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Editorial Board
Prof. Aryapriya Ganguly - Editor-in-Chief
Prof. Soumitra Mookherjee - Associate Editor
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Letter from the Editor
Ever since the floating exchange rate system came into existence replacing the fixed exchange rate mechanism – the foreign currency market has witnessed some degree of turbulence, uncertainty and volatility. Read more
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Multi-Disciplinary Analysis
Understanding Various Dimensions to the Dynamics of Currency Market Volatility. Read more
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Educator Showcase
This section features write-ups about the career achievements of fellow educators, seeking to recognise the invaluable contributions they make.
Ms. Tiffany A. Goulet, University Counselor, Oberoi International School, Mumbai
Meenu Arora, School Counsellor, Sanskriti School, Chanakyapuri, New Delhi. Read more
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Alumni Spotlight
Alumni Spotlight on ISBF's Pranay Agrawal who is as An Equity Research Analyst at Goldman Sachs (India). Read more
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Ever since the floating exchange rate system came into existence replacing the fixed exchange rate mechanism – the foreign currency market has witnessed some degree of turbulence, uncertainty and volatility. The growing forces of liberalization, privatization and globalization has integrated world economies, aggravated the degree of competition, accelerated the flow of trade, resources, capital across countries, made several nations in particular the emerging economies vulnerable to social, economic shocks and unpredictable business cycles.
Earlier, during the fixed exchange rate regime, the value of the home currency against a basket of foreign currencies was pegged by the government with occasional intervention by the Central Bank to reset the currency value based on macroeconomic fundamentals. The concept of determination of exchange rates on the basis of market forces, variations in macroeconomic fundamentals was virtually non-existent, and as a consequence the exchange rate was stable over a period of time and then further revalued or devalued by the government as deemed appropriate. Although, this reduces business uncertainties, often the exchange rates were found to be misaligned with the macroeconomic fundamentals where currencies were stated to be either overvalued or undervalued. In the modern world, after the fixed exchange rate regime came to an end, we had the emergence of the floating exchange rate system, where foreign currency rates are determined by market forces, with the provision that Central Banks could intervene if the markets get highly fluctuating, unstable and volatile.
As far as the Indian rupee is concerned there have been situations where this freely floating exchange rate system has led to the rupee appreciating against a basket of foreign currencies in certain situations, though the general trend is a calibrated depreciation of the currency against majorly traded global currencies. The logic and rationale behind this depreciation of the rupee can be explained using economic fundamentals, market sentiment and waves of speculative attacks. So the big question is – what do we understand by currency market volatility and what the key underlying factors are behind the depreciation in value of the Indian rupee. The unpredictable nature of the exchange rate system is indicative of the fact that the value of currencies is constantly fluctuating which has heightened uncertainties and speculative behavior to minimize foreign exchange rate related losses. However, the performance of the rupee as compared to other emerging market currencies is better than anticipated as currency values have plunged due to weak global cues, heightened trade wars/ disputes between USA and China.
In this issue, we explore this volatility from multiple academic perspectives and test you on a quiz on all things monetary and financial. Along the way, find out ISBF’s new offering- a Graduate Diploma in Data Science- and highlights from the Orientation Day for the new batches and the Graduation Ceremony for the batches passing out into the happening world of professional and academic growth.
We also take this opportunity to convey our Happiest Diwali wishes to you and your near and dear ones. Let there be light (without firecrackers)!
(Editor-in-Chief)
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Multi-Disciplinary Analysis: Understanding Various Dimensions to the Dynamics of Currency Market Volatility
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ISBF announces the dates and deadlines for the Early Round iMET in December for Admissions 2019
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ISBF Announces New Graduate Diploma in Data Science
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Why is Data Science important, or Why Data Science?
