Rahul Bist (PFM 1999-2001) is one of the Founder Partners of M2i Consulting, which is currently one of the leading consulting companies in the country on financial inclusion, training, and M&E services. He has done advisory, assessment, training, and consulting related assignments in over 20 countries in Asia, Africa and Europe. As one of the lead team members of M2i, his role is to visualize future opportunities, develop strategies, forge partnerships and translate strategies into actions through a team of professionals who are part of M2i.
Email- [email protected]
Q. How has been your journey from IIFM to this role?
A. The journey so far has been eventful and exciting, to say the least. From the uncertainty about my career option after graduating, to finally finding a path and then treading on it has been adventurous and fulfilling. I started from an NGO, moved on to a consulting company, and then started my own company at an early age.
I was in the job for hardly 5 years before starting my own company. It was risky, but I never realized the risk at that time in the excitement and youthfulness when I started the venture. I guess a certain level of foolishness to rush in is needed for entrepreneurship. However, I realized that success was not just a function of hard work or smart work but it consists of multiple other factors too. Some of these which they don’t teach is the art of just ‘hanging in there‘ when the going gets tough, being thick-skinned when you seek business, being patient when you don’t get results, and the ability to choose what is ‘right’ rather than going for quick success through ‘wrong’.
Q. What were some of the key milestones/learning in this journey that you would like to share with us?
A. I started my career as a Development Professional, moving on to be a credit rating analyst. I did over 50 credit ratings of MFIs in around 10 countries. The variety of institutions I rated gave me the confidence to foray into advisory with my own company. At M2i, we have not just provided various advisory, market research, analytics, and training services but also taken pioneering sectoral initiatives.
We have developed and implemented a risk management framework for MFIs. We have developed a methodology and tool for the Code of Conduct Assessment (COCA) of MFI, which is a global first. COCAs are now an integral part of the industry and all banks need COCA reports. M2i holds the copyright on its methodology. We have also done pioneering work on HR practices and Loan Portfolio Audits.
Evolving with time and seeing the future requirements, M2i developed an online training platform and content. Currently, we have over 35,000 users on our online training platforms which are used by several prominent MFIs, banks, and other financial institutions. M2i has also developed an online M&E tool that helps in project monitoring and evaluations. Internationally, M2i has developed products and linkage models for various saving groups to avail financial services from formal financial institutions. M2i models helped in financial inclusion in countries like Ethiopia, Burundi, Kenya, Cote d’Ivoire, Rwanda, and Bangladesh.
Q. What is the most satisfying part of your current role?
A. The most satisfying part of my current role is that as advisors, assessors, or as a due diligence agency we get an opportunity to improve the practices in the industry, to challenge the benchmarks, and to push institutions to strive for the standard which may not be the norm. Often when we are advising or assessing some institution, we are invariably told that this is the industry practice, ‘everyone does it‘. However, we in our role can say to them that ‘what everyone is doing could be wrong‘, industry practice could be wrong. Hence, we as an independent agency can challenge the norms and set standards. I feel that as consultants we have that responsibility and that for me is most satisfying.
Q. Has your learning at IIFM helped in shaping how you approach your professional roles?
A. I think IIFM has helped in developing an attitude and provided a launch platform. IIFM helped, at least me, in appreciating the fact that I am a professional and I have an opportunity and a role to play. Before IIFM, I never thought of myself more than a ‘student’. IIFM gave the environment, peers, and culture which could be utilized by anyone to make a difference if one wishes to.
Q. Who (or what) are the biggest influences or drivers in your careers? What would be your advice to freshers and IIFM graduates who are looking to choose similar sectors/roles.
A. My advice to the youngsters would be to be resilient, to have a long-term strategy, and not be wavered or lured by quick gains through wrongful shortcuts. Try to create something that can truly add value. For which one will need to remain updated and on top of things.
