CA Final Topper Interview 2020: “Planning, focus, consistency are pillars of CA”, says Rajvi Nathvani (AIR 3)
Question: Congratulations on ranking AIR 3 in the CA final exam!! How did you celebrate your success?
Rajvi: Thank you! This feeling is very overwhelming and I celebrated the success with my family and friends who have been my constant support.
Question: Kindly share about your schooling and CA attempts? What was your score in the CA final exam?
Rajvi: I completed my school at Our Lady of Remedy High School in Mumbai following which I joined Narsee Monjee College, Mumbai for HSC and graduation.
I cleared CA Final in the first attempt in November 2020 with a score of 587 / 800 marks and an All India Rank 3.
Question: When did you qualify for the CA intermediate and CA foundation exams? How was your ICAI result in those examinations?
Rajvi: I qualified for the CA Foundation (CPT) in June 2016 and secured 180 / 200 marks. I was eligible for CA intermediate (IPCC) in May 2017 in which I secured an All India Rank 39 with 500 / 700 marks.
Question: Which group or subject of the CA final exam did you find the most challenging / easiest? Could you cite some reasons why?
Rajvi: I found Direct Taxation very interesting and my articleship experience added to the passion and preparation.
As far as the challenging subject is concerned, I found Audit slightly difficult to score. But constant revisions, conceptual understanding and focusing on key words helped me ace the subject.
Question: What was your preparation strategy for CA final exam? Can you please elaborate?
Rajvi: Planning, focus and consistency are the pillars on which the CA course lies. The right mix of hard work and smart work coupled with concept clarity has always helped me ace the exams with confidence.
Question: Did you follow the topic / subject-wise preparation strategy?
Rajvi: I followed a subject-wise strategy since I believe it is important to get an overall understanding of the subject as a whole to crack the paper.
Detailed subject-wise strategy:
- FR: This can be divided into 3 parts – 1. Ind AS – Be very conceptually correct as also solve all illustrations from ICAI modules, RTPs, MTPs, past papers.2. Business combination, Consolidated Financial Statements – Writing practice and understanding the flow of answers is important. 3. Theory chapters like CSR, Integrated Reporting, etc. – Working knowledge of these concepts should be gained by reading the ICAI modules.
- SFM: Being very clear about your concepts is necessary. Make summaries of formulae and tricky concepts. Also, theory carries 30 marks and should not be ignored.
- Audit: Ensure 100% coverage of syllabus. Focus on key points and make sure that each question’s language is linked with the answer. Make a list of MCQ related pointers, e.g.; applicability of sections, form nos, etc.
- Law: Understand the provisions well and solve the answers sequentially. Cover 100% of syllabus. Make voice memos and summaries for the smaller concepts to cover everything in 1.5 days. Make a list of section nos, form nos, time limits, applicability, exceptions, etc.
- SCMPE: Focus on ICAI modules and understand the flow of writing theory answers by solving case studies, etc. Make a list of formulae, etc. for practical topics. Refer to the list of adjectives e.g.; analyse, recommend, calculate, etc. shared by ICAI and answer based on such question words.
- Elective: Focus should be on understanding than remembering. Index, cross-referencing, distinguishing between primary and secondary reference material is most important.
- Direct Tax: Understand the sections well as also solve a lot of questions to have a grip on them. Summarise the concepts to ensure complete coverage.
- Indirect Tax: Integration among various chapters e.g.; place of supply, time of supply, the value of supply, ITC, etc is important. Hence, solve questions regularly to develop the thought process. Do not skip the small chapters, FTP, Customs, etc.
Question: Any reference books of note that you would like to recommend for CA final preparation?
Rajvi: The ICAI modules and other ICAI reference material (RTP, MTP, Suggested answers, etc.) should be your bible for CA final preparation. Apart from that, ensuring that the syllabus is summarised crisply to cover 100% during the 1.5 days should be the plan.
Question: What was the difficulty level of this session of the CA final exam?
Rajvi: I found the November 2020 papers very conceptual. Few papers were slightly out of the box. Hence, it is necessary to stay calm and confident and do not get bogged down by seeing a different variety of questions.
Question: Would you like to recommend some specific focus areas for future CA aspirants and our readers?
Rajvi: Focused and dedicated study pattern with conceptual clarity will be the prime success factors. Just believe in yourself and see your dream turn into reality!
Question: How important are CA final mock tests and CA final question papers from a preparation point of view?
Rajvi: Solving test papers and critically assessing your answers is extremely important. It will act as a reference for not making the same mistakes again and presenting the paper in a manner that is easiest for the examiner to check. I would recommend solving at least 2 mocks for practical papers and 1 mock for theory papers in writing.
Question: Did the Covid pandemic affect your preparation for the CA final exam? How did you manage stress in such a situation?
Rajvi: The constant notifications regarding exam postponements added to the stress and the entire planning went for a toss. In this situation, it was important to keep calm and understand that all students are facing the same situation. Hence, take a short break and re-plan the remaining days. Do not become complacent until you submit the last answer sheet!
Question: How should one go about answering the question paper, like which questions to answer first?
Rajvi: The initial 15 minutes reading time is very important. You should quickly run through all the questions and decide which question to leave in the option and order of the 5 questions to be attempted. You should ensure to secure 40-50 marks in the first half of the duration (1.5 hours). Hence, choosing the order wisely is of the essence. The balance of 1.5 hours should fetch you bonus marks to increase your score. For theory papers, I would recommend solving the MCQs at the beginning of half an hour.
Question: Finally, what according to you are traits that are required to become a successful CA professional?
