CA Inter Group 2 — Complete 45-Day Study Plan for May 2026 Exams
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CA Inter Group 2 — Complete 45-Day Study Plan for May 2026 Exams
Paper 4: Costing · Paper 5: Audit · Paper 6: FM & SM · Week-by-Week Plan · Chapter Priorities · Last 10 Days Strategy
Exam Starts: May 9, 2026Group II: Paper 4, 5 & 6Start by: March 25, 2026
53
Days to Paper 4
Cost & Management Accounting
May 9, 2026 · 2 PM – 5 PM
55
Days to Paper 5
Auditing & Ethics
May 11, 2026 · 2 PM – 5 PM
57
Days to Paper 6
Financial Management & SM
May 13, 2026 · 2 PM – 5 PM
Group 2 exams start May 9. You have 45 focused days if you start on March 25. Most students who fail Group 2 don't fail because they didn't study enough — they fail because they studied the wrong things, in the wrong order, without enough practice. This plan tells you what to study each week, which chapters to prioritise, and exactly how to spend your last 10 days.
1
Know Your Papers — Before You Start the Clock
Exam dates, paper types and what each paper demands
Group II — Paper 4
Cost & Management Accounting
📅 May 9, 2026 · 2 PM – 5 PM
Numerical
100% practical. Standard costing, marginal costing, process costing, budgets. Full working notes compulsory. Practice is everything — theory alone will not clear this paper.
Group II — Paper 5
Auditing & Ethics
📅 May 11, 2026 · 2 PM – 5 PM
Theory
Driven by SA citations. Knowing the content is not enough — ICAI rewards structured, SA-referenced answers. Answer writing practice is essential.
Group II — Paper 6
FM & Strategic Management
📅 May 13, 2026 · 2 PM – 5 PM
Numerical + Theory
FM (50 marks) — numericals: NPV, capital structure, working capital. SM (50 marks) — pure theory. FM numericals are the most common floor-failure cause. Don't under-prepare them.
⚠️
The #1 Reason Students Fail Group 2 — FM Numericals
In the Jan 2026 attempt, FM & SM was the most common floor-failure paper in Group 2. Students read SM theory extensively but go into the exam underprepared on FM numericals — NPV, capital structure, working capital management. They score 38–39 in Paper 6 and lose the entire group. This plan gives FM numericals the weight they deserve from Week 1.
2
Chapter Priorities — Where to Spend Your Time
Based on ICAI past papers, RTPs and MTPs from last 5 sessions
Paper 4 — Cost & Management Accounting
Chapter
Priority
Why It Matters
Standard Costing
🔴 Must Do
High-weightage full-solution numericals — always in every exam.
Cover basics — occasionally tested as a short question.
Paper 5 — Auditing & Ethics
SA / Chapter
Priority
Why It Matters
SA 200–265 — General Principles SA 200, 210, 220, 230, 240, 250, 260, 265
🔴 Must Do
Foundation SAs — appear in every attempt without fail.
SA 300–450 — Risk & Planning SA 300, 315, 320, 330, 402, 450
🔴 Must Do
Risk assessment and materiality — high-frequency questions.
SA 500–580 — Audit Evidence SA 500, 505, 520, 530, 540, 550, 560, 570, 580
🔴 Must Do
Especially SA 570 (going concern) and SA 580 (written representations).
SA 700–710 — Reporting SA 700, 701, 705, 706, 710
🟠 High
Modified vs unmodified opinion, emphasis of matter — always relevant.
Code of Ethics
🟠 High
5 fundamental principles, threats and safeguards — 10–20 marks typically.
Company Audit / CARO
🟠 Medium
Statutory audit provisions — important practical questions.
Paper 6 — Financial Management & Strategic Management
Chapter
Priority
Why It Matters
FM: Capital Budgeting (NPV, IRR, Payback)
🔴 Must Do
Always tested, often 15–20 marks. Master NPV with tax & depreciation.
FM: Working Capital Management
🔴 Must Do
Cash cycle, debtors, creditors — very high marks potential.
FM: Capital Structure & Leverages
🔴 Must Do
OL, FL, CL + EBIT-EPS analysis — high frequency every session.
FM: Cost of Capital (WACC)
🔴 Must Do
Ke, Kd, WACC computations — tested in almost every attempt.
SM: Strategic Analysis (SWOT, PESTLE, Porter)
🔴 Must Do
SM's highest-frequency area. Frameworks must be memorised with examples.
SM: Business Level Strategies
🔴 Must Do
Cost leadership, differentiation, focus with case application.
FM: Dividend Decisions
🟠 High
Gordon, Walter, MM hypothesis — short questions common.
3
The 45-Day Week-by-Week Plan
Start: March 25 · First exam: May 9 · Last exam: May 13
📐
How This Plan Is Structured
Weeks 1–5 (Days 1–35): Subject learning + chapter completion · Week 6 (Days 36–42): ICAI MTPs, RTPs & mock tests · Days 43–45: Final revision only — no new topics.
