‘How to prepare for CA Foundation’ is this thought keeping you from starting on your studies? CA Foundation is an easy level, but not knowing the right ways to do preparation can make the journey difficult. If you are also giving the CA Foundation exam or planning to appear for CA Foundation, you must have a plan and strategy before starting your preparation.
Now the question that rises is ‘how to make the exam preparation plan and strategy.’ So here are some very important CA Foundation Preparation Tips shared by CA Wizard. You can visit the CA Wizard website; there are many more useful bonus tips for CA Foundation students and study resources.
This article shares the current CA Foundation exam pattern, important tips on preparing for CA Foundation, and time management tips. There is also a bonus tip for you at the end of this article.
CA Foundation Exam Pattern
Before starting your exam preparation for CA Foundation, the most important thing to know is to know the current exam pattern. The CA Foundation course has four subjects.
Principles and Practices of Accounting
Business Laws and Business Correspondence and Reporting
Business Mathematics and Logical Reasoning & Statistics
Business Economics & Business and Commercial Knowledge
Each paper is 100 marks. The minimum mark that you need in each is 40 marks. However, your average score should be 50% or higher. You need to fulfill both of these conditions if you want to pass the CA Foundation exam.
You can give the CA Foundation papers either in English or Hindi medium. However, Section B of the Paper will be done only in the English medium. If you are confused about which medium you should choose, then go for English medium. (CA Foundation Preparation tips: The ICAI study material for English medium is updated, and you will get better guidance from coaching institutes.)
All the papers are conducted in the offline mode only. Paper 1 and 2 are of subjective type. All the questions will be MCQs in Paper 3 and 4 as they are of objective type. For every incorrect answer in the CA Foundation paper 3 and 4, you will lose 0.25 marks.
The time given to write answers is 3 hours for the 1st and 2nd papers and 2 hours for the 3rd and 4th papers.
Important CA Foundation Preparation Tips
One of the most important CA Foundation Preparation Tips is to make sure you use ICAI material. Get the CA Foundation revision test papers, last attempt’s papers, and mock test papers for practice. Also, get the recommended books for more clarity on topics.
You need to understand the ICAI material language and content and try to match it in your exams. Writing the right keywords (used in ICAI material) in your answer copies will increase your marks. Depending upon your marks scored in the Mock Tests, implement the right plan and CA Foundation preparation tips.
Other important tips for CA Foundation students are:
Accuracy and speed in the calculation are very important in the exam. You need to practice a lot on the calculator (practice buttons like M+, M-, GT buttons).
Join coaching classes if you want to get proper guidance from the CA Foundation subject experts. You can also learn techniques to prepare for the CA Foundation exam and tips for scoring high marks in the exams.
You have to do more writing practice in Paper 1 and 2. You will get an OMR sheet for Paper 3 and 4. Practice filling the OMR sheets when you solve the MTP/RTP. Download the sample sheet from ICAI.
There is negative marking in papers 3 and 4, so be careful with what answers you are giving. If you have no idea about a question, leave its answer blank rather than write a wrong answer.
CA Foundation Preparation Tips for Time Management
When planning ‘how to prepare for the CA Foundation exam,’ one important thing that you should utilize carefully is your time. Your exam preparation will depend on how well and smartly you are managing your time. To make the most of CA Foundation preparation time, here are some practical time management tips for CA Foundation students:
While taking your coaching classes, keep revising and practicing the topics at home. Complete the syllabus with the coaching classes. After you finish your coaching classes, you have to do self-study.
Another CA Foundation preparation tip that will benefit you is that you need to do qualitative studies. Just spending a specific number of hours with your books is not enough. Plan your complete days and weeks. Set daily targets and achieve them.
The best strategy you can follow is taking one subject for study. Complete one subject and then move to the next subject. But you have to divide the number of days equally and leave sufficient time for three to five revisions.
Subject-wise CA Foundation Preparation Tips
Paper 1: Principles and Practices of Accounting
Accounting is a very practical subject, though you need to have a very clear knowledge of concepts to solve practical problems. You need to know the logical aspect behind every step that is done. Then you have to do written practice for a lot of questions. If you have a clear concept base of class 11th and 12th Accountancy, then you won’t have much problem in this subject.
Paper 2: Business Laws and Business Correspondence and Reporting
It is a complete theory-based paper. So how to prepare for CA Foundation Paper 2? The laws are typical theory parts which you have to learn word-to-word. You can understand and write the answers in your language, but the acts need to be in the same words. If you are writing the answers in your own words, you also need to use some important points/phrases/words used in the ICAI study material. The other section, i.e., business correspondence and reporting, is general English only. If you were good in class 11th-12th English, then you can easily do well in section 2 of this paper. You need good presentation skills to score well in this paper.
Paper 3 Business Mathematics and Logical Reasoning & Statistics
This paper is difficult, especially the CA Foundation Maths part. Useful CA Foundation Preparation Tips for this subject are:
So you need to have a good command of the Mathematics topics and learn the formulas.
Have a good command of the calculator. It will help you in the exam.
If you are not from the Maths background, then start with the logical reasoning and statistics section as they are easier than the Maths part.
Paper 4 Business Economics & Business and Commercial Knowledge
It is a very scoring paper. The Economics part is mostly similar to the class 11-12 Economics syllabus. Even if you didn’t have Economics as your subject, the syllabus is very easy; you can learn the topics quickly. The BCK part is also general GK related to the business sector.
Here are bonus CA Foundation Preparation tips for you: do selective study if you have started late and want to pass the CA Foundation exam in one month or two-month preparation. Refer to the marking scheme and question paper pattern to understand which topics are important for exams and what questions you should practice more.
Use all the above-mentioned CA Foundation Preparation Tips from CA Wizard. Each point given here will help you decide how to prepare for the CA Foundation.