1. Follow an ACTIVE- LEARNING approach where start with ques from Revision notes and wherever stuck, refer the detailed study notes dictated in class. Passive Learning is just spending time on reading notes with no room left for practice.

2. Do complete the Revision Notes x2 to get hands on practice and see the type of ques coming in exam. Around 55pc of ques are similar to past questions only.

3. Take atleast Mocks x3 to see how questions come inter linked between chapters and get idea of your Time & Stress Handling ability.

4. BUILDING BLOCKS Basic chapters like Real Interest/Nominal Interest rate, Time Value of Money, Annuities, Equations of value cover around 15pc of syllabus and by the time you come to end – they are a cake walk to everyone. By cake walk I mean our students don’t use formulas for solving it.

5. SCORING TOPICS Chapters like Discounting Accumulating, Loan Schedules, Compound Interest Rate problems cover around 30 pc of Syllabus but are very easy to command.

6. The Three MONSTERS of CT1 – Project Appraisal, Stochastic Interest Rates & Term Structure of Interest Rates (Redington’s Immunization) are the most difficult parts of CT1 and the notes of these chapters must be read atleast 3 times to get good hold on it.

We have spent around 28 classes on these 3 chapters, so we shouldn’t be afraid of it.

7. HINT SOLUTION – In the end time, don’t solve all the questions completely, just take a piece of paper, read the question and write the basic equation to the solution. This is what we prepare notes of in the classes

However this is only fruitful if we have practiced solving all questions fully.

8. MARKING HABIT While doing questions for the first time, we should always mark three categories of questions

a) Question of Different Type

b) Questions good for full Solution Practice

c) Questions tough & Very Hard to grasp

We have marked all types of questions in the classes, please refer to them carefully.
9. CAUTION – a) Don’t leave any chapter as questions come interlinked

b)Spend atleast 15 minutes daily to searching good FAST CALCI techniques – students can see the guides shared with them.


Every Stressed 24-Year-Old: Stop For A Minute And Read This
Diksha D Diksha D in Let’s Face It on 26 October, 2016

“Life is tough” — that’s our favourite form of expression towards our existence these days. No?

Not beautiful, not wonderful, not hopeful. But tough. Tough because we can’t stop thinking about what’s coming our way. Tough because we spent the past 2-3 years in denial, in denial that we are growing up. In denial that we want to make it big but don’t know how. The confusing moments in our life soon became moments of denial. Those vague ideas about the “real” world are now so in-your-face that you’ve lost sight of the greatness you once dreamed of.

You feel safe having the job that makes you wear a blue ID card thing around your neck all day, and when no one is looking, you feel the tag choking you in your ill-ventilated cubicle. Then you see the likes of Sarfaraz Khan standing tall with the big boys — a teenager who’s making it in the world of cricket. You realize that he was nine years old when IPL started. He made it. And then you ask yourself

Where did you go wrong? When did your passion die?
You find an old word doc dumped in your hard-drive. Your finger twitches as you open it, and you find a half-written love story that was your rebound project after you broke up. You squint at the words. The memory of the relationship seems silly now but the words spring out of the page and punch you in the face. They’re powerful. You’re surprised that you could feel that strongly about something, that you had clarity and keen intent.

Today, “frenzy” is the speed with which you can close your Facebook tab when you see your manager in the distance; “willingness” is clicking on the share-button; “aggression” is a hash-tag. Happiness stays in your bank account for the first half of the month before well-deserved weekends take it all away. You have a job, but there is no love that you can profess to it.

Your milestones have been “Beta, engineering karo. Settle ho jaoge,” and “Beta, shaadi karo. Settle ho jaoge.” But when did anyone in this age want to settle for anything? Settle for love, settle for a job, settle for a house. Settle for a life. Basically.

24. It’s a confusing age isn’t it? You could call yourself “young”, tell yourself that you still have time. But a year from now, you’ll be on the other side of your twenties. What are you saving the panic for?

