Journey of a Chartered Accountant – One Failure is Not The End of Things

Today we have Semil Shah, a chartered accountant from The Institute of Chartered Accountants of India (ICAI), sharing his journey with us.

Semil is based in Mumbai (India) and is currently working at a Big 4 accounting firm.

MY JOURNEY

Initially, I wasn’t considering chartered accountancy (CA) as an option and was intending to pursue a career as a company secretary (CS).

I wanted to consider becoming a company secretary (CS) because I thought it was a bit easier as compared to the Chartered Accountancy course (I was in class 12 and had assumed that CS was easy). Later on in life, I realised that even CS is tough!

However, looking at the number of students enrolling in the CS course, I gave it another thought and eventually chose Chartered Accountancy from The Institute of Chartered Accountancy of India (ICAI).

So that’s how the journey to one of my biggest achievements began.

My CPT Journey

As per the syllabus of the Chartered Accountancy course from ICAI, the first level I had to clear was CPT (there are in total 3 levels in the CA course from ICAI: CPT, IPC, and CA Final).

For CPT (1st level), I wasn’t so keen on performing well, and my good score in the 12th grade exams had gotten me all the more laid back about it.

The CPT is simpler compared to the other two levels, so I cleared my CPT with a decent score of 118/200 without putting in substantial efforts.

My IPCC Journey

Then came the next level, the IPCC (2nd level CA exam consisting of 2 groups: Group 1 and Group 2). This is now known as IPC.

This exam should not be taken lightly, and it is really important for one to study well for it.

My first attempt was in May 2014.

It was the season of mangoes (a fruit I cannot resist).

I used to drink Aamras (mango juice) all day and ended up sleeping and lazing around most of the time as a result.

Cricket is another thing that always has my attention, and at the same time, the IPL (Indian Premier League) was around the corner.

So this became my routine: chilling all day and barely spending 5 hours each day with my books.

This continued, and before I knew it, it was time for my IPCC exams.

When it was time for results, as expected, my laid-back attitude and my daily chilling got me into trouble—I FAILED THE EXAMS!

I fell short of 24 marks to clear the IPCC exams and ended up wasting six months!

I cried on results day!

Honestly speaking, I knew that this was bound to happen, and deep inside, I wished I had put in enough efforts.

Realizing my mistakes, I decided to stand up, learn from my failures, and think about the way ahead.

There was something I was doing wrong that needed some rectification.

This time I decided to double my efforts.

I made these changes in my study pattern:

• I joined a library.
• I increased the number of hours I spent studying.
• I FOCUSSED

I had decided to do nothing this time: no festivals, no celebrations, and no watching cricket during these 3 months.

My only goal was to clear the exams!

I realized that hard work and the right attitude were the keys to cracking this exam.

I literally forgot everything for a few months and made my books my best friend!

And I’m proud to say that I passed, despite the fact that the overall passing percentage was a percentage lower than my previous attempt (6%).

I scored exemptions in the first five (out of 7) subjects, with the highest score in taxation (71).

I still remember those days where all I used to do was “eat, study, sleep, and repeat!”

All I used to pray for was to get through those exams.

And I think the Almighty was pleased with my efforts, and I got through in style!

ARTICLESHIP AND CA’S FINAL JOURNEY

After clearing the IPCC, I had to start with a 3-year internship at a chartered accounting firm.

Simultaneously, I also enrolled in the CA Final coaching class.

CA Final Tips

• I chose a coaching class that was close to home, and I would advise you all to join a class that is closer to home.
• Of course, that’s not the most important factor in choosing a tutor, but trust me, the time you save on travelling makes a big difference.
• One thing that I highly recommend is joining the Test Series. I know at times the test series results are discouraging, but I try to give as many tests as possible.
• Practice is the key to these exams, especially for practical subjects. The results of these tests do not always matter; what matters is what you learn in the process.
• Prelims are mandatory, as they help a lot in preparing for the finals, as they give you a brief idea of what could be asked and how the paper could be.
• They basically prepare you for the main battle that’s coming your way!
• The key was to study the right material and use the right strategy.

After all this and, of course, religiously studying for 10–12 hours a day without any long breaks in between, I was well prepared.

I thought I wasn’t, but at the end of it, it was more than enough.

After about 5 months of hard work, I appeared for my CA final exam, and I cleared the exams.

I was CA Semil Shah, a 22-year-old qualified chartered accountant.

The feeling you get when your mark sheet reads “PASS” is beyond what words can describe!

The only thing I could think of on the day of my results was how my hard work had paid off with such fruitful results.

Of course, my family and their constant love and support deserve a special mention here because, without them, I wouldn’t have been able to do it.

The belief that your loved ones have in you always adds to your motivation.

I once again thank all the people who helped me in some way or another.

I cleared in November 2017 with 3 exemptions, SFM being the highest (71).

Currently, I am working with one of the Big 4 accounting firms and am looking forward to this new journey in the corporate world.

TO CONCLUDE

I hope it inspires you in some way and motivates you to work harder and put in more effort to achieve your goals! “Best wishes!” he concluded.