Need some tips to learn financial modeling
Please share some good tips and stuffs about financial modeling. Also if there are any website providing very good video tutorials online?
Thanks!
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My favorite is macabacus.com. Free tutorials, great models, also has an awesome free excel plug-in that I use every day
Idk if you're still in school or by a major campus but Adventis is a good program and Training the Street seems alright too.
Learn all you can financial accounting...the rest is just figuring out excel.
If you're looking for free courses, asimplemodel is a good start if you're just starting to learn financial modelling. If you're willing to put down some money, WallStreetPrep is pretty good at guiding you through more advance models (from my experience) and wso offers a discount on its course as well. But one critique I hear often and I think is important to note (in regards to these modelling courses) is that it doesn't fully explain the theory/reasoning behind some calculations. A free resource I used for this was the videos posted by Aswath Damodaran (finance professor at NYU) on youtube and other sources.
Learning Financial Modeling? (Originally Posted: 08/02/2016)
I am a trainee accountant whose objective it is to work in the Asset Management industry after I have completed by accountancy certificate. Networking, investing (virtually) and the CFA are things that I will focus on in the next couple of years; however another aim is to gain preferably excellent financial modelling skills. Through thorough investigation on this site I have discovered that ‘Wall Street Prep’ is good. ‘Financial Modeling’ by Simon Benninga has also received a lot of praise.
The question to you is that... 1. Do you think that both of these resources are sufficient for me (self-teaching) to gain financial modelling skills that will impress a potential future employer? Thanks in advance.
Eh I think you can skip a few steps here on your path. Why bother with the accountancy certificate if you're going to do your CFA? Why not just do your CFA and get a job in Asset Management? I definitely recommend getting some exposure to modeling, but at your age most employers bank on you learning on the job (some will even send you to an excel bootcamp to learn these skills). I also don't think they will care about your virtual portfolio.
Regrettably I wasn't able to secure a job in the preferred field hence I decided to take the accounting job.
I attended a non-target University in the UK and also graduated with mediocre grades (which are not a true reflection of what I am capable of) plus I don't have experience in the above mentioned industry. For these reasons and others I thought it would be a good idea to gain the accounting qualification in addition to passing all three levels of the CFA to make me more competitive in three years time.
I don't have the monetary funds to invest; hence virtual. I thought so; too.
Thank you!
Cheapest and Fastest way to learn modelling for research at associate level? (Originally Posted: 01/14/2011)
Have a decent grip on excel but by no means am I a modelling ninja, was wondering whats the cheapest and fastest way to learn the basics for modelling in research at the associate level?
http://pages.stern.nyu.edu/~adamodar/ (free - you can learn valuation methods here)
im a model, you know what I mean
On the job!
This is a good book I have: Financial modeling, simon benninga 3rd edition http://www.amazon.com/Financial-Modeling-3rd-Simon-Benninga/dp/02620262…
They have free models on finance30.com although I'm not sure if there's a walkthrough hidden somewhere
I've seen several past discussions here about which modeling courses are best for investment banking modeling (Wall Street Prep vs Breaking Into Wall Street vs Wall Street Training). But is one of them better suited for ER modeling, or is it just a matter of preference?
NGW, as a WSO member, you automatically get 15% of any Wall street Prep program if you click one of the banners (like the one below the comment box)...or you can go here to see all of our discounts: //www.wallstreetoasis.com/wall-street-oasis-discounts
good luck! Patrick
www.macabacus.com helps as well.
Learning modelling for Hedge Fund/PE (Originally Posted: 07/09/2014)
In spite of my career, I haven't been heavily exposed to modelling as much as I would like to have been. Partially why I am leaving is because I had low deal exposure and modelling exposure. I feel like I was given most of the administrative work simply because I was the new guy. That is for another discussion.
Right now, I understand the basics of modelling and assumptions, but how would you guys recommend brushing up for a hedge fund interview?
DCF modelling is probably most important. How would Macabacus be to brush up and learn skills for a model?