You have reached the point where you do something because you’re afraid, or you do something because there’s nothing to be scared about. But passion? Zero.
You say life is tough but you don’t say life is too short and you still have to think of a way of being remembered after you’re dead. You say “I’m too worked up” and you don’t realize in the same sentence that you’re selling your talent instead of using it in your advantage. You spend most days at home because by the time you come back from office, you’re too tired to do anything.

You’ve spent the last two years doing this and now, you’re sitting by the window looking at the dark sky thinking, “What am I doing? Why am I doing this?”. This is the best and the worst time to question your existence. If you don’t see meaning, write your own. If you don’t want to, then fine, continue existing.
Working for yourself versus working your ass off to make someone else richer — You know you’d always choose the former because it’s one life. The choice is yours. You either make a name and die or you lose yourself in making someone else’s name and die, what’s the obvious choice? The problem is you stopped thinking. It’s scary, it’s super frigging scary to work for yourself.

You need an idea and then you need people to believe in it.
You don’t get holidays but you get contentment. You’re constantly working but you earn every outing. You don’t have a fixed salary but all the revenue you make out of your idea is solely yours. You make it big or keep trying to make it big, the point is you’re adding value to your life. Will you let the fear of failure stop you? Or will you fail now, when you’re still 24, and only become better?

You’re at an age where you can make it or break it. It’s better to break it and then make it because you learn from that. It’s stressful but it’s sweet. You’ll never know what it feels like to build a baby that’s not human and crying for it like you actually gave birth to it, if you don’t stand up right now.

You know you always wanted to be your own boss, you know you’re full of innovative ideas, you also know the wackiest ideas are the best ideas in this world. Then why resist? What’s the worst that can happen when you have youth on your side? You’ll fall but you have no responsibilities. You don’t have kids to take care of yet. If you don’t fall, how will you ever learn how to walk? How will you ever know you could or couldn’t have ever made it big? Failing is better than regretting.

Stop reading this for a second, look around, see your colleagues going mad on the computer over something that’s not even theirs. Look at them, banging their heads over something that can never be theirs. They are comfortable. Good. But you are not. You were never.
Quit your job today. Find out what you care about. Be broke. Dive into the sea. Make friends with strangers. Smile at a street urchin. Paint. Scream till you make music. Run till you dance. Look up till you fly. Dig deeper, rake the soil with your fingers, find your love for Mother Earth. Plant a seedling, an idea, your own heart- watch it grow with your sweat and toil and worry and moments of genius.

Because when you’re in love, time and money don’t matter. Because like your one and only lover, it will keep you up all night, working all Sunday, and your heart will swell with happiness. You love what you’re doing, you care, and you have a cause.

You can make that U-turn now, and you can do it with grace and patience. Or you can also do it with violence. Because this is your claim to a life, to live like a trail-blazer, to be the rebel tattoo in the world’s naked bottom — other people can find something cushy to sit on when you find your way into history, legend, and children’s story books.

There is a guitar gathering dust, a deflated basketball, an incomplete MS-Office 2003 doc, broken oil pastels, forgotten dreams, dysfunctional imagination — all of which are in some corner of your over-worked heart, but you couldn’t care enough to give them as much attention as you would give to an unpaid bill. You pay tax to have a good time but you won’t give real happiness a second chance.

You weren’t born to be tamed into comfort, convenience and normalcy. Anybody can be ordinary, anybody can stand in the middle of the population bell curve and believe that the world is made of people like themselves. But you — you are different. The question is if you want to continue letting your voice fade into the background.

Where is your sonorance, your lungs full of air, breathed in from the summit of your own best self?
It is a great time to be a young Indian. 65% of the country’s population is under the age of 35. How long will it be before we become a country of old people? And what stories are we going to tell our grandchildren?

You could be a radical, a feminist, a communist, or any idealist. But when are you going to be yourself? The time is now. Close your eyes, let your heart race, listen to your pulse drum in your ears.

Now do it.
Author’s Note:
I failed and I won. “They” told me not to do it but “they” were never as strong as the voice in my heart. I was 24 when I started up. Trust me, there is no better age to be. People will tell you that you cannot do it. It’s amazing when you prove the naysayers wrong. I’m a very successful person today, if not for you, for myself. I’m somebody you hear about every now and then or not. But the point is, I tried and I have no regrets and that’s the point. Go seize the world, my friend! Because trust me, you can.