Given the humongous amount of data we’re collecting in today’s world, it is easy to see why Google’s Chief Economist and eminent economic author Hal Varian famously said in 2009 that “The sexy job in the next 10 years will be statisticians”. Analysing all this data gives companies and organisations the ability to make more informed business decisions, and solve real-world problems based on evidence, across sectors and industries. This helps to drive gains in efficiency, productivity and eventually in the bottom-line. In turn, this helps make Data Scientists one of the sexiest avatars of statisticians for the coming decades.
The Graduate Diploma in Data Science (1-year), with all academic direction from the London School of Economics, aims to prepare graduates for a career as a data scientist, in the corporate sector, for entrepreneurship, public policy or even academia. While focusing on the core statistical, quantitative and computing skills required in these careers, this Data Science course also arms students with business domain knowledge so they can add value as data scientists.
What is Data Science?
Rapid digitisation and tremendous growth in computing power have made it possible to collect and store copious amounts of data. The science of analysing this data, which is often messy and unstructured, to discern patterns and make predictions, is called Data Science. Its applications are widening every day, and already range from politics to healthcare to retail marketing. Another related and common question is: what is Data Science and Analytics, or what is the difference between Data Science and Data Analytics? Broadly speaking, Data Analytics primarily involves the extraction of insights from various sources of data. It is thus a subset of Data Science, which also incorporates data cleaning and preparation, including through the use of machine learning, and making future predictions using the data.
Why is Data Science important?
Given the humongous amount of data we’re collecting in today’s world, it is easy to see why Google’s Chief Economist and eminent economic author Hal Varian famously said in 2009 that “The sexy job in the next 10 years will be statisticians”. Analysing all this data gives companies and organisations the ability to make more informed business decisions, and solve real-world problems based on evidence, across sectors and industries. This helps to drive gains in efficiency, productivity and eventually in the bottom-line. In turn, this helps make Data Scientists one of the sexiest avatars of statisticians for the coming decades.
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Ms. Tiffany A. Goulet
University Counselor (student first name A-G), Extended Essay Coordinator, IC3 Planning Committee Member, Oberoi International School, Mumbai
Tiffany Augeri Goulet is currently one of three university counselors at Oberoi International School, Mumbai. She has degrees in history (BA Mount Holyoke College, MA George Washington University) and International Counseling (MA Lehigh University). She spent the last fifteen years teaching and counseling in Bangladesh, Dubai, Saudi Arabia, and China. She moved to India in 2015 with her husband Steve and son Nicolo. Her favorite part about being a counselor is showing families all the opportunities students have after high school. Once students are aware of their options, it takes a lot of stress out of the process and they start to enjoy searching for those universities that fit their needs. In her spare time, she enjoys reading, being a mom, and running in the Aarey Colony.
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Meenu Arora
School Counsellor, Sanskriti School, Chanakyapuri, New Delhi
Meenu Arora is a professional counseling psychologist having experience of more than 20 years in dealing with students, parents and teachers. Presently she is working with Sanskriti School as Senior School Counsellor and Senior Consultant with EduVelocity. She is a trained counselor from NCERT. She has done her Masters in Education, Masters in Psychology, a course in Training and Development and is a qualified lecturer. She specializes in Psychometric testing, personal counseling, social emotional counseling, parental counseling, academic counseling, career counseling- India and abroad. She has worked with various schools in Delhi and outside. She has done a number of workshops for counselors, students, parents and teachers on topics ranging from self awareness to stress management to positive parenting. She has conducted shows on DD National on various topics like-anger management, result anxiety, career counselling, adolescent issues etc. The most recent one was aired on 6th January 2017 for class 12 students to handle exam anxiety. Along with counseling she has taught Psychology to senior school students. She was awarded SDKR EXCELLENCE AWARD for Outstanding Counselling Ideas & Initiatives.
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ISBF celebrated the orientation day for the Academic Session 2018-19 for fresh graduate and post graduate students at the India International Centre on 03 August, 2018. The Chief Guest Dr. Jaimini Bhagwati, RBI Chair Professor, Indian Council for Research on International Economic Relations – addressed the students and shared his thoughts, perceptions as regards how to harness skill sets, achieving high standards of learning and perform extraordinary things through the spirit of performance.
