When adversity strikes, many people get knocked down by it. Prachi faced a similar situation where she had a motor accident just a week before her IPCC exam. However, despite being injured, Prachi overcame her adversity and cleared her papers in the first attempt. Hailing from Nashik, Prachi has always believed in constant learning and self-improvements. Her work ethic, attitude towards life, and skills have led her to become the Winner of InsideIIM’s Most Employable CA Challenge. Check out more of Prachi’s story here
The following is Prachi Parundekar’s set of responses to a questionnaire floated amongst CA graduates to determine the Winners of Most Employable CA Challenge. Amongst the massive number of entries and responses being evaluated by Mrs. Miti Vaidya, VP of Marketing at Kapiva and a CA herself, Prachi’s story and profile stood out. Here's her own story in her own words.
“My name is Prachi Parundekar and I'm from Nashik. I'm a qualified Chartered Accountant and have completed my articleship with EY Pune in the Transfer Pricing department. I believe in the constant learning and self improvements. Following my personal philosophy, I want to expand my learning horizon and pursue a career in Investment Banking."
What do you think is the purpose of your career? How is it going to make an impact in the world?
“I want to make a successful career in Private Equity and Venture Capital. I was highly inspired to choose this career because I believe India has a lot of untapped potential in terms of entrepreneurship. The boost given by PE to a few startups in India has completely shifted the landscape in India and has transformed our lives in a major way. Ola, Zomato, Byjus, Cred are few examples of startups which with the right backing have made wonders.
I hope to work with new first generation entrepreneurs in building the next wave of unicorns and put India on the global map as a leader in innovative and technological disruption. Further, an increase in first generation entrepreneurs will increase social mobility and work towards bridging the income inequality gap in India"
Tell us a difficult situation which you faced in your previous company / articleship and how did you handle it?
“During a very time sensitive tax assessment, I was working with a new article intern in preparation of calculations to be submitted before the Assessing Officer. Because of the paucity of time, I was unable to check the work done by the new intern and submitted the work as is to the AO. After submission, I discovered the mistake given in the computation. I informed my seniors about the error and owned up to my mistake. I contacted the AO and after much deliberations, he allowed a very short time to submit revised calculations. I worked through the night to make the correct computations, ensuring high accuracy in my work. I was successfully able to submit the calculations within the time allotted, saving our client further litigation. The situation taught me the importance of being thorough with even the smallest things and ensuring the highest quality in all my deliverables.”
Tell us about a time when you had to manage a team and demonstrate leadership skills.
“During articleship I worked extensively in litigation on a client which had many complex issues pending before the tribunal. However, before the litigation was resolved many senior members of my team left and were replaced by new members who were not aware of the issues in depth. Considering I was the only member who was working on the litigation for the longest, I was instructed to take lead.
It was a daunting task as I had to liaison with external attorneys on the client issues and work directly with them to prepare for Tribunal hearings. Further, I was tasked with explaining the new team members all the issues and additional work that was to be done before the Tribunal hearing. It was the first time I had to take such a colossal task head on. The experience gave me deeper insights on leadership, taking responsibility, and managing people. Further, it also instilled in me the confidence to take on more challenging roles in a leadership position."
Tell us about your experience of presenting technical financial data to people with non-financial backgrounds.
“Having worked in transfer pricing which is a blend of business understanding and tax, I've had many opportunities to explain the transfer pricing impact of a business decision to the client's personnel. Most recently, I had the opportunity to explain to the payroll department of a company the transfer pricing implication of a management remuneration and the changes required in the remuneration structure to be in compliance with transfer pricing laws.
In my experience, the team was very understanding and raised several good questions which gave us fresh perspectives. Even though the payroll had never heard about transfer pricing laws, they took the opportunity to patiently understand the intricacies and the point that our team was trying to make.”
What are some of your most significant accomplishments or achievements?
“A week before my IPCC examination, I had a motor accident and was quite injured. The incident took a toll on my confidence as I was unable to study or concentrate properly. I was considering skipping the examination as I was sure my results would not be good. However, I pushed through the negative thoughts and attempted all the papers. I cleared both the groups of IPCC in my first attempt and was selected in Big 4, where I had always dreamt of working. I consider this significant because all the negativity in my mind would've pushed me into making a wrong decision and I would not have been the person I am today.”
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