BLOG -How should one prepare for CA Final SFM exam?
ABOUT THE SUBJECT
a) The subject is vast in syllabus and concepts and problems.
b) Question paper is very uncertain.
c) Much of Hard work is required to crack the subject.
HOW TO PREPARE?
a) CONCEPTS BUILDING : When you will start studying, you realized that the subject is more on concepts and vast syllabus becomes quite manageable if you build strong understanding of concepts rather simply solving problems.
b) SIZE OF THE SYLLABUS, it is quite vast in general but the syllabus prescribed by ICAI for testing in the examinations is quite less and concise than the general scope of the subject.(so a thorough understanding of the prescribed topics is enough for success in the exam.
c) STUDY MATERIAL - Coming to the scope of subject the inputs should be entirely considered from the study material (ICAI) as well as referring to the class notes and any other reference material if you feel necessary.
Some students have been made a concept that SFM is all about Derivatives, Portfolio, and Forex. But there a slight difference if you have analyzed this paper properly. According to me there are lot of small topics which are easier and can be prepared with 100% accuracy in short span of time. Students can easily cover small topics in a short span of time (and score 40-50 marks with full accuracy).
HOW TO STUDY THEORY:-
Never ignore or try to underweight theory part, these cover 20-25 percentage of exam paper in paper 2 “SFM”.
Theory portion play a vital role in this paper. If nothing will work, then surely theory will work in this paper. Weightage of theory portion usually remains 20-30 marks, but generally we found 16 marks of theory in every term paper. So, make your plan accordingly.
I personally recommend you to read theory portion at least one hours on daily basis then only you can able to memories and able to write in exam hall. Prepare your own notes.
SOURCES OF PREPARATION/BOOKS TO BE REFERRED:
Study Materials / Class notes
Revision Test papers (to extent available)
Suggested answers (to extent available)
Mock Test Papers (at least for two terms)
OTHER KEY POINTS
- Theory portion can be prepared on daily basis. Recommend to study atleast one hour daily.
- SFM, the question paper is purely practical. Therefore, you have to practice solving a good number of questions on each topic. Try to solve each problem on your own (by yourself), in spite of just auditing the solution from notebook or study material. So, do practice on regular basis. Don’t refer to solution from your notebook or any where else.
To Score high in this paper, Keep these points in your mind while preparing for this paper.
1) Use of proper and prescribed format for presentation.
2) Adequate Working Notes in supporting to your answers and state the assumption clearly
3) Go through each and every topic thoroughly and understand conceptual points supporting each topic.
4) Try to solve as many questions as you can and also go through Practice Manual, Revision test papers, Suggested answers, Mock Test papers. (to the extent possible and available).
5) You should test your preparation by attempting some previous exam paper, revisions test papers, mock test papers under ultimate exam condition or environment. Later on check the result of your effort and make necessary correction/modification to your study preparations.
6) I personally recommend you to attempt Revision test papers, Suggested answers, Mock test papers at least one in a day. You will find variety of questions and you will never get disappointed in exam hall.
7) Avoid overwriting. Where they become inevitable, strike off and write again.
8) Always leave left hand page for showing workings, assumptions and notes. Workings are a must for the answer to be valid and should be fairly elaborate. Present them parallel to the question concerned. Use last page of the booklet for rough work.
9) If there is a question for which you do know the answer but do not have the time to write it fully, write a synopsis for the answer. This should be done, if required, only at the end of the answer sheet.
10) You are advised to practice such numerical questions which cover the technical points, formulas and adjustments of entire chapters.
11) Before answering any question you need to make a rough solution in your mind and then go accordingly. No need to make hurry in papers like SFM as one mistake may spoil your entire efforts. In SFM you won’t get amendments very frequently, so no need to worry about amendments etc.
Believe me, if you would study in this way, would be able to secure good marks in the subject.
I sincerely believe that the suggestions mentioned above would be of some help in SFM preparation.