The clock is ticking towards your CA Intermediate January 2026 exams, and Paper 6 – Financial Management (FM) and Strategic Management (SM) – is a crucial one. This paper, a perfect blend of practical application (FM) and theoretical concept clarity (SM), is often the deciding factor for Group II success.

But don’t worry! With the right strategy and guidance from CA Swapnil Patni, a subject expert, you can not only clear this paper but score an exemption!

Here is your detailed, student-friendly Study Plan and Exam Strategy to conquer CA Inter FM-SM for the January 2026 attempt under the ICAI New Scheme.

Know Your Paper: FM-SM Essentials

Under the New Scheme, Paper 6 is split equally:

Section	Subject	Marks	Nature
A	Financial Management (FM)	50 Marks	Mostly Practical (Numerical)
B	Strategic Management (SM)	50 Marks	Purely Theoretical

Exam Pattern Update (New Scheme)

• The paper is a mix of 30% Objective-type Questions (MCQs) and 70% Descriptive-type Questions.
• No Negative Marking for MCQs.
• Your goal should be to secure 40+ in each section and a minimum of 60+ total for a sure-shot exemption!

The Master Study Plan: A Dual-Focus Approach

FM and SM require completely different preparation styles. CA Swapnil Patni advises a dual-focus strategy—allocate time daily to both parts.

1. Financial Management (FM): The Practice Powerhouse (50 Marks)

FM is all about conceptual clarity and practice. The more you solve, the better you get.

Phase	Strategy Focus	Key Chapters to Prioritize (A-Category)
Conceptual Clarity	Complete lectures, understand the logic behind formulas, and solve all class examples. Focus on one concept at a time.	Investment Decisions (Capital Budgeting): High weightage and complex. Master NPV, IRR. Management of Working Capital: Crucial for short-term financial health. Ratio Analysis: The foundation of FM.
Intense Practice	Solve all ICAI Study Material questions, RTPs, and the Question Bank provided by SPC. Solve at least 40-50 problems per week (minimum).	Cost of Capital: Essential for other chapters. Types of Financing: Understand different sources and their costs.
Revision	Solve the most complex 5-7 questions from each chapter again. Maintain a ‘Mistake Book’ for quick review.	All chapters, with special attention to your weak areas identified during practice.

Swapnil Sir’s Tip: Don’t just read the solutions! You must write down the working notes and the final answer for every practical problem. This trains your mind and hand for the 3-hour exam pressure.

2. Strategic Management (SM): The Theory Tamer (50 Marks)

SM is a theoretical subject, but rote learning won’t work. You need to understand the logic and real-world application of strategic frameworks.

Phase	Strategy Focus	Key Chapters to Prioritize (A-Category)
Conceptual Clarity	Read the text for understanding. Use flowcharts and diagrams (SPC’s Chart Book is highly recommended) to visualize concepts like PESTEL, Porter’s Five Forces, and SWOT Analysis.	Strategic Analysis: External Environment (PESTEL, Porter’s 5): Most framework-based. Strategic Choices (Generic Strategies & Growth): Directly applicable, easy to score.
Structure & Recall	Start writing answers immediately. Focus on using ICAI Keywords (bolding them in your answers). Use mnemonics for memorizing lists and points.	Introduction to Strategic Management: Crucial for definitions and core concepts. Strategy Implementation & Evaluation: Covers important practical aspects like strategic control.
Revision	Read the Summary/ROK Books (if you have them) multiple times. Focus on the main headings and sub-headings. Solve the Question Bank (QB) for descriptive and case-study questions.	All chapters, ensuring a strong grip on all theoretical frameworks.

Swapnil Sir’s Tip: Treat SM like a language subject. You must revise it orally or by reading your notes daily for 15-20 minutes. Consistent, short revision is better than one long session!

Exam Strategy: The Last 1.5 Days & The 3 Hours

Your strategy for the last 1.5 days before the exam and the actual 3 hours of writing are critical.

1. The Day-Before Strategy (1.5 Days)

• Day 1 (Afternoon/Evening): Start with FM. Quickly revise all formulas and important concepts. Solve 1-2 key problems from each of the high-weightage chapters (Capital Budgeting, Working Capital).
• Day 2 (Full Day): The SM Power-Revision. Dedicate the morning and afternoon entirely to SM. Read through your summary notes/chart book twice. Focus on recalling all frameworks and chapter-wise keywords. In the evening, move back to FM Theory (very important for MCQs).
• Final Revision (Exam Morning): Only revise SM Keywords and FM Formulas one last time.

2. The 3-Hour Exam Strategy

Time Allocation	Action Plan
First 15 Minutes (Reading Time)	Scan the entire paper. Choose your compulsory questions and the options you’ll attempt. Quickly decide your attack order (e.g., SM first, then FM).
1 Hour 30 Minutes	Attempt SM (50 Marks). Since it’s theory, write clear, well-structured, and keyword-rich answers. Finish the entire SM section and secure your base marks.
1 Hour 30 Minutes	Attempt FM (50 Marks). Start with the problem you are most confident in. Present your solution clearly, step-by-step, with proper working notes. Do not waste time if a long sum is stuck—move to the next.

Swapnil Sir’s Tip: In the FM section, even if you can’t get the final answer, write down the correct formula and the steps/working notes—you get grace marks for the correct approach! In SM, a well-drawn diagram of a framework (e.g., Ansoff Matrix, Porter’s 5 Forces) always leaves a good impression.

Don’t Miss These Crucial Elements

• ICAI Study Material: This is your Bible. Ensure you have covered every single question and topic from the latest ICAI material applicable for Jan 2026.
• Mock Test Papers (MTPs) & Revision Test Papers (RTPs): Treat the last few MTPs released by ICAI as mini-exams. Time yourself and evaluate your speed and presentation.
• Amendments: Stay updated! Any last-minute amendments or important new circulars related to FM or SM for the Jan 2026 attempt will be crucial. Follow CA Swapnil Patni’s channels for timely updates.

Remember, CA Inter FM-SM is one of the most scoring papers if you maintain a balanced approach between concepts, practice, and smart revision.

All the best for your Jan 2026 attempt! Study Smart, Score Big!