Meet Anil Shah from Mumbai, Maharashtra emerged as the topper of the CA Final May 2022 exams. He has secured the highest 642 marks out of 800.
We are very happy to have you here. First of all hearty congratulations to you from the whole team of CAclubindia
Thank you very much.
Now, that you're a CA, how do you feel at this moment?
First of all, more than happiness I'm relieved that finally CA exam is done - one of the most difficult exams of my life; till date is over and not just over but over in the best possible manner - with the best possible thing that I could imagine. So yes, I am very relieved very happy and just glad that it is finally done.
What was your reaction when you got to know that you secured AIR 1?
First of all, it was unbelievable for two reasons -
- ICAI has never released results so early and
- It was AIR-1 so, initially I couldn't believe it.
Actually, I got to know about my rank from Prieti Sabla mam - she's a Central Council Member so she called me to congratulate and informed me that I have secured AIR-1. Obviously, I couldn't believe it, which she realized so she did tell me that okay you take your time but just congratulations and this is the marks that you scored and this is your rank and wished a very hearty congratulations and all the best for the future. When I checked my results, I realized that this has actually happened and I started believing it and before I could finally reflect upon it, I started getting calls from various ICAI members, Central Council members, Newspapers and News channels. So, to be honest till now - I haven't been able to fully reflect on what has actually happened. I didn't get much time for myself - to feel that happy and relieved, so it is a slow process and the feeling is slowly sinking in.
So were you expecting a rank; if not for rank one were you expecting any other rank?
I made sure that I don't expect anything because expecting a rank was just too much pressure on my preparation. I was just hoping that whatever efforts, I have put in over the three years, whatever efforts my mom has put in, whatever efforts my sister has put in - the entire family has put in my results, commensurate with those efforts. I was sure that I would clear it because I knew that I have prepared enough and my papers were good enough so I was sure that I would definitely clear it in one go but I was just hoping that my marks are also good enough and if possible I do get a rank but no expectations as such.
What was your parent's reaction? Were they also expecting any rank from you?
Even if they were expecting - they obviously didn't tell me because obviously, it would have createed a lot of pressure on me. Both my mom and sister got emotional and also cried a bit. Obviously, both of them were very happy and it was a precious moment for me!
Whom would you like to give credit for this success and any special person you would like to thank?
I would give 100% credit to my mom, my sister and brother-in-law. My mom ensured that my food was served on time so that I can study properly. My sister ensured that she keeps on motivating me whenever I had any setback. For e.g, If I scored any bad marks in my practice exam paper or was not able to follow my timetable, she provided me with that moral support. So, I believe - I just did my part of studying and writing exams but the main behind-the-curtain work - everything off stage was done by my sister, my family and my brother-in-law. So, I think the majority of my credit should go to them only.
How was your study pattern? Did you follow any timetable and how did you strategize all the eight papers?
One thing that I did realize earlier during my preparation was that CA Final cannot be cleared with the rank in the last six or eight months of preparation. It has to be over the three years of your CA journey so immediately once my articleship started, I even resumed my CA Final classes. I think just one or two months after my articleship began, I started with my classes. Initially, it was just six to seven hours over the weekend and I made sure that I don't lose touch with my books even if I'm not able to give in my efforts during the initial days of my articleship. I made sure that I'm in touch with my books at least. I'm revising what has been done in the previous week so the rhythm will be maintained because once I lose the rhythm, it will be very difficult to get back in that rhythm. Maintain it and ensure that it lasts until the last day of the exam. So, I just made sure that for the first two years, I stay in touch with my books. I kept on revising and then during the last six to seven months it was preparation and of course, it has to be very planned. Planned preparation you can't just do anything without a plan. I needed to know what I have to cover, how much I have to cover and so on. So, there was a lot of planning and it was the majority of the time you should spend studying only, especially during the last six to seven months.
Ok. So what were your study hours?
