Small town girl pursued CA against all odds & started her own firm when 3-months pregnant

Small-town school with big dreams

We are six siblings—five sisters and one brother—so finances were tight. I completed my schooling at government schools, mostly funded by scholarships.

Growing up, I was an average student and scored only 53% in Grade 10.

When it was time to choose a career path, I was clueless. A friend of mine mentioned he was pursuing commerce, and just like that, I decided to follow suit. (Yes, I didn’t know much about the commerce stream, but I knew one thing for sure—I wanted to study further!)

I come from a small town where boys and girls don’t attend the same school. To take up commerce, I had to enroll in a school with boys!

Here’s where the challenge came in, since most girls in my town either didn’t choose the commerce stream or simply didn’t study further, I would be the only girl in the class.

I begged my father for permission to study commerce.

His response? “What will you do after studying so much when you’ll ultimately have to run a house?”

Not his fault, after all my small town was very conservative and that’s how it was for most girls in my town.

But his statement cut deep…I wasn’t ready to let go of my dreams.

Only girl in a class full of boys

Fortunately, after noticing my dedication to my studies, my father took a bold step.

He allowed me to move from a girls’ school to a co-ed school to pursue a career in commerce. This was in 2005.

And guess what? My father was criticized for supporting me.

I was the only girl in my class, surrounded by boys in a conservative village. They made fun of me, passed comments, and even put gum on my seat. Missing class made getting notes a challenge.

But this taught me to be bold and face challenges head-on.

One teacher introduced me to chartered accountancy, and I knew I wanted to pursue it.

But studying CA required moving to a bigger city for coaching, which would strain my dad financially.

So, I continued my B.Com and put my CA plans on hold.

Started as a Computer Operator

Fast forward, after completing my B.Com, I decided to pursue an MBA.

I scored well on the entrance exam and was thrilled to be selected for a good but expensive MBA college. Unfortunately, my father, a farmer, couldn’t afford the fees, and I was completely disheartened.

What next?

My elder sister, living in Agra, a bigger city in Uttar Pradesh, encouraged me to move in with her.

Once there, she enrolled me in a basic computer accounting course.

Fate had something in store for me – the owner of that institution was a CA, and many others on the faculty were too!

Within just three months of my course, I landed a job at a renowned CA firm in Agra as a computer operator. I interacted with many CA interns and eagerly spent my free time learning about the CA course and its scope.

With my small savings of just Rs. 2,500 (less than USD 50) and my sister’s support, I registered for the CPT, the entrance exam for the CA course from ICAI (The Institute of Chartered Accountants of India).

And that’s how my CA journey began! (I registered for CPT in March 2009, and back then, there was no exemption for graduates—you had to take the entrance exam to qualify.)

Behind the scenes of my CA journey

I cleared my CPT with good marks and registered for the next exam IPCC (intermediate exams) and started my CA articles.

My fear after registering was studying with bright English-speaking students.

I decided not to worry about what others thought as I came to learn. I passed my IPCC papers on the first attempt.

Now I only had CA final exams to pass.

I got married before my CA final attempt and moved to Mumbai (the financial capital of India) with my husband.

Managing my studies and family was not easy and I kept failing.

Fortunately, with encouragement from my husband, I kept giving CA final exams attempt after attempt.

Finally, in July 2017, I cleared my final examination, I was now a Chartered Accountant…a dream come true.

Starting CA Practice, three months pregnant!

I always dreamed of running my own business, and while working as a computer operator at a CA firm, my passion for having my own practice grew even stronger.

After clearing my exam, I took a bold leap and established my own CA firm, Poonam Pathak & Associates in December 2017 – while I was three months pregnant with our first child!

Starting a firm and running it successfully are two very different challenges, especially in a completely new city (Mumbai) and without any initial support. But I accepted that challenge head-on!

I began attending various seminars, participating in group discussions, and leveraging social media platforms for effective networking.

Believing in the importance of specialization and expanding my skills, I enrolled in various certification courses and even pursued Company Secretary training. Each step brought me closer to my dream!

Obstacles in my entrepreneurial journey

I was new to Mumbai and didn’t have many connections, so getting clients was challenging.

• Initially, I took on work on an assignment basis from relatives and friends, gradually moving to independent tasks.
• I quickly realized the importance of networking, so I began attending various seminars and joining groups on social media.

I had analytical knowledge, but meeting people was not easy.

• I wasn’t taken seriously; some asked how I would work while pregnant. I even lost one client because I couldn’t travel frequently to their location.
• My lack of communication and management skills stretched a 10-day assignment into a month, as I struggled to understand my scope of work. As a result, I was underpaid for that assignment. (Now, I always ask for the scope of work via email because telephonic conversations can be unreliable.)

All these mistakes and challenges made me stronger and wiser.

Timeline of My Journey from 2018 – Present

2018

• This was my first year; I worked from home and received assignments from a senior CA.
• I gained clients through word of mouth and referrals from existing clients.
• I started attending seminars and realized how crucial networking is.

2019

• This was my best year! I rented an office, and my family helped take care of my daughter for six months.
• Met many new people and joined a certificate course.
• Hired my first team member, an accountant, and began teaching classes on TDS for accountants.
• Served as a panelist with ICAI in a mock campus placement program.
• Observed the cost and work accounting exams, making valuable connections that benefited me later.
• Added three LLPs, two companies, and several individuals to my client list.

2020

• This year didn’t match the success of 2019 in terms of new clients.
• Managed the work of existing clients, but due to the lockdown, deadlines were extended. I used this time to focus on specialization.
• Became an IICA-qualified Independent Director and completed a certificate in forensic accounting and fraud detection.
• Started researching artificial intelligence and cybersecurity. (I enrolled with the EC Council for the certified ethical hacker program.)

2021 Onwards

• No turning back!

Questions I get asked most often

How did you know about seminars and networks, and how do you join?

I receive emails from ICAI, I have joined some WhatsApp groups, and my colleague forwards information.

I’ve also subscribed to the Chamber’s emails.

Should women CAs go all out and start their own CA firms?

Yes, female CAs have a good opportunity in practice. What I find is women are not as good at networking as men, we should work on this area.

Practice is suitable for women as they can manage their working hours according to their families.

Specialization is vital for us, so we can decide our area of work.

How do you juggle running a firm, marriage, and raising your child?

I’m used to working early in the morning while my daughter is asleep and when I need to attend meetings, my husband takes care of my daughter.

I believe where there is a will, there is a way.

Wrapping up…

Generally, when running a practice, there’s a buffer period of three to four years before you start earning significantly beyond break-even. You might not earn as much as an employed CA initially, but once established, you can make good money.

What I’ve learned is that clients rarely switch their CAs, making it challenging to gain new ones. However, once you secure a client and provide excellent service, they tend to stay with you long-term and refer you to others.

My advice to you is:

• Believe in yourself, only you know what you want from your life
• Nothing is impossible if you truly want it
• Be fearless and instead of worrying about results just keep going
• Offer excellent service to clients and have patience during the initial years. Don’t work for money, instead add value to a client’s business
• Time management is all we working women need to learn to give time to our kids and live our dreams