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CA Final Nov 2017 exam results were declared last week and we are once again glad to bring you the success stories of this year's toppers. It is surely filled with some good insights! 

Meet Mohit Gupta, All India Rank 1 CA Final Nov 2017. He has a very down-to-earth and generous persona. He loves to watch Cricket and follows Sachin Tendulkar/ Virat Kohli.

In this article he will also be answering the unanswered queries asked during the Facebook live session. Let us find out his strategy for the exam, what suggestions he has for other students and aspirants & how he has achieved this success.

First of all, Mohit, many congratulations to you from the whole team of CAclubindia!!

Thank you Sir.

Please share your CA journey with our readers

After 12, I got to know about CA from my uncle and went to join coaching's for CPT while I was waiting for my board results. Moving further, with graduation and IPCC going hand in hand. I joined IPCC coaching and cleared the same with AIR -22 in Nov -13. But then I had to wait to complete my college before joining my articleship. Later on, I joined PwC for articleship.

Now, me and my brother (Shubham) both have cleared CA Finals and scored good ranks in the exams held in Nov 17. We used to study together and acted as complementary support to each other instead being competitors. We worked as team helping each other wherever it was needed.

Also, I would to like to add that, coming from a small city, many of my friends might feel that English is a big hurdle for them. Believe me, it's not. If you're willing to learn then sky is the limit. Then do not bind yourself with these premade notions that English is a prerequisite for CA. I understand it is necessary to know English, but the same can be learnt easily. Just don't be demotivated because of this only.

Let's take questions from students from Facebook Live comments:

We have heard people say that the Rank holders concentrate more on their studies and Articleship work is taken apart, because it can be learnt later, how much true is it? Is articleship as important as studies?

Personally, I worked with PwC which is one of the Big 4 firms in India. We all know, how the work pressure is in big firms. You have to pull all-nighters to complete the deadlines. Still, I believe that practical articleship exposure is as important as studies. You cannot leave one for the other. I understand that it is really hard to do both things simultaneously, but if you can do that then it would be a great learning for you.

Yes, articleship is really important for your studies. As sometimes, you might face questions in exams from some topic or concept which you have worked upon in your articleship tenure. That comes as a blessing. Also, whatever you learn in the class, your office is the place where you get the opportunity to practice that. Thus, you can relate various concepts and learn them in a better way.

Also, during my articleship, I got good support from my seniors and colleagues which really helped in my studies.

What was your time table of study during articleship?

For this, I would like to say to other CA aspirants just start your studies from the first day of your articleship. Don't sit back and relax. Start to give yourself 1-2 hours daily for your studies for next 2 years. Try to complete your syllabus once in those 2 years and if possible, also try to do one revision along with it.

How to study in 3-4 months of exam leaves?

I would advise everyone to complete your classes before going on the exam leaves. Because those 3-4 months should be restricted only for the revisions.

Suppose you're getting 3 months of study leaves for your exams, this would be my plan for both groups:

Total Days Available

90 Days

First Revision

40 Days

Second Revision

20 Days

Third Revision

15 Days

Fourth Revision (Including Mock Tests)

10 Days

*With 5 days as contingency buffer

If you're preparing only for one group, then it would be even better.

I would like to quote Benjamin Franklin over here:
If you're failing to plan, then you're planning to fail.

So, Focus on a good plan first and then execute it to your fullest potential.

Also, I would emphasis on the importance of sleep here, one should try to complete 7-8 hours of sleep every day. That help you to rejuvenate and get back to studies with same zeal and enthusiasm.

Furthermore, I would say one should prepare their own summary notes on their own. Because, from whosoever you're taking your notes, he/she is preparing notes for themselves not for you.

Whether one should go for one group or for both groups? Also, 3 months of self-study and both groups. Is this combination possible?

This is one of the most asked questions.

I would say, it depends, if you're able to complete your classes well before study leaves then you should go for both groups. But if it is not so, then please go with one group otherwise going with both groups will reduce your confidence. Also, at least 1 revision of all exams should be done before 2 months of exams.

Yes, it is definitely possible, I did it for myself and you can also achieve it. But only if you have completed your coaching for all subjects. If self-study is there for any subject, then that should be completed at least once.

What if one is going through a number of attempts? In such case, how one should look forward to the exams?

Firstly, I would say do not worry about the attempts you take to clear the examinations. Just start again with a clean slate to your preparations.

Have a revised plan of action, learn from your mistakes by seeking certified copies from ICAI, try to see what are the lacunae in your answers as compared to the suggested answer. Basically, plug out all errors.

I would say a crushed 100-rupee note have the same value as a fresh note does. So, don't worry about that.

What was your secret of being motivated all time? What was your source of motivation?

My source of motivation is my mother. She was my constant source of motivation and support. Also, I used to read interviews of previous All India Rank 1 and used to feel, if they can do that than I can also achieve it. Also, I never focused on rank 1, I just aimed for good marks.

How to study theory subject Law, Audit and ISCA?

For this, I would recommend you to keep touch with the theory subjects from the day 1 of the revision itself. Try to study them daily for 1-2 hour at least. Also, I would recommend you to make your own summary notes for theory subjects. That would really help you to score good marks.

Can you share your time table during preparations? How one should allocated time between different subjects during exam days?

As I suggested above, along with theory subject, you can have one/ two practical subjects. So in total it becomes 3 subjects daily but not more than that. Also, for 3 & 4 revision, I would say stick to one subject only. Because, before exam day also, you need to study and complete only one subject in 1.5 day.

Mohit, what would be your 2 special tips to score good marks in exams?

  1. Regular studies and consistency.
  2. Focus on Practice and Presentation.

How one should prepare one day before exam? How to deal with that pressure in case of lengthy subjects like DT?

This is very crucial. As, how you deal with one day before will determine your confidence in the exam hall. At first, I would recommend you to start with small but important topics and tick them off the list.

Then, coming to bulky topics such as, PGBP and Capital Gain, I would suggest that do not try to practice their sums before exam day (do it in earlier revisions) – just go through the concepts and sections but do not practice sums.

Also, try going through Case laws and RTP in the morning on the exam day. It will really help you to write answers for latest amendments.

Which classes and reference books you referred for various subjects?

S. No.

Subject

Classes/ Books Referred

1

Financial Reporting

CA Praveen Sharma Classes

2

SFM

CA Aaditya Jain Classes

3

Audit

CA Surbhi Bansal Classes

4

Law

CA Munish Bhandari's book

5

Advanced Management Accounting

CA Sanjay Agarwal's Classes

6

ISCA

Study Module and Practice Manual from Institute

7

DT

Vinod Gupta Classes

8

IDT

Raj Kumar Sir Classes

Does International taxation have a scope in further CA practice/ job?

In CA, there's no single subject or topic which do not have a scope. It basically, depends on your interest.

Right now, Government of India is working hard to seek foreign investments and various MNCs have started their operations in India following the Make in India program. Thus, I believe Transfer Pricing will have a good scope in the coming 5-10 years.

If I want to be next Mohit Gupta (All India Rank 1). What should be the plan?

Following are my key tips:

  • Be consistent in your studies and schedule
  • Practice as much as you can
  • Avoid Negative thought and negative influences
  • Work on presenting answers in the examination

Thank you Mohit for this wonderful conversation with us.

Thanks Sir!! (Smiles)

Watch the Facebook Live Session with All India Rank 1 - Mohit Gupta over here:

Also Read:
Interview with Prashant Hirwani

(All India 2nd rank holder of CA Final Nov 2017)


   

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