Honestly, I realized my mistake from my CA-Inter period that there is no point in tracking how many hours I'm studying because if I keep track of my time, I would never be able to complete the syllabus how much ever I want to complete. So this time, I made sure that I don't set my daily targets in terms of hours but in terms of number of chapters or other number of concepts, number of questions - so that was my daily target but since the portion is very vast, ofcourse very difficult, so I made an estimate that during the last six to seven months of preparation, my studies have to be around 10 to 12 hours definitely daily and during exams it might have reached 15 to 16 hours as well. So that used to be my study hours and of course, my day used to start with studying. I used to wake up, freshen up, study and even it ended that way. The last thing that I would look at, would be my books so almost the entire day used to get spent in study. The only time that I used to get free - was during breaks, snack breaks, lunch breaks and sleeping break that's it - otherwise apart from that there was nothing that I was doing.
So were you strategizing in a way that you were studying particular subjects in the morning and particular subjects in the evening?
At a personal level, at least for my first preparation, I was not able to manage two subjects in a day. I wanted to ensure that whatever I'm thinking during the day, I keep on thinking about that particular subject even during the night. I didn't want any two concepts to get mixed up or any two subjects to get mixed up in between because obviously there are a lot of linkages between all different subjects and unless and until, I'm very thorough with one subject, I will never be able to understand the linkage with another subject. So, at least for the early days of my first revision, I ensured that on one particular day I am just doing one particular subject. In fact, I used to make sure that at least for a week and unless and until I complete the entire syllabus of that one particular subject, I don't touch any other subject. Then as and when I went on to my second and third revision sometimes I used to add some theory subjects in the morning when I was very fresh and practical subjects; when was a little tired but still excited to do those sums so initial first revision just one subject each day and for second and third vision maybe two subjects in a day - depending on how much I wanted to go with and what I was revising. okay so uh
When you're studying there are a lot of challenges that you face so how did you overcome that and also to be motivated always is not possible so how did you overcome all these kinds of setbacks that you had? How did you focus on all these subjects only and clear it in one go with a rank?
So my first thing that I did was staying off social media. I was not on Instagram, Snapchat, Facebook anything. I was just over Whatsapp and that too just on a weekly basis. After I completed one subject, I used to check my Whatsapp if there are any important messages or if I need to communicate with someone and that also I was completely off Whatsapp even during the last three months. So if there was something important that I want to communicate to someone or if there was some doubt that I want to ask my professors I used to make sure that everything happens through my mom's phone so I was completely off every social media. In fact even I was off from Linkedin. The only thing, the only source that from which I used to get news about outside world was newspapers and Google news. That's it! So, I was completely off every social media and of course there are times when I used to get demotivated when I was not able to follow my study pattern or achieve my daily targets or got very less marks in my practice exams so that was the time when I used to speak to my mom, my sister, speak to my family and they used to motivate me. They used to motivate me that I was not the only one who might be facing this. There might be others too, who might be facing some issues somewhere or the other - you are facing issue in this thing they might also be facing some issue in any other thing and if I keep on spending time on regulating that I was not able to do this or that, then I would be spoiling my future and study pattern. So, they just told me that whatever has happened just forget it just make sure that you learn something from it and you keep on updating; if you're not able to follow your timetable then keep on updating your timetable on a daily basis, if you think that you committed some mistake in a practice exam - learn from that mistake, try to remember it and make sure that you don't repeat it in your next practice exam or maybe in the final exams so that is how I used to deal with any demotivating aspect that came across my way.
That's nice! Any special incidents you would want to share with us in this three-year journey?
I think one of the major aspects during my CA FInal preparation would be COVID pandemic. It brought me an opportunity as well as a setback opportunity in the sense that since there was complete lockdown across India - all the offices were closed and I was having work from home. So this ensured me that i'm saving a lot of time on my commute whether towards the office or whether towards my classes. In fact, it ensured that I don't go out and spend time with my friends unnecessarily so it saved a lot of time and I was able to capitalize on all those saved times, saved hours and invested into my studies and my classes whatever it is but the biggest setback was everything moved online so because of that even my classes, even my lectures went online and personally, I am a person who would prefer face-to-face classes sitting with other students and learning from the professor because if I am watching or looking at the lecture alone or what the professor is trying to explain, I might just have doubts around but when I'm studying with other people, I might have doubts. There would be doubts from another person so collectively everyone understands better, and learns more. So, that was a very big setback but sooner rather than later, I realized that there is no point in regretting it because this lockdown is not going to be lifted up any sooner and if I just regret and feel that yeah I'm just wasting even more time and affecting my preparation even more. So eventually, I just accepted the fact that okay this is how it is going to be. The only way to cope up with this was - I have to think by myself as much as I can with my self-study and just deal with these online lectures itself.
