What usually comes after learning financial modeling?

For many finance professionals, it opens doors to roles in investment banking, corporate finance, or equity research. But sometimes it also leads to a deeper curiosity about how financial decisions are actually protected from risk.

That curiosity led Mithun Rakesh toward the FRM certification.

After rebuilding his finance career through financial modeling training and securing a role at AIS, Mithun started noticing something interesting in his daily work. Many financial decisions were not only about returns or valuations. They were also about managing risk.

Why do banks worry about credit exposure?
How do financial institutions prepare for market volatility?
What tools do professionals use to measure financial risk?

Searching for these answers brought him to the FRM course, a globally recognised program for professionals interested in risk management, financial markets, and banking.

Today, Mithun is preparing for FRM Part 1, continuing his journey of building deeper expertise in finance.

Here is Mithun’s story in his own words.

In Conversation with Mithun Rakesh

Q: After financial modeling, why did you decide to pursue FRM?

Ans. My current role as Financial Analyst – Operations | Bankruptcy made me realise that the major part of decision making revolves around risk. Financial modeling teaches you how companies are valued and how financial projections are built. But in real financial roles, professionals also think a lot about risk.

For example, a model may show strong growth or good profitability. But what happens if market conditions suddenly change or credit risk increases?

These questions made me curious about risk management. While researching career options in finance, I found out about the FRM certification. I noticed that FRM focuses specifically on understanding financial risk, financial markets derivatives and risk measurement.

That made me feel that preparing for FRM Part 1 would help me understand finance from another important perspective.

Q: For someone new to finance certifications, what exactly is FRM?

Ans. The simplest way I explain it to friends is that FRM teaches you how the financial system manages risk.

In finance we often talk about profits, valuations or investments. But behind every financial decision there is always the question of risk.

Banks have to think about credit risk when lending money. Investment firms deal with market risk every day. Even companies face operational risks.

The FRM course focuses on understanding these risks and the tools professionals use to measure and manage them. That is why many people working in banking or financial markets consider FRM an important certification.

Q: How does FRM connect with financial modeling?

Ans. For me, financial modeling and FRM actually complement each other.

When you learn financial modeling, you understand how companies are valued and how financial projections are built. You learn to forecast revenue, estimate cash flows and calculate valuations.

But FRM adds another layer to that thinking. It makes you question the assumptions behind those forecasts.

For example, a financial model may assume steady growth. But risk management asks what happens if the market suddenly becomes volatile or interest rates change.

Through topics like probability, derivatives and financial markets, FRM explains how professionals prepare for those possibilities.

Q: Was preparing for FRM Part 1 challenging at the beginning?

Ans. Yes, especially the quantitative parts.

Topics like probability, statistics and derivatives can feel so tough at first. I remember opening the material and thinking this is going to take some time to understand.

But slowly it started making sense. Once you connect the theory with how banks or financial institutions actually use these concepts, it becomes much easier to follow.

Instead of just memorising formulas, our trainer helped us understand the concepts and tools behind them and why they exist.

Q: Why did you choose structured preparation for the FRM course?

Ans. From my earlier experience, I realised that having guidance makes a big difference in your learning. When I returned to finance, having structured coaching helped me build strong fundamentals in financial modeling. So I felt the same approach would help with FRM as well. 

Risk management topics can be technical and a bit tricky to grasp. When someone explains them step by step and connects them with real examples, the learning becomes much clearer.

Trying to figure everything out alone can sometimes take much longer.

Q: What advice would you give someone considering FRM?

Ans. The first thing I would say is to understand why you want to do it.

If you are interested in financial markets, banking, derivatives or risk analysis, FRM can be very useful. It gives you a strong conceptual understanding of how financial institutions operate.

But it is also important to focus on learning rather than just clearing the exam. The real benefit comes when you start seeing how these concepts apply in the real financial world.

My own journey has not been very linear. I went from finance to photography and then back to finance again. Each stage taught me some different lessons.

For me, pursuing FRM feels like the next natural step in continuing that learning process.

Mithun’s journey shows how careers in finance evolve with curiosity and persistence. From working in finance at Wipro to exploring photography, rebuilding his path through financial modeling, and now preparing for FRM Part 1, each step has strengthened his understanding of the financial world.

As he studies financial risk management today, Mithun is exploring an important side of finance that often stays behind the scenes. Understanding risk is what allows financial institutions to make confident decisions.

And sometimes, learning to understand risk is what truly deepens a career in finance.

People Also Ask

What is the FRM certification and who should pursue it?

The FRM (Financial Risk Manager) certification is offered by GARP and focuses on financial risk management, financial markets, derivatives, and risk measurement techniques. It is ideal for professionals who want to build a career in risk management, banking, financial institutions, or financial markets.

Is FRM useful for finance professionals who already know financial modeling?

Yes. Financial modeling helps in valuing companies and forecasting financial performance, while FRM focuses on understanding financial risk and uncertainty. Together they provide a broader understanding of how financial institutions evaluate both value and risk.

What subjects are covered in FRM Part 1?

FRM Part 1 covers topics such as quantitative analysis, financial markets and products, foundations of risk management, and valuation and risk models. These subjects form the analytical base for understanding financial risk.

What kind of roles do FRM professionals work in?

FRM professionals often work in roles related to market risk, credit risk, financial analysis, banking, asset management, and financial consulting.