From CFA Classroom to Equity Research: Lessons That No Textbook Teaches

Many students believe that clearing professional examinations is the finish line. For Giriraj Bohra, it turned out to be the starting point.

Like thousands of CFA candidates, he spent months learning Financial Statement Analysis, Equity, Fixed Income, Derivatives, and Alternative Investments. But it was only after entering Equity Research that he discovered what those subjects were actually teaching him.

The formulas were important. The concepts were essential. But the real skill was learning to connect them.

Today, Giriraj works in Equity Research, where every company demands a different way of thinking, every report requires structured analysis, and every investment decision is backed by continuous reading and writing. His journey is a reminder that finance is not about memorizing concepts. It is about applying them.

Every career has defining moments. Here is how Giriraj remembers his, in his own words.

When I was preparing for CFA, every subject felt like a separate part of the curriculum. There was Equity, Financial Statement Analysis, Fixed Income, Derivatives, and Alternative Investments, each with its own syllabus, questions, and examination strategy.

Only after I started working in Equity Research did I realize that the market does not think in subjects.

Everything is connected. Today, when I analyze a company, I don't consciously think that I'm applying Equity or Financial Statement Analysis. The concepts naturally come together depending on the business I'm researching.

That was probably my biggest realization after entering the industry. CFA was never teaching isolated subjects. It was teaching a way of thinking.

One of the most interesting aspects of Equity Research is that no two companies are analyzed in exactly the same way.

For example, if I'm researching a chemical company, commodity cycles become extremely important. Understanding those cycles helps us estimate future revenues, product pricing, and eventually the company's valuation.

That's where concepts from Alternative Investments suddenly become relevant.

If I am working at a financial services company, the picture changes completely. Revenue generated through derivative products makes Derivatives far more relevant than I had initially imagined while studying.

Similarly, Fixed Income concepts find their place while understanding discount rates, risk-free rates, inflation expectations, and the risk premiums that influence valuation.

Of course, Financial Statement Analysis remains the foundation because every valuation begins with understanding a company's financial statements. The more companies I analyze, the more I realize that there is no fixed formula. The business decides which concepts become important.

Before entering the industry, I assumed that financial modeling would be the biggest part of an equity research role. The reality was very different. Building the model is only one part of the process.

The larger responsibility is understanding the business itself. You have to study the industry, identify growth drivers, understand risks, analyze competitors, forecast future performance, and only then arrive at a valuation.

The spreadsheet simply reflects your thinking. It cannot replace it. That completely changed my understanding of what Equity Research actually involves.

One lesson that surprised me the most was the importance of writing. When you are new, people are willing to listen to your explanations. But after a few months, that changes.

People don't just want your opinion. They expect a well-structured research report. The report should clearly explain the business model, the assumptions behind your forecasts, the expected numbers, the risks involved, and ultimately your investment view.

Nobody has the time to hear long verbal explanations. Your report has to communicate your thinking. That's when I realized that writing is not just a soft skill.

In Equity Research, it is one of the most valuable professional skills you can develop. A good analyst is not only someone who understands companies. It is someone who can communicate that understanding with clarity.

Another habit that completely changed after entering the profession was reading. Initially, I believed reading simply meant studying annual reports, financial statements, and company presentations.

In reality, the scope is much wider. If I am analyzing a chemical company, I might have to study rainfall patterns because agricultural demand influences certain chemicals.

That means reading reports published by organizations like IMD or Skymet. A completely unrelated piece of information can eventually influence commodity prices, company revenues, and ultimately the share price.

That's what makes Equity Research fascinating. You never know which variable will become important. The wider your reading, the stronger your ability to connect different pieces of information.

And that ability often creates better analysis.

Looking back, CFA gave me far more than technical knowledge. It gave me a framework for thinking. The industry taught me how to use that framework.

In examinations, every variable required to solve a problem is already provided. In the real world, nobody tells you which variables matter. You have to identify them yourself. That shift, from solving problems to identifying problems, is probably the biggest transition I experienced after entering Equity Research.

It also reinforced something my mentor Aswini Bajaj used to repeatedly tell us during class. Reading matters. Writing matters. Research matters. Financial modelling is only a small part of the job.

At the time, those lessons sounded like advice. Today, they define my everyday work.

1. • Professional courses teach concepts: Your career teaches you how those concepts connect.
   • No two companies are analysed in the same way: Every business demands a different perspective.
   • Financial modelling is only the output: Good research is the real foundation.
   • Writing is not merely communication: It is one of the most important skills in Equity Research.
   • The best analysts are lifelong readers: Valuable insights often come from outside financial statements.
   • The biggest shift from examinations to industry: Moving from solving questions to identifying the right questions.