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Tips and tricks to crack Cost Accounting and Financial Management Exam

By Astha Mongia,
For some students, Cost Accounting and Financial Management is a nightmare, while for some this subject is a cakewalk. With less than 3 months to go for November 2016 attempt, following tips can be followed to easily clear Cost FM exam. Though all these tips apply generally to other subjects as well but I'll be specific about Cost FM in some cases.
1. Coaching Class: Regularity
If you opt for coaching classes, make sure you do not miss any class. Even if you do, keep track of what was missed, take backups and complete your notes simultaneously. It is also worth putting in an extra hour into the homework. Appear for all the tests even though you couldn't prepare for it. If you have been attentive enough in the class, those tests might not be too difficult to solve.
2. Organization of Notes
Your notes should be properly maintained and complete. Like I mentioned earlier, complete your notes as and when you miss a class so that the pending work doesn't get piled up in the end.
3. Target setting
Once your notes are at one place, take a quick look at the whole syllabus and estimate how much time it can take to complete the entire course. Set daily, weekly or monthly targets. Keep in mind that when you start preparing for your attempt, it can take upto a whole month to set your routine. You also have to account for emergencies or other commitments. So set your schedule accordingly. Don't worry if you are not able to stick to the schedule. With other subjects to study as well, it is a rare feat. Still, it helps to identify where you are lagging and how targets could be revised.
Always remember, SETTING TARGETS IS A MUST.
4. Practice, practice and practice
i. Practice each and every question from your books. Cost & FM is all about presentation, so focus on this aspect while practicing. Needless to say, mark those questions which you find important or difficult. Some students don't calculate completely to save time while practicing. Do not do that. Solve every question till you get the final answer.
ii. Do not leave theory chapters for last few days. They generally carry a weightage of around 30 marks.
iii. Divide vast chapters like Capital Budgeting into sub parts. You can also prepare two topics simultaneously. For example you can cover Capital Budgeting from FM and relatively a short topic from Cost (say Reconciliation) side by side. This way you won't be fed up doing a larger topic. But follow this approach only if you can manage it well. With enough on your plate already, you don't want to end up getting confused.
iv. Make a list of formuale and important concepts of every chapter. This will help in last minute revision.
PRACTICE IS THE KEY. This point cannot be stressed enough.
5. Revision
Once you are done with basic practice and revision, it is the time to start revising. Read all the concepts and solve all marked questions. Solve previous attempts' as well as current attempt's RTPs. Since Cost FM paper is always lengthy, it is a good idea to solve Mock Papers under exam conditions. This will help a lot in time management.
Last but not the least, your confidence will matter the most during examinations. So have faith in yourself and give your best without worrying about the result.

The author can also be reached at caasthamongia@gmail.com

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