Cracking Theory Practically

Hi Guys!!!

How many of you find learning and retaining theory subjects like ISCA or ITSM difficult? Sorry I should change the question – How many of you find it easy? Not many. Well I hope after reading this blog you find it easy.

Many of you must be thinking that I am kidding. No I am not. I have come out with a simple formulae by which you can learn and retain theory. What is this simple formulae? It is what follows:

Well now you must be certain that success has taken its toll on my head- What has a chick flick to do with theory subject? No it has not I am still in senses. Ok no more riddles. Let’s talk serious.

What I wanted you guys to see was how a computer manages and retains such huge volume of data. It stores them systematically. Exactly this is the key. How can we follow the same? I will explain this to you.

Have you ever wondered why the topics contain numbering like 1.4 or 8.5.3 etc. Well it is the systematic numbering for ease of reference. The same can be useful for retaining as well.

I will practically tell you how it can be done with the help of an example. Let us see how we can systematically learn ISCA of CA final.

First of all learn the name of all the chapters. The benefit is that it gives us an overview of course. Moreover now we can see it as 8 parts.

Next, say for Chapter 1, Learn name of all subtopics ie., Topics numbered 1.1, 1.2, 1.3 and so on in study material. The benefit is that we know what first chapter covers and again we have more parts.

Now in Topic 1.1 again there are a few subtopics like 1.1.1, 1.1.2 and so on. Learn their names. See guys till now I have written only to learn names. We have not learned any concept as of now.

Once we are familiar with the structure ie we are in a position to repeat what are the topic and subtopics, then we can start learning the concepts. Complete learning of concepts for first chapter.

So when someone asks about Internal Controls as per COSO, you must go to it in your mind like:

Proceed in same manner for chapter 2 then and so on.

•          If you are studying from a book that doesn’t contain such numbering, you can yourself do the numbering and proceed.
•          Note that when you are studying the concept you are expected to understand the same rather than simply mug it up.
•          Further note that it is not the only way to learn a subject but one of the ways. If you are comfortable with some other method keep following.

Happy reading!!!

What to Study- Easier Said Than Done

Hi Guys!!!

In this blog I have come up with the study material that I referred or suggest. See generally as a CA student the study part of each subject may be divided into two parts one is the concept portion and second is the practice.

CONCEPTS

Concepts that we are supposed to cover are the syllabus defined by the Institute of Chartered Accountants of India in form of modules (Study Material). Carefully see what I have written covered and not read. So what does this mean??

Well what I mean is that as long as we read all the concepts (that are covered by module) from anywhere it is fine. Example- There is a module on Direct Taxation by ICAI. But I might be more comfortable reading some other book say Bangar’s Book on Direct Tax. It is absolutely fine but what we can do is just keep an eye on module to make sure all portions have been covered. Still for subject like IT SM in IPCC and ISCA in Finals I particularly suggest study only from module.

Concepts can be covered from:

·         Module

·         Authors reference book- which are generally developed with module as base

·         Tuition Notes- which are generally developed with module as base

Make sure you don’t duplicate. Generally I would suggest pick one book/ notes and follow it thoroughly.

PRACTICE

Practice should be done after completing concepts

Practice question sources are:

·         Module questions

·         Practice Manual Questions/ Scanners ( They both contain past exam questions)

·         Tuition notes which is compilation of questions from above two sources

When practicing again make sure there is no duplication. Eg: If your tuition notes cover all past exam questions there is no need to do scanner.

Guys see I have specifically written that practice after covering concepts. There are a few queries like whether practice manual is sufficient. I here emphasize it that- IT IS NOT. First cover concepts and then practice.

What follows next is subject wise study materials that can be used:

1)      Financial Reporting/ Financial Management/Management Accounting (Accounts, Cost, FM)

a)      Concept portion can be covered from tuition notes if you take.

b)      Practice questions from Practice manual or Scanner

2)      Direct and Indirect Taxation

a)      Concept portion from a good authors book for applicable Assessment Year and latest amendments

b)      Practice from that book itself. Generally Practice Manual questions and solutions are as per previous laws.

c)       Case laws from ICAI Published Case Book relevant for your attempt.

3)      Law and Audit

a)      Refer from an author’s book

b)      Practice past exam questions.

4)      ISCA

a)      Only Module- Make sure that you cover the same bold points as given in module. The explanation of points may be done in own words.

·         Cover RTP of your attempt thoroughly.

·         Do write papers of past 4-5 attempts in exam simulated environment and time.