Editor’s Note:
It’s easy to accept your fate, it’s harder to scream your lungs out in protest. Let’s share this story, because it’s #NotTooLate.


This article is a continuation of my last article on Subconscious mind which throws more light on “HOW A SHORT TERM COURSE CAN BRING LONG TERM BENEFITS”
1. What is FRM?
FRM is Financial Risk Management Course which came into limelight post 2008 financial crisis and is currently one of the hottest certifications in the industry. But i know you are interested in how it is suitable for CA, relax and just go through other questions.
2. Which institute provides FRM?
Just like CA is provided by ICAI, similarly FRM has its own body GARP which is headquartered in US.
3. So FRM is a US based course?
Although the institute of FRM is established in US, FRM is considered a global certification and not US certification. So once you do FRM your window to the global world opens unlike CA.
4. What is actually FRM?
Let me answer with an example- When a bank gives loans to different customers, those customers can default which poses a credit Risk to the bank. So the bank needs to manage this risk by quantifying this risk and managing this risk.
Similarly an investment bank invests in various securities and can lose money if the Market variables change drastically. Bank need to manage this risk too using appropriate tools.
5. When does the exam take place?
The exam generally takes place on 21 May and 21 November each year.
There are two parts of FRM exam-PART 1 & PART 2
Both the parts are conducted in both May and November
Also a candidate can sit for Part 1 and Part 2 separately completing FRM in min 1 year or both the parts together in single go completing FRM in just 6 Mths. Yes, you heard it right- Just 6 Mths and you can go Global.
6. What is the content of Part 1 and Part2?
Part 1 is more related to the basics of Finance and there are 4 sub modules in part 1.
Foundations deals with basics of Risk management and the famous financial disaster like Lehman Brothers crisis, LTCM crisis etc.
Quantitative Analysis in FRM is a great learning for CAs. It deals with all the Quantitative Models used in the industry for various kind of Data analytics. Learning this module also opens up job opportunities in analytics industry (DATA SCIENCE- THE HOTTEST JOB OF 21ST CENTURY)
Financial Markets and Products teaches you all the derivatives and other products like Options, Forwards and Futures.
I know CAs don’t like this topic much but it’s not the same here. It’s much more interesting due to being more applicative and objective type.
Valuation and Risk models- introduces you to different kinds of Risk mainly – Market Risk, Credit Risk and Operational Risk. What is special in this module is it teaches the most famous tool used in industry to measure risk i.e. VAR (Value at Risk)
Part 2 is a much much detailed version of VRM module studied in Part 1.
It has 5 sub modules.
1. Market Risk measurement
2. Credit Risk measurement
3. Operational Risk measurement
4. Investments and Risk management
5. Current issues.
What is important to note for CAs is the entire Basel Norms taught in Operational Risk measurement. Wait wait wait, something clicked in your mind??- Yes the Basel norms which CA studies in brief in Bank Audit. If you are still not able to recall, remember Tier 1 Capital and Tier 2 Capital.
A CA if gets the knowledge of Basel norms can truly nail the Bank Audits.
Basel norms are the rules applicable to bank with regard to Capital Charge required to be kept by Bank.
6b. Opportunities after FRM?
Basel will be Compulsory in India by 2019 and will open up great opportunities for CA if they supplement it with FRM.
This is because applying the Basel norms require knowledge of Financial Statements too. Eg. While measuring the Credit Risk in India a Risk analyst is supposed to know Financial Statements and Risk tools.
And everyone knows Financial statements is in the blood of CA.
7. What kind of jobs I will get?
Doing FRM with CA fetch you jobs in Top Investment Banks like Deutsche, Barclays or rating agencies like CRISIL, ICRA etc.
8. Can I use FRM to switch my role from Audit or taxation?
Yes definitely, FRM is a very knowledgeable course and is a great value addition in just 1 year, so switching roles after doing FRM is relatively easy.
9. Is FRM tough to pass?
See reward comes with pain. FRM syllabus is tough but manageable. Since its an objective based exam unlike CA, so no mugging up is required.
It takes around 500 hrs to prepare for FRM P1. Since there is some overlap with SFM so there can be diversification benefit of upto 100 hrs.
This means a person working required 4 hrs of daily study for over 4 months.
10. What is the fees of FRM?
It costs around 70000 Rs (1000$) for complete FRM,
300$ Registration fees
350$ Part 1 fees
350$ Part 2 fees.
If someone doesn’t clear Part 1 in one go, only the exam fee of 350$ needs to be paid again.
11. What if I am not prepared till the exam date?
There is an option of deferring the exam once by paying just 100$.
12. Do I require classes for FRM Part1?
Yes, classes may be required since CA doesn’t have background in Quants/ Econometrics which is at the heart of FRM.
There are only 140 classes of FRM part 1 with duration of 2 hrs each.
13. I am working, how would I attend the classes?
We provide the classes DTH and Live in Kolkata. So anybody can take the classes and watch them as per their schedule.
Please note that DTH option is available everywhere in India and Globally including Kolkata.

