HOW SHOULD ONE PREPARE FOR THE CA FINAL SFM EXAM?

Strategic Financial Management (SFM) is Paper – 2 at the CA Final Level. Before starting with your preparation of SFM, firstly revise the Financial Management (FM) and Strategic Management (SM) subjects studied by you at CA Intermediate Level. This will help you understand the subject deeply.

Whenever you study a subject, you must study it step-by-step. First step is the understanding of its concepts. Here, you have two options – 

1. Read and understand the concepts from the ICAI Revised Study Material and solve the Study Material, Practice Manual, Past RTPs, MTPs, and Past Examination Papers. This will take approximately 400-500 hours for this subject.
2. Another option is to study the subject from a renowned teacher, an expert in that field. The teacher whose video lectures and books cover all the things such as ICAI Study Material, Practice Manual, MTPs, RTPs, and Past Examination Papers at one place is the one you are looking for. If he also provides you a revisionary pocket book, then it is a cherry on the cake. This entire process will take your 350-400 hours for CA-Final SFM. For this subject, you need practical knowledge. So, choose your teacher wisely who explains all the practical aspects logically and thoroughly.

Related: CA Final Course 2024

So, the choice is totally yours. You can choose either option.

The next step is to start your preparation. While preparation, you must follow the given tips: 

1. It is advised to watch video lectures with appropriate validity and views such as 1.5 or 2 to help you revise the important concepts and important questions. You can also save time by adjusting the speed as per your understanding and processing of the concept. 
2. While watching the lectures, make sure to understand each concept with full concentration and frame examples in your mind to understand the concept better. 
3. Be regular with your classes, even though you may be studying at home by yourself. Attend the classes with a proper schedule as if the classes are being held live at a particular point of time every day.
4. While taking the classes, make proper short notes which you can revise again from time to time, or buy a Revisionary Pocket Book to help you revise all the important concepts therefrom.
5. Revise the concepts time and again from the Pocket Book.
6. In first revision, it is advised to do all questions from the material you are referring to. Mark the important and tricky questions and points for further revisions.
7. While revising the subject, fix daily targets and give time to each topic as per the length and weightage.
8. Make sure that you do the latest RTPs, MTPs, and Past Year Papers of ICAI, because some questions are based on that only.
9. Also solve 2-3 papers with time and get it checked yourself or from any reliable person to analyze your mistakes.
10. Practice more and more questions to improve the speed and way of your presentation of the answers.
11. One day before the exam, revise the concepts thoroughly from short notes and see the important and tricky questions. Always feel motivated and confident. Don’t touch any new topic a day before the exam.
12. During your articleship, try to gain as much practical knowledge of this subject as possible.
13. Always remember that this subject is not only related to Stock Market, but it is much more beyond that.

While attempting the exam, follow the given tips to pass with flying colors – 

1. In the first 15 minutes (reading time), read all the questions and choose the question which you will leave in option.
2. For the other questions, prioritize the questions to solve in order of the confidence you have in them. 
3. Start your paper with a positive mindset and attempt what you know with confidence. Don’t doubt your knowledge again and again (at every step in the answer).
4. Try to avoid cutting on the first two pages of the answer sheet.
5. If you are stuck anywhere, don’t waste time on it. Think for 5 minutes. If you are still not able to recapitulate the concept, move ahead with the next question. 
6. Attempt all questions (except the one left in choice). Don’t leave any answer blank. Write whatever you know about the concept.
7. Give proper presentation for each answer. This can be achieved only by solving more and more questions and by solving 1-2 Mock Tests within 3 hours’ time.

Other than this, I would also like to advise you to gain Practical Knowledge of Stock Market while studying SFM. Many teachers provide some basic knowledge during the classes itself. Learn from them. Start investing. It will help you a lot in future by increasing your passive income. 

The above tips, if followed religiously, will help you score amazing marks and will also increase your knowledge about the subject.

“If you continue to think the way you have always thought,

you will continue to get what you have always got.”

All the best !