Any special moments that you have during your CA journey like articleship period or something that you want to cherish in this journey?
So, one thing that I think was a very good decision on my part was going for something very offbeat. A lot of people go into statutory audits so basically they do India audits or maybe into taxation whether litigations, return filing of advisory anything but what I had opted for was international assurance. So, in that, I was hardly doing any India audit. I was doing everything based out of us or any other country outside India basically global audit. Now it provided me with an opportunity to learn USCAP which is basically US Accounting Standards, International Accounting Standards, Indian accounting standards, how US listed companies do their reporting, what are the requirements over there and this also helped me to select my Paper No. 6 which is an elective paper. That also helped me to score better marks in my Paper No. 6 which was Global Financial Reporting Standards(GFRS). A lot of people from audit would have complete knowledge of IND AS. Everyone has knowledge of IND AS but I had an added advantage that I had knowledge of IND AS, of all international accounting standards, US accounting standards. So, I think that was a very good decision. Initially, even I wasn't sure whether it was a perfect decision, whether I should have done this or not but in hindsight, I think it was a very good decision. I got a very good exposure that others might have received or might not have received.
That's nice. Articleship period is always called the golden training period for the CA students. So do you think it is really important for a CA student to undergo this articleship training?
Yes, definitely. Articleship teaches you a lot of things, not just from the perspective of technicals or academics; it also teaches you time management, it teaches you how to deal with multiple clients. In CA journey, we deal with multiple, subjects managing classes on a daily basis, managing mock tests etc. Articleship teaches you to be precise with client communication. In CA journey, you need to be very precise with what you are writing in your exams. So, definitely practical exposure is very much needed.
Someone might be thinking that reading books will suffice the purpose of clearing CA exams but you will not be able to go ahead in your practical life just by reading books. So practical exposure is very much needed. Just by sitting and reading books, doing studies is not going to help. It might help you clear, it might not help you clear that is a different thing. But practical exposure on a personal level helped me a lot. It helped me understand a lot of my subjects in a better manner with much clarity. So articleship is very much needed.
What are your other interests apart from academics?
One of my hobbies is reading books. I read mythological fictions - so two of the authors that I can think of would be Devdutt Pattanaik and Amish Triipathi. In fact, Amish Tripathi's book I still carry in my bag and I read it over and over again so that is one thing that I do apart from my studies.
Secondly, I am also part of "Vision CA". Basically few CAs formed this Vision CA group where they try to bring in rankholders, qualified Chartered Accountants - maybe they are from industry or CA firms anywhere and we also try to add in CA aspirants whether Foundation / Inter or Final Level and we try to help them if they have any subject specific query and try to resolve that. If they are not able to form a proper time-table we help with that. If they are not able to manage articleships with their study pattern, we try to basically help them in the best possible manner - whatever issues they are facing in CA journey we try to help them with that and
Thirdly, I personally conduct test series for CA aspirants. So, right now it is just restricted to people around my area. I set and correct papers. I personally evaluate everything. I try to guide them on where they can improve on their presentation and what is that they are missing out on - even if they're getting correct answers but still, something that is missing in their solution. So, I do get all of that on a personal level.
That's very nice! So, what would be your advice or suggestion for the candidates who are going to take exam in the next November attempt?
So first advice would be consistency. Whatever you do, make sure that you do it consistently. For e.g. if you're studying for eight hours make sure that it is eight hours - Monday to Sunday every day. Gradually, you will be able to increase the number of hours but whatever you do, you have to be very consistent in it. Consistency is the key to clearing CA Finals and
Second thing would be proper planning. I used to update my plan daily, like every Sunday I used to realize okay I haven't met my targets so I had to update my plan till the very last day of the exam. There will be days when you will have to update your plans on a daily basis as well, so consistency coupled with planning will definitely ensure that you clear your exams maybe with a rank, maybe without any rank but definitely you will be able to clear your exams.
Are you a member of CAclubindia?
Not yet, but I think now I should definitely be a member.
Thanks for the wonderful words Meet! We are because of members like you who keep inspiring us with their great stories. On this note, I would like to thank you for taking out your time and talking with us. It was wonderful talking to you and we wish you all the best in your future endeavors
Thank you very much!!
CAclubindia
