Are you aiming to ace the CA Final Group 1 exam in May 2025?
If so, you're in the right place. The CA Final exams are renowned for their difficulty, demanding a strategic and structured approach to success. With the exams just two months away, commencing in the first week of May, it's crucial to begin your preparations right now.
CA Final Group 1 consists of four subjects:
- Financial Reporting
- Strategic Financial Management (SFM)
- Corporate & Economic Law
- Advanced Auditing & Professional Ethics
The first two subjects, Financial Reporting and Strategic Financial Management are practical in nature, while the latter two, Law and Audit, are theoretical.
Group 1 Preparation Strategy:
Now, let's delve into a comprehensive preparation strategy for Group 1 of the CA Final exams.
Financial Reporting
To score well in this subject, focus on the Short Ind AS section. Practice every question in the study material, RTP, MTP, and past papers. Aim to take one Ind AS each day for practice. For longer Ind AS, such as IND AS 102, 12, and 33, take two days to study them thoroughly.
For challenging topics like Consolidation and Business Combinations, dedicate 4-5 days each. These topics can help you score better because they often include 10-12 common adjustments.
Begin with Short Ind AS topics, then move on to lengthy Ind AS and the more complex chapters. Revise these topics 2-3 times by April for a thorough understanding.
Strategic Financial Management
This subject is all about practice. The more questions you solve, the better you'll perform. Dedicate around 2 hours daily practicing questions from your reference book, study material, and RTPs. Start with easy chapters and progressively move to challenging topics like portfolio management, forex, derivatives, and interest rate risk management, spending at least 3 days per topic.
By the end of April, focus on practicing mixed variety questions rather than sticking to topic-wise questions. For topics that are easier, revise them twice, but concentrate more on larger topics and invest more time on them.
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Advanced Auditing
The Ethics and Companies Act part holds around 35-40 marks and is the highest-scoring section in auditing. Use memory aids or patterns to remember clause numbers, sections, and provisions. You can easily score about 28-30 marks here. Practice MCQs alongside to ensure a clear understanding of the concepts.
Other smaller topics will take about 4-5 days, while some, like peer review and banks, might only take 2 days. You can use a question bank for this subject and refer to your class notes. The SA (Standards of Auditing) part is less scoring, so make sure to cover as many points as possible in your answers to score well.
Corporate and Economic Laws
Recent exam papers have had lengthy law questions. It's essential to have a good understanding and reading speed. MCQs can help improve your concept clarity. Don't spend too much time on the directors' part. Use reference books and question banks for practice. Here, you need to practice by writing key points in a written format.
Economic law is scoring but requires time. Prepare it well. This will help you score above 60.
Your goal should be to practice writing at least 6 questions from each chapter to build confidence.
The examiner mainly evaluates based on the number of key points you cover in each question.
Study Schedule to be Followed:
| Month 1 March | Subjects | Daily Study Time | Specific Tasks and Goals |
| Days 1-8 | Financial Reporting | 10 hours | Start with easy chapters, and end with Business Combination and Consolidation. Practice each sum from the ICAI Study Material. |
| Days 10-17 | Strategic Financial | 10-12 hours | Start with easy chapters, and end with Derivatives. Try solving at least 10 questions by yourself. |
| Days 19-25 | Audit | 8-9 Hours | Follow CA Sanidhya Saraf sir's Fast Track Lecture dedicatedly. |
| Days 27-34 | Corporate & Economic | 9-10 hours | Follow the schedule of respective faculty lectures. |
| Last Month | Subjects | Days for Revision | Specific Focus |
| Law | 5 days | Revise SFM Theory, Study Economic Law in the Morning | |
| Audit | 5 days | Revise Standards on Auditing 1-1 each as a gap between two chapters so as not to get bored. | |
| Strategic Financial | 6 days | Try Revising the syllabus thoroughly. | |
| Financial Reporting | 6 days | Try Revising the syllabus thoroughly. |
This table outlines your study plan for the first month, with specific subjects and tasks for each day, followed by a schedule for the last month, which is dedicated to revision and practice mocks. Make sure to adjust the schedule according to your personal preferences and needs.
By following this strategic approach and staying committed to your studies, you can increase your chances of success in the CA Final Group 1 exam in November 2023.
Good luck with your preparations!
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FAQs
For CA Final Group 1 preparation in May 2025, begin by covering the Short Ind AS in Financial Reporting (FR) and tackle the challenging topics like business combinations and consolidation. For Strategic Financial Management (SFM), practice questions daily and focus on tough areas like portfolio management and forex. Dedicate ample time for Audit and its Ethics section, while for Corporate and Economic Laws, practice MCQs and focus on writing key points.
Ensure that you revise these topics thoroughly in the second month and take mock tests to gauge your preparation. Consistency and time management are key to acing these subjects.
Time management for CA Final Group 1 in May 2025 requires a structured plan.
For Financial Reporting, allocate 10 hours/day for problem-solving from ICAI study material. Spend 10-12 hours/day on SFM, revising concepts and solving questions, especially for complex topics like derivatives.
For Audit, focus on Ethics and Companies Act, dedicating 8-9 hours/day. Lastly, for Corporate and Economic Laws, spend 9-10 hours/day on theory and practice. As the exam approaches, shift your focus towards revision and mock exams, dedicating the majority of your time to these tasks.
Stay consistent with your study blocks to cover all topics effectively.
For Financial Reporting in CA Final Group 1, start with Short Ind AS topics and gradually move to the lengthy chapters like business combinations and consolidation.
Dedicate 2-3 days per Ind AS and focus on mastering common adjustments. Use ICAI study materials, RTP, and MTP for comprehensive practice. Ensure you revise these topics 2-3 times by April for better clarity. For complex areas, spend 4-5 days each, especially business combinations, which carry a significant weight in the exam.
Consistent practice and revision will help you achieve a high score in Financial Reporting.
In the last month (April 2025) of CA Final Group 1 preparation, allocate 5-6 days per subject for revision. For Financial Reporting, ensure thorough revision of all Ind AS topics and practice past papers.
For Strategic Financial Management (SFM), focus on revising core concepts, especially portfolio management, and derivatives. In Audit, revise the Ethics and Companies Act thoroughly, as they carry significant marks.
For Corporate and Economic Laws, concentrate on MCQs and writing key points for each chapter. Include mock papers in your revision strategy for better time management and exam readiness.
In the last month of preparation for CA Final Group 1 (April 2025), you should dedicate approximately 8-10 hours per day for revision.
Start your day with theoretical revision for Corporate and Economic Laws, followed by Financial Reporting and SFM revision. Allocate the final hours to practice mock exams and solve previous year papers to get an idea of the exam pattern and time management. Focus on weak areas and ensure regular breaks to avoid burnout. Consistency and focused revision are critical for scoring well in the exams.
