10 Things I wish someone had told me when I started studying for IPCC

So I attempted my IPCC both groups examination in May. Honestly, my exams sucked. Yes, big time. Most probably because I wasn't organized enough, right from the start and wasted a lot of time, thanks to my wrong course selection, and partially, my internship. I think I will have to attempt IPCC again in November (and there goes my 18th Birthday) and if I count, I have around three and a half months to prepare. I made a lot of mistakes in my first time, which I realized during my May exams, I have compiled a list of the same to guide myself better this time and also to give an insight to first timers of the blunders I committed so that they don't end up doing the same.
  1. For practical subjects, don't waste time with hefty theory books, instead refer a book which gives an insight about the theory in short and spend all time possible doing practical questions. Later on, if required go through the theory from Practice Manual.
  2. For taxation, make sure you maintain notes from the beginning itself, because revising direct tax for exam would be an impossible task without it. Doing direct tax is much easier with succinct notes.
  3. Best way to do Auditing is through Practice Manual but make sure you have a basic idea about the process of auditing before it. Also, SA are important, make sure you have read SAs at least once and have prepared good notes for last minute revision.
  4. In formulae based subjects like Financial Management and Costing, make a list of formulae and keep revising them as frequently as possible (alternate days should do).
  5. Maintain notebooks! Yes, you aren't in school anymore but this is a savior, unless you want to waste time looking for your notes in different books and have piles of papers cluttering your study space.
  6. Don't underestimate mock tests, you'd have no idea about your preparation level until you take it.
  7. Keep an eye on amendments in Law, taxation and Accounting. Many questions are asked from the amended portion, don't give the examiner a chance to cut your marks.
  8. Our Institute is kind enough to provide us with webcasts of leading faculty to guide us with our preparations, please see them.  
  9. If you have a doubt or are stuck somewhere, ask for help ASAP. Later on you wouldn't remember it and while revising for exams you'd be stuck and will waste a lot of time. 
  10. Form a study group if possible, it helps you stay motivated.

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