Daily commitment: 6 hours minimum (3 sessions of 2 hours each). Split across all 3 subjects every day.
1
Week 1 — Foundation Building
March 25 – March 31 (Days 1–7)
Costing: Cost Sheet + Job + Process Costing | Audit: SA 200–250 | FM: Introduction + Cost of Capital
Day 1–2
Cost concepts, cost sheet, job costing — complete with full numerical practice. Costing
Day 3–4
Process costing — normal loss, abnormal loss, equivalent units, joint products. Solve minimum 10 problems. Costing
Day 5–6
SA 200 (Objectives), SA 210 (Engagement Letter), SA 220 (Quality Control), SA 230 (Documentation), SA 240 (Fraud), SA 250 (Laws). Note objectives and auditor responsibilities for each. Audit
Day 7
FM overview + time value of money. FM Quick revision of all Week 1 Costing chapters. Revise
2
Week 2 — Core Costing + Audit Risk SAs + WACC
April 1 – April 7 (Days 8–14)
Costing: Marginal Costing + CVP | Audit: SA 260–330 | FM: Cost of Capital (WACC)
Day 8–9
Marginal costing — BEP, P/V ratio, margin of safety, profit planning. Practice 15+ problems with and without fixed cost scenarios. Costing
Day 10
Marginal vs Absorption costing — profit reconciliation statements. Know the formula inside out. Costing
Day 11–12
SA 260 (TCWG), SA 265 (Deficiencies), SA 300 (Planning), SA 315 (Risk Assessment), SA 320 (Materiality), SA 330 (Responses to Risk). Understand the risk identification framework. Audit
Day 13–14
Cost of Capital — Ke (dividend model + CAPM), Kd (before/after tax), Kp, WACC. Practice 10+ WACC computations. Guaranteed in exam. FM
3
Week 3 — Standard Costing + Audit Evidence + Capital Budgeting
April 8 – April 14 (Days 15–21)
Costing: All Variances | Audit: SA 500–580 | FM: NPV, IRR, Payback
Day 15–17
Standard costing — Material, Labour, Overhead variances (all levels). Single most important chapter in Paper 4. Practice 20+ variance problems. Never skip sub-variances. Costing
Day 18–19
SA 500 (Evidence), SA 505 (Confirmations), SA 520 (Analytical), SA 530 (Sampling), SA 540 (Estimates), SA 550 (Related Parties), SA 560 (Subsequent Events), SA 570 (Going Concern), SA 580 (Written Representations). Audit
Day 20–21
Capital Budgeting — NPV (with working capital, tax, scrap), IRR, Payback, ARR. Practice 15+ problems including NPV with inflation. This chapter alone can give 15–20 marks in Paper 6. FM
4
Week 4 — Budgets + Audit Reporting + Working Capital + SM
April 15 – April 21 (Days 22–28)
Costing: Budgetary Control | Audit: SA 700–710 + Ethics | FM: Working Capital | SM: Strategic Analysis
Day 22–23
Budgetary Control — flexible budgets, production budget, cash budget, master budget. Practice full budget preparation problems. Costing
Day 24–25
SA 700 (Opinion), SA 701 (KAMs), SA 705 (Modifications), SA 706 (Emphasis of Matter), SA 710 (Comparatives). Code of Ethics — fundamental principles, threats and safeguards, independence. Audit
Day 26–27
Working Capital Management — operating cycle, debtors, creditors, cash management (Baumol model, Miller-Orr). Practice 12+ problems. FM
Day 28
SM Strategic Analysis — SWOT, PESTLE, Porter's Five Forces, Value Chain. Write each framework: definition + 5 points + real company example. SM
5
Week 5 — Complete Remaining Topics + First Full Revision
April 22 – April 28 (Days 29–35)
Costing: ABC + Remaining | Audit: Company Audit | FM: Capital Structure + Leverage | SM: Business Strategies
Day 29–30
Activity Based Costing + Contract Costing + remaining chapters. Ensure all ICAI Study Material questions from high-priority chapters are attempted. Costing
Day 31–32
Company Audit provisions, CARO 2020, Internal Control and Internal Audit concepts. Bank audit basics. Audit
Day 33–34
Capital Structure — NI, NOI, MM approach, EBIT-EPS analysis, leverages (OL, FL, CL). SM: Business strategies — cost leadership, differentiation, focus with examples. Strategic implementation. FMSM
Day 35
First Full Revision Day — quick revision across all 3 subjects. Formulas, SA numbers, SM frameworks. Write down weak chapters. These get extra time in Week 6. Revise
6
Week 6 — ICAI RTPs, MTPs & Mock Tests
April 29 – May 5 (Days 36–42)
100% ICAI material — no new learning this week. Practice papers only.
