The Storytelling Techniques for Financial Modelers to Impress Investors with Karishma Karishma Ramnawaj

In this episode of Financial Modeler’s Corner, host Paul Barnhurst sits down with Karishma Ramnawaj, a financial modeler based in Mauritius, to talk about her journey in financial modelling, building and reviewing models, and the lessons she’s learned from both success and failure. Karishma shares her experience of learning on the job, why understanding the end user is critical, and how she balances practical standards with flexibility.

Karishma is a Certified Advanced Financial Modeler (AFM) and FMVA® professional, currently working as a Financial Modeler Associate at Hawkins Eberdal Ltd in Mauritius. With a strong foundation in both project and corporate finance, Karishma specializes in building decision-ready financial models that support capital raising, risk evaluation, and business growth.

Expect to Learn

1. Why using someone else’s model as a template can be risky
2. The importance of understanding and communicating key assumptions
3. How to tailor models for investors and third-party users
4. What it’s like to fail, and then pass, the AFM exam
5. The value of applying both corporate and project finance in modelling

Here are a few quotes from the episode:

1. “If you're going to use someone else's model, make sure you understand everything inside it.” – Karishma
2. “It's not just about Excel. It's about who's using the model and what story you're telling with it.” – Karishma

Karishma's story is a great example of growth through practice, persistence, and passion for financial modeling. Her focus on clarity, flexibility, and end-user needs brings valuable perspective to the modelling process. From overcoming early challenges to passing the AFM exam, she shows the importance of continuous improvement.

Follow Karishma:

LinkedIn: https://www.linkedin.com/in/karishma-ramnawaj/

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In today’s episode:

[01:56] - Guest Intro

[04:51] - Journey into Modelling

[06:00] - Why She Loves Modelling

[08:37] - Storytelling with Numbers

[10:56] - Key Assumptions & End Users

[13:00] - Project vs. Corporate Finance

[14:26] - Renewable Energy Focus

[15:44] - Modelling Standards & Reviews

[22:16] - AFM Exam: Fail to Pass

[29:18] - Tools, Tips & Final Advice