EXAMINATION TECHNIQUES FOR CA STUDENTS

1. EXAMINATION TECHNIQUES FOR CA STUDENTS Dr. Y. Gouthama Rao

2. OVERVIEW • Objectives • Prerequisites for success • Formula for success - Student, Lecturers and Quality Control Systems • Techniques before examinations • Techniques during examinations • Techniques after examinations • Q & A session

3. OBJECTIVES • To make you understand and appreciate what does it take to succeed in CA examinations • To share with you some of the best practices followed in accountancy training internationally • To improve your chances of passing the examinations first time with good marks

4. PREREQUISITES FOR SUCCESS IN CA EXAMINATIONS • Sound technical knowledge • Application of the knowledge to practical situations • Ability to distinguish between relevant and irrelevant points • Identification and ranking of problems • Ability to develop multiple or alternative solutions

5. PREREQUISITES FOR SUCCESS IN CA EXAMINATIONS Contd.. • Holistic view - Integration of different areas of knowledge • Excellent communication skills both oral and written. Accounting is not all about number crunching. • Respect for ethical considerations

6. DECISION TIME • CA graduate passing with scanty preparation not going through the Institute’s study materials and other recommended materials and getting exposed later. OR • CA graduate passing with thorough preparation and meeting the expectations of the Institute in all respects and join a highly respected group of professionals both in India and overseas.

7. FORMULA FOR SUCCESS • Student • Highly motivated (driving force) • Self-driven • Focused/dedication • Conviction • Self confidence • Hard working • Positive mindset • Vision and passion for success • Determination • Tenacity/Perseverance

8. FORMULA FOR SUCCESS Contd.. • Student Contd.. • Positive mindset • Vision and passion for success • Determination • Tenacity/Perseverance • No short-cuts for success • Inquisitiveness to do more challenging work during articleship.

9. FORMULA FOR SUCCESS Contd.. • Lecturers • Concern for students and their success • Provide detailed teaching and revision plans and make their expectations known • Use different teaching tools • Being able to pitch lectures to cater to students with different intellectual skills and backgrounds • Spend less time on relatively easy topics and more time on difficult topics • Provide a constant feedback to students • Provide knowledge that help students answer any number of questions rather than making them experts in answering particular questions. • While answering exam questions, explore alternative ways on how the question can be set.

10. FORMULA FOR SUCCESS Contd.. • Lecturers Contd… • Prepare students adequately on all aspects including past question papers and examiners’ comments • Highlight common errors and advise on how to avoid them • Provide a constant feedback to students • Provide in depth knowledge on all key areas that help students answer any number of questions rather than making them experts in answering particular questions • While answering exam questions, explore alternative ways on how the question can be set.

11. FORMULA FOR SUCCESS Contd.. • Lecturers Contd... • Make difficult topics student-friendly • Encourage students to consult them for any doubts • Wherever possible, provide summaries of actual business stories to enable students dovetail theory with practice • While answering exam questions, explore alternative ways on how the question can be twisted

12. FORMULA FOR SUCCESS Contd.. • QUALITY CONTROL SYSTEMS • Regular tests • Mock examinations under examination conditions • Quick feedback on tests and mocks • Emphasis on effective communication skills • Adequate coverage of syllabus • Thorough structured revision

13. FORMULA FOR SUCCESS Contd.. • Quality Control Systems Contd…. • Performance evaluation of lecturers by students • Regular attendance – classes, tests and mocks • Interaction with industry leaders, eminent CAs and recently qualified graduates, preferably during Dec-Jan and June-July. • Conducive learning environment • Periodic feedback to parents/sponsors through reports

