Getting Models Used & Data Science in FP&A

In this insightful episode of Financial Modelers Corner, host Paul Barnhurst (aka The FP&A Guy) welcomes financial modeling expert Rachit Jain. They delve into the nuances of financial modeling, exploring the art of building accurate, reliable models and the importance of critical thinking and lifelong learning in finance. Rachit shares real-world horror stories from his early career, reflects on the challenges of predictive modeling, and emphasizes the human elements that make models truly effective.

Rachit Jain is a seasoned financial modeler with extensive experience in finance, auditing, and quantitative modeling. Having worked with firms like Hewlett Packard and Deloitte, Rachit brings a wealth of knowledge on creating models that inform decision-making and avoid critical pitfalls. His expertise spans FP&A, data science, and quantitative finance, making him an authority on building dynamic, real-world financial models.

Expect to Learn:

• How to build trust in financial models through transparency and sound design
• Why critical thinking and communication skills are crucial in financial modeling
• Rachit’s career journey and his transition from audit to financial modeling
• The role of data science in enhancing financial modeling capabilities
• Strategies for applying financial modeling in personal decision-making

Here are a few quotes from Rachit Jain:

• "The first step in financial modeling is critical thinking – you need to know what you want to achieve before you start building."
• "In financial modeling, curiosity is everything. It’s what drives you to improve and learn beyond the basics."
• "Before starting in financial modeling, understand what part of FP&A suits your skills. Not everyone is a ‘numbers person,’ and that’s okay."

In this episode, Rachit Jain highlights financial modeling as both an art and science, emphasizing the importance of accuracy, clarity, and storytelling. Rachit’s approach shows that great financial modeling goes beyond numbers; it requires curiosity, critical thinking, and a balance between simplicity and sophistication.

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• LinkedIn - https://www.linkedin.com/in/jainrachit1008/

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• YouTube - https://www.youtube.com/@thefpaguy8376  

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In today’s episode:

[01:15] - Introduction to the Episode and Guest

[05:26] - Rachit’s Background and Career Path

[09:00] - Advice for Transitioning to Financial Modeling

[11:01] - Lifelong Learning in Finance

[13:17] - Financial Modeling as a Way of Thinking

[18:15] - Unique Applications of Financial Modeling

[22:23] - Building Models for Decision Making Process

[26:57] - The Intersection of Data Science and Financial Modeling

[33:40] - Rapid-Fire Financial Modeling Preferences

[38:53] - Closing Advice and Wrap Up