Rajvi: Conceptual understanding of the subject and analytical skills coupled with the ability to constantly keep learning and never stop are the basic traits to become a successful CA professional.
Also read:
Articles
Browse Finance Colleges by State
Explore Career Options (By Industry)
Budget Analyst
Budget analysis, in a nutshell, entails thoroughly analyzing the details of a financial budget. The budget analysis aims to better understand and manage revenue. Budget analysts assist in the achievement of financial targets, the preservation of profitability, and the pursuit of long-term growth for a business. Budget analysts generally have a bachelor's degree in accounting, finance, economics, or a closely related field. Knowledge of Financial Management is of prime importance in this career.
Data Analyst
The invention of the database has given fresh breath to the people involved in the data analytics career path. Analysis refers to splitting up a whole into its individual components for individual analysis. Data analysis is a method through which raw data are processed and transformed into information that would be beneficial for user strategic thinking.
Data are collected and examined to respond to questions, evaluate hypotheses or contradict theories. It is a tool for analyzing, transforming, modeling, and arranging data with useful knowledge, to assist in decision-making and methods, encompassing various strategies, and is used in different fields of business, research, and social science.
Underwriter
An underwrite plays crucial roles in the finance and insurance industry and works for mortgage, loan, and insurance companies. He or she analyses applications for insurance policies and assess the risk capacity to decide whether to approve application or reject. He or she assesses and evaluates the risk of another party for a fee in the form of commision or premium.
Underwriters have strong analytical skills and they understand the insurance principle to evaluate the health of potential clients. They collaborate with agents, brokers, and to their clients to collect information and explain the insurance product details. They work on all kinds of insurance like mortgage, health insurance, life insurance, automobile, and several other kinds of insurance.
Finance Executive
Finance Executives manage money, overseeing a company's income, expenses, and investments. They monitor financial transactions, create and assess reports like cash flows, and strategies to enhance profit margins and reduce expenses. Their role is crucial for staying competitive and making wise market decisions in response to current dynamics.
Finance Executives establish strategic financial goals, objectives, and performance criteria. Strong accounting and analytical skills are fundamental to this role. While often working fixed hours, they may extend their work hours to meet deadlines. This career is well-suited for individuals with a keen understanding of finance, attention to detail, and the ability to navigate complex financial landscapes.
Product Manager
A product manager is a professional who determines what a product should do and how it should look like. A product manager analyses customer needs and combines them with company goals to develop a product that satisfies everyone. He or she works in coordination with different departments like engineers, salespersons, and product designers to ensure everyone works towards achieving the company's goals.
A product manager develops strategies and plans to help the employees work towards a common goal that is to develop a product that the customers demand. He or she plays the role of the first point of contact in the organisation for anyone who needs to know about the product. Concerning larger programmes, they work with Technical Program Managers to deliver results.
Operations Manager
Operations manager is tasked with supervising the financial and business experts involved in the production of goods and services. A career as operations manager needs to supervise many divisions and coordinate daily activities. The role of operations manager is to oversee and manage diverse activities which is part of a profession as an operations manager.
All levels of an organisation's operational activities are overseen by an operations manager. He or she is in charge of selecting candidates, imparting instruction, and managing quality control programmes. Operations managers also develop plans for process improvements to ensure that everyone finishes their work on schedule. He or she must regularly evaluate budgets, manage costs, and analyse data and statistics.
Stock Analyst
A stock analyst is an individual who analyses and evaluates various stocks and securities in the financial market. He or she in the stock analyst career forecasts stock market results, normally with an emphasis on the securities that a company or firm invests in. He or she also prepares scientific reports on financial forecasts, predictions, and recommendations based on a stock's expected profit.
Individuals who enjoy learning and data processing, are good problem solvers, and have a strong work ethic will excel in the stock market analyst sector. Students can pursue a BBA (Bachelor of Business Administration), MBA (Master of Business Administration), M.Stat (Master of Statistics) to opt for a career in stock market analysis
Researcher
A Researcher is a professional who is responsible for collecting data and information by reviewing the literature and conducting experiments and surveys. He or she uses various methodological processes to provide accurate data and information that is utilised by academicians and other industry professionals. Here, we will discuss what is a researcher, the researcher's salary, types of researchers.
Welding Engineer
Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues.
QA Manager
A Quality Assurance (QA) Manager, synonymous with a Quality Assurance Manager, holds a pivotal role in ensuring products meet predefined standards. Responsible for planning, directing, and formulating control policies, the QA Manager safeguards company efficiency and profitability. By scrutinizing products for flaws and ensuring compliance with internal and external requirements, they uphold quality, validating the effectiveness of quality assurance teams in maintaining high standards before product release.
Quality Controller
A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product.
A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.
Production Manager
A Production Manager oversees manufacturing processes, ensuring timely and budgeted delivery of products. Responsible for safe, cost-effective production meeting quality standards, their role adapts to the production system. Also known as an Operations Manager, they manage human and material resources, contributing to efficient production and service delivery.
Product Manager
A product manager is a professional who determines what a product should do and how it should look like. A product manager analyses customer needs and combines them with company goals to develop a product that satisfies everyone. He or she works in coordination with different departments like engineers, salespersons, and product designers to ensure everyone works towards achieving the company's goals.
A product manager develops strategies and plans to help the employees work towards a common goal that is to develop a product that the customers demand. He or she plays the role of the first point of contact in the organisation for anyone who needs to know about the product. Concerning larger programmes, they work with Technical Program Managers to deliver results.
QA Lead
A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans.
Structural Engineer
A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software.
Process Development Engineer
The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.