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Hello All,

I am currently trying to teach myself how to make financial models (I'm a Law Student that would like to work a fund carrying out equity research after University) and was wondering if you guys include the Balance Sheet and Cash Flow statement when modeling professionally?

Do you generally just model the Income Statement and forecast future cash flows and then apply the ratios from the Balance Sheet and Cash Flow statement (such as CFFO, CFFI, CFFF FCF etc) below? I ask because it seems inputting each of the Financial Statements seems really long winded. However if this is how it's done in reality then I will of-course continue with it.

Please see the below screenshots of a model I'm building for Cronos Group at the moment. I would really appreciate any advice and guidance on what you include whilst modeling companies for your respective firms.

https://imgur. (remove this space) com/a/hNtV4HU

Many Thanks

Craig

410 WSO Academy Equity Research Session Reviews: 4.84/5

Springfield College

Class of '29 Sep 2026 Cohort

5.00/5

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“Michael gave me very practical, specific advice for breaking into equity research as a freshman. I came in with mixed results from past alumni and industry chats, and he showed me how to make them more useful. He advised tailoring the length and questions of each chat to the contact: start with a brief intro, then pivot to targeted questions tied to their role. For shorter calls, he suggested pinpoint questions that draw out actionable advice. When a contact works in a different area, he told me to phrase my interest broadly and then ask for insight into their team or function, so my goals line up with their work. He also changed how I prepare. He told me to read the analyst’s published reports or their firm’s research before the call and to bring one or two stock or sector ideas and ask for their take, which shows I’ve done my homework. He suggested using school resources like terminals and the finance club to gather sources and data. On building my resume, he recommended continuing to publish on a Substack or website, pursuing WSO or part-time research projects, and applying to the WSO equity research internship or similar programs, then adding the published pieces to my resume and portfolio. He also told me to join my school finance club and get Bloomberg access. Finally, he coached me to ask for introductions during the call when it comes up, to repeat the request in the thank-you email, and to explicitly ask who they’d recommend and offer to follow up. I left with clear action items I can start on right away.”

Class of '25 Nov 2026 Cohort

5.00/5

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“Chris was very easy to talk to and made the session feel relaxed and genuinely useful. He gave me clear, actionable tasks that I can go away and work on straight away to expand my network. I hope to reconvene with him at a later date to discuss the progress I have made and get his feedback on the work I have been doing.”

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+14	Is Equity Research Dying - Where Are the Future Opportunites?	4	5d
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+1	IB SA -> ER FT	4	2w
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