, job, and batch costing, operating costing, process costing, budgets etc.
When it comes to costing and FM, the success lies in practice. Solve as many questions as possible.
CA IPCC Preparation for Taxation:
Taxation is a combination of understanding the concepts and solving the questions. Focus on the easy chapter’s Individual accounts, house property, capital gains, deductions under chapter VI-A and Set off / carry forward losses. In case of indirect taxes, VAT, CST and Service Tax are the important chapters. Solve as many questions as possible.
One week before the exam
When you have a week to go before CA IPCC exam, stop learning or reading new things. The last week of CA IPCC preparation is all for revision of the notes and practice.
- Solving previous year question papers forms a major part of CA IPCC preparation.
- While the exam duration is 3 hours, you set the time limit to 2 hours. Try to attempt at least 5 practice papers.
Subject wise tips for CA IPCC Preparation
There are quite a few strategies to follow for each subject, you should adhere.
- AS is essential to remember in both the accounting papers. Do not skip doing working notes on the paper. Follow the step by step answers and do not rush to the end.
- Be familiar with the ICAI pattern in answering. You can get this information from the ICAI’s suggested answer booklet.
- Memorize the sections and codes. If you do not remember, do not write it.
- In the taxation subjects, practice the habit of writing notes below the answer. It helps you understand the question clearly and remembers it.
- ITSM and auditing are the manuals. Check the practice manual and suggested answers.