Our Conversation With Nipul Jain

Nipul Jain's journey to becoming a Chartered Accountant began with failure. In this blog, we will take a closer look at his journey from a young boy who had no interest in studying to a successful professional making a difference in the accounting world.

The Beginning of the Journey

Nipul shares his story of him coming from a very low family background and struggling with his studies upto 10th grade. He recalls clearing his 8th & 9th exams with grace marks and getting the bare minimum percentage required to clear the 10th exam. It was a challenging time for him, but it would mark the beginning of his journey towards his career as a Chartered Accountant.

During his 10th vacation, he had a chance encounter with an institute called “Different Master Institute” in Ahmedabad through a gentleman he met. It was here that he discovered the possibilities for his future career. He attended a seminar on career opportunities and was inspired by the energy, motivation, and people. At the time, the journey to becoming a Chartered Accountant was difficult, with limited access to content, no internet, and no LinkedIn. However, the people at Different Master Institute helped him to see that it was doable and manageable.

Nipul admits that he initially did not have a positive mindset towards studying. He only thought about getting a job that paid 2-5k worth of money, in fact he started working in a factory considering this is his future. However, after attending Different Master's Institute, his perspective changed. He was brainwashed, as he puts it, and suddenly, he liked the new subjects he was studying. He had a positive mindset towards what was next to come, and it showed in his performance starting class 11. He excelled in accounts and economics, and his school teachers were surprised by his sudden improvement. This is when he started his journey of becoming a chartered accountant.

Nipul continued his impressive performance into the 11th and 12th grades. He achieved 80+ per cent in the 12th grade, and his parents were incredibly proud of him. It was a challenging journey, in any case. He had to face the dilemma of choosing between English or Gujarati as his medium of instruction. With the help of the Different Master Institute, he decided to take the Chartered Accountant course in English.

At that time, Nipul was the highest educated person in their entire family on both their father's and mother's sides. He credits his success to the support he received from his parents and the coaching center he joined. His parents joined him in Different Master Institute seminars and always supported his choices. They did not have much money, but they were willing to keep him in any way they could. The coaching center he joined provided him with coaching at a reasonable and discounted rate. They also helped him fill out forms, get study material, and provide financial support.

Nipul Jain began his journey by enrolling in a one-year course for the first cycle of his Chartered Accountancy (CA) program. He joined PE1, started BCom part-time, and began learning the subject. He was excited about his future and looked forward to the day when he would become a Chartered Accountant.

During the PE1 final exam, Nipul was super motivated and charged. He was confident that he would get a rank. Unfortunately, someone passed away in his family during the exam, and no one was around him. That impacted him a lot, and he felt scared. However, he continued with his exams and gave his best shot and secured a good score in exams. He believes you need your loved ones around you in the journey.

The Beginning of Articleship

In his conversation, Nipul mentioned that the journey with PE2 started, and he faced the challenge of deciding where to do his Articleship again. Unlike his previous experiences with known people until the 11th and 12th, all the people he met during this journey were professionals. This led to a different kind of connection and journey. He eventually started his Articleship at a firm called “Salawat & Associates” and began learning from the first day. This opportunity allowed him to gain a lot of knowledge and experience. His principal at the firm gave him many possibilities in terms of leading everything from the front.

During this period, he joined “Arihant Institute for Chartered Accountants” to improve his knowledge further. Nipul's family faced a financial constraint when it was time for him to pay for his PE2 course. The founder of “Arihant Institute” recognized Nipul's potential and allowed him to pay whatever amount he could. Nipul's father's friend connected him to a social group called “Jain Jagruti Sangh”, providing him with financial assistance. This financial help enabled Nipul to continue his studies.

Nipul joined PE2 but later understood that it would end that year, and PCC would come up. He took PCC by default and joined the first batch of PCC at Arihant. He secured the 50th rank in India, first in Ahmedabad and third or fourth in Gujarat. He was felicitated by ICAI Ahmedabad branch , and became a member of the Bombay Chartered Accountancy.