14. TECHNIQUES BEFORE EXAMINATIONS • Plan your study – time, self study vs. joining a reputable institute with an outstanding pedigree. • Study materials – institute study material + one standard text book + institute magazine initially and summarized notes during the revision phase. • Choice between attempting one group or both groups • Systematic and methodical preparation • No selective study or question spotting • Develop the art of succeeding in every activity you undertake. After all, success is a hobby and nothing succeeds like success. • Logical learning as opposed to rote learning and mugging. • CA isn’t a memory test. Students with decent levels of memory are likely to achieve the same marks as those with high levels of memory with more effort. • Practice makes you perfect – fewer mistakes and less time. • Let your mind get used to working with speed and concentration for three and half hours at a stretch. • Drive away misconceptions like predetermined pass percentage and deliberate failures. Please don’t be a link in the rumour-mongering chain. • Given the choice, ensure that your preparation finishes 4 weeks before the final examinations. The last 4 weeks must be dedicated for revision and mock examinations. • Avoid learning new topics in the last four weeks. • Develop killer instinct to ensure that you score almost full marks in some questions. You can’t afford to be modest and hence surrender any marks to markers/examiners. • Develop an exam strategy for each paper taking into account your own strengths and weaknesses with the help of your tutor, who knows you better than anybody. • Prepare your own revision notes that suit your needs and style of preparation. • Aim for 70 to 75 per cent marks in at least two papers in each group taking into account your own strengths and advice from your lecturers. • If you don’t have a self-starter, please be part of a group of serious friends that encourage you and provide you the necessary momentum. • Align your preparation timetable with that of teaching plan given by the lecturers to achieve congruence. • Rule of thumb for preparation time: 2 hours for 1 hour of lecture. • Strike the iron when it is hot. Don’t allow too much gap between the lecture and your study of the topic. The longer the gap the more time you need to study. • Make ‘friendship’ with difficult topics by visiting them frequently and participating in group discussions. It’s not a bad idea to help your friends on difficult topics. • You must master the technique of getting the best out of the limited time. For example, if you are practicing group accounts focus on difficult intra-group transactions. Similarly, many questions on final accounts can be done within a short period of time by focusing on difficult adjustments. (Stop admiring your abilities by looking at simple stuff) • Too much study and no entertainment make you dull. Watching a movie with friends/family members or taking a walk in a park or doing a few yoga exercises or visiting a religious place can do the trick. A word of caution: don’t overdo it. This is absolutely essential to keep in the right frame of mind. • Stress Management: • Quality sleep of at least 7 hours. Early to bed, early to rise, makes you healthy, wealthy and wise. • Feed your body a healthy diet, consisting of high-fibre foods, plenty of fresh fruits and vegetables, which boost brain function. • Regular exercise like running, jogging, yoga etc • Stay away from social networking sites. • You need to recognize the road to success in passing the CA examinations is bumpy and despite doing everything right we can still fail, as the pass rates are usually in single digits. However, that shouldn’t dampen our resolve and spirit to get one of the coveted qualifications in the world. • If your best is not good enough to pass the examinations, you need to focus on improving your best to make the mark.

15. TECHNIQUES BEFORE EXAMINATIONS Contd.. • At least three rounds of reading with varying degrees of emphasis. • No selective study or question spotting • Develop the art of succeeding in every activity you undertake. After all, success is a hobby and nothing succeeds like success. • Logical learning as opposed to rote learning and mugging.

16. TECHNIQUES BEFORE EXAMINATIONSContd.. • CA isn’t a memory test. Students with decent levels of memory are likely to achieve the same marks as those with high levels of memory with more effort. • Practice makes you perfect – fewer mistakes and less time. • Let your mind get used to working with speed and concentration for three and half hours at a stretch. • Drive away misconceptions like predetermined pass percentage and deliberate failures. • Test your limits in core papers and prepare at higher-than-required levels

17. TECHNIQUES BEFORE EXAMINATIONS Contd.. • Given the choice, ensure that your preparation finishes 4 weeks before the final examinations. • Avoid learning new topics in the last four weeks. • Develop killer instinct to ensure that you score almost full marks in some of the questions. You can’t afford to be modest and hence surrender any marks to markers/examiners. • Develop an exam strategy for each paper taking into account your own strengths and weaknesses with the help of your tutor.

18. TECHNIQUES BEFORE EXAMINATIONS Contd… • Prepare your own revision notes that suit your needs and style of preparation. • Aim for 70 to 75 per cent marks in at least two papers in each group taking into account your own strengths and advice from your lecturers. • If you don’t have a self-starter, please be part of a group of serious friends that encourage you and provide you the necessary momentum. • Align your preparation timetable with that of teaching plan given by the lecturers to achieve congruence.

