How much time to spend to learning modelling?

Ah, the age-old question of how much time to dedicate to mastering the art of financial modeling! Based on the most helpful WSO content, here's a breakdown to give you a sense of the timeline:

• Initial Understanding (6-12 months): It's generally expected that grasping the basics and being able to model out scenarios can take anywhere from half a year to a full year.
• Efficiency and Perfection (Additional 6 months): To do things really efficiently and close to perfect every time, you might need another six months of practice and exposure.
• Advanced Savviness (2-3 years): For a deeper understanding of capital needs, rent forecasts, expense estimates, and to be better than most, it could take an additional two to three years. This is more about gaining experience and insight into the economic landscape, major players, and local/state municipality impact.

Now, for an incoming summer analyst like yourself, you're looking at a condensed timeline. You want to get up to speed quickly. Here are some tips:

• Practice, Practice, Practice: As one of the WSO threads suggests, the key is repetition. Start with basic templates and gradually work your way up to more complex models.
• Understand the Basics on Paper: Before diving into Excel, make sure you understand how different capital structures work and how cash flows through them.
• WSO Free Modeling Series: Take advantage of the WSO Free Modeling Series, which is open through September 30, 2023. It offers lessons on financial statement modeling, DCF, M&A, LBO, Comps, and Excel Modeling.
• Simplify: Keep your models simple and avoid complex formulas where possible. This will help you understand the underlying mechanics better.

Given your STEM background, you likely have a strong analytical foundation, which is a great asset. Leverage that analytical mindset and apply it to financial concepts. With dedicated practice and the right resources, you should be able to build a solid foundation in financial modeling before your summer analyst stint begins. Remember, it's not just about the hours you put in, but also about the quality of your practice and learning. Good luck!

Sources: Can I become good at modeling?, Scared Shitless: How Did You Actually Learn How To Competently Build Financial Models, Scared Shitless: How Did You Actually Learn How To Competently Build Financial Models, Almost 1 year into the job, little to no modeling experience to show for it..., PE Interview - Need to learn modeling in 2 days