Seven practitioner-designed programmes in corporate finance, derivatives, risk management, fixed income, and quantitative analytics. All courses are delivered primarily in Excel with optional Python extensions, and include Excel workbooks, recorded sessions, and study materials. Taught by Prof. V. Ravichandran — 28+ years at HSBC Global Banking & Markets and Synechron. Visiting Faculty at NMIMS Bangalore, BITS Pilani (WILP), RV University Bangalore, and Goa Institute of Management. Most programmes priced at ₹10,000 all-inclusive — Financial Derivatives now ₹5,000.
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A comprehensive, hands-on programme covering financial modelling entirely in Microsoft Excel — from Excel proficiency and financial mathematics through to DCF valuation, capital budgeting, and a full capstone model. No Python required. Every concept is built live in Excel with workbooks shared after each session. Cohort 01 (commenced 2 August 2026) is currently in progress — register your interest for the next cohort, dates to be announced.
| Week | Module | Topics Covered |
|---|---|---|
| Week 1 | Excel Proficiency — Part 1 | Financial functions (PMT, NPV, IRR, RATE), Pivot Tables, Conditional Formatting |
| Week 2 | Excel Proficiency — Part 2 | INDEX-MATCH, XLOOKUP, Data Validation, Charts, Dashboards, Goal Seek |
| Week 3 | Financial Mathematics & TVM | Interest Rates, PV/FV, Annuities, Perpetuities, Loan Amortisation |
| Week 4 | Asset Valuation | Stock Valuation (DDM, Gordon Growth), Bond Pricing, YTM, Retirement Planning |
| Week 5 | 3-Statement Financial Model | Income Statement, Balance Sheet, Cash Flow Statement — full 3-statement linkage & audit |
| Week 6 | Working Capital & FSA | Cash Conversion Cycle, Working Capital ratios, Financial Statement Analysis |
| Week 7 | Cost of Capital | CAPM, Beta estimation, Cost of Debt, WACC calculation |
| Week 8 | Capital Budgeting | NPV, IRR, MIRR, Payback Period, Project evaluation & ranking |
| Week 9 | Capital Structure Analysis | Leverage & debt capacity, Modigliani-Miller theorem, optimal capital structure |
| Week 10 | DCF Valuation | FCFF, FCFE, Discount Factors, Terminal Value (Gordon & Exit Multiple) |
| Week 11 | Scenario & Sensitivity Analysis | Data Tables, Scenario Manager, Sensitivity Analysis, Monte Carlo introduction |
| Week 12 | Valuation & Capstone | Comparable Company Analysis, Football Field Chart, Live Indian Company Model (NSE/BSE) |
Covering financial derivatives, interest rate derivatives, pricing models, and hedging strategies. Content aligned with CFA Level 1, 2 & 3 and FRM Part I & II. All pricing models implemented live in Excel.
A rigorous, practitioner-led treatment of financial derivatives — from spot-vs-derivatives foundations and forward/futures pricing through futures hedging, options pricing (Black-Scholes-Merton and binomial), trading strategies, and the Greeks. Every pricing and hedging model is built live in Excel. Commences Tuesday, 8 September 2026 — every Tuesday, 7:30–9:30 PM IST, via Google Meet.
| Session | Hrs | Module | Topics & Excel Coverage |
|---|---|---|---|
| 1 | 2h | Basics of Financial Derivatives | Spot vs derivatives markets, classification, participants (hedgers, speculators, arbitrageurs), forward payoffs. Excel: forward payoff table & diagram |
| 2 | 2h | Introduction to Futures Contracts | Contract features, settlement mechanism, hedging with futures, basis risk. Excel: MTM / margin simulation |
| 3 | 2h | Forward & Futures Pricing — Cost of Carry | Storage cost, income, convenience yield; cash-and-carry & reverse arbitrage. Excel: EXP forward-price calculator |
| 4 | 2h | Hedging with Futures | Cross hedging, minimum-variance hedge ratio, optimal contracts, portfolio beta hedging, commodity & currency exposure. Excel: SLOPE hedge ratio |
| 5 | 2h | Options — Basics, Strategies & Payoffs | Calls, puts, payoff diagrams, open interest, put-call ratio. Excel: MAX(S-K,0) payoff, OI / PCR dashboard |
| 6 | 2h | Options Settlement & Corporate Actions | Settlement mechanism, impact of corporate actions (bonus, split, dividend) on option contracts. Excel: strike / lot adjustment calculator |
| 7 | 2h | Option Moneyness & Put-Call Parity | Strike selection, put-call parity with & without dividends / yield, synthetics. Excel: parity checker |
| 8 | 2h | Option Pricing — Black-Scholes-Merton | BSM with dividends / yield, currency option pricing. Excel: NORM.S.DIST BSM calculator |
| 9 | 2h | Option Pricing — Binomial Model | Risk-neutral valuation, multi-step trees, American early exercise. Excel: binomial tree grid |
| 10 | 2h | Option Strategies — Directional & Volatility | Covered call, protective put, straddle, strangle, strip, strap. Excel: combined payoff diagrams |
| 11 | 2h | Option Spreads | Bull call & bear put spreads, butterflies, condors. Excel: spread P&L matrix |
| 12 | 2h | Introduction to Options Greeks | Delta, Gamma, Theta, Vega, Rho. Excel: sensitivity table, Greeks dashboard |
FRAs, interest rate swaps, bond futures, swaptions, and bootstrap zero curve — the complete toolkit for fixed income derivatives with Excel-based pricing models. Optional Python (numpy) for yield curve bootstrapping.
