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Financial Modelling School: Module 1 - Best Practice Financial Modelling in Excel
The Financial Modelling School is made up of 2 individually bookable modules
The course is designed to support junior and middle financial analysts, modellers and their managers in creating financial models on a consistent and focussed basis. Some previous use of Excel is assumed, but delegates will not need an advanced knowledge.
The principal aim of the course is enable participants to use Microsoft Excel to prepare logical and easy-to-use financial models to support transactions, forecasts and planning for ongoing business streams. These skills can also be used to support credit approvals and reviews by lenders and to support the organisation to run or sponsor projects. The course will review best practice in model structures and logic, and using tools to highlight areas of risk, particularly in sensitivity analysis.
The learning methods used are practical, as practice of newly-learned techniques enables a deeper and more effective building of skills. Each section will be covered briefly as a module in a traditional class style, but the real learning experience will be found in the exercises within each module. Suggested solutions to each exercise will be provided and discussed, and participants will be encouraged to review their work independently.
Introduction & Course Objectives
- Overview of course objectives
- Review of models and their objectives
Overall Model Structure & Design
- Best financial modelling practice
- Overall structure of the model
- Logic flow within the model
- Separation of inputs, calculations and outputs
- Defining desired outputs
- Setting-up required inputs
- Use of switches to allow option selection
- Use of flags to control timing factors
- Set-up for flexibility
- Consistency in the model
- Accommodating multiple options
- Building assumptions off term sheets or other external inputs
- Using the assumptions sheets as a sign-off document
- Restricting ranges of inputs and validation criteria
- Version control
- Use of the corkscrew technique
- Tracking changes
- Exercise – creating a simple model with an assumptions / input sheet with built-in flexibility
Modelling Techniques for Revenue and Cost Forecasts
- Translating assumptions & inputs into a model forecast:
- Overall growth
- Split volume and price
- Split volume into market growth and market share
- Top-down market sizing, market share and price
- Build-up of construction or other capital costs
- Correct matching of units
- Modelling pricing & revenue assumptions
- Use of lookup and INDEX/MATCH functions to change expenditure timings
- Building in sensitivities into the model
- build-up revenue forecasts with different techniques and granularity levels
- build capex forecast with flexible timing
Inflation / Escalation Factors
- Creating inflation indices
- Controlling start time of inflationary pattern
- Applying multiple rates to different cost & revenue items
- Varying inflation rates over life of the model
- Exercise – model multiple, variable inflation rates, with different starting-points and changing rates over the life of the model
Cash Flow Modelling
- Differences between income statement and cash flow
- Organising cash flow statements
- What is working capital?
- Modelling changes in receivables, inventory, payables
- Income statement items that are not cash: adjustments needed
- Cash items not in the income statement: adjustments needed
- Financing cash flows: changes in debt & equity
- Revolving facilities and their role in cash flow forecasting
- Exercise: create a cash flow model to forecast cash inflows and outflows for a trading business, and drawing on revolving facilities as needed.
Comparing a Model to Previous Versions of the Model
- Separate runs and variation of inputs
- Comparison of actuals to forecast
- Comparing results of different versions of same model
- Reviewing future implications of variances
- Example – from different versions of a modelled forecast, calculate variances and review future assumptions
Sensitivity Analysis in a Model
- Stress-testing the model
- Varying inputs to assess effect on results
- Use of built-in sensitivity inputs
- Use of goal seek & solver
- Version control to allow comparison of outputs
- Use of Excel tools to support sensitivity analysis:
- watch window function
- data tables
- scenario manager
- Exercise – from a given model of cash flows, P&L and balance sheet, calculate effect of varying inputs to a given degree, and stress-test model to break-even.
- Design techniques to enable optimisation
- Consolidation techniques:
- Sum & Group
- Consolidate function in Excel
- Use of charts & graphics
- Using pivot tables:
- Pivot table wizard
- Setting-up tables
- Changing parameters
- Analyzing pivot table data
- Drill-down function
- Exercise – from a given set of outputs, create output tables, pivot tables and consolidations to enable flexible reporting
Advanced Excel Functions
- Advanced financial mathematics – PMT, PPMT, IPMT,NPER
- Summation & counting functions in Excel: COUNT, COUNTA, COUNTIF, AVERAGE, AVERAGEIF, SUMIF, SUMIFS
- Statistical functions in Excel
- Depreciation functions in Excel
- Date and Time functions in Excel
- Lookup and Reference formulae: Lookups, OFFSET and MATCH formulae
- Logical functions – using TRUE, FALSE, IF, AND & OR in combination
- Text functions in Excel: LEFT, RIGHT, MID, LEN and wildcard
- 1) model a loan using some of the advanced functions learned
- 2) summarise messy data without cleaning it, using text functions
- Overall review
- Key points to re-iterate
- Brief introduction to further exercises & reading
- Final questions and issues to discuss
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyI am a professional financial modeller, creating detailed models for organisations which need to plan their future. Clients have ranged from mine developers to government departments, large-scale gas producers to railway companies. My models have been used to support financing rounds (equity and/or debt), strategic development, mergers and acquisitions, internal restructuring, budgeting, forecasting, initial public offerings (IPOs), new business bids and tenders. All are created to a high standard of flexibility, consistency and robustness; I am at Developer level in the ICAEW Spreadsheet Competency Framework. My experience in this field over the past 20 years enables me to teach others; I run training courses in financial modelling skills all around the world on behalf of a number of international training companies. Specialisms: Financial modelling, financial analysis, model audit, model testing, management accounting, financial planning, strategic planning, training