Clearing CA and CS in First Attempt

He began a company secretary course simultaneously with his CA studies, an additional challenge he had to face. Nipul cleared all his exams on the first attempt, including his CA and CS exams. He was super excited and proud of his achievements. Nipul Jain expresses his thoughts on the CA course. According to him, you need 100% dedication, hard work, and luck to clear this milestone. Nipul emphasized the importance of luck, as he believes it plays a significant role in success in the CA course.

Becoming a Chartered Accountant is a difficult journey in itself. But Nipul Jain's journey to becoming a CA came with a social change. Society started looking at him and his family differently, with more respect and admiration than before. According to him, the CA course is more manageable than people make it out to be, as it doesn't require studying all those things. Instead,

From CA to Industry Expert

After becoming a CA, Nipul had two options: to join a CA campus in Ahmedabad or Mumbai. He first tried Ahmedabad, where ICICI Bank, TCS, and L&T were hiring. However, he got rejected in all the interviews. Hefelt pressure from society, which expected him to start contributing financially. After not clearing the interviews in Ahmedabad, Nipul's only option was to try Mumbai.

Nipul had never been away from Ahmedabad before, so moving to Mumbai was daunting. He was scared when he asked his cousin to come along for the interviews. His first interview was at Deloitte, and he got the job. However, the package was low, about 4.5LPA, and his friends/roommates got offers from other companies at double the package.. Despite this setback, Nipul took the job positively, which was the start of his career in Mumbai.

Nipul got his first assignment at Deloitte within five days of joining there. The project was for limited review of a company into mining & manufacturing. Nipuls believes that it was a tough company to start with, he had no idea  about complex processes, systems (SAP) and many other things which he was not exposed to before., . Unfortunately, he again started feeling low and asked for help from his manager on the assignment. His manager Mr Sriram, told him to observe and learn. Nipul was there for ten days, just watching and learning. He eventually survived the assignment and returned. He learned important leadership skills & a life lesson in this journey.

The Challenges of Working in Mumbai

Nipul quickly realized that people in Mumbai around him were highly educated and professional. He felt a survival risk because he came from a small town. But he shares how he began to view his work positively, leading to meaningful connections with people from various backgrounds. He mentioned connecting with individuals in Deloitte from smaller states and cities, which sparked his journey. As he began to enjoy his work, he became more involved in contributing to the audits.

The Game Changer

He requested that his manager give him assignments outside Mumbai, allowing him to travel, understand different industries, and meet other people. Nipul got his big break when he was assigned to work with UltraTech Cement Limited, one of his largest listed clients. The company had plants across India, and Nipul had the opportunity to visit many of them, do process audits, and meet different people who had different mindsets and were from different geographies. This experience changed his perspective, and he started to love his work. He continued to learnand in his journey of about 5 years in Deloitte, he got to work with Companies under Aditya Birla & Tata group amongst many.

Moving On

After spending almost 5 years at Deloitte, Nipul decided to find a job in the industry because he had gotten married, and traveling became difficult. He got an opportunity from one of his clients, Tata Industries Limited, who had a division called Tata ClassEdge. They acquired Nipul based on his past experiences.

It all began when Nipul went for an interview and met Mr Atul Sharma, the CFO of the division. Nipul was amazed at how nice and approachable he was, and it made him wonder how CFO-level people could come and meet candidates like him. Fortunately, the company was also a client he had worked with earlier in the audit. Hence, Mr Sharma was aware of Nipul's capabilities. After a good conversation, they decided to move forward, and Nipul accepted an offer to work there for two years.

Nipul's experience in the industry was vastly different from that of the audit. During this time, the startup industry was booming, and his sister had started working in a lending company in Ahmedabad. She said that startups are different, where one can learn, enjoy, and earn. Nipul wanted to learn & explore more, which was difficult in a well established setups, that’s when he decided to explore startups..

Nipul always had a target for what he should have achieved at every stage of life, he called it a 5 year plan. Fortunately, he got the opportunity to work at Toppr.com, an edtech startup based out of Mumbai, where he worked for almost two years. Working in a startup taught him many new things which typically would have taken years to learn in a well established setups and he found the work challenging and exciting.