Thanks in advance for your advice guys!
HF interviews don't usually have a modeling test (unlike PE). More commonly, they'll have some sort of case study where you pitch a stock or some other investment idea. I would focus more on that than on modeling.
From what I've read on here, a lot of value guys never run DCFs. It's all about the idea, catalyst, and upside/downside. I'd have a long and a short idea ready to go.
They also do some mid-scale PE as well, which is why I would need to learn some of the modelling.
So then you should be focusing on LBO modeling, rather than DCF. Know how to build a real short form LBO in 30 minutes, and know how to build a full three statement LBO in 2 hours and you should be fine.
How is Macabacus? Do you think that is sufficient to learn what I may need? It has the Operating Model as well as LBO modelling tutorials. I suppose I can also learn how to do DCF and other valuation techniques too.
Are you at a bank? Macabacus is not a bad resource but I would recommend also asking other analysts if they have models from buyside interviews that you can look at. The Macabacus models will be too detailed/complicated to use in a timed modeling test.
If you're looking to just learn modeling in general, that's not a bad place to start though (unless you're at a bank, where you should have numerous resources... models from old deals, other analysts, etc).
Best free modelling resources (Originally Posted: 01/15/2017)
Hey everyone,
I'm looking for free DCF modelling resources. Are there any good youtube channels/videos?
I'm not looking for something theoretical, like a video from a b-school professor. Looking for someone who has been in the industry and has done a many valuations and DCF analyses & knows the real world applications.
Someone who can explain what common mistakes can be made or give good tips to build in checks into your work - that kind of thing.
I'm not an IB guy, rather my background is in corp fin. Recently left my 9-5 job to start my own biz, but landed a Part time gig on the side where I need to do some modelling. I've been in transaction support for a few times in my previous job and built maybe 3 models, so I'm not a guy who has done this hundreds of times. But would be great if I can find some good resources so I don't completely embarrass myself in this new gig.
Macabacus
Damodaran
Macabus is great. I know that you specified free, but if you have the cash, the courses from BIWS come with free lifetime updates. I still occasionally use it as a refresher or if I have to model a scenario that I have not seen before.
Resources for Financial modeling and excel (Originally Posted: 01/23/2018)
Hi,
I am looking for financial modeling and excel resources/classes that are budget friendly. I have looked at Wall street prep, out of my price range. If anyone can share free resources or anything that is affordable that would be terrific!
Hey Betseat-Getachew, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
Or maybe the following WSO members have something to say: epping77 gameover3384 RoyalT
If those topics were completely useless, don't blame me, blame my programmers...
What type of financial modeling are you looking for specifically?
I've found it helpful to look for books specific to the type of financial modeling I want to learn. For example, Simon Benninga's Financial Modeling is a good survey of modeling. It has sections on Corp Fin, Bonds, Options, Portfolio, Monte Carlo, etc.
I've also found it helpful to look at graduate schools' course listings and syllabuses. You can often find references to books, notes, etc. It's amazing how much is available to the public.
Youtube, surprisingly, has a lot of videos for financial modeling (excel and otherwise).
You could also hire someone of wework. I found a former head of Structuring and Analytics of a BB on there. The rate is usually negotiable.
There is a ton of info out there if you know how to navigate the world wide web.
Good luck
Hi D33g,
I sent you a message, lets connect. Financial modeling for Corporate finance and investment analysis. I like the thought you mentioned of hiring a 'tutor' from Wework
Financial Modeling - Learning from the ground up? (Originally Posted: 09/05/2013)
Where can I learn financial modeling from the ground up? Meaning learning all of the basics such as accounting and then building up from there?
I looked at the wall st. prep advertised on WSO but its some angry Chinese dude that really can't teach. Any other suggestions?