As part of our academic endeavour – we keep all students securing admissions in our courses thoroughly engaged, engrossed with the POWER of WHY series exercise. To honour the level of student participation and efforts – prizes were distributed to all concerned students securing the first, second and third position as identified by the panel of judges constituted from the faculty pool.
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During his recent visit to the ISBF campus, Professor Paul Kelly, Pro-Director with responsibility for International Partnerships and East Asia and Professor of Political Theory, London School of Economics and Political Science (LSE), awarded degrees and certificates to students at the IXth Graduation Day Ceremony 2018.
We congratulate all the Graduates and Academic Prize winners, and wish you all the very best for the future that awaits you!
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LSE-ISBF presentation at the Annual IC3 Conference
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Prof. Paul Kelly participated in the IC3 Conference alongside Dr. G.L. Tayal, Dean Academics, ISBF, on the topic - Preparing Students for the Unpredictability of Careers in the Digital Era.
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Prof. Paul Kelly’s Guest Lecture for ISBF students and Faculty Members
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As a part of the symbiotic relationship that ISBF shares with the LSE, scholars from the college often visit the country to deliver lectures to students and teachers at the ISBF campus. During Prof. Kelly’s visit, he acquainted the attendees with the new ‘populist’ politics, the circumstances in which it arose and how it is very much real in Britain, Europe and the U.S.
Starting the lecture by explaining what populism is, he went on to discuss the contemporary faces of populism, and identified whether ‘populism’ is Left or Right. He then conferred the reasons why it has appeared to triumph.
He further drew analogies on Donald Trump Party Capture and Nigel Firage and Brexit- insurgent populism. He concluded the lecture by talking about populism in the new age, and identified the challenges for party leaders to manage party insurgence. While the situation seems to be fluid, populism is unlikely to persist, he said.
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CCS 3-Day iPolicy workshop for ISBF students
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Centre for Civil Society is a Delhi based think tank, actively working in the area of Public Policy. ISBF collaborated with CCS to curate a 3-day workshop for student across EMF subjects. The workshop was aimed at kickstarting the new academic session with some real world perspectives, as ISBFians deep dive into the world of rigorous, case based learning. Public policy lies at the intersection of Economics, Management & Finance, and a three day immersive learning experience allowed undergraduate and postgraduate students to gain valuable insight, while they are well on their way to being change makers.
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New Playnomics Game Designed by ISBF Faculty Members
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The ISBF faculty pool put concerted efforts of designing a new game called the Bake OFF. This new level II workshop has been designed from the Marketing cum Business Strategy perspective. This has been successfully rolled out in various schools all across India and is a workshop which is extremely engaging, stimulating, involving for the students who are divided into groups/ teams who necessarily have to participate in intra and inter team interaction for accomplishing the best possible outcome.
The bake off word suggests that students groups are given resource endowments and they need to make a variety of cookies using different ingredients, and plan out an innovative marketing mix comprising product portfolio, pricing mechanism, promotion strategies. This game facilitates the art of negotiation with the trader, the customer, along with inter firm trade to reach a fruitful outcome and the team strategizing, performing the best emerges as the winner.
The ultimate objective is to conduct workshops and share important learning outcomes so that students are able to grasp the concept of application oriented learning, which is a digression from textbook reference and looking at a world beyond classrooms.
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i-Treat and Teachers’ Day Celebrations
The Events Society and the entire student cohort put together an interesting and fun-filled Teachers’ Day event.
From getting faculty members to dance, reading out self-composed lines of impromptu rap and even answering tough academic questions to each other, the Pictionary challenge kept all attending the event on their toes.
Teachers’ Day celebrations were followed by i- Treat where students put up food stalls across a wide array of delectable dishes ranging from appetizers to desserts and everything in between! Blue Team triumphed the Red Team on total profit but as all participating would agree, in the end food was the winner.