Also not much material will be required to be referred after completing the classes although some people like reading Book, so we refer them Schweser which can be bought at a meagre cost of 1200/- from Mumbai through courier.


Late in the morning I woke up one day with my Mom yelling at me “beta uthjao pdlo, CA Final dena he, majaak ni he” and I was like – Yes, its not a joke but its surely a devastation of my mind. Without much time to study, I took bathe, eat my Breakfast and ran hurriedly for the articleship training just to recapitulate the fact that my life is a hell and I am bound to suffer as I have opted for my parents dream called CA.

After 3-4 mths of articleship when my mind was subject to accelerated Depreciation and my body about to reach the Salvage Value, I thought of starting CA Final Coaching with Mr Sanjay Saraf- star of SFM in the CA fraternity.

As period passed by and I attended his classes whole heartedly, I realized that this is the world and this is the man who can save me from getting Brain Hemorrhage. I started conversing with

“Dr” Sanjay Saraf on emails and luckily got replies which was astonishing from a famous faculty.

As I interacted him more and more I came to know of a course called CFA which is considered as the Gold Standard in Finance and today I know why it is so called. I enrolled for it and played for CFA exams in the front foot without any fears, with my CFA books in my front pocket and my CA books in my back pocket all the times.

1.5 year passed by and suddenly after passing CFA Level 2 I realized that my brain has positive alpha, Confidence Interval is very high, my earnings will be log normally Distributed and I have hedged my career.

Since my Portfolio was generating positive returns, I thought of increasing more AUM and I invested in a Finance course called FRM which was the most successful investment in my life.

But why am I discussing about these courses, am I marketing ? If you think so, don’t read this article further.

2-3 years down the line, I am just introspecting the fact why CFA FRM makes a successful investment and thought to pen down my feelings.

There is something called Conscious Mind and Subconscious mind. A Conscious mind is one which takes Information- Good or Bad and a Subconscious mind works on experience. 70% of our real world performance is dominated by Subconscious mind. Lets illustrate-

Our Father has always taught us not to lie. But recollecting your childhood, when Sharma uncle used to came to your house Papa used to ask you to say “papa ghar pe nai he”. So now our

Conscious mind knows that we should not lie and our subconscious mind has experienced that lying is not bad. And indeed in the real life we lie because our performance is dominated by Subconscious mind.

Similarly we all know we should not take stress while taking examinations but are we able to control our anxiety in the exam/interview even knowing that panicking will not do any good than more harm. No, that’s because subconscious mind has not experienced that atmosphere and thus we promote taking Mock exams or mock interviews.

All I want is to Reiterate the Fact that how do you perform in real life depends on your SUBCONSCIOUS MIND or I would say INTUITIVE MIND.

Exactly !!! now I have come to a point which I would like to speak about.

CFA and FRM are two promising Certifications in the world of Finance that not only imparts a tonne of information to the Conscious mind but actually do all the healthy feedings for your Subconscious mind that ensures you performing brilliantly in your career.

