FM & SM Strategy – The 60 Marks You Can Secure in Half the Time
If you’re a CA Inter student, you already know FM + SM is that “I’ll manage this later” paper.
It’s “theory + practical” in one place, and most of us treat it like the side dish we’ll study after the main course.
But here’s the thing — if played smartly, FM & SM can give you 60+ marks in half the study time you spend on your heavy subjects.
1. First, Stop Treating Them as Two Random Subjects
FM (Financial Management) and SM (Strategic Management) are in the same paper for a reason — their combined power decides your score.
The paper is 60 marks FM + 40 marks SM, but it’s often SM that saves the day when FM gets tricky.
Your goal: secure marks where effort-to-reward ratio is highest.
2. For FM: Smart, High-Yield Topics First
Don’t try to “do everything perfectly” from Day 1. Instead, lock in the topics that almost always show up:
- Capital Investment and Dividend Decisions
- Leverage
- Working Capital
- Cost of Capital
- Capital Structure Decisions
- Ratios
These areas alone can cover a big chunk of FM’s weightage.
Why? Because FM questions are often repetitive with slight twists — if you’ve nailed the past 5 years’ papers + ICAI MTPs for these, you’ll see the pattern.
Practical move: First, secure the 35–40 FM marks you can almost guarantee, then spend time on the rest.
3. For SM: Treat It Like an Open-Book Memory Game
SM is the “sleepy” part of the syllabus for many, but that’s where your half-time advantage lies.
It’s theory, yes, but it’s not random — most answers are framework-based.
If you learn how to structure answers exactly the ICAI way (headings → subpoints → examples), you can pick up easy marks even if you don’t remember word-for-word.
High-weight, low-effort areas to target:
- Introduction to Strategic Management
- Strategic Analysis: External Environment & Internal Environment
- Strategic Choices
- Strategy Implementation and Evaluation
Practical move: Use a one-page-per-chapter summary sheet — headings on the left, quick examples on the right. Revise 40-mark SM in 4–5 focused days.
4. Integrate FM & SM in Your Study Plan
Don’t do all FM first, then SM later. Mix them. For example:
- Morning: 2 hours FM problems
- Night: 1 hour SM theory
This keeps your brain active and avoids FM fatigue.
5. Exam Hall Strategy
- Start with FM to get your brain warmed up with numbers.
- Keep SM for later so you don’t rush FM calculations.
- For SM, even if you don’t know the exact wording, never leave answers blank — structure it logically with keywords you remember.
💡 Final Thought:
FM & SM isn’t about slogging — it’s about smartly locking in the sure-shot marks before chasing perfection.
If you secure your “easy” 60 marks early, the rest of your paper becomes a bonus hunt instead of a panic run.
🔗 Join 10,000+ CA Students using our Test Series to study smarter and create your own academic brand. Structured tests with detailed feedback.