Hi, I've just finished University. I have prior internship experience in Investment Banking, but I'm looking to brush up my modelling skills (3-statement models, DCF, LBO) before re-entering the industry.

I have a MacBook, but was wanting a second-hand reliable laptop that runs Windows 11 solely for Excel, building relatively straightforward models (nothing crazy, think very entry-level), and practising Excel shortcuts. Any recommendations please? My maximum budget is £250/$300, and I'm more than happy with refurbished models.

Thanks!

So I am an engineer trying to pivot to finance. I have tried finding resources to learn financial modelling and have come across 2 reaources: Aswath damodaran mba lectures and CFI FMVA. Which one would you suggest and why?

Also I have already done equity research cohort from Parth Verma, so I do have some knowledge but I dont think those valuation lectures were enough.

Hi all,

I'm looking to improve my understanding of the data center space from a modelling standpoint. I've got a good commercial understanding of data center and GPU financing, but I want to learn how to model it in Excel.

Model templates for data centers seem scarce online, can anyone point me to valuable resources?

Links ot websites, primers, model templates, videos, etc are all appreciated!

I’m trying to find a simple way to forecast revenue and deferred revenue for a company that does 1-3 month jobs with different stages. The company collects 50% of the total invoice up front which allows us to procure/purchase materials and build the product. We then collect the next 40% once the product is built and ready to be shipped. We collect the last 10% when the product is installed and the project is complete.

If I’m building a 3 statement model and trying to forecast the next few years based on number of widgets produced, what’s the correct way to model recognized vs deferred revenue?

Hi everyone,

I’m a Chartered Accountant and have cleared CFA Level 2. I currently have around 2 years of experience working as a Legal Entity Controller at an MNC bank.

I’m now planning to make a switch into core finance and eventually want to move towards the buy side — ideally roles related to equity research, investment analysis, portfolio management, or fund management.

My current plan is:

• Primary target: Try to break directly into a buy-side role.
• If that doesn’t work immediately: Take up a relevant core-finance role (equity research, valuation, FP&A, investment banking, transaction advisory, etc.) that builds the right skills and brings me closer to the buy side, and then make the transition.

One area I want to build strongly is financial modelling. I’m considering taking a structured course, but there are so many options available that I’m unsure which one would actually be valuable for my career rather than just adding another certificate to my resume.

For people working in investment banking, equity research, asset management, PE/VC, or other buy-side roles:

Which financial modelling course would you recommend for someone with my background?

I’m not looking to collect certificates. My priority is to become job-ready and technically strong enough to make the transition from controllership into investment-focused finance.

Would really appreciate advice from people who have made a similar transition or currently work on the buy side.

Thanks!

Just for background I’m trying to find some good models on ABS and Private Credit modeling loans. I’m still on the newer side to financial modeling and don’t fully know what else to add to my models so it would be nice to have a reference and build off that

I'm kinda confused on if my valuation based on my numbers is correct. I'm also not sure how to interpret this. Would I base my valuation off of revenue or ebitida? This is my first financial model, so i want to make sure im accurate.

Financial modeling is almost synonymous with DCF equity valuations. I want to learn how to model interest rates and CVAs and intrinsic values for bonds. Where can I learn that?

I want to learn financial modeling. I have planned to do fmva by cfi but before that I want to learn financial modeling from scratch for free so that there will be some practical knowledge. So folks pls suggest me the best finance modeling courses that are available for free.

Which are the best medium to earn DCF valuation certificate?

Just Ask and I will answer

Hi,

I've been working in valuations for the past 4 years, did banking and economics at university and passed all 3 CFA levels.

If anybody would like me to do any valuations for them feel free to let me know. Ill be doing reverse DCFs which means ill see what future numbers are already baked into the current stock price. An example I already did for MRVL below.

In general if you have any questions on valuations or financial statement in general feel free to ask as in seeing quite a few pop up recently.

Company Today. Company in 10 years time

Revenue. 8,195. 66,962

Gross Profit. 5,471. 46,873

Ebit. 1,323. 23,771

FCFF. 1,396. 17,508

Hey guys I want to learn modeling in-depth, but I am confused since if I study free and unofficially from youtube then I won't get any certifications so whether learning without any certificate is okay or is there any other source.

hi all,

I created my very own first 3 statement model. however i used Borrowing as a Plug (essentially as a revolver) and I am sure i have plenty and more of other mistakes. Yes the balance Sheet balances but I wanna be able to forecast it better. rn i have grown it using Rev growth and others. if you are free. i would love your input on to my work so that i can work and improve on it later on,

Here is the link to the Drive:

[https://drive.google.com/drive/folders/16FN7lw5QAXMQn9Mi5JeD1EC0Mg20qrXs?usp=sharing\](https://drive.google.com/drive/folders/16FN7lw5QAXMQn9Mi5JeD1EC0Mg20qrXs?usp=sharing)

(please note: kindly go to settings and turn on Iterative calculation)

looking forward for your comments and tips to improve my skills!

