CUET UG Accountancy Preparation Tips 2024: Check Exam Strategy

CUET UG Exam Date 2024 is out now and this will be your final time to buckle up and start revising the whole curriculum for the upcoming CUET UG Exam. CUET UG Exam is scheduled to take place from 15 May to 31 May 2024. Common University Entrance Test (CUET) Undergraduate (UG) programmes is the gateway to all Central Universities (CUs) and participating universities for the academic year 2024-25. If you are confused about whether you should choose Accountancy as your UG subject or not then this article can be your guide. In this article, we will explore every aspect of Accountancy along with the strategy you should follow to prepare yourself for the CUET UG Accountancy 2024. 

Accounting is one of the most essential subjects for daily life. In ancient times, there was a couplet in Hanuman Chalisa, “Jug Sahastra Jojan Par Bhanu, Leelyo Tahi Madhur Phal Janu”. Hundreds of years ago, Goswami Tulsidas ji used accounting in Hanuman Chalisa. Yojana was earlier a unit used for distance. In this, one Yuga means 12000 years, one Sahastra means 1000 and one Yojana means 8 miles. Now if we see, Yuga × Sahastra × Yojana = 12000 × 1000 × 8 miles. Thus, this distance is 96000000 miles. If we see this distance in kilometers, then there are 1.6 km in one mile. So, according to this, 96000000 × 1.6 = 153600000 kilometers. Based on this mathematics, Goswami Tulsidas had told in ancient times that the distance between the Sun and the Earth is about 15 crore kilometers. 

Accounting has been there for many years. No work can be done systematically without accounting, if we talk from the business point of view , there is a popular saying "Write first then give later if you forget to take it from paper”. It means if a customer comes to a merchant's place of business to buy goods then first write down the list of goods for the customer and then give the goods, if you forget about any transaction then check where you have written it. If we do any work by writing it systematically beforehand then there is ease in the content and presentation of that work and also time is saved.

Another special thing is that for example, suppose a normal person wants to buy an electronic vehicle that costs around Rs 1,50,000, then he takes a loan for this and also pays interest on it, but if a commerce student wants to buy an electronic vehicle, then he plans for it two years in advance and makes a Systematic Investment Plan (SIP) of Rs 6,250 per month and after two years he has Rs 1,50,000 along with an interest of about 8%, with that he buys his vehicle.    

Career Options After CUET UG Accountancy 2024

There are immense possibilities for a student knowing accounting to make his career. Today accounting is required in every sector. Majorly, an accountant plays an important role in various fields like ascertaining the cost in manufacturing organisations, accounting and auditing in companies, partnership firms, sole proprietorships, Investment Advisors, Risks in the insurance industry, Investment Management, Financial audits and offer tax advice, Store operations, Budgets and incomes, Statutory compliance in companies, Finance sectors, Business Management, Decision Making, Business Performance Management, Financial Transactions, Legal Compliance etc.

Check the following points to know the career aspects after CUET UG Accountancy:-

1. Chartered Accountant- A chartered accountant responsible for proper financial recording requires certification from the Institute of Chartered Accountants of India. It takes around 3-7 years to become a CA, starting salary is around Rs 7-8 lakh per annum.
2. Cost Accountant- Cost accountants play a vital role in analyzing the profitability of manufacturing companies and preparing budgets. While certification isn't required, a solid foundation in mathematics and economics is crucial. Cost accountants earn an average of Rs 5 - 7 lakh annually.
3. Professional Accountant- Professional accountants assist CAs in accounting and taxation, earning around Rs 3 lakh annually. Accounting firms have a high demand for individuals with expertise in Professional accountants.
4. Investment Banker- Investment bankers advise on investments earning Rs 10-12 lakh annually. This role does not require any extensive study, making it an attractive option for those interested in finance and the stock market.
5. Actuary- Actuaries assess risks in the insurance industry, earning between Rs 9-10 lakh annually. This analytical role requires a graduate degree in relevant fields.
6. Chartered Financial Analyst (CFA)- Chartered financial analysts are experts in investment management, earning around Rs 7-8 lakh per year. This globally recognised job requires expertise in economics and financial markets.
7. Certified Public Accountant (CPA)- Certified public accountants perform financial audits and provide tax advice. Governed by the AICPA, CPAs have a global reach and require a minimum of 150 hours of education for certification.
8. Personal Financial Advisor- Personal Financial Advisors develop investment plans tailored to clients, generating an income of around Rs 4 to 6 lakh annually.
9. Certified Financial Planner- Officially certified through a course, Certified Financial Planners earn around Rs 6-7 lakhs per annum due to their high demand in India.
10. Financial Examiner- Financial examiners, ensuring that companies comply with regulations, earn around Rs 4-5 lakh annually, mainly employed by banks and financial institutions.
11. Retail Manager- Retail managers oversee store operations, earning around Rs 5-6 lakh per year, with higher earning potential depending on performance.
12. Budget Analyst- Budget analysts closely examine budgets and income, earning around Rs 4 to 10 lakh annually, depending on experience.
13. Company Secretary- Company secretaries ensure statutory compliance in companies, earning around Rs 4-6 lakhs annually as freshers.
14. Investment Analyst- Investment analysts work in the finance sectors and earn around Rs 10 to 11 lakh on an average, focusing on research and financial models.
15. Management Analyst- Management analysts with expertise in business management, optimize communications within organizations and earn an average of around Rs 10 lakh per year.