Q. What are your favorite memories during your IIFM days?
A. My favorite memories are many. I think IIFM was one of the best phases of my life. I fondly remember our fight for submitting assignments, those group trips, bamboosa parties, field-trip, OTs, walks down the helipad, contemplating on the sunset point, and my room overlooking the lake and the hill. I cannot forget my roomie, and it was all so amazing. It is giving me goosebumps even recalling it.
I guess every boy and girl out there needs to cherish it to the fullest. It may sound cliche but believe me, it feels like yesterday. IIFM is so ingrained, that I can visualize my first day landing at IIFM, Director’s welcome speech, each of my faculty, taking tea-break in between classes, going to the library, computer center, tea tapri, going to mess, forming those committees, winning the Director’s Prize for Best OT (now called as Summer Internship), Kalpataru – annual fest, everything is so fresh and it shall always remain so!!
Q. In hindsight, what was the biggest contribution (courses, faculty, library, friends, alumni.. Anything else!!) or take away from IIFM that you think played a critical role in shaping you as an individual or professional?
A. I think it was the overall environment rather than one or two things. As I said earlier, before IIFM, I was just a ‘student’, IIFM helped me to become a ‘professional’. The environment at IIFM was a real change for me. The infrastructure, the faculty, the assignments & presentations, field trips, student clubs & committees all have their impact on you. On top of that, luckily I had an excellent and a very competent set of batch mates. So you learn a lot from such peers. Even today, I feel very proud of all my batch mates who have done remarkably well in their careers.
Q. The best buddies/seniors/faculty at IIFM? Some memorable tidbits that you like to share?
A. The tidbits at IIFM are enough to write a book about. But I was very happy as our field trip took us to Dehradun, the place I belonged to. We stayed at FRI, it was winter and the weather was amazing, I remember my parents inviting our entire batch to home and we had a mini-party at my home, it was wonderful and my parents felt very happy hosting my friends. In one of the dinners at FRI with a batch of trainee IFS officers, I played harmonica and everyone appreciated.
I also remember numerous fun episodes with friends and my room-mate Biplav. Once I had a brightly colored tree-snake on my study desk and I thought Biplav had put it on my desk to scare me. So I tried to poke it with a pencil to show my daredevilry to Biplav. However, Biplav had a laugh of his life looking at my frightened reaction when I finally realized it was a real snake that sneaked into our room. 🙂
Q. As an alumnus, what’s your advice to freshers or those who are joining IIFM to get the best out of the 2 years there?
A. IIFM is a multi-dimensional experience, one should not spoil it by getting obsessed by only one side of it. Try to soak in as much as you can. Be bold, participate in things, experiment, have fun, be mischievous, make friends, make plans, and try to evolve as an individual. Do not be influenced by negativity and nurture that creative instinct.
A. A typical day for me could start in a far-off place visiting a client’s office, attending a meeting, delivering training, or visiting communities in the field. Travel is a big part of my job profile, and 50% of the days are like that. However, the rest 50% may start at my own office with me preparing proposals, negotiating with clients, doing team meetings, making presentations, doing data analysis, or writing a report.
Q. Would you like to share about your typical weekends.. Hobbies.. Family..
A. My hobbies are running, I have done a few Half-marathons. I also listen to music, and I like cooking. In addition to that, I have a weird hobby of watching science videos, General Relativity, and Quantum Mechanics are my favorite subjects. On the family side, I have a wonderful wife and an amazing daughter.
Q. Favorite Books, movies, authors, ..
A. Books: ‘Kite Runner‘, Movies: I like all psychological thrillers, horror movies, sci-fi movies, and superhero movies. I can’t stand drama and romantic movies.
Q. IIFM is driven by alumni’s passion and commitments towards its goal. How would you like to contribute to IIFM or IIFM alumni, students?
A. I will be available for online or physical lectures, training, or talks. Microfinance, financial analysis, and or other management subjects is what I can take sessions on.
Q.What do you think is different at IIFM now vs when you studied there? What do you think is a positive change and what is not?
Q. Any suggestions on who from our alumni you want to get profiled/interviewed here?
A. Neeraj Negi. He is in World Bank, Washington, USA.