ICAI announced the CA Intermediate program under the new education and training scheme on July 1, 2023. The first CA Intermediate exam based on the new CA Intermediate syllabus will be conducted in May 2024. In this blog, we are going to provide the Subject-Wise Strategy for the CA Inter May Exam 2024.
The last CA Intermediate exam under the existing pattern will be held in November 2023 and will be based on the old CA Intermediate syllabus. Students aspiring to become CAs should keep an eye on these latest developments. Candidates must go through the syllabus of the new CA Inter scheme thoroughly, as next year’s exams will be conducted under the new pattern.
Strategies for Preparation for Exams:
Considering the comprehensive nature of the new syllabus, candidates need to implement an efficient Strategy for CA Inter May 2024. This includes creating a study schedule that allows enough time for each paper, practicing previous exams and practice questions, and consulting with mentors or knowledgeable instructors for advice. Moreover, candidates must remain apprised of any changes or updates released by ICAI to guarantee adequate preparation for the exams.
Important Strategy for CA Inter May 2024 Exam
1. Advance Accounting: CA Inter Paper 1
- The first topics you should choose in advanced accounting are those that fall in the category of 25–30 mark questions. Prepare them first, as they can fetch up to 30% marks in your exam.
- The first topics you should choose for advanced accounting are those that fall under the category of 25-30 marks questions. Prepare them first, as they can score up to 30% marks in the exam.
- Now you can pick up questions with a value of 35-40 marks. Company account topics are easy compared to partnership accounts. You can choose them based on your preferred topics.
- Now if you have completed the above tasks you can take the other topics with 15-20 marks maximum. Go through problems and prepare them by solving them not just by revising. Prepare from previous years papers and also give CA inter mock test papers.
CA Inter Advance Accounting Important Chapters:
- Banking companies financial statements
- Buy Back of securities
- Amalgamation of companies
2. Corporate and Other Laws: CA Inter Paper 2
- Corporate law has a broad syllabus covering the entire topic of company law. Navigating the vast realm of Company Law requires a strategic plan of study for effective preparation. A systematic approach to the subject will help you deal with its complexity with confidence.
- Understand the guidelines of the law. Your translation skills must be strong. If this is not the case, keep reading, you will gradually understand. Do not give up. Once you understand the rules, the subject becomes really simple. The ICAI module is self-explanatory. The instructions are explained in accessible language and presented systematically.
- Decide on one book to study and stick to it till the end. Always keep a pencil handy when reading and use it! Mark or highlight the importance of the provision, write its meaning or example, write the order of each order and limit in the short side, etc. This helps in quick revision the night before the exam.
3. Taxation: CA Inter Paper 3
- CA Inter Taxation is one of the important subjects in the second level of Chartered Accountancy, known as CA Intermediate. To be eligible for CA Intermediate exam, students need to clear CA Foundation. This professional course is widely regarded as one of the brightest career options after 12th grade.
- Give a brief introduction on the topic. Write the relevant provision or concept requested. Ingudo. If it’s a true/false question, never start an answer saying ‘True or false’ . First explain the concept and in the last line mention whether it is true or not.
- Prepare according to the plan and follow the strategy for CA Inter Tax exam. This subject is a mixture of theory and numerical problems, and planning and practice are important. Some advantages of a study plan: You manage your time efficiently and cover all the main points on time. Furthermore, you reduce stress and anxiety, allowing you to perform at your best.
- Start your CA Inter Taxation exam preparation by familiarizing yourself with the syllabus and exam pattern. Knowing the topics and format will help you classify important areas to focus on during your preparation.
- Since CA Inter Taxation syllabus is vast, divide the subject into smaller sub-topics. This method will help you allocate time to each area separately, making your preparation more manageable.
4. Cost and Management Accounting: CA Inter Paper 4
- Cost and management accounting is a specialized branch of accounting that aims to help organizations make smart decisions and manage their money effectively. It does this by collecting, measuring, and analyzing financial and non-financial information. This helps company leaders understand what they can do to save money, plan for the future, and keep the business competitive.
- Start your preparation by studying the less difficult chapters. These include topics such as operating costs, marginal costs, materials, budgetary control, contract, integrated system, and reconciliation. This way, you can save more time for more complex subjects.
- Check out the study materials provided by ICAI for CA Inter. Study the concepts thoroughly and practice them repeatedly. It is very important to review these materials regularly. Try setting time limits when solving problems to increase your speed and efficiency.
- Keep well-organized notes and solutions for each chapter. These will come in handy during revision and provide a quick overview when needed.
5. Auditing and Ethics: CA Inter Paper 5
- An advanced audit is the process of conducting a thorough examination and evaluation of an organization’s financial statements, internal controls, and operating processes that goes beyond the basic procedures of a traditional audit. It is intended to provide stakeholders with a higher level of confidence in the accuracy and reliability of financial information.
- Constantly check your preparation and evaluate whether you are ready for the exam. Identify areas that need improvement and make adjustments accordingly. If you complete the syllabus ahead of time, you will have plenty of time to revise it.
- Attempting a test item designed for CA Inter. This will help you get used to the exam format, question types, and difficulty level of the problems. Mock tests are also great for identifying and correcting mistakes before the exam.
- Don’t limit your study to only important or preferred chapters. Each section is crucial as any part can figure prominently in the exam. Give equal attention to each chapter.
- Make sure you read all chapters well before your exam date. Avoid starting new topics right before exams to reduce the risk of being unprepared.
6. Financial Management and Strategic Management: CA Inter Paper 5
- Strategic Financial Management (SFM) is an essential document that combines strategic and financial management. It covers topics such as capital budgeting and portfolio management, which gain importance with the global flow of capital.
- SFM applies strategic financial techniques to plan, manage and monitor an organization’s finances. Understanding SFM opens the door for aspiring chartered accountants from an international perspective. CA Final SFM imparts knowledge, theories and techniques for practical application.
- It is not so difficult. With the right guidance, this can become your favorite subject. Just believe in your abilities. SFM combines strategic and financial management, making it vital in the global financial landscape.
- As with any number-related subject, understanding the basic concepts is crucial in SFM. Once you understand, practice, practice, practice. The more you decide, the more confident you will become.
- The world of finance is changing rapidly. Stay updated with ICAI monthly magazines and other related publications.
- Start with simpler topics to generate interest. For example, start with bond valuation and then move on to more advanced topics such as portfolio management.
The CA Intermediate New Syllabus represents a significant step forward in the matching of the CA curriculum with the needs of the current corporate sector. Aspiring chartered accountants should approach this stage with a view to understanding both the theoretical and real-world applications of the concepts. Candidates can pass exams and become well-rounded professionals capable of making significant contributions to the finance and accounting industry by actively studying the new syllabus and planning ahead.
Frequently Asked Questions
Q1: Is the CA Intermediate exam conducted online or offline?
Ans: The CA Intermediate exam is conducted in offline mode.
Q2: Marks weightage of CA Inter Advance accounting?
Ans: 30 marks are allotted to multiple choice questions (MCQs), and 70 marks are allotted to subjective questions.
Q3: Should I join coaching for CA Inter Preparation?
Ans: Getting involved in coaching can be beneficial as it provides professional guidance, motivation, and flexibility.
Q4: How can I prepare for the CA Inter Taxation syllabus?
Ans: Divide the topic into subtopics, prioritize topics based on preference, and focus on both direct and indirect taxes, while ensuring regular revision for conceptual clarity.