Preparing for IPCC - Self study

PREPARING FOR MAY/NOVEMBER 2011 IPCC

(Especially for Self Preparing Students for May/Nov 2011 Examinations)

| DHIRAJ A. RAMCHANDANI |

INTRODUCTION

Let me make this very clear, Im not from IPCC stream. Its just that, on receiving few requests, Im writing this article, with help of few other people. As such, I believe, at difficulty level, PCC & IPCC syllabi stand together. There is no much difference in contents of syllabus of any of them. So, what defers is discussed here.

GENERAL INSTRUCTIONS

The major consideration here, unlike PCC, has been to go for single group or both. In PCC one was supposed to undergo articleship and also attain the exams. While in IPCC, one needs to clear first group initially, then he/she becomes eligible for articleship, not before that. But again, the advantage with PCC students was they had atleast 1.5 year to prepare for one/both groups. While, for IPCC students, the attempt becomes due in just 9 months of clearing CPT.

 So, they are not comparable as per me. But few common points for PCC/IPCC, every student needs to keep in his/her mind. They are as follows,

 Some Points to be kept in mind for every PCC/IPCC student before we move on further :

• PCC/IPCC is a backbone of CA.

• What youve performed in CPT/PE-I is immaterial for PCC/IPCC, and FINALS is not yet come.

• So whatever you can do is in IPCC/PCC only.

• Every concept, every topic & every aspect of subject can be understood at this stage only. Because FINALS wont allow you to understand, but only to implement what have you learnt at this stage

• So, its a request to all you freshers that please dont ignore any topic or rather leave it simply, because at the end, it is going to help you only.

Now, lets consider, what should be done by a IPCC student, whether to go for one group or both together. And what is to be done, after finalizing your decision.

DECISION MAKING

            I personally believe that as IPCC stage is a crucial one, a student should consider this aspect seriously and think of attaining one group at a time. Because, by going for 1-1 group, a student can concentrate more on concepts, rather than just clearing the exams. Various students, I find, practice this illogical act of attempting both groups together in IPCC, and finally lose both the groups. I just dont understand why they rush? Or what is that one thing that doesnt let them wait for 6 months more and clear both groups by 1-1 format. Trust me friends, being student you consider exams to be a burden and so want to get off from them. But being CA too is not that easy, there are more difficulties and hurdles in being CA too. So what will they do after clearing exam, when they face any problem after being CA?

            Such decisions are needed to be thought upon well, one should consult his/her seniors, tutors, relatives (if there are any professionals in family) and then decide to go for one or both groups. Anyways, if you ask me, I would suggest going with first group only in your first attempt, and thereafter going for second group.

            Ok, so lets discuss both the options, i.e going for single group or both groups together :

SINGLE GROUP

I think ICAI has done a great job by entering IPCC scheme in CA syllabus. A student clearing CPT has no experience, has no high maturity level, so it is very obvious that how can one expect from that student to attain his/her articleship alongwith the studies. So, removing articleship for ones first attempt and reducing time gap between CPT & IPCC is really good attempt by ICAI itself. For PCC students, it was very difficult to deal with articleship, tuitions and studies together, but for IPCC students, they need to concentrate initially on their studies only and then if they clear one group, they need to join office. What could have been better option for ICAI, to train students for such a longer duration without affecting their studies?

            Generally, students join various tuitions for every subject, after CPT. These coaching classes take care of major subjects, and thats good enough to attempt for one group atleast in IPCC. What students are suppose to do overhere is to attain their classes regularly and also refer any reference book from the market, because practice makes man perfect. As such, teachers at tuitions guide students about the topics, but as they themselves dont have time to explain every concept in detail or give maximum practice, its their responsibility to refer good books or material for self practice to students.

            Many students may complain that they already have long session tuitions, they dont have any extra time for self practice. Then let me remind you, youve already cleared CPT, so that means now is the time where you need to solve and write every solution in detail in your exams. You cannot ask for relief or relax, as after clearing IPCC, your FINALS will be after 3 years, and there you have sufficient time to prepare for. But at IPCC level, you should not rest or rather work hard and get every concept in so detail that you need not have to refer the same basics for CA FINALS.

            So, one should not depend on tuition or coaching classes (if some one opts for it), self practice is VERY VERY NECESSARY at this stage of CA course. And I think, the benefit IPCC students have got is splitting of ACCOUNTS, really, its a very good move by ICAI. Because, in PCC students find it very difficult to finish off accounts and then revise such a huge syllabus in exams.

            I think, sincere studies for one group wont fetch more than 3 months, for first group. Here, Im referring for the SELF-STUDY purpose. That means, if someone doesnt join any class, then one can easily finish off the first group, alongwith revision in just 3 months. So friends, grab the opportunity and go for single group as far as possible.

BOTH GROUPS

Now, if someone is really genius and believes that he/she should try to go for both groups together, than he/she should. Because, if some one is confident about his/her success and is firmly promises to prepare for the same, then I think he/she should really try for both groups together.

            The difference in going for single and both groups together is that quantum of practicing sums & understanding of concepts or rather put it in one word basic/detailed knowledge defers. Person going for one group has enough time to practice for and understand the concepts well. While, student going for both groups, has lack of time, so he/she cannot practice more or rather understand concept in detail. But then, clearing both groups in first attempt has its own value and importance.

            Students going for both groups together have to put lot and lot of efforts to even finish the syllabus once, revision is cannot be thought upon. So, I suggest them to go for daily studies, whether one joins or not joins any coaching class. The best way to deal with such huge syllabus in just 6-7 months is to study daily, that to as well with full concentration.

Daily revision too is necessary, otherwise, all effort will go in vain. Because, preparing for 6 subjects together, i.e 7 papers, that to just after CPT exams where one had just four subjects, becomes a tedious job. So, whatever you study for whole day, it is necessary to revise the same on the very same day, before you go to sleep.

Another factor hinders here is the length of all the subjects. Generally, in CPT, most of the topics are common from our 10+2 standards. But at IPCC level, everything changes, new topics, subjects, concepts are introduced. The exam pattern also changes, from MCQs, now it changes to detailed answers. So a student needs to consider this factor as well.

I believe, 6 months are to be allotted for IPCC both groups preparation, without coaching classes and atleast 3 months if some one goes for coaching.

In this 5 months preparations and 1 month is sufficient for revision.

TIME ALLOCATION

First Group (3 months, i.e approx. 90 Days)

1. Accounts 25 Days

2. Law, Ethics & Communication 20 Days

   Try to finish both these subjects within 45 days.

3. Cost Accounting & Financial Management 20-25Days

4. Taxation 20-25 Days

Second Group (2 months, i.e approx. 60 Days)

1. Advanced Accounting 25 Days

2. Auditing 15-20 Days

   Try to finish both these subjects within 35 days

3. Information Technology & Strategic Management 15-20 Days

REFERENCE BOOKS

            I have referred books for PCC in my following article, I think the same books are helpful for IPCC as well. Also, ICAI material and rest all material too is suggested in PREPARATION OF PCC - SELF STUDY

DISCLAIMER

The views, suggestions, tips, etc expressed above are purely mine. These are not the perfect suggestions, rather very subjective from person to person.

So please, before following the above suggestions, take advice of your teachers, seniors or your boss as well. Because, for me these procedures were helpful, so before following any of them, do concern any expert.