The Journey to Pune

He wanted to explore Pune and had been looking for an opportunity to move there. Finally, he got a chance to work with AgroStar, a leading Agritech Company in India. He started as the finance controller and got opportunities to work on multiple exciting projects including building systems processes and solid finance functions in his ongoing journey at AgroStar.  He is motivated with the mission, people & culture at AgroStar, soon he will be completing 4 years here.

Reflecting on his journey, Nipul realizes that he is no longer the 15-year-old kid he once was. His experiences in different companies and industries have shaped him into who he is today. He has learned that in a startup, one starts with oneself, and everything else follows. Additionally, he believes that having long-term plans and targets helps one stay motivated and focused. He believes that all the organizations where he has worked & the people with whom he has connected in this journey, has played a great role in building his career block by block and he is grateful about it.

Why Startups' Finance Functions are Different from MNCs and Other Companies

When managing finances, there is a significant difference between working for a startup and a multinational corporation (MNC) or other established company. The world of startups is unique in many ways, including how they approach business, financial compliance, accounting and reporting. Here we'll learn the critical differences between the two and what it takes to succeed in a startup's finance function.

Speed of Execution is Paramount

In a startup environment, speed of execution is everything. Startups must move quickly to establish themselves in a market, gain traction, and generate revenue. Slow and steady does not win the race in a startup, and financial compliance and accounting functions need to keep up with the pace. Unlike in established companies where there are usually established processes and systems, startups' finance functions need to be more agile, and finance teams need to be adaptable and flexible to meet the rapidly evolving business needs.

Thinking from a Business Perspective is Key

In a startup, finance professionals must think beyond accounting process controls and compliance. They need to understand the business more deeply and contribute to its growth by partnering with them. As such, finance professionals in startups must be agile and work with the company to deliver value. Startups' finance professionals must be able to provide insights to the business to help it make informed decisions that drive growth & profitability.

Technology is Vital

The use of technology is critical in startups. Compared to traditional companies, where use of technology may not be a priority, startups understand that technology can help bring efficiencies and agility to their operations. From cloud-based accounting systems to automated financial reporting, startups need to leverage technology to stay ahead of the competition. This reliance on technology also requires that finance professionals in startups understand how technology can be used to improve financial processes and contribute to the business's growth.

The Benefits of Outsourcing for Startups

Nipul Jain believes that early-stage companies should focus on building their business and leave finance and accounting to experts. Outsourcing allows them to ensure compliance, day-to-day accounting, bookkeeping, and other essential tasks without taking up the valuable time and energy of the team. He suggests that early stage startups should consider outsourcing as it enables them to operate efficiently. Big corporations can also consider outsourcing non-value add work to make it more efficient.

Making Outsourcing Work

When it comes to outsourcing, Jain believes that taking ownership is the key to success. It is essential for the team working externally to connect with the business and act as a relationship instead of a transactional service provider. This differentiation is vital to form a long-term partnership that works for both parties.

The Day-to-Day Life

Nipul Jain's day begins by ensuring that finance and accounting do not become a roadblock for the business. He believes prioritization is crucial in a dynamic environment, where new challenges arise daily, and plans change quickly. Jain focuses on executing the prioritized tasks, making sure that his function does not become a hindrance to the business.

The Future Ahead

As for his plans, Jain intends to gain more experience in his current role, learn more, and give justice to the CFO title. He aims to become more mature as a professional and enhance his skills to become a CFO, regardless of time it takes to achieve this.

Conclusion

Nipul's journey to becoming a Chartered Accountant was not an easy one. He had to overcome many challenges but did it with dedication, hard work, and a positive mindset. He credits the people for supporting him along the way. Today, Nipul is a successful Chartered Accountant making a difference in the accounting world. His journey teaches us that having long-term plans and staying focused can help one achieve their goals. His story inspires many who are struggling with their studies and looking for a way to succeed in life.

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