One editor told me “I thought financial journalists did not know journalism..but once I employed them I realized that they knew neither finance nor journalism”. Well I will not be that uncharitable. I do think that the Financial Journalist surely does not know finance – he is BA (Eng Literature), and has some experience in finance.

A good finance journalist should understand finance far better than knowing Journalism. The Journalist should understand ‘How the money flows’. For  example when Warren Buffet makes an intelligent sounding statement like ‘there will be  Nuclear attack soon’ – you should know that he sells NUCLEAR INSURANCE – and also underwrites a lot of risky portfolios. It helps him that we think that he is making a profound statement.

Or when Morningstar says ‘Index funds will not do too well’- they are launching a PMS of managed funds. Hello, MS also sells Index products. So you should know how the cash flows. At least be curious enough to know how the cash flows. It is not difficult, but you need to know…or at least be curious enough to know.

Every Promoter talks well about his company. It is for the journalist (like the auditor) to be sceptical about whatever the promoter says. Speak to his competitors, suppliers, customers, Income tax officer assessing him, auditor, ex-auditor, driver, secretary (offer him or her a new job..). Knowing what he is saying and why he is saying is important. Which means curiosity and skepticism – good traits for an auditor or an analyst are good qualities for a journalist also.

The CA degree surely helps. It helps that you can read the Notes on Accounts. Most fresh MBA struggle to deal with Company Law Depreciation, and Income tax depreciation. I remember one Real Estate company paying a “right of first refusal to a client” and treating that as a purchase. It took a smart analyst to spot that. Obviously he was a CA.

Be thick skinned enough to pursue the story. When you want to do a story about a company, regulator, baboo(n), everybody around you will dissuade you from doing that story. Be diligent, and work hard. I remember when a friend was doing a story on corruption in Indian cricket. It helped me – I stopped watching cricket in 2001…or thereabouts when we realized how corrupt the system was!

Be very careful and remember your boss / magazine/ will not support you especially if it involves a baboo(n). Keep all details as meticulously as you can. If you are doing an accounting cooking story – remember the company, the analysts, the auditor, the regulator, …and of course the promoter – ALL of them want your blood. Be careful before you say something of consequence. It is not easy.

It is a long story…lemme break it here…