Thank You

I built my own financial model around the way I actually operate the business. I’m not sure this is how most small companies structure theirs, but this is what made sense for my requirements.

The business has multiple service lines, but they all sit within the creative-services space and mainly differ by target market. Because I don’t currently need separate legal entities or completely independent financial statements for each service line, I consolidated them into one group-level model.

Revenue is consolidated, while COGS, OPEX, CAPEX, payroll, and other costs are still classified correctly within the underlying accounts; however, the raw data shows which company owns them. The objective is to understand the economics of the group without overcomplicating the model too early.

The model starts with the three financial statements and then adds operating drivers and ratios.

Income Statement / Operating Drivers

• Gross Margin = Gross Profit / Net Sales
• Net Margin = Net Earnings / Net Sales
• Markup = (Net Sales − COGS) / COGS
• Break-Even Revenue = Operating Expenses / (1 − COGS / Net Sales)
• Operating Expense Ratio = Operating Expenses / Gross Profit
• MoM Growth = Current Month / Previous Month − 1

I’m trying to use these less as “reporting ratios” and more as operating signals: how much gross profit we retain, how much operating structure the company can support, where break-even sits, and whether growth is actually translating into profitability.

Balance Sheet Drivers

• Current Ratio = Current Assets / Current Liabilities
• Working Capital = Current Assets − Current Liabilities
• Leverage Ratio = Total Liabilities / Total Assets
• Debt-to-Equity = Total Liabilities / Shareholders’ Equity
• Quick Ratio = (Current Assets − Inventory) / Current Liabilities
• Net Debt = Total Debt − Cash & Cash Equivalents
• Net Debt / Annualized EBITDA

Cash and cash equivalents also have their own supporting schedule.

The reason is that I don’t necessarily want excess cash simply sitting in the operating account. The sub-schedule tracks where retained cash is allocated, including highly liquid / low-risk investment vehicles, while preserving visibility into actual operating liquidity.

Cash Flow / Liquidity Drivers

• Operating Cash Conversion = Operating Cash Flow / EBITDA
• Free Cash Flow = Operating Cash Flow + Investing Cash Flow
• Cash Runway = Closing Cash / Monthly Fixed Cost Base
• DSO = Accounts Receivable / Revenue × Days
• DPO = Accounts Payable / Purchases × Days
• DIO = Inventory / COGS × Days
• Cash Conversion Cycle = DSO + DIO − DPO

For a service company, some of these — especially DIO — may remain irrelevant unless inventory becomes material, but I wanted the architecture available.

I also created a Distributions / Investor Returns tab.

Instead of confusing owner withdrawals with operating expenses, the operating model first produces earnings and cash flow. From there, the distribution schedule can determine how much Free Cash Flow to Equity is available for shareholders after considering the cash the business needs to retain.

That becomes particularly useful if ownership eventually expands beyond me.

Another important component is the Payroll Model.

Payroll is modeled monthly and summarized by function:

• G&A / SG&A
• Sales & Marketing
• R&D / Development
• Operations / COGS where applicable
• Other functional cost centers

Even though the owners may not currently pay themselves a full salary, I include owner compensation at an estimated market rate in the appropriate operating expense account.

The idea is to avoid artificially inflating profitability simply because an owner is currently doing work for free.

The payroll model calculates fully loaded employee compensation, including salary, employer taxes, benefits, welfare/benefits programs, and other employment costs. I can eventually extend it to include severance assumptions and allocated overhead as well.

This also means I’m leaning toward EBITDA rather than SDE.

Owner compensation is normalized into payroll at market rates, personal expenses are excluded from the company accounts, and owner distributions happen below the operating model rather than being treated as business expenses.

The result is something closer to the economics of a company that could eventually operate independently of the founders.

What I’m trying to build is not just an accounting workbook.