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Social Work Society organizes Breast Cancer Awareness Seminar
In sync with Breast Cancer Awareness month in October, Ms. Malika Agrawal, Breast Cancer specialist and expert, promoted breast cancer awareness in a seminar organized for students at ISBF on 16th October.
Ms. Malika Agrawal works with Max Super Speciality Hospital and is a member of Association of Surgeons of India (ASI) as well as Association of minimal access surgeons of India (AMASI).
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Social Work Society organizes Blood Donation Camp
The Social Work Society organized a Blood Donation Camp in association with Lions Blood Bank at the ISBF campus on 18th October. The event was a great success and we are thankful to all of those who donated blood and those who wanted to but could not due to medical reasons for making the Blood Donation Camp a successful and a memorable event. 38 units of blood was collected which includes donation by students, faculty and people from outside.
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ISBF Annual Model United Nations Conference to be held from 17th to 19th of November
The student-run society Akademos along with the Student Council are proud to invite you to the 5th edition of the ISBF Model United Nations Conference. The conference, aiming to stimulate the various proceedings of the committees of the United Nations and more, is to be held over two days- the 17th and 18th of November, 2018.
The committees to be simulated at ISBF Model United Nations Conference 2018 are:
- UNITED NATIONS DEVELOPMENT PROGRAMME (UNDP).
- Social, Humanitarian and Cultural Committee (SOCHUM) of the United Nations General Assembly.
- A special Indo-Pak meet.
- The United Nations Security Council.
Days filled with intense debating, researching and buckets of dramatic arguments await you!
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ISBF Faculty Members as Panelists and Guest Speakers
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Classroom to Boardroom
Mr. Soumitra Mookherjee – Associate Professor at ISBF was invited as a guest speaker in the talk show organized by Mr. Subhash Chandra Chairman of Essel Group and member of Rajya Sabha at Hansraj College on 30 August, 2018. A very fruitful, illuminating and interactive session involving sharing of thoughts, perceptions, opinions as regards how to develop skill sets, motivate students, cultivate leadership skills, provide practical value based training for the student community for migrating from the classroom to the corporate world were discussed. The fundamental message was that not everyone makes it to the Boardroom, but the earlier you work on your skill sets the better is the likelihood of being elevated to prestigious roles in the organization.
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Panel Discussion at Ludhiana
Mr. Soumitra Mookherjee - Associate Professor at ISBF was invited as one of the elite panelists to participate in a panel discussion titled "How the UG space is important for today's next-gen" hosted by Sat Paul Mittal School, Ludhiana on 18 Oct 2018. Several academicians, Academic Deans, Representatives from reputed and formidable universities like SRM, Ashoka University, Munjal University, O P Jindal Global University constituted the core panel. Topics deliberated on involved aspects related to University rankings, career aspirations of students, Curriculum revision process, adopting contemporary application oriented teaching and learning pedagogy, and the pivotal role of universities/ institutions for catalyzing the career advancement of prospective young graduates.
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Elections Quiz under the aegis of the Chief Electoral Officer, Delhi
Mr. Aryapriya Ganguly, Associate Professor at ISBF, was invited to be the Quiz Master at the inauguration of the Electoral Literacy Club of Deen Dayal Upadhyaya College, District South West. He conducted an Inter-College Elections Quiz that was telecasted on Doordarshan. The quiz was on the history of Indian elections and electoral processes, and was deemed a great success by the Chief Electoral Officer, Delhi, Shri. Vijay Dev (IAS).
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ISBF Faculty Members and Students in the News
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As part of their academic endeavors, the faculty community is actively involved in writing opinion articles and research papers.
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Associate Professor Aryapriya Ganguly and First Year BSc. Economics & Management student, Vandita Pal, got featured in Hindustan Times’ Independence Day story on Innovative classroom practices in the Indian higher education space.
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Neil McLean, Director, Academic and Professional Division of London School of Economics and Political Science, shared his philosophy of education with higher-education teachers, during a three-day workshop on “effective pedagogy” organised at ISBF. This was covered by The Hindu.
