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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting


Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.

Claim the VAT that's rightfully yours in four simple steps:

1. Register your interest

2. Sign a few simple documents

3. VAT IT processes your claim

4. Receive your refund

Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

Can I claim back the VAT myself?

You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.


You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Financial Modelling School: Module 2 - Advanced Financial Modelling in Excel

Join this comprehensive course on financial modelling from basic to advanced modules using excel.
  • The Financial Modelling School is made up of 2 individually bookable modules

    Financial Modelling School: Module 1 - Best Practice Financial Modelling in Excel

    Financial Modelling School: Module 2 - Advanced Financial Modelling in Excel



    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.

    Attend this intensive and highly practical 2–day training course and learn the best practice techniques in:

    • Best practice in financial modeling
    • Cash flow forecasting
    • Integrating balance sheets
    • Sensitivity analysis

    PLUS: Enhance your practical skills with practical exercises done in class with support from the trainer.

    Who Should Attend? 

    Participants who have some experience of financial modeling, but need more in-depth exposure to correct structuring of models, better tools for building them and experience in using them to understand and analyze transactions.


  • Day 1 and Day 2

    Session 1 – Revision of Principles of Financial Modelling

    • Best financial modelling practice
    • Overall structure of the model
    • The need for flexibility, and the required model structure to accommodate change
    • Separation of inputs, calculations and outputs
    • Use of flags for control of timing factors
    • Multi-sheet formulas and nested IF statements
    • Switches to allow options to be selected, and use of choice boxes
    • Use of the corkscrew technique
    • Check balances and error controls, use of conditional formatting
    • Ease of hand-over to / use by another user
    • Exercise – creating a cashflow from an assumptions input sheet with built-in flexibility

    Session 2 – Review of Financial Functions in Excel

    • Revision of financial mathematics and discounted cashflow principles
    • Review of the most commonly-used financial functions:
      • PV, FV and financial maths functions
    • Statistical functions in Excel
    • Depreciation functions in Excel
    • Date and Time functions in Excel
    • Logical functions – using TRUE, FALSE, IF, AND & OR in combination
    • Lookup and Reference formulae: Lookups, OFFSET and MATCH formulae
    • Using INDEX and MATCH together
    • Error trapping functions
    • Exercise – use the newly-learned functions to analyse data flexibly

    Session 3 - Modelling Taxes

    • Distinction between value-added taxes, customs duties and corporate tax on profits
    • Recognition of revenue for tax purposes
    • Tax treatment of costs
    • Non-deductible costs
    • Interest deductibility restrictions
    • Capital allowances and depreciation
    • Tax loss carry-forwards and how to model them
    • Restrictions on use of tax losses
    • Example - Review of an example of tax modelling for an investment project
    • Exercise – add corporate tax costs and payments into a pre-prepared income statement and cash flow model

    Session 4 – More Advanced Cashflow Analysis

    • Brief revision of:
      • Time value of money
      • WACC
      • Capital Asset Pricing Model
    • Concept of funding from sequential sources
    • Modelling debt drawdowns, headroom limits and constraints
    • Modelling debt repayments in a hierarchy
    • Dividend distributions under constraints
    • Cash flow metrics: NPV, IRR, XIRR, XNPV, MIRR
    • Exercise – create a cashflow forecast drawing multiple sources of funding, repaying out of future cashflows and calculating returns

    Session 5 – Modelling the Balance Sheet

    • Link between cashflow and income statement
    • Key balance sheet items and the assumptions required to be made
    • Non-cash items: depreciation, deferred tax
    • Use of existing figures & opening balance sheets
    • Ensuring the result always balances and always makes sense
    • Exercise – create a balance sheet from cashflow and income statement figures, with flexible assumptions

    Session 6 - Model Auditing

    • Use of the formula auditing toolbar
    • Checks, totals and error reporting
    • Logic trees & flowcharts
    • Non-Excel tools available
    • Exercise – from a given model, audit and uncover errors and inconsistencies

    Session 7 - Using the Model for Valuations

    • Valuation of project / enterprise and valuation of equity:
      • Asset-based valuations
      • Cash flow valuation techniques:
        • Discounted cash flow
        • Building in synergies for M&A
        • Discounted dividend model
        • Gordon’s growth model
      • Valuation using comparable measures:
        • Price – Earnings Ratios
        • Dividend Yield Method
        • Transaction Comparables: Exit multiples
    • Exercise – from a given cash flow and balance sheet, calculate valuations on different bases

    Session 8 - Creating Simple Macros

    • What is a macro?
    • How macros help in financial modelling
    • Best practice in creating and using macros
    • Use of range names
    • Documentation of macros
    • Exercise – creating a macro without using VBA

    Session 9 – Wrap-Up

    • Overall review
    • Key points to re-iterate
    • Introduction to further reading and exercises

    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
This course can be run as an In-house or Tailored Learning programme


  • Alan Brooke


    ALAN brooke MBA, ACA, cA (SA), CA (NZ) Alan has over 20 years’ experience in a wide range of roles in finance. He has delivered training courses on behalf of Euromoney Training since 2006. Alan trained as a Chartered Accountant at KPMG in South Africa and New Zealand, before moving into industry with Ford Motor Company. He held various positions there in financial analysis, budgeting and forecasting, until he was appointed Sales Planning Manager, responsible for forecasting models, production planning and supply logistics. He joined a multinational private consultancy group in Australia, as their General Manager Finance; in this role, he guided the group through a period of major change and financial turnaround. For the past 14 years, Alan has worked as a freelance financial modeller, trainer and analyst for a range of blue-chip clients. Assignments have included structured financing for a large-scale property development, multi-billion pound franchise bids in the UK rail industry, forecasting models for private equity investment in the waste management sector, and a number of PFI transactions in the utilities, health and support services sectors. With an extensive accounting background, Alan brings accounting knowledge and analytical skills to transactions and financial modelling. Alan has built up a great deal of experience in financial modelling in different sectors, including property development, insurance market, outsourcing and utilities in the transport, gas, electricity and water sectors, as well as building financial models in central government departments. He has built, developed and used models to support commercial negotiations, analyse risk, test scenarios and forecast results. Clients for whom Alan has delivered training on behalf of Euromoney Training include Marfin Popular Bank (Cyprus), Finansbank and AK Bank (Turkey), Sace SPA (Italy), BayernLB Bank (Germany) and Access Bank (Nigeria).  He also delivers training courses for Euromoney Training’s sister firm, DC Gardner Training, in many parts of the world.



The course will take place at a central London hotel. The map attached details some of our most frequently used venues.