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How to Get a Rank in CA Intermediate - Tips by AIR 1 of CA Inter November 2019 ft. Akshay Jain
Updated: Sep 3, 2020
Preparing for CA exams and looking for a CA Intermediate Study Plan? You've found a post where the AIR 1 of CA Intermediate (Nov 2019) has shared it all - from tips to prepare for the different subjects to his CA Inter Notes making, you will find everything charted out by him here.
I'm extremely grateful that Akshay Jain, who secured AIR 17 in CA Foundation and AIR 1 in CA Intermediate, has curated a comprehensive post for all the CA aspirants so that they have the due resources in place. He is a true leader and a very kind individual, I hope his tips and suggestions help you prepare well :)
In Akshay's Words:
Bear with me this a long post and covers a wide range of topics, you may move to one that you find interesting:
My advice on:
1. Preparing for All Subjects
2. Economics and Auditing
3. Note-Making
4. General Tips
5. Studying Consistently
1. Preparing for All Subjects
Accountancy:
AS: Stick to the module for the theoretical ones, learn the definitions that are repeatedly used in the answers, and try and use them in the answers that you write. 3 out of 6 questions in the AS section are directly from the module, ensure that those questions are done, whether subjective or practical.
Other Chapters: There’s this great way to learn from your mistakes. Pay full attention to the first sum that is taught and then start doing the subsequent questions by yourself, for the love of everything that’s holy, don’t concern yourself with the paper wastage in committing mistakes!! There are other ways to save the environment. If you commit mistakes in the initial stages you’ll form a stronger base.
Corporate and Other Laws:
Corporate Law: The only theory subject I recommend making notes for is Law. First and foremost understand the provisions with examples, then make your notes using the key phrases and filling in the blanks with your own words and use these notes for all further revisions. In Law paper, too many questions are verbatim from the module so ensure going through them.
Other Law: The last two chapters, the General Clauses Act and Interpretation of Statutes, are a royal pain in the ass. Skip the technicalities here or you'll be stuck in the quagmire with no way out, no need to learn the key phrases just get an understanding and write it out in your own words. If one attempts the questions correctly, the exposure to these chapters wouldn't be more than 8–10 marks and that's no reason to lose your sleep.
Costing:
People either outright hate this subject or love it. That stems from the fact whether you understand the underlying fundamentals or not. The approach to this subject is similar to accountancy. Costing paper, except the last attempt and the one before that, has most of the questions straight from the module.
Taxation:
Direct Taxes: The approach is a combination of accountancy and law, here too you learn from doing mistakes and revise the entire subject from your notes. I learned most of my DT by committing mistakes, notes could be a lifesaver. I had my entire DT in a single notebook.
Indirect Taxes: Hands down the easiest thing in Inter CA, just go through the module and practice by solving the questions.
Advance Accountancy:
AS: Similar to paper 1.
Other Chapters: Most format based chapters are included in here wherein you need to prepare the format, put in the figures, and cash in the marks. Prepare by making blank formats and learning the sequence of things, the remaining things are similar to paper 1.
Auditing:
This holds such a special (not) place in my heart that it deserves a separate point (shared ahead).
EIS/SM:
That too follows a similar approach.
FM and ECO:
FM: Another one of my favorite subjects is FM, it follows a similar approach as Costing. FM paper still continues to have the majority portion from the module.
Economics: This is covered in a separate point (shared ahead).
2. Economics and Auditing
Auditing
Hands down the most hated thing in Inter CA is Auditing and Assurance (and rightly so).
But most of it is just the stigma attached to the subject, spread by past students (I too was heavily affected by it and neglected the subject in the beginning). But there’s a way in which the subject can be approached which makes it relatively easier to complete the subject.
1. First and foremost, try and understand the subject and not just trying to memorize the things (that will have to be done but first you’ll have to understand the things).
2. After understanding the chapter, highlight the important words, phrases, and then try and remember those things and fill the blanks in your own words. NEVER skimp on remembering these words.
3. Finally, keep on revising the completed chapters, you cannot complete a chapter once and then directly jump on the next one, revising the previous ones only when there’s a test just won’t cut it. Ensure the completed chapters are regularly revised that will ensure retention and avoid the much-despised burnout.
4. Also in the preparation leaves, always keep Audit and EIS/SM in hand regularly.
5. Try and identify the chapters that have high weightage in the past exams (definitely chapter 10) and study those first because then those chapters can be revised quite many times and tighten your grip on the heavyweight chapters.
6. THE MOST IMPORTANT PART is giving tests, these help your performance under pressure and the practice the tests give you is beyond the multiple revisions.
Economics
Ahh...Economics the boon for some and bane for others (God I gotta work on my analogies). Anyways, what I have felt with Economics is that those who have taken up economics in 12th are able to easily guide through (same was the case for me, because only two of the units out of four were new to me)
What you have to focus on, if you are new to the demand and supply game, is the practical questions because they make up a total of 12 to 15 marks of the 40 mark PART B. This includes the compulsory national income sum and various other short sums like calculation of different levels of money and such other sums.
Then, move on to the theory portion. The best part about Economics theory portion is that the questions asked are lowly marked (2 to 3) and that allows the student to merely explain the concept, throw in a couple of key phrases, and get the marks ( also skip a couple of things as the payout is pretty low).
Try to understand the small concepts one by one as that is how they are asked in the exam, it doesn't come all at once like in other theory exams, because of the marking constraints. Also, in the concepts that have points, the module seems to put in a lot of them (12 to 15 points), but not all of it is supposed to be done. Pick up a couple of them according to the marks (4 to 5) and revise only them.
The Certified copies of the Economics part prove that the checkers have been more than liberal while scoring the economics part as it is a relatively new portion so one doesn't have to be as precise as the module.
3. Note-Making
The most crucial aspect of taking notes for anything is ensuring that you make them in a manner that helps you recall the content later on OR helps you quicken your pace in revising the matter.
The former aspect can be easily achieved if you take the notes yourself and don’t borrow from someone else who has put in the real hard work. And I don’t know if it’s just me you can easily recall things if there’s a pattern or a special mark that helps you associate the thing with the content.