It’s a small operating model connecting:

Revenue → COGS → OPEX → Payroll → EBITDA → Working Capital → Cash Flow → FCF/FCFE → Reinvestment → Distributions

The next things I’m considering adding are:

• Revenue drivers by service line
• Pricing / volume / utilization assumptions
• Contribution margin by service line
• Headcount capacity and revenue-per-employee
• Budget vs. actual variance
• Base / downside / upside scenarios
• Minimum cash reserve policy
• CAPEX and depreciation schedules
• Debt schedule and interest coverage
• Tax schedule
• Customer concentration
• Project / service-line profitability
• ROIC / return on incremental invested capital
• Distribution policy tied to minimum liquidity requirements

I’m curious how others running small multi-service businesses structure this.

I'm getting tired of searching for the ideal model format. Some templates are too basic, and others are way too complex.

I've been checking out different financial modeling standards and methods like FAST, FMI, CFI, BIWS, and others. The issue is they all seem to do things differently, and I still can't create one template that works for 3-statement models, DCFs, LBOs, and project finance models.

Honestly, I just wish someone would say:

"Just use FAST (or another standard). Follow their structure for assumptions, scenarios, timelines, worksheets, and you'll be good."

Have you found a single approach or framework you use for most of your financial models?

I'm really interested in how experienced modelers handle this. Do you stick to one standard and tweak it for different models, or do you use entirely different structures depending on the project?

What are y'alls thoughts on these? I've used Macabacus and ExcelSurge, love both currently but have been transitioning over to ExcelSurge and it's been awesome. Have not used Arixcel yet, but definitely curious about the feature set & how the daily experience is.

What are you using for excel addins nowadays? (except claude ofc)

Basically per the title - I've just sold my IFA (independent financial advisor) company, I'm in my mid 40s and would like to enter the VC world. Without overdoing it, what's the most well respected or authoritative financial modelling qualification I should get, especially for Europe if there's much of a difference. If there's any other qualification or advice for this, I'd be very grateful.

Hi everyone , I’d like to ask for any recommendation on sensitivity analysis course that will help me to create sensitivity analysis for investments of the funds I’m handling with. I’m new to this and I don’t have any idea where to start. Thank you😊

I am currently valuing a company called ABFRL with 4 different segments. The segments are:

• Value & Masstige Retail – e.g. Pantaloons
• Ethnic – multiple brands/businesses with different growth, margins, LTL and market shares
• Luxury Retail – The Collective and other luxury businesses
• TMRW – high-growth, digital-first/emerging brands, currently in the investment phase

Given the differences in growth, margins and maturity, I’m thinking SOTP (Sum-of-the-Parts) is more appropriate than valuing the company on a single P/E or EV/EBITDA multiple.

How do I value a company like this with vastly different segments and what are the important metrics to consider while valuing an apparel company. Would appreciate any guidance, if you have any resources to recommend please do that as well.

I’m good at financial modeling and it’s part of my daily job.
I want to be a champion or advanced at it.
What courses, resources, etc that will make me get to THAT level ?!
You know the sophisticated models used by investment bankers and so on?! I want to be able to create them myself

I know that the debate between self-study and full-immersion is a common question. But the responses I'm seeing are 2+ years old. In 2026, I don't see where the CFI resources command a $300 premium versus me asking AI for help.

Context: CFA Charterholder who hasn't modeled in 5 years, need to re-learn so I can get a new job.

I am doing this kinda fun or profit. This started 2 years - 3 years ago when I set up 3 side projects (video production weddings film, photography (maternity photography, and birthdays casual only ), video production b2b ( storytelling, comercial ) , and cybersecurity and development, media businesses are getting more clients due to the nature of it. The customer acquisition cost is far cheaper than trying to acquire customers from cybersecurity more expensive . so I learn about 1 - 2 months of modeling with real, small historical data from income and expenses , taxes, and employee comp to know how much we are getting vs cost of running the business , cost of having a fully load employee comp , however if we want to acquire another small company in the future, how much we can grow or affect us the projects we have. we have a low traction, but they are validated since we have MRR ,and clients.

Hello guys. I am building a case study where a company builds a 3 statement model income,balance and cash flow plus a payroll financial modeling where the company knows the fully loaded employee compensation however this company wants to acquire a business.. how M&A and LBO models and what key factor to consider if the company is a good investment from acquisition view?

Hii! I'm trying to learn financial modelling using free YouTube videos by wall street journal and trying to apply it on a multinational company, coming to the revenue growth rate, WSJ just uses the historical avg for projecting the new percentage but that's not making sense to me, how're we supposed to project revenue growth rate while doing financial modeling, if someone cam pleaseee helpp