Large scale projects, especially related to infrastructure, healthcare or education have a tremendous impact on our society by improving travel and connectivity, enhancing lives and uplifting communities !
Swati Agarwal, our next pathbreaker, works as Associate – Portfolio and Finance Management at Tamasuk, a leading diversified infrastructure developer and investor in Saudi Arabia.
Swati talks to Shyam Krishnamurthy from The Interview Portal about the burgeoning field of project finance which is not just about working with numbers— but also about understanding businesses, solving real problems, and helping shape positive outcomes.
For students, take the time to understand yourself before following what everyone else is doing. It’s quite easy to get influenced—by friends, family, or what seems like the “right” path
Swati, Your Background?
I grew up in Kolkata, a city full of culture, stories, and strong personalities—which probably influenced me more than I realized at the time.
In school, I chose commerce. Not because I was very enthusiastic about it, but because it was what the “experienced people” around me advised. Interestingly, I had good scores in science and math, but like many students, I followed what seemed like the safer and more guided path instead of making an independent choice.
Outside academics, I was quite active. I played volleyball and was one of the founding members of my school team, which taught me teamwork and leadership early on. I was also an avid reader—I went through almost every fiction book in my school library and read a fair bit of nonfiction as well. Reading became a big part of how I understood the world. Coming to my family, my father is a businessman, and my mother has been one of the biggest influences in my life. She’s been a nurturer, but more importantly, someone who shaped how I think. She always emphasized the importance of being independent—especially as a woman in a patriarchal society.
Growing up, I didn’t have a clear idea of what I wanted to become. Like many students, I thought about becoming a doctor at some point. But more than a specific career, I knew I wanted to be independent—the ability to make my own decisions and have my own voice. And looking back, that idea has shaped most of the choices I’ve made.
What did you do for graduation/post-graduation?
Initially, shifting from science to commerce wasn’t easy for me. It felt like I was moving away from a path I had always assumed I would follow.
But somewhere along the way, something unexpected happened—I started enjoying accounts. What began as just another subject slowly became something I genuinely liked. I enjoyed the logic, the structure, and even the storytelling part of it—how numbers can actually explain what’s happening inside a business.
I went on to pursue my bachelor’s in commerce, with an Honours in Finance and Accounting from Shri Shikshayatan College in Kolkata.
Like many commerce students, I then started preparing for CA (Chartered Accountancy), mostly because it is a common and expected path. But I realized quite early that it wasn’t the right fit for me.
That was an important moment for me. I understood that success doesn’t come from blindly following a fixed path. It comes from understanding what works for you—even if your path looks different from others.
Before my post-graduation, I also worked as an Audit Assistant with a CA firm in Kolkata. This gave me my first real exposure to how businesses work—understanding financial statements, compliance, and how things operate in the real world.
Later, I pursued my Post Graduate Diploma in Management (PGDM) from LBSIM, Delhi, majoring in Finance.
Do you recollect any strong influences during your “growing up” years that led you to a career in Finance?
During my post-graduation, I was introduced to Project Finance, and that became a major turning point for me.
In simple terms, project finance is about funding large projects—like roads, airports, or energy plants—based on the money they are expected to generate in the future. It combines numbers, problem-solving, and understanding how real-world projects actually work. The moment I learned about it, something just clicked. It felt like this is exactly what I want to do. Before this, I was quite clear about what I didn’t want to do. But in my final semester, I finally became clear about what I did want.
Choosing finance was not because others were doing it, it came from understanding myself better. Over time, I realized that instead of listening to everyone else, I needed to figure out what suited me.
For me, finance became a process of elimination—removing what didn’t fit, until I found what did. I was also fortunate to have mentors who played a significant role in shaping my thinking. Professors like Dr. Anuj Verma and Dr. Praveen Gupta constantly pushed us to think deeper and question things.
At that time, it sometimes felt difficult—even frustrating. But looking back, I realize that they helped me build the ability to think clearly and not accept things blindly. And I think that made all the difference.
How did you plan the steps to get into the career you wanted? Or how did you make a transition to a new career? Tell us about your career path.
Once I discovered my interest in project finance, I became extremely focused on moving my career in that direction. During placements, I made a conscious decision to apply only to finance roles. This made things harder because I had fewer options—but I didn’t want to take an easier path and then regret it later.
Because of this, I was among the last few students in my batch to secure an internship. It was a stressful and uncertain phase, and there were moments when I questioned my decision. But instead of changing direction, I focused on preparing better, strengthening my concepts, and getting ready for interviews.
When Mazars came in, I treated it as my opportunity. I prepared seriously and was able to secure a role that matched what I wanted.