Given so much of Unpaid labour and Mental torture that a CA IPCC Student have gone through in last months, I would like to start with a short course i.e FRM and how it can heal their CA wounds. Let us play some Buzz Question rounds where I will question and I will answer. Ha Ha!!


1. What are the Future Prospects of FRM along with CA?

It’s like asking how Seasoning on the Pizza makes Pizza better. You know the answer right. FRM is an application based course that will open up your mind towards applying things in real life.

Working in Top IB’s like Credit Suisse, Crisil , Barclays require Knowldege of Risk management along with Financial Statements that makes CA+ FRM a cake with Cherry on Top Combination.

2. If I do FRM now, my knowledge of Financial statements which I gathered in last 2 years and will be gathering in future end up wasted and this pinches?
Shri Krishnaji once said Knowledge gained is never wasted. Working in Credit Risk management requires detailed Credit analysis of Financial Statements, reading the annual reports and evaluating the credit worthiness, knowing the Basel norms and who knows the Financial statement better than CA. Don’t even dare to name anyone, I myself has done CA.

3. What are the Job oppurtunities of CA + FRM?
It’s like if you get 1 job opportunity after CA, you get 1+99 Job oppurtunities after CA+FRM. Whoa! What a synergy- Ok I might be exaggerating.

As I said, you will (not may) definitely land up job in Top IB. If you open Linked in and see the profiles of VPs, Presidents, Team Leads in Credit Suisse- they all are CA’s

4. Salary Expectations after doing CA+ FRM?
With CA the average salary is 6 lacs p.a and adding FRM will make this figure double digit for sure.

5. How will I proceed with the Course?
Ok so If you are reading this question, you are getting excited – yeahh!!

a) You have just completed IPCC – Final is due after 2.5 years. Register for FRM exam today

Three Registration deadlines are there
– Early Registration – Fees – 650$, Deadline 31st July 2016.
– Standard Registration – Fees – 775$, Deadline 31st Aug 2016.

– Late Registration – Fees – 950$, Deadline 15th Oct 2016.

You will complete your FRM Exam in 1st year of articleship and you will have sufficient time for CA Final classes and preparation.

So it’s a win win situation, as you are already hedged with one certification in hand and you can then take the “Uncertain CA Final” exam more confidently and openly.

b) Your CA IPCC was cleared 6/12 /18mths before.

You can start FRM and take Part 1 exam which will leave you 6/12/18mths preparation time for CA Final all of which are sufficient. Part 2 can be taken after CA Final along with job.

c) You have not been able to complete IPCC and want to drop CA.

You are lucky to take this decision today. CA is not much rewarding as compared to CFA/FRM.

However in this case only FRM won’t suffice, you have to complement it with CFA and details about it is mentioned in separate article. Studying for FRM doesn’t require any registration with exam conducting authority GARP. You just have to order Books from Om Book Centre Mumbai by calling on 9833001214, 9833591215. Now don’t think that I will get commission from Om Book Centre :D.

6. Considering the fact that i have an inclination towards finance, which course is better; CFA or FRM?

From Curriculum perspective – both are superb

From Job perspective – CFA is much better. It doesn’t mean there are no job opportunities for FRM. I want to say

If you are doing CA + FRM = Very Good job opportunities CA + CFA = Again Very Good job opportunities

Only BCOM+ CFA = Good job opportunities

Only BCOM+ FRM = Little Job opportunities (See the diff between only CFA and FRM)

Any other good course like

Economics/Stats Honours + CFA = Very Good job opportunities Economics/Stats Honours + FRM = Very Good job opportunities Actuaries + FRM = Very Good job opportunities

Actuaries + CFA= Not a very good combination but yes good job opportunities.

Other Parameters

Seeking for short term course = FRM

Love Maths = Actuaries

Please keep this in mind that FRM does not require mathematical background. Its an intuitive based course (You remember I talked about subconscious mind above).