19. TECHNIQUES BEFORE EXAMINATIONS Contd.. • Rule of thumb for preparation time: 2 hours for 1 hour of lecture. • Strike the iron when it is hot. Don’t allow too much gap between the lecture and your study of the topic. • Make ‘friendship’ with difficult topics by visiting them frequently and participating in group discussions • You must master the technique of getting the best out of the limited time.

20. TECHNIQUES BEFORE EXAMINATIONS Contd.. • Too much study and no entertainment make you dull. • Stress Management: • Quality sleep of at least 7 hours. • Have a healthy diet, which boosts brain function. • Regular exercise like running, jogging, yoga etc • Stay away from social networking sites. • You need to recognize the road to success in passing the prestigious CA examinations is bumpy and despite doing everything right you can still fail, as the pass rates are usually in single digits.

21. TECHNIQUES DURING EXAMINATIONS • Arrive at the examination venue at least 30-40 minutes before the commencement of the examination to compose yourself and avoid the worry of being late. • Use the reading time effectively to choose questions and the order (sequence) in which you intend to answer. The order can be easy questions first, followed by questions of medium and high difficult levels. • Time allocation according to marks. Rule of thumb – 1 mark: 1.8 minutes. However, time overruns are inevitable and time has to be saved in your best areas (easy questions) to take care of tough questions.

22. TECHNIQUES DURING EXAMINATIONS Contd.. • Carry your best pens and the calculator you have used before to the examinations. • Be prepared to leave answers unfinished and proceed to the next question, as examiners don’t expect perfect answers from all students and for all questions due to time constraint. • Good presentation skills to ensure that examiners do not have to search for right points to award marks. Usually marks are given for professional presentation. • Don’t look around your neighbours and get intimidated by the number of pages they are filling in.

23. TECHNIQUES DURING EXAMINATIONS Contd… • Quantity vs quality. Answer the requirement. If your writing skills are not great, bullet points can do the trick, especially in papers with a quantitative bias. Let your answers be precise and to the point. • Start your answers always on a new page. When you are moving from one page to another make sure you write PTO (Please Turn Over). • Qualify your answers (at higher levels) and avoid jumping to conclusions.

24. TECHNIQUES DURING EXAMINATIONS Contd... • Compliance with prescribed formats (Financial Reporting) is a must. • Detailed workings are essential in answering number crunching questions. Usually, marking schemes provide marks for steps. • State clearly any assumptions you make, especially if there is ambiguity in the requirement. • Develop steel nerves. Don’t press the panic button. If necessary take a few deep breaths to keep stress away.

25. TECHNIQUES DURING EXAMINATIONS Contd.. • Legible handwriting (However, please remember you are not in a good handwriting competition). • Demonstrate to the examiners that you have a thorough conceptual understanding and their application to given scenarios. • In scenario-questions, it is advisable to follow a format that was tried and tested and results in quality answer. This may take the form of stating the facts first, followed by analysis and finally recommendation or conclusion.

26. TECHNIQUES DURING EXAMINATIONS Contd.. • Answer at least 85 to 90 per cent of the question paper to improve your chances of passing the examination. • Don’t leave the examination hall before the stipulated time. In the event you finish the papers a few minutes early, please go through some of the answers and try to add value to enhance your chances of passing the examinations.

27. TECHNIQUES AFTER EXAMINATIONS • Once the examination is over, stop discussing it with fellow examinees, friends and family members. It is not uncommon for students to complain, especially after a seemingly tough paper. • After reaching home and relaxing for a while, you need to start turning your attention to the next examination. • Assuming that you haven’t done well, you should know that it is not the end of the road. The system provides for carry forwards and there’s a strong case for regrouping your energies and getting ready for the next examination.

28. TECHNIQUES AFTER EXAMINATIONS Contd.. • Making best use of the day between examinations. In a way you are fortunate compared to thousands of your predecessors who were to sit for examinations every day with no break. • Take enough rest after the end of the last examination to ‘recharge your batteries’ and revisit your strategies in consultation with your well-wishers. • When the examination results are announced, a zero-based approach is recommended to chalk out a future course of action.