Foundation is the first level test for Chartered Accountancy course, conducted by The Institute of Chartered Accountants of India. Foundation stands for Common Proficiency Test which evaluates a candidate’s basic understanding of Accounting concepts, Mercantile Laws, General Economics and Quantitative Aptitude.
Passing the CA Foundation exam definitely opens door of immense opportunity for aspiring future CAs, in the Chartered Accountancy field. Here are few essential tips:
Tips for CA Foundation Exam
- Syllabus:Understanding the syllabus is important to sort topics which are more critical for the exam. While preparing for CA Foundation exam, you should focus more on topics which are asked frequently in previous years.
- Study Plan:Its normal, people tend to achieve more when they have planned their activities ahead. Planning develops better discipline and helps you to study on a regular basis.
- Focus on All Subjects:A candidate needs to secure at least 30% in aggregate in each of the four subjects and must secure an overall score of 50%. So precisely you will need to concentrate on all the four subjects.
- Accounting:The profession of Chartered Accountant will require in-depth knowledge in Accounting. This is the core subject, so students appearing for CA Foundation exam need to focus on the Accounting subject. Getting clarity on fundamental Accounting concepts is essential.
- Mercantile Laws:It is 2nd most important subject after Accounting for the foundation exam. Study in-depth about the subject and get yourself acquainted with key topics of Mercantile Laws. It is also a very scoring subject.
- General Economics:Well versed yourself with topics under Micro Economics and Indian Economic Development. Though, Micro Economics is more scoring from examination point of view, it is also essential to know important topics covered under Indian Economic Development.
- Quantitative Aptitude:It is the fourth and final subject of the Foundation exam. To take your preparation in the right direction, focus on the contents of foundation syllabus specified for Quantitative Aptitude. Understanding key mathematical and statistical concepts is important to score well in the CA foundation exam. Again, practicing the Statistical questions regularly on a daily basis is critical for success.
- Practice Model & Previous Question Papers:Preparing for an exam is not complete without studying previous question papers or practicing mock papers. Knowing previous question papers help you to understand question patterns of the exam. And practicing sample question papers enables you to solve more questions and improve your speed.
- Speed and Accuracy:Since there is negative marking in foundation exam, candidates should be cautious while answering questions. For every wrong answer 1/4 mark is deducted, so focus should be given to answer accurately while maintaining speed.
- Revise:Around 2-3 weeks before the exam, make it a point to revise what you had studied so far.
- Stay Positive:Staying calm and maintaining a positive outlook is very important. Getting yourself in the competitive mode for foundation exam can put you under great pressure. You need to unwind yourself from the exam stress, to be able to face the foundation exam with great alertness.