Why do chartered accountants get an MBA? Isn’t the CA qualification good enough? What if you combine a CA with CFA – would that be better?
Ananya Wadhwa had both qualifications on her resume (CA + CFA Level 3), but they didn’t seem enough for the career goal she had in mind i.e. getting into management or strategy consulting. For these opportunities, the right MBA can make a big difference.
She worked with a consultant to improve her odds of getting into her dream school – ISB. But it didn’t work out. She knew she had to rethink her strategy if she were to have a fighting chance as a reapplicant.
Why ISB after CA
How a chartered account got into ISB as a reapplicant
by Ananya Wadhwa
I am a goal-oriented empath who embraces unique life experiences and is grateful and proud of my journey. I also enjoy engaging with people, learning about their nature, and hearing their stories.
Coming from a middle class family who made their way through hardships and made sacrifices to provide for the young ones, I have deep respect for my parents and a strong sense of gratitude. I’ve always looked up to my father, a CA working as a CFO in a mid-sized business, and my mother, a chief bank manager at a state-run bank. Naturally, I decided to pursue commerce.
I began my CA journey right after school with the CPT exam and started my articleship with Grant Thornton following my graduation in BCom (Hons) from Delhi University.
During my final year of college, I started considering career options in finance, consulting, and general management.
Private equity and investment banking (IB) seemed appealing, and I learned that most professionals in these fields held a CFA or CA.
Since I was already pursuing CA, I decided to pursue the CFA Level 1 to utilize the time between graduation and my CA articleship.
My role in financial due diligence
After clearing my CA, I explored various job profiles to find one that aligned with my interests. I finally settled on financial due diligence (FDD), which I found incredibly fascinating.
FDD checked all my boxes: it allowed me to connect with top management of corporates, learn about their growth stories, and understand their future plans. While the job was demanding, with tight deadlines and pressure, it fueled my curiosity about how businesses operate.
I put my all into my work, excelling in my role, but sometimes felt limited in my growth. FDD helped me diagnose business problems, but I wanted to understand how to solve them. That’s when I discovered management consultancy and began exploring opportunities.
However, most firms required an MBA to cover all business functions, such as Operations, SCM, Marketing, and HR. After about 1.5 years of experience, I began researching suitable MBA programs.
CFA didn’t offer a distinct advantage
In my final year of college, I started considering career options in finance, consulting, and general management. Private equity and investment banking (IB) seemed appealing, and I learned that most professionals in these fields held a CFA or CA.
Since I was already pursuing CA, I decided to pursue the CFA Level 1 to utilize the time between graduation and my CA articleship.
I cleared all three CFA levels while completing my articleship and job. After my CA, I applied for IB roles. The top firms typically required both an MBA and a CFA, and others treated either the CA or CFA equivalently.
Although I secured a few interviews after completing Level 2, I found that they still wanted candidates with relevant work experience. In hindsight, I felt CFA didn’t offer a distinct advantage in my case.
For anyone pursuing CFA, I recommend applying for internships (at least 3-4 months long) or entry-level jobs early in the program. If you’re pursuing an MBA, CFA can help provide an edge for roles in IB or PE.
My 4 GMAT Attempts
I might be one of the most experienced when it comes to GMAT prep. I took coaching from three different centers and attempted the GMAT four times!
I aimed for a 750+ score but struggled with the verbal section from the start. After trying Jamboree (which didn’t focus enough on verbal) and Target Test Prep (TTP), I scored 680 offline and 690 online (old edition).
While it was an average score, I decided to apply to ISB. Unfortunately, I didn’t clear the interview. I was told that ISB would no longer accept online GMAT scores and that my score was below the class average.
After a 4-5 month break, I restarted my prep with a fresh perspective. With help from Sandeep Gupta’s TOP, I gained control over verbal and improved my score to 675 FE (comparable to 720/730 offline).
I wasn’t happy with the consultant I hired previously
I knew my application needed improvement, especially in extracurricular activities and the clarity of my responses. I had previously hired a consultant but didn’t succeed in the interview.
As a reapplicant to ISB, I initially planned to revise my application alone, using last year’s work. However, I decided to apply to two other schools — INSEAD and Berkeley Haas — and not leave any chances to regret.
I wasn’t happy with the consultant I hired previously, so I reached out to MBA Crystal Ball (MCB) after a recommendation from a colleague. I mailed Manish who connected me with Vibhav.
