Financial Modelling with Excel

Who Should Attend?

You should attend if your work requires the use of Excel to develop financial models. In particular:

  • corporate planners responsible for developing or enhancing forecasting models
  • corporate finance practitioners building or auditing valuation
  • those involved in structuring or auditing funding models
  • analysts producing or using financial forecasts for corporates and project

Course Design

The course is designed:

  •   to cultivate best practice
  •   with the emphasis on practical applications;
  •   as a workshop to encourage an interactive approach;
  •   using case studies adapted from the real world;
  •   at a pace to suit all delegates

Pre-requisite Knowledge

In advance of the course, a basic knowledge of Excel is assumed. This knowledge should include at least the following:

  • the Excel screen menu and toolbar
  •  moving around a worksheet and between worksheets in a workbook
  • changing column width
  • entering labels
  •  entering, selecting, copying and editing cell contents
  •  centering titles
  • saving, closing & retrieving the worksheet
  •  auto fill
  •  entering formulae
  • relative and absolute cell referencing
  • formatting, previewing and printing


Course Objectives

To develop practical skills and concepts for:

  • financial modeling within a robust financial/accounting framework
  • use of Excel as an advanced modeling tool
  • modeling financial forecasts
  • reconciling the projected accounting statement
  • financial projections, valuations and funding



  • Overview of course and content
  • Financial framework for modeling

Review of Key Excel Functions

  • Worksheets and workbooks
  • Copying and naming sheets
  • Linking sheets and books
  • Relative and absolute references

Advanced Excel Functions and Techniques

  • Array arithmetic
  • Grouping sheets
  • Conditional statements
  • Using names

Financial Modeling Exercises

  • Sales growth
  • Profitability
  • Capital expenditure and depreciation
  • Cover ratios

Corporate Modeling Case Study

  • Scope of the forecast model
  • Modular layout and sub-model definition
  • Income flows
  • Operating expenditure
  • Capital expenditure and depreciation

Basic Modeling Concepts

  • “Best-practice” – modeling principles
  • Advanced Excel Functions and Techniques
  • Iterative calculations and alternative solutions (application to the calculation of interest)
  • Tracing and auditing
  • Goal Seek and Solver
  • Excel financial functions


Corporate Modeling Case Study

  • Working capital and current assets
  • Tax
  • Dividends
  • Funding and interest payments and receipts
  • Reconciling the financial statements

Advanced Excel Functions and Techniques

  • Sensitivity, scenario and optimization tools
  • Solver
  • One-way Data Tables
  • Scenario Manager
  • Two-way Data Tables
  • Data Validation
  • Advanced Scenario Management
  • Conditional formatting

Corporate Modeling Case Study

  • Modeling value
  • DCF Valuation
  • Multiples
  • Modeling Funding
  • Investor returns

Corporate Modeling Case Study

  • Identification, exploration and control of sensitivities
  • Advanced sensitivity techniques

Corporate Modeling Case Study

  • Automating the model using controls and macros
  • Controls
  • Recording simple macros
  • Writing simple macros
  • Other VBA examples and exercises

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