| Session | Hrs | Module | Topics & Excel Coverage |
|---|---|---|---|
| 1 | 2h | Forward Rate Agreements (FRAs) | FRA mechanics, pricing, settlement. Excel: FRA pricing model |
| 2 | 2h | Interest Rate Swaps | Swap valuation, fixed vs floating, OIS discounting. Excel: swap cash flow table |
| 3 | 2h | Bootstrap Zero Curve | Spot rates, forward rates, discount factors, bootstrapping. Excel: iterative bootstrap |
| 4 | 2h | Bond Futures & CTD | Bond futures pricing, cheapest-to-deliver, conversion factors. Excel: CTD selection model |
| 5 | 2h | Eurodollar & STIR Futures | Short-term interest rate futures, convexity adjustment. Excel: STIR strip |
| 6 | 2h | Swaptions | Payer/receiver swaptions, Black's model for swaptions. Excel: swaption payoff model |
| 7 | 2h | Caps, Floors & Collars | Caplets, floorlets, Black's formula. Excel: cap/floor pricing with NORM.DIST |
| 8 | 2h | Hedging & Applications | Duration hedging, swap overlays, RBI rate market context. Excel: hedge ratio calculator |
Market risk, credit risk, operational risk — VaR, CVaR, Basel III/IV, stress testing, RAROC, PD/LGD/EAD modelling. Build every framework in Excel. Optional Python (numpy) for Monte Carlo simulation.
| Session | Hrs | Module | Topics & Excel Coverage |
|---|---|---|---|
| 1 | 2h | Market Risk & VaR | Parametric VaR, Historical VaR, Delta-normal. Excel: NORM.INV VaR, historical sort |
| 2 | 2h | CVaR & Stress Testing | Expected shortfall, stressed VaR, scenario analysis. Excel: AVERAGEIF for CVaR tail |
| 3 | 2h | Credit Risk — PD/LGD/EAD | Credit scorecard, EL = PD × LGD × EAD. Excel: credit scorecard model |
| 4 | 2h | Basel III / IV Framework | CRAR, Tier 1/2 capital, LCR, NSFR, FRTB. Excel: LCR/NSFR ratio workbook |
| 5 | 2h | Interest Rate Risk (Banking Book) | Duration gap, NII sensitivity, EVE. Excel: duration gap model |
| 6 | 2h | Liquidity Risk | Liquidity ratios, funding risk, liquidity stress. Excel: cash flow maturity ladder |
| 7 | 2h | RAROC & Risk-Adjusted Performance | RAROC, Sharpe ratio, Treynor, Jensen's alpha. Excel: RAROC calculator |
| 8 | 2h | ICAAP & Operational Risk | ICAAP framework, operational risk, scenario-based capital. Excel: capital adequacy model |
CMA decomposition, stationarity, ACF/PACF, ARIMA, and SARIMA — all built manually in Excel with optional Python extension via statsmodels. Applied to financial and economic time series.
