Adjunct Spotlight: Meet Shonali Gupta

Q: Can you tell us a little about your background?

A: I pursued my undergraduate education at the Indian Institute of Technology, Delhi, during a period of rapid technological advancement. Fields like chip design were pushing the boundaries of innovation and the internet was beginning to reshape how the world connected. I chose to pursue Electrical Engineering, a specialization that sat at the core of this technological transformation, driving progress in areas such as robotics and communication systems. My engineering education challenged me to think analytically, solve complex problems, and apply mathematics and physics in practical and tangible ways.

Q: How did you get interested in finance?

A: During my junior year at IIT, I was one of two students selected to study abroad for a semester at the University of Massachusetts in Amherst. While there, I had the opportunity to take a course in macroeconomics. I found it incredibly fascinating to learn about the history of America’s emergence from the Great Depression and the evolution of the policies that shape the economy today. I saw that economics and finance offered a powerful lens to understand how the world works. Finance gave me a way to link the analytical and mathematical skills from my engineering background to real-world social science. Returning to IIT, inspired by this experience, I continued to add to my knowledge of finance.

After I graduated, I entered the Indian Institute of Management (IIM) at Calcutta to earn an MBA. During the campus placements at IIM, I was one of two students selected by Lehman Brothers for a role on their trading floor in New York. This was the turning point that marked the beginning of a two-decade-long career on Wall Street, where I specialized as a Rates Derivatives Trader.

I remain deeply passionate about the financial industry and have found my career path both intellectually rewarding and personally fulfilling. I am grateful for the work I do each day and for the meaningful relationships I have built across the industry and academia. I have engaged with major institutional clients including mortgage servicers, insurance companies, hedge funds and corporates to provide derivative solutions to manage interest rate exposure. In my most recent role as the Head of Flow Rates Volatility Trading at the Royal Bank of Canada, I managed a global team of traders, overseeing a complex derivatives portfolio and recycling large amounts of risk in volatile markets.

Q: What was it like working in the financial industry during the 2008 crisis?

A: The announcement of Lehman’s bankruptcy, on September 15, 2008, sent shockwaves through the global financial system. As a Fixed Income Trader on the Lehman trading floor at the time, I witnessed this historic event first hand. Living through this crisis gave me a depth of understanding that no textbook could offer. It was a period of intense volatility, uncertainty and rapid decision-making, one that not only turned the financial landscape around, but also deeply enriched my knowledge of the markets. Even today, the lessons from 2008 remain foundational. They continue to inform how we assess risk and operate in a swiftly evolving industry. Armed with experience having navigated this crisis, I have been able to steer the transformation of trading businesses through significant product and regulatory changes, through multiple economic cycles and through the transition of the rates market to alternative reference rates.

Q: How did you recover from that?

A: My team moved on to work at Citigroup. I remained at Citi until 2010, and I later worked in leadership positions at major Wall Street firms including Nomura, Societe Generale, SMBC, and, most recently, the Royal Bank of Canada.

Q: What has it been like to work in a field that still has a marked gender imbalance in leadership positions?

A: While the representation of women in the financial field remains limited, I have found that the industry values and rewards merit. As a woman and an immigrant, I had to work exceptionally hard early in my career to prove my competence and earn credibility, burning the candle at both ends. Once established, there was no looking back. Throughout my career, I focussed on excelling at the task at hand, by being prepared, staying ahead of the curve and developing a deeper understanding of the work than anyone else in the room. I honed my expertise through a combination of grit, curiosity and continuous learning. I approached problems with both precision and perspective, zooming in to master the details, while keeping the broader strategic picture in mind. What earned me respect at the table was the insight and capability I brought to the discussion. When one has clarity of thought and conviction in execution, surface level differences such as gender recede and what stands out is one’s ability to contribute meaningfully.

Q: Why and how did you pivot to teaching?

A: In 2011, I was thriving in my career. I felt deeply grateful for my education at IIT and IIM and for the many opportunities that framed my journey. I also missed India and was looking for ways to stay connected and give back in a meaningful way. That is when I reached out to the IIMs with an offer to teach as guest faculty. The progressive and visionary faculty at IIM Ahmedabad welcomed the idea and asked me to develop a new course that would present a practitioner’s perspective on the financial industry, especially capital markets trading, a topic that was relatively rare in classrooms at the time. Engaging with students brought fresh energy and kept me intellectually sharp. It is one thing to know your subject well, it is another to stand in front of a room full of the brightest minds in the country and to communicate it with clarity and conviction. The challenge was both humbling and invigorating.

I continued teaching for several years until the COVID pandemic made travel impossible. But my passion for the classroom never faded. Last year, I began exploring formal academic roles and was fortunate to find a seat at NYU Tandon’s Department of Finance and Risk Management. I now teach derivatives courses and coach the students taking part in trading competitions. I also teach at CUNY.

My commitment to giving back has also extended into community work. I serve on the Board of Manhattan Youth, a nonprofit that provides academic and sports enrichment to children of working families across New York City. I also volunteer with the Society of Young Inklings, a nonprofit that mentors youth writers across the country.

Q: You were recently honored by IIT Delhi; tell us more about that.

A: IIT Delhi shaped me personally and professionally. My undergraduate years were spent with enthusiastic peers and accomplished professors, who approached academics, research and extracurriculars with equal passion and drive. Whether through intense classroom discussions, or spirited inter-hostel competitions, I learnt to challenge myself, take risks and stay resilient in the face of adversity. I grew to be a continuous learner with a commitment towards excellence and with a social heart, keen to share knowledge with others and give back to the community.

Reflecting on my 20-year professional journey, the skills I learnt at IIT Delhi have proven invaluable. I have been fortunate to work and thrive in a high paced, competitive industry at the forefront of innovation. This is why being honored by my alma mater and receiving the 2025 Global Alumni Recognition Award for Corporate Excellence is deeply meaningful to me. This award reflects the positive impact I have been able to make through my work in the industry, and my contributions to both education and to philanthropic initiatives. To be selected from among thousands of outstanding alumni is both humbling and inspiring. I am grateful for this recognition. This is a gift that reaffirms the path I have chosen and motivates me to continue to strive for impact and excellence.