CUET UG Accountancy Exam Pattern 2024

To prepare effectively for the CUET UG Accountancy Exam, understanding its pattern is crucial. Here's a detailed overview of the CUET UG Accountancy Exam 2024 format:

• The exam consists of 50 objective-type questions, mainly Multiple Choice Questions (MCQs) and candidates have to attempt 40 questions.
• It's conducted in a Hybrid Mode, allowing candidates to choose between a Computer-Based Test or Pen & Paper format.
• Each correct answer earns five marks, while an incorrect answer results in a deduction of one mark (-1).
• Candidates will get 60 minutes.to complete the exam.

Strategy for CUET UG Accountancy Exam

CUET UG is a highly competitive exam and takes a lot of attention and determination from the candidates. Every student is working hard to achieve their goal but what makes you different from the other candidates? Smart work…. Always remember smart work along with hard work is the key to success. Let’s have a look at these below-mentioned points which will be beneficial to you in strategizing your studies for CUET UG 2024:-

• Understand the Exam Pattern: Practice solving previous years' CUET UG Accountancy exam questions. Analyze the patterns and types of questions asked in previous exams to familiarize yourself with the exam format and difficulty level.
• Conceptual Clarity: Understand the fundamental concepts thoroughly. Ensure you grasp the underlying principles and theories related to each topic in the CUET UG Accountancy syllabus. Use NCERT to clarify any doubts and strengthen your conceptual understanding.
• Develop a Study Plan: Following a thorough review of the exam pattern and your self-assessment, create a study strategy according to your strengths and weaknesses. Adhere to the schedule diligently and aim to cover the syllabus well in advance of the exam date. This allows ample time for revision in the final days leading up to the exam.
• Unit-wise MCQ Practice Sessions: Divide the CUET UG Accountancy syllabus into units or topics. Schedule regular practice sessions focusing on MCQs related to each unit. For better preparation, you can also join our Aakraman Batch in which our faculty will be there with lots of CUET UG MCQs. 
• Time Management: Take mock tests regularly to simulate the CUET UG Accountancy exam environment. Time yourself as per the exam duration to improve your time management skills. Review your performance in mock tests to identify areas needing improvement and adjust your study plan accordingly.
• Proper Guidance: Seek guidance from experienced mentors, teachers, or subject matter experts. Engage in discussions with peers and mentors to clarify doubts and gain insights into effective preparation strategies.
• Revision: Create concise and comprehensive short notes covering key concepts, formulas, and important points for quick revision. Organize your notes systematically by topic or unit for easy reference. Review these short notes regularly to reinforce your understanding and retain essential information effectively.

CUET UG Model Test Paper

To enhance your preparation for the CUET UG Accountancy Exam, Utkarsh offers specialized Model Test Papers designed by our experienced faculties and subject matter experts. These papers are specially designed to strengthen your readiness for the examination. Access the CUET UG Accountancy Model Test Papers PDF through the link below:

CUET UG Accountancy Model Test Paper PDF

CUET UG Preparation Batch: Aakraman

At Utkarsh Classes, we are dedicated to giving you the best. Introducing our Aakraman Batch specifically designed for the CUET UG Accountancy Exam 2024. This batch is designed to provide comprehensive support for all candidates preparing to excel in the CUET UG Accountancy examination. For further details about this batch, click on the link below:

CUET UG Aakraman Batch 2024