Meet Madhur Jain, AIR-1 from Jaipur who emphasized the holistic approach to CA preparation. His dedication to self-motivation is evident in his ability to balance rigorous studies with recreational activities like cricket and badminton. As Madhur explores various job prospects, even beyond the renowned Big 4 firms, our heartfelt best wishes accompany him. We extend our gratitude for the valuable insights he generously shared with the CAclubindia community!
Here's a glimpse into his inspiring journey and valuable insights.
First of all Madhur, many congratulations to you from the entire team of CAclubindia!
Thank you!
How are you feeling right now and were you expecting any rank?
I find myself grappling with a sense of overwhelm as the unexpected news of my rank hits me. My initial goal was simply to secure good marks and hopefully pass the exams. While most of my papers went well, a couple of them proved to be a bit challenging. Overall, I didn't anticipate achieving this high of a rank and it's leaving me somewhat stunned.
What was your first reaction when you got to know that you had secured AIR-1?
I was obviously surprised! The President of ICAI reached out to me even before the official results were announced. He personally shared the news with me. We deliberately waited for the results to be made public before informing everyone, ensuring that the information was indeed accurate.
How was your parent's reaction when they got to know about your result?
They were very happy and proud.
Madhur, who played a pivotal role in shaping your journey, are there any individuals who significantly influenced and inspired you along the way? Any special mentions you'd like to acknowledge?
My whole family played an important role in this journey!
My brother and cousins are Chartered Accountants. My tauji (uncle) has been a source of inspiration since our school days, encouraging us to prioritize education. Originally from a village, his guidance motivated us to relocate to city like Jaipur for better educational opportunities.
Madhur, can you kindly share your exam preparation routine and study habits!
In simple terms, before my final exams, there was a big gap after finishing the intermediate level. During the two and a half years leading up to the finals, I took coaching for each subject and then spent the remaining six months doing self-study. I focused on one subject at a time, revising each about three times, and for some tricky subjects, I even did four revisions. I also took mock tests for each subject.
During the exams, the main challenge was covering the entire syllabus, especially because we only had one day between exams. That's why I had to prepare so much in the six months leading up to the exams. Despite the pressure, I managed to finish studying all subjects just two hours before the exam.
It's crucial not to selectively study, assuming certain topics won't be included. In my experience, questions from previous exams sometimes reappeared. So, it's important to cover the entire syllabus thoroughly for better preparation.
From where did you do your coaching?
I enrolled in online courses covering various subjects, each taught by different faculties.
Madhur, it's impressive that you scored 93 in SFM and 88 in DT. Can you tell us how you prepared for these exams and share some tips with your friends on how to achieve such high scores?
So, both SFM and DT are practical subjects, and having a strong grasp of the concepts is crucial. I attended my DT class on January 23, which helped me reflect on the subject. Additionally, I was working on SFM through CFA, which is linked to it. This connection has strengthened my concepts in SFM.
In practical subjects, like SFM, having a solid understanding is important. In our attempt, the SFM paper was based on the past pattern. On the other hand, the DT paper is consistently challenging and requires thorough study. It's extensive and we even had a two-day leave to prepare for it, which was beneficial.
Apart from practical subjects, any tips which you would like to share for theoretical subjects as well?
If you're studying theoretical subjects, it's really important to go over your notes several times. If you only study once and don't revise, you're likely to forget what you learned. I noticed that even after just the first revision, I started forgetting things when I moved on to the second revision, especially if there was a gap of a couple of months between them.
I realized that the subject material is so vast that without regular revisions, it's easy to forget. So, the key is to revise multiple times. I revised all my subjects three times and extended the revision frequency to four times for theoretical subjects like Cost & Management Accounting and Audit. Moreover, I supplemented my preparation with mock tests.
What is the importance of self-prepared notes during the CA journey? Did you opt for that or were you just fine with the coaching part?
I found the coaching aspect quite satisfactory. In the field of CA, language holds equal significance alongside understanding the concepts. It's essential to articulate ideas in a manner aligned with the institute's standards, especially when it comes to representing audit findings or any subject matter. Therefore, I relied solely on books from my respective faculties, as they align with the preferred language standards set by the institute.
What is the importance of articleship during CA journey?
Undoubtedly, undergoing articleship holds significant importance as it provides us with hands-on experience. We become familiar with the intricacies of various fields well in advance. Those who aspire to pursue a career in this field have the advantage of a comprehensive two-and-a-half-year training period, which equips them with the necessary skills and prepares them for the professional environment.
From where did you do your articleship and can you mention the firm name?
My Firm name was Abhishek Jain and Company in Jaipur itself!
What are your other hobbies apart from studying?
I enjoy playing cricket and badminton. Even during my academic pursuits, I made time to play cricket with my cousins, typically on a weekly or bi-weekly basis.
Madhur, during your study sessions, did you encounter any challenges causing stress? If so, how did you handle and overcome them?
Yeah, I mean, it's natural to feel frustrated and demotivated when you've been doing the same thing for months on end, spending 10 to 12 hours of study. The key is to be self-motivated. Find time for weekly activities you enjoy, like I did playing cricket with my cousins – it's a great way to refresh yourself.
What are your next upcoming plans? Do you opt for a job or CA practice?
I think I will be currently looking for a job as I'm pursuing CFA also currently.
So, are you going for Big 4 firms?
I'm open to exploring opportunities beyond just the Big 4 firms. I'll assess my options and see how things unfold over time.
Are you familiar with CAclubindia, and if so, how has it benefited you?
Yes, occasionally, especially for tax-related purposes. I often referred to the articles for guidance; it was helpful.
Thanks, Madhur, for your valuable time! Once again, many congratulations from the entire team of CAclubindia and best of luck in all your future endeavors!
Thank you so much!
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