| Session | Hrs | Module | Topics & Excel Coverage |
|---|---|---|---|
| 1 | 2h | Time Series Fundamentals | Components: trend, seasonal, cyclical, irregular. Excel: decomposition chart |
| 2 | 2h | CMA Decomposition | Additive & multiplicative decomposition. Excel: CMA formula, seasonal index table |
| 3 | 2h | Stationarity & Differencing | ADF test logic, unit roots, differencing. Excel: stationarity table, CORREL check |
| 4 | 2h | ACF & PACF | Autocorrelation, partial autocorrelation, lag plots. Excel: CORREL+LAG table, bar chart |
| 5 | 2h | AR & MA Models | AR(p), MA(q) models, Yule-Walker. Excel: manual AR recursion |
| 6 | 2h | ARIMA Modelling | ARIMA(p,d,q), Box-Jenkins methodology. Excel: ARIMA manual recursion, AIC/BIC logic |
| 7 | 2h | SARIMA & Seasonal Models | SARIMA, seasonal differencing. Excel: SARIMA seasonal index |
| 8 | 2h | Forecasting Applications | Financial time series applications, GDP, inflation, stock returns. Excel: forecast model dashboard |
Bond mathematics, yield curves, duration, convexity, credit spreads, immunisation, and convertible bond pricing — all modelled in Excel. Deep alignment with CFA L1/L2 fixed income curriculum.
| Session | Hrs | Module | Topics & Excel Coverage |
|---|---|---|---|
| 1 | 2h | Bond Pricing Fundamentals | Coupon bonds, zero-coupon bonds, clean/dirty price. Excel: PV bond pricing formula |
| 2 | 2h | Yield Measures | YTM, current yield, YTC, bond-equivalent yield. Excel: RATE/IRR for YTM |
| 3 | 2h | Duration & Convexity | Macaulay, Modified, Effective duration. Convexity. Excel: duration column table |
| 4 | 2h | Yield Curve Analysis | Normal, inverted, flat curves; term structure theories. Excel: yield curve chart |
| 5 | 2h | Bootstrap & Zero Curve | Spot rates from coupon bonds, discount factors. Excel: iterative bootstrap |
| 6 | 2h | Credit Analysis & Spreads | Credit spread, Z-spread, OAS, credit ratings. Excel: spread calculation workbook |
| 7 | 2h | Immunisation & Portfolio Management | Duration matching, cash flow matching, immunisation. Excel: immunisation workbook |
| 8 | 2h | Convertible Bonds & Structured Products | Convertible bond pricing, binomial tree. Excel: convertible bond binomial model |
Portfolio optimisation, GARCH, Monte Carlo simulation, logistic regression for credit risk, Merton model, Vasicek SDE, and efficient frontier — all built in Excel with optional Python (arch, statsmodels, sklearn, scipy.optimize).
| Session | Hrs | Module | Topics & Excel / Python Coverage |
|---|---|---|---|
| 1 | 2h | Portfolio Theory & Markowitz | Mean-variance optimisation, efficient frontier. Excel: MMULT+Solver efficient frontier |
| 2 | 2h | VaR & CVaR Analytics | Parametric VaR, Historical, CVaR. Excel: NORM.INV + AVERAGEIF for CVaR |
| 3 | 2h | GARCH Modelling | GARCH(1,1), volatility clustering, MLE estimation. Excel: GARCH recursion + Solver MLE |
| 4 | 2h | Monte Carlo Simulation | GBM, Monte Carlo VaR, scenario generation. Excel: RAND()-based MC; Python: numpy |
| 5 | 2h | ARIMA for Risk | Time series risk models, ARIMA ACF table. Excel: ACF table; Python: statsmodels |
| 6 | 2h | Credit Risk — Logistic Regression | PD estimation, scorecard, logistic model. Excel: EXP+Solver; Python: sklearn |
| 7 | 2h | Merton Structural Model | Equity as call option on firm value, distance-to-default. Excel: Merton BSM Solver |
| 8 | 2h | Vasicek Interest Rate Model | Vasicek SDE, mean reversion, Euler discretisation. Excel: SDE recursion; Python: scipy |
| 9 | 2h | Black-Litterman & Factor Models | BL model, factor risk decomposition. Excel: MMULT for BL; Python: numpy |
| 10 | 2h | Capstone — Integrated Risk Model | Full risk dashboard: VaR + CVaR + GARCH + Efficient Frontier. Excel + Python |
28+ years of corporate finance and banking experience (HSBC Global Banking & Markets, Synechron) and 12+ years in academia. Expertise spans VaR, stress testing, Basel II/III, PD/LGD/EAD frameworks, FRTB, GARCH/EWMA/ARIMA, Monte Carlo simulation, ICAAP, derivatives pricing, fixed income, and portfolio optimisation. B.Sc. Mathematics & Statistics · M.S. Information Technology. Founder, The Mountain Path Academy.