Finance & Accounting

The Finance & Accounting area has a multi-disciplinary orientation. Faculty in the area have served on government committees and contributed significantly to several policy-making issues. They have also been involved in providing consultancy services to corporate and governmental organizations. The courses and research interests of the area focus on financial management, management accounting and control, the Indian capital and money market, banking, earnings management, corporate governance, privatization and international finance.

Some of the recent research projects by the faculty are:

  • Earnings management in India: Managers' fixation on operating profits
  • How does regulation affect the relation between family control and reported cash flows? Comparative evidence from India and the United States
  • Strategic and Financial Attributes of E-Commerce Firms: An Empirical Study
  • Pension Reforms in India: Myth, Reality and Policy Choices
  • Is There Seasonality in the Sensex Monthly Returns?
  • Member-Funds and Cooperative Performance
  • Capital Structure and Market Power
  • Regulatory Implications of Monopolies in the Securities Industry
  • Disinvestments and performance of public sector firms

Faculty Members in the Area:

The Finance & Accounting Area consists of following primary and secondary members:

Primary Faculty Members

Prof. Ajay Pandey <>
Prof. J R Varma <>
Prof. Joshy Jacob <>
Prof. Naman Desai <>
Prof. Neerav Nagar <>
Prof. Sobhesh Kr. Agarwalla <>
Prof. Vineet Virmani (Area Chair) <>
Prof. Pranav Pratap Singh <>
Prof. Prashant Das <>
Prof. Anirban Banerjee <>
Prof. Ankit Kariya <>
Prof. Ellapulli Vasudevan <>
Prof. Balagopal Gopalakrishnan <>

Secondary Faculty Members
Prof. Arnab Laha <>
Prof. Prahalad Venkateshan <>
Prof. Sanket Mohapatra <>

Courses offered by the Area:

The Area offers a number of courses across various programs offered by the institute. Currently, the list of courses offered by the area program-wise is as under:

PGP First Year Courses:

  1. Financial Reporting and Analysis (F RA)
  2. Costing and Control Systems (CCS)
  3. Financial Markets (FM)
  4. Corporate Finance (CF)


PGP Elective Courses: 

  1. Alternative Investments and Hedge Funds (AIHF)
  2. Applied Value Investing (AVI)
  3. Asset Backed Securitization (ABS)
  4. Behavioural Finance (BF)
  5. Bitcoin and the Blockchain (BB)
  6. Corporate Governance (CG)
  7. Financial Statement Analysis (FSA)
  8. Financial Risk Management (FRM)
  9. Financing of Firms (FoF)
  10. Fixed Income Securities (FIS)
  11. Fraud Risk Assessment and Governance Mechanisms (FRAGM)
  12. Futures, Options, and Risk Management (FORM)
  13. International Corporate Finance (ICF)
  14. Issues in International Finance (IIF)
  15. Mergers, Acquisitions and Corporate Restructuring (MACR)
  16. Microfinance Management (MFM)
  17. Modern Investment and Portfolio Management (MIPM)
  18. Optimization Methods in Finance (OMF)
  19. Principles of Transfer Pricing (PTP)
  20. Quantitative & Algorithmic Trading (QAT)
  21. Securities Regulation (SR)
  22. Stochastic Calculus in Finance (SCF)
  23. Structured Products (STP)
  24. Trading Strategies (TS)
  25. Valuation of Firms (VoF)
  26. Agricultural Finance (AF) for PGP-ABM


e-PGP First Year Courses:

  1. Corporate Finance (CF)
  2. Costing and Control Systems (CCS)
  3. Financial Markets (FM)
  4. Financial Reporting and Analysis (F RA)


e-PGP Elective Courses: 

  1. Business Valuation (BV)
  2. Corporate Governance (CG)
  3. Financial Statement Analysis (FSA)


FPM Courses:

  1. Applied Functional Analysis in Finance (Elective)
  2. Asset Pricing (Core)
  3. Corporate Finance in Emerging Markets (Elective)
  4. Derivatives Pricing (Core/Elective)
  5. Empirical Accounting Research (Core)
  6. Empirical Asset Pricing (Core/Elective)
  7. Empirical Research in Auditing and Corporate Governance (Core/Elective)
  8. Foundation of Finance (Core)
  9. Seminar Course in Accounting and Markets (Elective)
  10. Seminar Course in Accounting and Organization (Elective)
  11. Seminar in Behavioural Finance (Elective)
  12. Seminar Course on Corporate Finance (Core)
  13. Mathematical Finance (Elective)


PGPX Courses:

  1. Corporate Finance (compulsory)
  2. Effective Management of Finance Function (elective)
  3. Financial Markets (compulsory)
  4. Financial Reporting and Analysis (compulsory)
  5. Financial Statement Analysis (elective)
  6. Strategic Cost Management (compulsory)
  7. Management Control and Metrics for Organizational Performance (compulsory)
  8. Private Equity Finance (elective)
  9. Strategic Cost Management (compulsory)
  10. Strategic Risk Management (elective)


AFP Courses:

  1. Capital Market & Portfolio Theory
  2. Corporate Finance
  3. Costing and Control Systems
  4. Financial Reporting and Analysis


 FDP Courses:

  1. Fundamentals of Cost Accounting and Financial Accounting
  2. Contemporary practices or research areas in Finance and/or Accounting


Executive Education Program:

The area offered the following open Executive Education programs:

  1. Advanced Corporate Finance
  2. Advanced Portfolio Management
  3. Bitcoin and the Blockchain
  4. Corporate Governance
  5. Corporate Hedging and Derivatives
  6. Developing Commercial and Financial Skills
  7. Executive Program in Business Finance
  8. Financial Analysis of Business
  9. Strategic Cost Management
  10. Mergers, Acquisitions and Restructuring
  11. Investment Decisions and Behavioural Finance
  12. Public Private Partnership (PPP): Structuring and Financing
  13. Project/Credit Appraisal in a Volatile Business



The Area has conducted an international finance conference titled "India Finance Conference (IFC)" during December 2016 at IIMA jointly organized by the finance areas of IIM-A, IIM-B, and IIM-C.

The Area has also conducted an accounting and finance symposium titled "JAAF Symposium" during January, 2017 and January, 2018 at IIMA in collaboration with Journal of Accounting, Auditing and Finance (JAAF), IIM Bangalore and Indian School of Business (ISB).


Members of the Administrative and Academic Staff of the Area:

Area Secretary

Hetal J Shah <>

Academic Associates

Sr. No.

Name of Academic Associates

E-mail ID


Ms. Shimoli Kapadia


Ms.Venus Rais


Ms. Dhwani Bhatt


Mr. Dhaval Pathak


Ms. Pankti Kharod


Mr. Mohit Pathak


Ms. Lekha Nair


Ms. Baisakhi Vohra


Staging Enabled