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On Tata Institute of Social Sciences’ progressive introduction of India’s first gender-neutral student hostel, second year BSc. Economics student, Mohika Mudgal, voiced her thoughts effectively, and was covered by The Hindu.
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Second year BSc. Economics & Finance student, Nakul Shinde voiced his views on the Higher Education Commission of India Bill (HECI) 2018, that aims to repeal the University Grants Commission Act and replace the UGC with the Higher Education Commission of India, posing the question of autonomy and transparency in the country’s education system. This was covered by The Hindu.
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Prof. Paul Kelly’s (Pro Director with responsibility for International Partnerships and East Asia, Professor of Political Theory, The London School of Economics and Political Science) arguments on why and how Indian students need to develop skills for policy application was published in Education Times, TOI.
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Associate Professor, Dr. Yavar Ehsan got published in the Deccan Chronicle on the topic of “Careers perspective in Blockchain and AI: The next big thing”.
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Prof. Paul Kelly & Dean of Academics at ISBF, Dr. G.L. Tayal co-authored an article for The Statesman as an extension to their presentations at this year’s IC3 Conference in Delhi on the topic of “Creating independent learners”.
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Assistant Professor Akash Baruah got published in Qrius on 18th of October, as he discussed threadbare the “Volatility in the Indian financial markets”.
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 Prof. Paul Kelly (Pro Director with responsibility for International Partnerships and East Asia, Professor of Political Theory, The London School of Economics and Political Science) provided answers to questions from interested students, parents and counselors on "How to get into the London School of Economics?" This was published in The Indian Express's edex live.
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Career Services Division - Guest Lectures by Industry Veterans
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Faculty Representation at NHRDN Network and CSR Conclave
The urge to build industry linkages, expand the pool of potential recruiters continues unabated. ISBF faculty representatives and Head Careers Service Division were invited to attend the 6th HRM Summit organized by NHRDN held at Welcome Hotel Sheraton, New Delhi on 14-15th September, 2018 and Business World CSR Conclave held at Hotel Shangrila on 31 August, 2018. These forums provided an ideal platform for ISBF representatives to network with industry professionals, industry experts, mentors, and suggest various avenues of collaboration with the institute. Most industry professionals have expressed their willingness to associate with ISBF in the capacity of guest lecturers sharing their experiences with the students, and also involving students in executing short duration projects, pursuing summer internship projects, providing employment opportunities if feasible. ISBF takes serious interest in attending these workshops as it enables greater industry connect, building partnerships which is highly beneficial from the institute’s brand recall perspective and advancing students’ career progression.
Mr. Saurabh Soni, Co Founder Sache Wellness - visited ISBF during the foundation week of the new batch of students. He shared his thoughts on certain perspectives on M&A/PE in India and its pitfalls/benefits. He also referred to a few case studies like Walmart -Flipkart linking valuation aspects reemphasize on contemporary methods utilized for enterprise valuations. A highly stimulating, interactive session, this was attended by around 60 students. There was scope for discussions about future associations including Internship options and Full time Employment Opportunities for students at ISBF.
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Mr. Francisco Marmolejo (World Bank) - provided an insight on Emerging challenges in higher education: “how students should prepare for a changing, challenging and exciting new world of work”. The session was highly appreciated by students and few faculties who attended the same. We discussed about our future association with World Bank by conducting more student visits to the World Bank and some learning sessions for the faculty members as well.
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Dr Soumitro Chakraborty (CEO & Co Founder, Fiinovation) - visited ISBF on 11 October, 2018 and delivered an illuminating talk on career opportunities in the field of Corporate Responsibility and Sustainable Development. The talk was followed by a brief question and answer session - and the organization is more than willing to offer interested students internship opportunities on consulting assignments at Fiinovation.
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Pranay Agrawal pursued BSc (Hons) Economics at the Featured Teaching Institute of The London School of Economics and Political Science (LSE), Indian School of Business & Finance (ISBF). With his enthusiasm for economics and the encouragement of faculty members, he graduated with a Merit degree. Pranay also led Zenia, ISBF’s annual college festival as President of the organising committee during 2013. During the course of his graduation, he also interned with the Development Bank of Singapore (DBS) and with BMR Advisors.