At Mazars, I got my first real exposure to the professional world of finance. I worked on financial analysis and understood how projects work in real life, which helped me build a solid foundation.
At Mazars, I got my first real exposure to the professional world of finance and project advisory, and those four years played a huge role in shaping my career.
Mazars is a global consulting and advisory firm that works across areas like audit, consulting, tax, and financial advisory. The team I worked with focused mainly on project finance and infrastructure advisory across sectors such as transportation, healthcare, education, and public infrastructure.
Our clients included governments, developers, investors, and organizations that wanted to understand whether large projects were financially feasible, sustainable, and worth investing in.
When I joined Mazars as an Analyst, my work mainly involved reviewing and auditing financial models under the guidance of senior team members. In simple terms, financial models are like prediction tools built using numbers and assumptions to understand whether a project can succeed financially in the future.
At that stage, my role was to check whether the models were logically and mathematically correct, and whether the assumptions being used actually made sense. It taught me how even a small mistake in numbers could affect very large real-world decisions.
Over time, my role evolved significantly. I moved from supporting projects to independently managing them, which included handling client discussions, managing project timelines, reviewing the work of junior team members, preparing reports and documentation, and helping solve issues that came up during projects.
One thing I found fascinating was realizing how much work happens behind the scenes before a large project is approved or built.
For example, before a metro system, hospital, or public infrastructure project receives funding, teams like ours spend months trying to answer questions around financial sustainability, project risks, delays, costs, and long-term impact.
That experience helped me understand that finance is not just about numbers on a screen, it’s about helping make important real-world decisions that can impact thousands of people.
And for me, that was the most exciting part of the journey
From there, I moved into my current role at Tamasuk.
At Tamasuk, I work on monitoring the companies’ projects that we invest in. In simple terms, I try to understand how these projects will perform in the future, build financial models (which means predicting different scenarios), analyse risks and returns and identify potential problems early. I also share these insights with the people involved so better decisions can be made. Looking back, my journey wasn’t perfectly planned step by step. It was shaped by understanding what I wanted and what I didn’t.
It helped being patient during uncertain phases and putting in consistent effort when opportunities came
How did you get your first break?
I still clearly remember the day I got my first break—Sunday, 13th October 2019, when Mazars had their placement interviews. I had slept late the night before but still woke up early, trying to stay calm and focused. I remember having a hot dosa for breakfast, something I hadn’t done on a Sunday morning in a long time. It felt like a small but grounding moment before a big day. I was nervous, but also quietly confident. Unlike other times, I didn’t get into discussions or conversations with others. For me, this felt like a make-or-break opportunity, and I wanted to stay focused. The interview itself was quite different from what I expected. I wasn’t asked the kind of technical questions I had prepared for. Instead, it felt more like a stress interview. At one point, I was asked how, despite being a good student academically, I would handle a fast paced and high-pressure consulting environment.
My first thought was, wasn’t good marks enough?
But at that moment, I realized something important. It’s not just about marks. It’s about how you think under pressure, how you respond when challenged, and how you adapt when things don’t go as expected. That shift in thinking helped me stay calm and answer honestly.
When the interview ended, I was able to convert the opportunity into an offer. That moment became my first real break into finance—and more importantly, it taught me that success is not just about what you know, but how you handle situations when things don’t go your way.
What were some of the challenges you faced? How did you address them?
Challenge 1: Following a path that wasn’t right for me – Like many students, I initially started preparing for CA because it is the most common and accepted path in commerce. But I realized quite early that it wasn’t something I wanted to do long-term. The challenge here was not just about studies, it was mental. It’s not easy to step away from a path that everyone around you believes is “right.”
How I addressed it:
I chose to trust my own understanding of myself instead of just following others. That decision helped me move towards finance and explore options that suited me better.
Challenge 2: Pressure during placements – During placements, I decided to apply only to finance roles. This gave me clarity, but it also meant fewer opportunities and more pressure. I was among the last few students in my batch to get an internship, which made the situation stressful and uncertain. There were moments when I questioned my decision.
How I addressed it:
Instead of changing direction, I focused on preparing better, strengthening my concepts, and staying consistent. When the right opportunity came, I was ready for it.
Challenge 3: Moving beyond marks – Throughout my academic journey, I had been a good student, and somewhere I believed that good marks were enough. But during my interview process, I was questioned on whether I could handle a fast-paced and high-pressure work environment. That made me realize that something important – success is not just about marks. It is about how you think, adapt, and respond under pressure.
How I addressed it:
I worked on building confidence beyond academics—by focusing on problem-solving, communication, and staying calm in uncertain situations.
Where do you work now?
I currently work at Tamasuk, an investment company.
