Durga Prasad is a current student at IIM Bangalore. He is a Charted Accountant qualified in the year 2015. After clearing CA in his very first attempt, he worked for 3.5 years in corporate banking at ICICI Bank and then with Yes Bank as a senior manager. Now he is going to start his internship at Bajaj Finserv as a general manager. In this article, Durga Prasad will share his experience and insight from being a CA to coming to IIM Bangalore and beyond.
So, Durga Prasad, how do you find IIM Bangalore so far?
It has been a great one year here at IIMB; I have learned so many things. Interacting with the smartest in the country was a unique and enriching experience. Here I came to know the true potential of people and diversity; here, students are from a diverse background in terms of geography, the field of study, hobbies, and interest. Not only students but professors and other admin staff are down to earth and always ready to help. IIMB has the best atmosphere to learn, explore, and grow.
What made you to plan for an MBA after CA?
To broaden my horizon and to have a diversified career opportunity, I opted for an MBA. MBA exposes all aspects of business, especially the two year MBA that I am doing from IIM Bangalore. CA+MBA (from a top business school) is an excellent combination when you look at it with a career growth perspective. MBA is a better option as it gives more insights and enriching learning to different streams such a marketing, decision science, operation and supply chain management, and other areas apart from honing the management and leadership skills.
How useful you think is an MBA for a CA?
If someone wants to explore beyond finance, taxation, accounting, auditing, and corporate law, then one should pursue an MBA. To become a jack of all trades, it’s important to do an MBA. MBA will add value to CA’s if it’s done from a good business school. As I already have mentioned CA and MBA is an amazing combination.
What are your plans after MBA?
I believe India is turning into a big market for fintech. Initiatives from the Indian government to bring masses to financial inclusion and increasing digital literacy creating a big market to tap. Fintech is interesting for me, and I am also going to intern in a related role. So, after working a couple of years and getting hands of experience, I would like to pursue my entrepreneurship dream in the same field.
What are your suggestions for CA’s or commerce graduates who are planning to do an MBA?
If a CA is planning to do an MBA, I would suggest planning for it after work experience. Optimum work experience of 2 to 3 years is perfect for doing MBA from a good business school. The same applies for commerce graduates. The work experience contributes and enrich the learning and improve the horizons of thinking and making most of the MBA.
For the preparation part of the entrance exam- Earlier is the best. I would suggest starting preparations for the exam at least six months earlier. Take the mock test as frequently as possible after you are done with the basics of the syllabus of the exam. Mocks make you asses yourself, and the important thing is the analysis part. I would suggest taking enough time for analysis, as I used to take 3-4 hours to analyze it. Many mocks and proper analysis get you through the paper pattern, gives you familiarity with topics and make you understand question types better, and it also helps you to plan properly. Also, continuously put effort and make a routine to get the maximum benefit of it. In my case, I had five days working, so I used to end up spending weekends on preparation for six months. Also, put equal effort into all three sections initially and assess strengths and weakness then plan accordingly.
Specific tips for written ability test and personal interview for CA’s?
For the interview, a thorough understanding of academic subjects is required ( strategic financial management, accounting, budget, and recent tax amendments), along with the basics of economics and current economic scenario is required. Current affairs are also important from WAT and PI perspective. Recent local as well as global news which might impact businesses are important along with its understanding such that how recent phenomena can impact business, how business can manage it, etc. But the most important thing in an MBA interview is confidence.
Thank you, Durga for giving your valuable time.
Sure, Dilshad, it was my pleasure to talk to you.