With a curiosity to understand the world of finance, Pranay went on to work as a fixed income analyst at CRISIL (Standard and Poor’s company). Understanding an eclectic set of businesses, projecting financial performance and interacting with clients across India were part of his learnings at CRISIL.
After completing almost four years at CRISIL, Pranay decided to look for an alternate work experience in capital markets. He went on to be selected at Goldman Sachs (India) as An Equity Research Analyst.
Pranay covers the Non-financial sector (UAE and Saudi Arabia) at Goldman Sachs. And he is tying the knot this December. We wish him all the best on both his personal and professional fronts!
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Quiz on Finance and Money
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1. The object that all the characters will kill each other to sit upon is roughly $70 billion (according to one conversion) in debt to a certain entity, the largest and most powerful financial institution in the Seven Kingdoms. It is like each of China’s and America’s “Big Four” banks combined. What is the object? What entity are we talking about?
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2. On October 29, 2013, an ATM opened in the Waves coffee shop in downtown Vancouver, Canada. What was so special about this ATM?
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3. Summa de arithmetica, geometria, proportioni et proportionalita (Summary of arithmetic, geometry, proportions and proportionality) is a book on Mathematics written by Luca Pacioli and first published in 1494. It contains a comprehensive summary of Renaissance mathematics, including practical arithmetic, basic algebra, basic geometry written in Italian for use as a textbook. However it is mostly remembered today as it contained the first published description of a new discipline. What?
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4. According to the New York Stock Exchange, a XY stock is stock in a corporation with a national reputation for quality, reliability, and the ability to operate profitably in good times and bad. As befits the sometimes high-risk nature of stock picking, XY is derived from poker. The simplest sets of poker betting discs with tradition dictating that the X are highest in value. Identify XY.
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5. The fictional currency “Altarian Dollar” is used in which science fiction series?
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6. The XYZ Company was originally established as a chartered company in 1602, when the government granted it a 21-year monopoly on spice trade. It is often considered to have been the first multinational corporation in the world and it was the first company to issue stock. It was a powerful company, possessing quasi-governmental powers, including the ability to wage war, imprison and execute convicts, negotiate treaties, strike its own coins, and establish colonies. Identify XYZ.
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7. During the 1960's idlers on Dhanji Street in Mumbai's Cotton exchange, located in an area called Mumbadevi, used to wager on the daily trickle of the fluctuating cotton rates from the New York market. Gradually, it became a big gambling hub as the quantum of bets and betters increased - seeing this it was taken over by the underworld. By what popular name is this activity now known as?
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8. This institution was created in 1474. Its main office is located in London, England. Due its strong rules regarding storing money and valuables for its customers, it is one of the safest places in the “world”.
Its motto is Fortius Quo Fidelius, a Latin phrase that means "Strength Through Loyalty". What?
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9. Whose IMDB profile reads as follows:
- Money for Nothing Inside the Federal Reserve (2013)
- Testing Milton Friedman (2012)
- Overdraft (2012)
- Inside Job (2010)
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10. This company has been registered as a Private Limited Company under the Companies Act with its Registered and Corporate Office situated at Bengaluru. The company has two production units, one at Mysore in Karnataka and the other at Salboni in West Bengal. A few months back the Army was called in to help its staff in production, culminating in a world record by generating more than 20,000 million units.
Which company/ what does it produce?
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Answers to the quiz:
- The Iron Throne; The Iron Bank of Braavos in Game of Thrones
- World's first publicly available bitcoin ATM
- Double Entry Accounting
- Blue Chip Stocks
- Hitchhiker’s Guide To The Galaxy
- Dutch East India Company
- “Matka” Gambling
- Gringotts from the Harry Potter series
- Raghuram Rajan
- Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)/ Bank Notes for RBI
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