7. If I pass whether to do FRM with articleship or without articleship?

It doesn’t matter, if you are entering in Finance domain articleship won’t matter much but you should do it atleast one year to open your mind and build networks. As per GARP FRM exam requires preparation of 200 hours. So preparing with is not tough at all. Moreover FRM certification is very short term course with only 2 levels, conducted in both May and November like CA.

So Cost/Benefit analysis makes FRM with CA much rewarding and appealing.

8. Can I defer the exam if I am not able to handle it with articleship or I am not getting leave?
Ok!!! Don’t be so conservative but yes you can defer your exam once. Passing FRM is not much difficult as pass rate is on an average 45%.

9. Do I require Coaching or I can study by myself?

Had you been studied CA Final SFM, I would have said it may be required, but if you haven’t studied CA Final SFM at all – then its must.


1. What are the Future Prospects of CFA along with CA?
If FRM was seasoning on Pizza, FRM is like Chocolate on boring Vanilla icecream (You notices – I treated CA as Vanilla). CFA is like graduation in Finance. So with CFA opportunities are opened in all fields of Finance whether it be Equity Research, Risk Management, Brokerage Firms. CFA has become a sort of mandate today to work anywhere in Finance.

2. If I do CFA now, my knowledge of Financial statements which I gathered in last 2 years and will be gathering in future end up wasted and this pinches?
Here use of Financial statements is more pronounced than FRM .As CFA indulges in valuations of Companies and analyzing their credentials to issue research reports, so automatically reading Financial Statements, annual reports, making projected Cash Flow statements is all he has to do to come up with a valuation number.

3. Salary Expectations after doing CA+CFA?

Only CFA – 5-6 lacs p.a. CA+ CFA – 10plus

4. How will I proceed with the Course?

Ok so If you are reading this question, you are getting excited – yeahh!!

a) You have just completed IPCC – Final is due after 2.5 years.

Register for CFA exam today . CFA L1 is conducted twice a year in first week of June and December

Three Registration deadlines are there
– Early Registration – Fees – 650$, Deadline 16th March 2016.

– Standard Registration – Fees – 860$, Deadline 17th Aug 2016.
– Late Registration – Fees – 1280$, Deadline 14th Sep 2016.

– One time Enrollment Fee(not included above) – 450$

– Mode of Payment- same for CFA and FRM

Credit card: American Express, Diner’s Club, Discover, JCB, MasterCard, UnionPay, or Visa, Wire transfer, ACH, check, money order, or postal order*

You will complete your CFA L1 Exam in Dec 2016, CFA L2 which is conducted only once a year in June 2017 and CFA L3(also conducted once a year) you may or may not complete before the CA final exams.

Please note that deferring CFA exams by 6 mths will waste one year as L1 will be taken in June 2017 and L2 will then be taken in June 2018.

b) Your CA IPCC was cleared 6mths before.

You can start CFA and take L1 and L2 exams which will leave you 6mths preparation time for CA Final all of which are sufficient.

If Your CA IPCC was cleared 12 mths before Take CFA L1 before CA Final and rest with job.

Take CFA L1 and L2 before CA Final, defer CA Final by 6mths.

5. You have not been able to complete IPCC and want to drop CA.

You are lucky to take this decision today. CA is not much rewarding as compared to CFA. Only CFA is sufficient to grab a good job.

6. Considering the fact that i have an inclination towards finance, which course is better; CFA or FRM?
Answered above with FRM

7. If I pass whether to do FRM with articleship or without articleship?

Same applies to CFA

8. Can I defer the exam if I am not able to handle it with articleship or I am not getting leave?
No deferral is allowed in CFA unlike FRM.

9. Do I require Coaching or I can study by myself?

Coaching is must given the knowledge, fun and Competition in CFA.

Whom can I contact for further guidance?

Contact Karan Aggarwal at 9780564549 or Sanjay Saraf at sanjaysaraf77@gmail.com

Please don’t go, let me say my Last words
“You determine how far you go in life, nobody else” and

remember that FRM will train your Subconscious Mind and carve out a beautiful mind of yours. CFA is a gold standard in Finance, so come and grab it.

by Karan Agarwal