Masters in the field & All India Rank (AIR) holders disclose that with slightly more hard work & genuine groundwork, it is likely to clear this foundation level exam and that too without taking any help from any coaching institutes.
Discussed below are few tips for preparation of CPT Exams 2021 and clearing them without any struggle.
What is CPT?
CPT stands for Common Proficiency Test, which is the entry-level exam to become a member of the Institute.
The Common Proficiency Test (CPT) 2021 is the entry-level examination for the Chartered Accountant Certification. The complexity level of the exam and the possibility of clearing the examination in the very first attempt has been puffed up unreasonably. In actuality, the said exam is not that tough the way it is projected. It is just the foundation level exam of the CA (Chartered Accountancy) course. In addition, the examination is all based on the curriculum of Class 11th & 12th of CBSE and ICSE board.
When you are appearing for your CA CPT Foundation Exams 2021, listed below are few Experts Advises for every subject to add up to your self-confidence and lower down your burden of the said examination.
1. Master your Accounts:-
Accounting is a subject that will help students in fetching marks in CA CPT Foundation Exams 2021. Students from commerce background have an edge over the students from other fields, as they are very well acquainted with the Basics, Fundamentals, and the Principles of Accounts.
However, the students who are not from a commerce background should not feel disheartened as it is not that you all cannot clear the CPT Exams. Rather, you all need to invest a little more time in going through the conceptual part of the theory to get a grip over the subject matter i.e. the fundamental principles of accounting, and the Golden Rules of debit & credit.
In addition, practice understanding the formats of the varied accounts including Cash Books, Journals, Trial Balance, Profit & Loss Account and Balance Sheets of Proprietorship Firms, Partnership Firm, and Company Accounts.
2. Macro and Micro Economics:-
CA CPT, this is relatively an easier topic, & the Macro Economics portion is more scoring if the student has a conceptual clarity of the theoretical part.
You will have to go through various chapters such as productivity, business cycles, consumption, policy, saving, long-run economic performance, and investment. One should make their own notes for the important topics of different chapters and revise them repeatedly.
3. Quantitative Aptitude (QA):-
QA may seem a bit complex for students who are not well–versed with mathematics. However, a savior will be Statistics, which is a little effortless topic than math.
Therefore, when preparing one can strategize a bit and can concentrate on Statistics by focusing on theory and solve problems from correlation and regression, averages, differentiation, integration, and theoretical distribution.
For the examination, students may struggle in deciding the single answer for the MCQs. Such questions must be attempted at last. In case of difficult MCQs, one should not invest much time on it, rather leave it and move to the questions that will fetch you marks. Keep a watch on time, do not cross the predetermined time limits
4. Mercantile Law:-
Yet another scoring subject after Accounts is Mercantile Law. Various Acts covered in the subject are Contract Act, Sale, Negotiable Instrument Act, Sale of Goods Act, Partnership Act, and Law of Torts. Make clear all the concepts and various legal terminologies & their application including landmark case laws.
5. Positivity Level should always be High:-
Throughout your journey of preparation as well as throughout your examination keep up your positivity level without any apprehension about your victory in your exam.
6. Practice More and More:-
Solve the past year’s papers and the possible questions so that you get to know the difficulties, which will help you to decide whether you are in need of any external guidance or not.
7. Devise an Effective Study Schedule:-
Outline a well-designed and achievable timetable. Include Mock test in study schedule. Practice questions from Study Material and Practice Manuals issued by ICAI. Effectively and efficiently, allocate time between all 4 subjects of CPT Foundation Exams.
8. Non-Attempting the Whole:-
For every wrong answer, students tend to lose .25 marks and the cumulative effect may pull them down to minimum scoring levels, therefore students should make it a point of attempting only those questions for which they have a sure shot answer. Keep in mind that one needs to score a minimum of 30% in each and every subject and overall a minimum of 40%.
9. Method of Reading:-
Read fast, the first page of the topic should be read fast for five minutes, and after that read slowly to have a handle on the topic.
After finishing a chapter this way, try all the questions provided in the study material, practice material, and then verify the answers specified.
10. Revision Method:-
While revising your course, start with those topics first where you answered wrongly in your very first attempt. You should repeatedly revise the topics until u are confident and well versed with that topic.