Innovating Finance Education Insights from the Classroom to the Boardroom

Could you tell us about your early career and the path that led you to finance?

My post-Ph.D. career began as a social scientist with an eminent Non-Governmental Organisation, where I had the opportunity to work with multiple international organisations and donor agencies from the USA, UK, Netherlands, and India. My research and consulting engagements with these organisations and agencies —including the World Bank, USAID, Natural Resource Institute (UK), NOVIB (Netherlands), Plan International, World Vision, and the Government of Uttaranchal— enriched my academic journey by bridging theoretical knowledge with practical application. This exposure fostered interdisciplinary collaboration and a more socially engaged perspective in my scholarly development. These experiences broadened my outlook and eventually led me to academic, research, and consulting roles in various B-schools in India, including IBS Hyderabad. I also served as the Chief Editor of Management and Labour Studies and as a Consulting Editor for journals like the IUP Journal of Applied Economics and the Journal of Risk Management. In 2016, I joined XLRI Jamshedpur, which has been both challenging and rewarding, and I now serve as the Associate Dean for the XLRI Case Research and Simulation Development Center (XL-CRSDC).

What inspired you to join XLRI Jamshedpur, and how has your journey been since then?

XLRI Jamshedpur had always been a prestigious institution, and joining in 2016 felt like a natural progression due to my research profile. The vibrant academic environment, along with opportunities for personal and professional growth, inspired me to contribute at XLRI. It’s a place where I can influence and nurture the next generation of business leaders, instilling a strong emphasis on ethics and the greater good of society.

Could you share more about the courses and consulting services you offer at XLRI?

At XLRI, I teach courses such as Corporate Finance, Options and Futures, Advanced Financial Derivatives, International Financial Management, Advanced Financial Analytics Using R, and Financial Econometrics. I’m passionate about teaching these courses using my own case studies and simulations to enhance students’ understanding. Writing and using my case studies have also helped me win several international case study competitions, including EFMD, OIKOS, E-PARCC, Emerald, and CEIBS. Additionally, I am involved in designing and offering consulting and training services to a diversified clientele to bridge the gap between academia and industry.

You mentioned the use of innovative teaching methods, particularly in the Corporate Finance course. Could you elaborate on that?

The Corporate Finance course at XLRI is distinctive because it incorporates simulations and Excel-based exercises. Instead of traditional end-term exams, I provide students with a new case study well in advance. They engage in peer discussions, seek input from seniors, and consult experts to prepare thoroughly. For the final examination, I set questions that require them to analyse and solve the case effectively. This approach helps students gain a more comprehensive understanding of real-world financial applications and sharpens their problem-solving skills beyond typical exam settings.

How do you incorporate practical learning in your trading strategies and finance-driven classes?

I start by establishing a strong foundation with basic principles during the first ten sessions. Afterward, we download real market data and create trading strategies, analysing their outcomes. This hands-on approach helps students understand market dynamics deeply. The rigorous content, advanced features, and immediate real-world applications in these courses attract students with strong analytical abilities and a passion for finance.

With the rise of AI and blockchain, how do you see these technologies impacting finance education?

AI and blockchain are rapidly reshaping the field of finance. For instance, Indian derivative investors often face disadvantages due to a lack of tech-savvy tools, whereas American traders use advanced algorithms for profit. At XLRI, we encourage students to pursue higher education in AI and machine learning because of the vast opportunities and growing market demand these fields present.

What tools or methods do you recommend for automating data collection in finance?

To automate data collection in finance, APIs from providers like Bloomberg, Yahoo Finance, Google Finance, and Thomson Reuters are valuable for accessing real-time data. Web scraping tools can also help extract information from websites. Collecting 15-30 years of daily market data manually is time-consuming, so using R or Python, Excel VBA tools, or Google Sheets scripts can automate data downloading with just a few lines of code. Such automation is essential for researchers working with large data sets efficiently.

Can you share insights into your innovative strategies for teaching options trading and risk management?

Options trading requires a clear understanding of market dynamics and sentiment. I use real-time market simulations and case studies to demonstrate strategies, allowing students to practice decision-making in dynamic conditions. I also incorporate various trading platforms and analytical tools to provide hands-on experience, helping students evaluate risk and optimise their trading strategies effectively.

You’ve guided students in effective financial analysis and investment strategies. What advice do you give to beginners?

Building financial knowledge starts with foundational reading and credible resources. Beginners should focus on accounting, corporate finance, and financial markets and institutions. Solving case studies and practising with real or simulated investment scenarios can greatly enhance understanding of these core areas and improve personal finance management skills.

How do you approach portfolio diversification in your classes?

I stress the importance of diversification by including a range of assets such as bonds, gold, and other alternative investments alongside stocks. These assets act as risk diversifiers, reducing overall exposure. For derivatives, we cover futures as hedging tools and discuss short-term strategies that promote active management and strategic diversification.

Given your background, what are your thoughts on the role of national debt in economic sustainability?

National debt has significant implications for economic growth. For instance, the per capita debt in the US, inclusive of all government levels, is around $95,000, raising concerns about sustainability. Excessive borrowing may support short-term development but burdens the economy with high interest expenses. Financial
sustainability requires careful planning that prioritises revenue generation over debt reliance. In India, the per capita debt remains within the limits set by the Fiscal Responsibility and Budget Management (FRBM) Act.

How do you address the geopolitical challenges that affect global finance in your classes?

Geopolitical factors profoundly influence global finance. Wars and international conflicts can destabilise economies, while government policies on debt and sustainability are crucial for resilience. I often highlight examples like Israel, Russia, and the USA, focusing on how their policies and technological advances contribute to economic stability despite geopolitical tensions.

Do you have any advice on gathering and analysing research materials efficiently?

Technology has transformed research. Where manual collection was once the norm, we now use online databases for instant access and analysis, reducing physical storage needs and waste. I encourage students to use digital tools for more efficient and thorough data analysis, significantly enhancing the quality of research.

Finally, how do you view the role of machine learning and robotics in finance and other industries?

Machine learning and robotics are pivotal for future growth. They are revolutionising finance by automating trading, enhancing risk management, and offering personalised services. Additionally, they provide solutions in hazardous environments and support informed financial decisions. At XLRI, I motivate students to integrate these technologies into corporate finance, as they are essential for the industry’s future.

What advice would you give to students and new professionals about entering today’s industry?

My foremost advice is to embrace advanced technology. It’s not just about tools like Excel or PowerPoint; understanding transformative technologies like AI, machine learning, and robotics is essential. For those with some exposure, diving deeper into these fields is crucial. Under my guidance, students have gained knowledge not typically covered on campus, giving them a significant edge.

Beyond technical skills, what other steps can help new professionals in their careers?

Networking is key to career growth. Relying solely on online platforms like LinkedIn isn’t enough; building a personal, face-to-face network is equally important. Connecting with industry leaders, showcasing your skills, and being proactive can define your career.

You’ve emphasised mentorship as well. How important is having a mentor, and what should students consider?

Mentorship is vital. Having different mentors at various stages of life is beneficial. A faculty mentor may be ideal during student years, but once you step into the industry, finding a mentor within your field is invaluable. While this may require time and effort, the guidance received can shape your career in profound ways.