Risk Management Industry as we very well understand is very dynamic industry where the person need to be very proactive and it requires constant learning. I would recommend the following skill sets students should inculcate before entering:
a) Proactive approach
b) Basic Understanding of specific area where students wants to join basis their own personal interest (e.g. credit risk / operational risk / market risk) as each area requires knowledge in different areas.
c) Knowledge of recent regulations
Following are the areas where opportunities are available for MBA grads
a) Banking ( Risk Analyst / Operational Risk / Projects )
b) IT ( Business Analyst / PMO)
c) Consulting ( Business Consultant)
Risk Management is a very dynamic area and is constantly changing. Currently, the whole industry is focused on the regulatory developments and making themselves compatible with the recent regulations. FRTB is one area where banking industry is putting lots of efforts along with working on streamlining operations in order to reduce the operational risk.
For students taking the FRM examination, I would advise
a) Have a clear strategy on the different sections.
b) Don’t rely on selective readings ( the curriculum covers almost all aspects so there is nothing that can be left in the syllabus)
c) Consistent study is required to clear the exam (no short cut to success!!)
Everyone has got their own way of working style and I am not an exception. I have my share of ups and downs / followers and critics basis that in my 16 years of industry experience. I have always followed the following principles which not only have made me strong and confident in my journey but also helped me in making what I am today ( Successful / Not successful – let the world decide)
a) No Communication Gap – say it within the teams / peers / superiors, just remove the communication gap and 90% of your issues are over (Try it…it works!!!)
b) Don’t Change the PROCESS…..change your APPROACH and process will customize itself for you.