Developing a study schedule for the CMA Inter Group 1 exam may appear challenging if you want to prepare for the December 2024 session. But if you have a proper plan and you know what subjects you are going to cover, then you can easily go through your preparation.
Here is a step-by-step guide to prepare for CMA Inter Group 1 and subject wise tips to score well.
This blog aims at providing an understanding of CMA Inter Group 1.
CMA Inter Group 1 comprises four subjects:
PAPER 5: FINANCIAL ACCOUNTING
PAPER 6: LAWS AND ETHICS
PAPER 7: DIRECT TAXATION
PAPER 8: COST ACCOUNTING
Every subject is different and needs to be taught in a different way, while focusing on the theoretical aspect and the practical aspect. Now let’s look at how you can prepare for each of the subjects and develop a good study schedule.
GENERAL STUDY PLAN FOR CMA INTER GROUP 1
- Set Clear Goals: Determine your target scores and goals for each subject. This will assist in keeping to the set goals and morale high during the preparation period.
- Create a Study Schedule: Divide the day or the week into time slots for each subject and stick to the schedule. Make sure that you teach all the contents that are in the syllabus before the examination date to leave enough time for revision.
- Use Reliable Study Material: The primary source of preparation should be the ICMAI study material. Support it with reference books and other online sources to enhance understanding of some concepts.
- Regular Practice and Revision: It is recommended to practice past papers and mock tests frequently. Revision often assists in retaining knowledge and also in understanding the pattern of the examination.
- Stay Updated: It is advisable to always check for any changes in the syllabus or the pattern of the exams from the ICMAI.
- Time Management: When studying, try to use time management strategies that will allow you to solve all the sections of the exam in the given time.
SUBJECT-WISE STRATEGY FOR CMA INTER GROUP 1
1. FINANCIAL ACCOUNTING
Objective: To gain knowledge about accounting principles and practices and to learn how they are used in practice.
Study Tips:
- Understand the Basics: Start with simple lessons like accounting standards, journal entries, and ledger posting.
- Practice Problems: Stress on real life aspects of financial statements, cash flow statements and accounts of partnership firms.
- Conceptual Clarity: This is why it is crucial to understand why some treatments are applied in accounting as opposed to merely knowing how to apply them.
- Regular Revision: It is advised to refresh the main concepts and problems from time to time in order to improve one’s knowledge.
2. LAWS & ETHICS
Objective: To find out an example of various laws that may be applicable to business and to get information on ethics in business.
Study Tips:
- Start with Basics: Begin with the basics of contract law, sale of goods, and company law.
- Case Studies: Use case laws to find out how laws are applied in real life scenarios.
- Memory Aids: To assist in remembering the legal provisions and sections, one should use mnemonics and flowcharts.
- Focus on Ethics: Go through the ethical standards set by ICMAI and the scenarios that they have given so that one can be prepared for ethical dilemmas.
3. DIRECT TAXATION
Objective: To meet the first of these objectives, the following specific objectives have been set: To gain a general understanding of income tax laws and their application where necessary.
Study Tips:
- Section-wise Study: It is better to divide the syllabus according to sections (like salary, house property, business income, etc.) to have better concentration.
- Tax Calculations: Perform credible tax calculations and tax filing exercises.
- Stay Updated: As for the recommendations, it is suggested to focus on amendments and updates in the tax laws as these are often included in the exam.
- Use Examples: Illustrate how different provisions of the tax law will impact your business.
4. COST ACCOUNTING
Objective: To be able to explain cost concepts, classification and the role of cost information in decision making and control.
Study Tips:
- Grasp Core Concepts: Concentration should be made on the major areas such as costing methods, cost sheets, and cost and financial accounts reconciliation.
- Numerical Practice: Spend a lot of time in problem solving to be able to understand different costing methods.
- Link with Practical Scenarios: Categorize the theoretical concepts so that they can be easily associated with real life business situations for enhanced memory.
- Summarize Key Points: Make summary notes and formula sheets for quick revision.
CONCLUDING TIPS
It is possible to aim at passing the CMA Inter Group 1 exam in December 2024 if the preparation plan is well developed. This way, you can systematically approach each of the subjects:
Financial Accounting, Laws and Ethics, Direct Taxation, and Cost Accounting, while adhering to the study plan and using the materials provided by ICMAI.
Concentrate on the concepts and their use in the real world and do past papers frequently and know about the changes in syllabus if any. If you are determined and plan well, you are on the right track to passing the CMA Inter Group 1 exam.