I was very impressed with MCB services. Vibhav was a true mentor who understood my needs and never pushed me to buy unnecessary services. He candidly told me that my target schools would be tough with my profile, but he was committed to helping me through this journey. This was a stark contrast to other consultants who might have discouraged me.
I also came to realize that securing an admission involves much more than just crafting a strong application and securing an interview — it’s also about having the right mindset.
Vibhav made sure to nurture this aspect as well throughout our conversations and the application drafting process.
What I did differently in my second attempt
The turning point in my approach to MBA applications came right in the beginning of my work with MCB, via the MBA MAP.
While working on the MBA MAP, I had a breakthrough in understanding myself better.
Many life events that I had brushed off as “just life happening” had shaped me into who I am. Vibhav and Maitabi at MCB were instrumental in helping me discover this insight. Post MAP, they knew me better and I sometimes feel that they used this understanding of my behavior to help me write my essays.
For instance, they knew that I responded well to appreciation and used it to get me to write ISB essay faster. They also knew that I respond to some constructive criticism, and when I got stuck on a Haas essay, Maitabi did exactly what was needed to push me to close it. Not sure it was intentional or a happy accident.
Another great thing about MCB was that they have a strong grip on your profile the whole time. Vibhav had my profile, application, work ex highlights, my journey on his tips. I hardly ever had to remind him of an aspect of my profile.
He was always available for at least a quick call when I was anxious or even when I had a silly query. I never felt alone on the journey, Vibhav & Maitabi were always there to support and guide me.
My ISB interview experience
My ISB application got converted into an interview. It was not surprising at all for me, my application was bulletproof!
My concern was with the interview process. Memories of my last interview and the outcome continued to haunt me.
I wanted to go in 100% ready this time. So I signed up with MCB for ISB interview preparation.
I learned that ISB mock interview will be conducted by Vibhav & Maitabi only. I was a bit skeptical of it. At that time I thought that since I already interacted with them a lot during the application process, it might not give me the proper experience.
But I was wrong. In fact it helped me mould myself to be in that interview attitude regardless of who is in front of me.
Also, both their details were very helpful and in fact broke many myths I had with respect to the process. I was beaming with confidence when I left home for the interview on 19th January 2025.
ISB this year also required us to write a written response to some questions on spot. I was in the right mental space at the interview location. However, I was frustrated by the delay in setting up my laptop. But once I started writing, I felt confident. The in-person interview followed soon after.
I greeted the two alums present as I entered the room. Before I could shake hands or sit down, they started with the question “so what do you do, tell us about your experience”.
I was a bit surprised that they started questioning even before asking to sit or introduction part.
They asked me to sit and then as I replied, they asked back to back questions on my profile, work, my knowledge in diligence of companies. I kept answering them honestly back to back. Some specific to my resume and experience and some general to my field.
After a while, I felt from within that I had been frantically answering their questions but could not highlight my achievements properly. Also, in some responses I had failed to give important details.
I was feeling tired and I felt as if I had lost a game. In the end, I asked alums their highlight of the programme and expressed my hopefulness of having one myself.
I had lost track of time during the interview, but later realised that my interview lasted around 45 minutes. I had written off any chance of getting admit from ISB.
On 15th February 11 pm, I received my ISB offer email. My joy was beyond bounds!
I couldn’t believe it—only when I step onto campus will it truly sink in. I mailed Vibhav & Maitabi at 11:10 pm “I am on cloud 9 I cannot express my happiness and how much I am thankful to you both!”.
It was always ISB where I wanted to be 🙂
I received rejects from INSEAD & Berkeley Haas. But at least I have no regret of not even trying.
Advice for CA applicants
My work experience with KPMG and Grant Thornton, along with my CA and CFA, helped differentiate me from other applicants. This journey has been a rollercoaster, but it’s clear to me that having the right admissions consultant is crucial to navigating the MBA process.
For fellow CAs looking to pursue an MBA, I recommend starting your GMAT prep and applications early.
The number of CAs applying for MBAs is increasing, so the competition is tough.
Make sure you explore your options timely to make the most of the opportunity when you’re ready.
Also read:
– How an Indian CA got scholarships from top business schools in USA
– MBA after CA from IIM, ISB vs abroad
– Benefits of MBA abroad after CA
– How this chartered accountant got into ISB with a low GMAT score of 600
– MBA after Big 4 Audit for CA