Day 36–37
Attempt 2 full Costing ICAI MTP/RTP papers under 3-hour exam conditions. Review every answer vs ICAI suggested answers. Circle where working notes were wrong. Mock
Day 38–39
Attempt 2 full Audit ICAI MTP/RTP papers. Check: are you citing SA numbers? Are answers in ICAI format (structured paragraphs, not bullet dumps)? Mock
Day 40–41
Attempt 2 full FM&SM ICAI MTP/RTP papers. Score FM strictly — correct working notes? Full SM framework answers? Mock
Day 42
Weak Chapter Day — rework specific questions where you lost marks in mocks. Revise all Costing formulas and SA numbers one final time. Revise
🏁
Last 3 Days — Final Revision Only (May 6, 7, 8)
Days 43–45 · No new topics. No new questions. Consolidate only.
First exam is May 9 — you need a fresh, clear mind going in
May 6 (Day 43)
Costing rapid revision — all variance formulas, BEP formula, CVP relationships. Re-read your mistake notebook. Sleep by 10:30 PM. Revise
May 7 (Day 44)
Audit rapid revision — SA numbers + one-line summaries. Ethics: 5 fundamental principles. Audit report types. Company Audit key provisions. Light FM revision in the evening. Revise
May 8 (Day 45)
FM & SM rapid revision — all FM formulas on one sheet. SM key frameworks (SWOT, Porter, BCG, Ansoff) with 3-line summaries. Stop studying by 4 PM. Rest. Sleep early. Paper 4 is tomorrow at 2 PM.Revise
4
Exam Day Strategy — Paper by Paper
How to use your 3 hours on each exam day
9
May 2026 · 2 PM – 5 PM
Paper 4 — Costing
First 15 min: Read all questions. Identify your strongest 5–6 first.
Attempt order: Standard costing → Marginal costing → Budget → Process costing
Key rule: Full working notes always. Steps score marks even when the final answer is wrong.
11
May 2026 · 2 PM – 5 PM
Paper 5 — Audit & Ethics
First 15 min: Read all questions. Structure matters more than length.
Answer format: Every answer must open with the SA number and its objective. Use paragraphs, not bullet dumps.
Key rule: Always state the auditor's specific responsibilities, not just the SA name.
13
May 2026 · 2 PM – 5 PM
Paper 6 — FM & SM
Time split: 90 minutes FM + 90 minutes SM.
FM: Set up working notes clearly. Show all intermediate steps.
SM: Structured paragraph answers with framework names cited. Analytical thinking, not lists.
⏱️
The 2-Day Gap Between Papers — Use It Wisely
You have a 2-day gap between each paper (May 9 → May 11 → May 13). Use Day 1 after each exam for recovery — don't study. Use Day 2 for focused revision of the next paper only. Don't re-analyse the paper you just gave. Move forward.
5
5 ICAI Resources You Must Use
Non-negotiable — these are what the examiner tests from
01
ICAI Study Material
Primary source for all 3 papers. For Audit, this is essentially your exam paper in advance.
02
Practice Manual
Chapter-wise additional questions. Do all Practice Manual problems for Costing and FM.
03
MTPs
2 Mock Test Papers per session released by ICAI. Attempt all under timed conditions.
04
RTP May 2026
Available on icai.org. Contains the most likely question patterns for this attempt.
05
Suggested Answers
Jan 2026 + Sep 2025. Study how ICAI expects answers written — not just what to write.
6
6 Mistakes That Cost Students Group 2
Avoid these — they are the difference between passing and repeating
Ignoring FM numericals and over-reading SM theory. SM is easier to revise last-minute. FM numericals need weeks of practice. Give FM 60% of your Paper 6 time.
Not citing SA numbers in Audit answers. "The auditor should check for fraud" is worth half the marks of "As per SA 240, the auditor is required to..." One line, double the marks.
Skipping working notes in Costing. Examiners award marks for steps, not just the final answer. A partially correct solution with clear workings scores 5/8. A correct answer with no workings can score 2/8.
Starting ICAI mock tests too late. Most students attempt MTPs in the last 3–4 days. By then there's no time to fix what the mock reveals. Start mocks in Week 6 — two weeks before the exam.
Trying to cover new topics in the last 10 days. Your brain retains known concepts far better than new ones under pressure. Last 10 days = revision only. No new chapters.
Not sleeping before the exam. Studying until 1 AM before Paper 4 and walking in exhausted is one of the most common avoidable mistakes. Recall and numerical accuracy drop significantly when sleep-deprived.
Need the Right Faculty for Group 2? Zeroinfy Has You Covered.
Zeroinfy offers video lectures by India's top CA Inter Group 2 faculties — updated for May 2026. Costing, Audit and FM&SM available in regular and fast-track batches. Free counselling to help you pick the right faculty for each subject.
This study plan is based on ICAI's official exam schedule, past papers and RTP/MTP patterns. Exam dates subject to ICAI's final notification — verify on icai.org. Zeroinfy Academic Desk, March 2026.
Rashid alam
Rashid