How to Prepare for Strategic Cost Management and Performance Evaluation
Exam Preparation should always include a proper Strategy, Management, and its Evaluation.
When we talk about the Strategic Cost Management and Performance Evaluation (SCMPE) subject, it requires thorough clarity and dedication, as it is the final step to becoming a CA after passing the Group 1 exams. This subject helps you to understand how to develop the pricing model, and how to do budgetary controls for an organization.
SCMPE is a practical as well as a theoretical balanced subject, hence equal focus should be given to both aspects during its preparation.
As you come closer to your CA goal, each step leading towards it needs to be strong and steady. In this blog, we will share some useful tips and strategies to pass this exam with flying colours and take one step towards your CA dream.
Explained: Preparation Strategy for SCMPE
Before starting your preparation, you may consider revising Cost & Management Accounting and Strategic Management. This will help you to understand the concepts of SCM & PE quickly.
You also need to prioritize your chapters and syllabus according to the marks weightage. This will help you to pick important chapters and decide what you should pick first and what should be kept for later, for the preparation.
There are a few chapters that you must study on priority:
- Standard Costing
- Transfer Pricing
- Just in Time (JIT) – Theory/Practical
- Overall Equipment Effectiveness (OEE)
- Decision Making
- Budgetary Control (Theory)
Besides preparing these chapters, also focus on solving case studies. They are asked in the exam to assess your knowledge of the contemporary chapters. Case studies analyze your approach to apply ideas and insights from theory to real-life situations.
Effective Tips to Score Well in SCMPE
1. Make a timetable categorizing the study syllabus and achieve your daily targets based on that. Try to complete the lengthy chapters first with more marks weightage.
In case you get distracted while studying, read: How to Tackle Distractions While Studying
2. Prepare notes with chapter-wise key points. This will help you clear your doubts if you are stuck at a point.
3. Ensure your concepts are clear and sound. Consider taking the help of a mentor, if required, as conceptual clarity is a must for answering case-based questions.
4. Revise what you have studied, on a daily basis. This will help you to retain topics and concepts. When you revise, you not just prepare, you prepare better !
5. Attempt MTPs, RTPs, and past year papers. It will help you to boost your confidence and will highlight your strengths and weaknesses.
6. When giving the exam, do not spend a lot of time on calculations. If you get stuck in a question, move on to the other questions that you are sure about.
7. Questions and cases are based on skill assessment. So, read carefully and answer as per the requirements of the question.
You can download the OnePrep app for your SCMPE exam preparation. OnePrep is available on all devices and here you will find the best SCMPE faculty, CA Sankalp Kanstiya. There are many things you can learn about SCMPE from his 8 years of teaching experience. OnePrep has got everything you need to ace your CA exams. It has the ‘Dream Team’ for CA, which includes the ‘Best and Biggest’ names in the field of CA education. CA Parveen Jindal, CA Bhanwar Borana, CA Aaditya Jain, CA Pankaj Garg, and CA Raj Kumar to name a few.
Wherever you go, you can carry the Dream Team with you and get anytime & anywhere access to quality CA education instantly.
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