Strategy: Excelling in Finance for RBI Grade B Phase II Preparation
- prepstreak
- Dec 13, 2023
- 3 min read
Preparing for the RBI Grade B Finance and Management paper is a significant challenge; especially for those with no economic or finance background. In this post, we'll explore how to prepare well for Finance if you're a complete novice.
Let's start with having a look at the Finance syllabus as provided by RBI. It is recommended that you take out a printed copy of this syllabus and stick it in front of your study table.
The syllabus speaks for itself that one needn't be any Finance Expert to crack the paper. However, for all those studying it for the first time, this might be a little overwhelming. So, what to do and what to study?
Begin with the Basics
Understanding Finance without studying the basics of Economy is not possible. So, before you pick up a book on Finance, you should learn all the basics of Economy (mostly macroeconomics) - GDP, inflation, depreciation, money supply etc. NCERT on Macroeconomics (class XI) is a good one to clear the basics.
Understanding the Terms
Use Investopedia and Arthapedia extensively to understand terms and concepts.
Newspaper the Saviour
Reading one economy and finance related newspaper like The Business Standard can be time taking at first; but once you get the hang of it (in a month or so) you'll read it through and through in an hour. It is always better if you make notes and revise them. However, even if you are not able to, only reading the newspaper daily will help in understanding finance concepts better, will help in enhancing the quality of answers that you write in Phase 2 and will eventually prepare you for the interview.
The Budget and Economic Survey
The syllabus makes it clear that the Union Budget needs to be read for the exam and there'll be questions that might be asked directly from it. However, reading the economic survey is equally important. Many a times questions are directly asked from the economic survey. And even if no direct questions come in the exam, the content from economic survey can always be used in writing the descriptive answers.
In case of time constraints, avoid reading these documents end to end. Summaries are often released by both the government and various coaching institutes. Take notes to facilitate easier revision.
A Basic Book on Finance
You can pick any basic book on finance to brush up the static concepts. We have uploaded Bharati V Pathak notes on our website.
Balance sheet can be understood using any freely available version of Prasanna Chandra. (read only the relevant chapters)
RBI Website
RBI website should be followed on a daily basis. Topics like financial inclusion, developments in digital payments, functions of the Reserve Bank of India, can be prepared directly from the website. For example, there is this RBI FAQs page for bond related concepts. Remember to add all the important stuff you read to your notes.
Following the website will also help in a holistic preparation of phase 1, phase 2 as well as the interview.
Monthly Magazines
It is always better to have your own notes, however, for better revision, you can pick any coaching's monthly current affairs magazine. This will help in quick revision and will help in filling the gaps.
Rest, keep connected with us. We'll keep on coming up with relevant content to help you not only prepare better but also in lesser time.
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