While both Mazars and Tamasuk work in the broader finance space, the nature of the work is quite different.
At Mazars, I was part of an advisory and consulting team. Our role was to help clients evaluate projects, analyze risks, and provide recommendations. In a way, we were advising others on whether projects made financial sense.
At Tamasuk, the perspective is very different because now we are investors ourselves.
Instead of only evaluating projects for clients, we are directly involved in monitoring and managing our own investments. This means my role has become much more ownership-driven and long-term focused.
At Tamasuk, I work on monitoring the companies and projects we invest in. My role involves understanding how these projects are performing, forecasting future outcomes, analyzing risks and returns, and identifying potential issues early.
Compared to Mazars, where I was mostly advising and analyzing companies like Tamasuk, and at Tamasuk I am much more involved in decision-making, problem-solving, and understanding the long-term impact of investments.
The shift also changed the way I think about projects. At Mazars, the focus was often on evaluating whether a project could work. At Tamasuk, the focus is also on how to make investments succeed over time.
That transition helped me move from looking at projects mainly from an advisory perspective to thinking more like an investor and strategic decision-maker.
What problems do you solve?
At Tamasuk, we invest in different companies and projects. My role is to monitor these investments and make sure they perform well. In simple terms, I help to answer questions like:
• Will this project make money in the future?
• What risks could affect it?
• Are there any problems we should fix early?
So, my work is mainly about understanding the future of these projects, identifying risks, and helping make better decisions.
What skills are needed for the job? How did you acquire them?
Some important skills for this role are:
• Analytical thinking – understanding numbers and what they actually mean.
• Financial modeling – predicting future outcomes (basically, “what could happen next”)
• Problem-solving – identifying and fixing potential issues.
• Communication – explaining ideas clearly to others.
I developed these skills over time:
• Through my education in finance
• During my experience at Mazars
• And by learning on the job at Tamasuk
A big part of it also came from practice, making mistakes, and improving with experience.
What’s a typical day like?
A typical day involves:
• Reviewing how our projects are performing.
• Working on financial models and forecasts
• Identifying risks and possible issues
• Preparing reports and sharing insights with the team
So, every day is a mix of numbers, problem-solving, and decision-making.
What is it you love about this job?
What I enjoy most is that my work has a real impact on decisions.
It’s not just about working with numbers—it’s about understanding businesses, solving real problems, and helping shape outcomes. I also like that the job keeps challenging me to think and learn. No two problems are exactly the same, which keeps it interesting.
How does your work benefit society?
In my role, the impact may not always feel direct, but it is meaningful. The projects we invest in can include things like infrastructure, healthcare, or education. Somewhere, in some places, you could be contributing to building something important—like a hospital—that can impact thousands of lives.
My role is to make sure these projects are well-planned, can actually work, and are sustainable in the long run.
So, while I may not be physically building these projects, my work supports the decisions that help bring them to life—and that’s something I find very fulfilling.
Tell us an example of a specific memorable work you did that is very close to you?
I ’ve had the opportunity to work on various kinds of projects, and what stands out to me is the impact they create.
For example, I’ve been part of projects that helped improve travel and connectivity, including large public transportation systems. I’ve also worked on projects related to building schools in developing regions.
Individually, my contribution may seem small. But when you look at the bigger picture, these projects improve access, create opportunities, and impact thousands of lives. That’s what makes it meaningful for me. I believe that not all contributions need to be big or visible, in order to matter. Sometimes, being part of something larger—contributing quietly, step by step—is enough. And in many ways, I feel like I’m doing exactly what I wanted to do—playing my part, however small, in creating something meaningful.
Your advice to students based on your experience?
If I had to give one piece of advice, it would be this: take the time to understand yourself before following what everyone else is doing. It’s quite easy to get influenced—by friends, family, or what seems like the “right” path. I did that too at one point. But over time, I realized that what works for others may not work for you. You don’t need to have everything figured out early on. It’s okay to be confused. What’s more important is to notice what you enjoy, what you’re good at, and even what you don’t like. Also, don’t rely only on marks as a measure of success. Marks are important, but they are not everything. Your ability to think, adapt, handle pressure, and communicate matters just as much.
And finally, be patient. Things may not happen exactly when or how you expect, but that doesn’t mean you’re on the wrong path.
Focus on learning, stay consistent, and when the right opportunity comes—be ready for it.
Future Plans?
Going forward, I want to continue growing in the field of finance, especially in areas like project and investment analysis. At the same time, I want to keep building my ability to think critically, make sound decisions, and handle responsibility at a higher level. And overall, I want to continue doing work that has a meaningful impact, being part of projects that, in some way, contribute to development and create value over time.