A point of caution- If your exams are within 6 months from reading this blog, do not change the base of your reading. Keep on following what you are and don't make major changes.

That’s it for this blog. I will come back with How many Revisions and Retaining theory soon.

Regards

Sanjay Nawandhar

Those 3 years – Balancing Training and Studies (For the “How many Hours” Lovers ;-) )

Hi Guys!!

I will narrate out my whole journey of 3 years from the time I cleared my IPCC (May 2011) till my Final Exams (May 2014). After results in August 2011, I joined articleship training with a mid-sized firm in Jaipur. In Dec 2011 I started my tuitions for Accounts, Cost and FM. But I had to go for an outstation audit and I literally missed 50% of these tuitions. What I did then was compiled all the notes myself and studied on own and completed first reading of these subjects from March 2012 to November 2012 and continued with articleship. During this time I used to study 2-3 hours on an average daily.

In December 2012 I joined classes for Law and Audit. I don’t go into the question whether we require law and audit tuition or not here. My purpose was to have a routine where I am reading daily the subjects for 2-3 hours. So December 2012 to March 2013, I was having these classes (2-3 hours daily) and office.

From April 2013 to June 2013 I revised accounts, cost and FM. In July 2013, I started tuitions of DT and IDT- 1 hour each so making it 2 hours of classes and office. Once September season was over I started ISCA tuition of 1 hour daily. So from October 2013 to December 2013 it was 3 hours of classes and office.

From January 2014 I took leave from office and in January all these 3 classes DT, IDT and ISCA completed. So Jan was less hectic consisting of only 3 hours of classes and self-study at home.

From February 2014 to June 2014 till exam completion it was only self-study and taking test series of DT and IDT. On an average I studied 7-8 hours daily during this time period other than exams. During exams I used to study 13-14 hours daily.

Guys the purpose of posting it here is not to make you imitate it but to just give an idea of how balancing can be done.

Some suggestions:

1.       3 Readings per subject before exams and complete reading during exams has to be the strategy.

     2.       Training and studies are complementary. To achieve best results one should balance rather than pursue one at the cost of other.Moreover regularity is the key.

3.       If after reading above you feel that you are slightly behind, don’t take a setback rather start putting in more efforts from today itself.

4.       Missing classes is a thing that will definitely happen. Reason is that out of classes and office only thing that can be missed is classes (We cannot control office). The key after you miss class is how soon you recover and complete the notes.

5.   And last but not the least, daily revise the classroom discussions at home for half an hour. Generally a 2-3 hour class can be easily revised in half an hour at home.

Thanks for reading guys. I will come back soon with subject wise study materials and approach of reading and revision.

Regards

Sanjay Nawandhars

The First Step – GOAL SETTING

Goals are the target from an activity we do. This is the first blog that I am writing and the goal is to reach out as many students as possible, as doing the same one on one is difficult. What follows are mainly my personal experiences on goal setting and their achievement.

It is important to set a high and pragmatic goal- one which is achievable but only when we realize our full potential. It means the goal itself becomes a motivation.

Let me explain why setting a high goal is important with an academic point of view. Goal can be the marks that we want to achieve in each subject. See if we target to secure 70% marks then what we do is subconsciously program our mind to have a grasp at only 70% of things. It has a multiplier effect. When we are studying we consciously leave 30% of portions, then our subconscious mind retains only 70% of what we had studied and we end up at around 49%. This multiplier thing applies everywhere. So what’s important is set as high goals as you believe you can achieve.

Do consult seniors and mentor when you set goals for yourself. There should be no hesitation in it. Even Lord Hanuman required Jambavan to remind him that he had power to fly.

Once you have set your goals, write it down, go and tell it to everyone-of course not randomly but your family, friends and seniors.Unless this is done a goal remains just a dream. There is no bigger motivation then peer pressure.

Believe in goals you have set, Honestly work hard to achieve them and Be optimistic. There is a saying -“Believe you have received and you shall receive”.

When I gave my CPT exams all I wanted was a name in merit list which I did but was 6^th. From there on one of my mentor motivated me to target 1^st rank which I did but fall short by 1 mark in IPCC. The restlessness created by that meager shortfall helped me achieve the 1^st rank in CA Finals. It was not by chance but a result of dedicated hard work.  The goal to reiterate it here is not to boast about my achievements but to motivate some budding Chartered Accountants. Even if one student is motivated by this, my purpose will be solved.

Thanks for reading. I will soon come back with my schedule and my approach of studying. 

Regards

Sanjay Nawandhar