Breaking into wallstreet is very good
x2
LOL
There's a free online financial modeling course on Vair Companies website. Videos, worksheets, etc. Good place to start
Modeling Test Resources (Originally Posted: 03/06/2015)
Hi all,
Given the frequency of modeling tests in the interview process (across ER, HF, PE), I was hoping people in the community could share any resources they knew of for sample modeling tests - hopefully ones that include solutions.
So far I have used Macabus and Wall Street Prep to teach myself the key concepts, but no I'm looking for models that would take about 2 hours to build - as that's generally the format found in equity research interviews.
Confused with what you're asking. Are you looking for a template? Don't use templates. If you've already done WSP and Macabus just grab some statements and work on building models until you can get what you need done in 2 hours.
Current job is light on the modelling -- how to best train/position myself (Originally Posted: 06/27/2017)
Up to now in my career (two years out of college) I've had a couple investment banking internships, including a BB one where I had the classic SA week-long training session, but I have never worked full-time at an investment bank and never received the full-on training that analysts get, that then prepares them for an exit opportunity to PE/Corporate Dev (Where I'm at now). I'm not confident if I had to take a modelling test as part of an interview, and I want to get to a second-year ibanking analyst level of skills, where I can say to PE shops or buyside shops I have equivalent modelling skills as a banker my age.
Right now I've really improved a lot of my skills -- especially the softer, office politics communication skills. I also have strong PPT and presentation skills. I think the only thing I'm lacking is the ability to really manufacture a hardcore model from start-to-finish. We usually let the bankers create the model, and then input our assumptions/change it as we sit fit on our end, but I can't say from my experience I've "created a model". So I just feel like I'm lacking that part of the skillset that a classic banker has.
There's been talk of getting my investment group (5-10 people) a week-long training session, from something a BB banking group would use like TTS. I really would like this on my resume, as well as to shore up my skills for if I have to take a test.
Do you guys have any suggestions on how to float this idea to my group head? And since I will probably be tasked with actually going through with it, the best way to execute on that? I don't want to phrase the conversation in such a way: "Hey, can I get some formal training so when I leave you guys paid for my exit ops?" because we're in banking...
Depending on which bank your corporation uses for large transactions, the investment bank may offer free TTS lite for their clients.
-caP1taL1sm..
I'm on my phone, so please excuse any typos made.
There really are two things here to think about. First, from a Resume standpoint, any training program you take will add little to no value whatsoever. Anyone looking at your resume will see your IB and corp dev experience and assume you know how to model, so you spelling it out for them by listing TTS or something similar will not make a difference. The thing you should be doing is studying the models from the bank that puts them together and then building your own. This will allow you to speak to them during interviews and will qualify as modeling experience, which a training program really does not.
Second, the way to get your group to fund this is by framing it as a benefit to them (this is how to get anyone to do anything). Is the bank you use a boutique? If so, you guys are probably paying them well over $10,000 a month as a retainer. Explain to your group how the cost of training is less than that and how outsourcing your modeling is more expensive. Then, explain how training you is in their best interest. It's an investment into their employees and benefits them over the long run.
That being said, if your employer is a large, publicly-traded company, they probably have an education policy that reimburses employees a certain amount for continuing education per year. Even if your firm does not have this, I cannot imagine them balking at you asking for modeling training.
Resources for Learning how to Build a Model Independently? (Originally Posted: 04/05/2017)
Hi Everyone!
I am at a liberal arts school, and I won't be able to take corporate finance/Financial Accounting until next semester. I really want to build a model on my own, and see how everything works together.
Does anyone have suggestions as to how to do this? Are there any online resources/model templates that I can work with?
Thanks so much in advance!!
simplemodel.com
Check this out too Bottura
Macabacus has templates but those are a rough learning curve.
Buy the WallStreetPrep course. I've tried all three courses (TTS via my school) and it's a close tie between BIWS and WSP. I give WSP a slight edge for a more navigable interface and some modeling best practices that can save you hours in the error checking and tweaking phase of a real project.
This is terrible advice and I'm shocked its the "best response"
Do NOT buy any of the packages recommended above - they are poor quality and a rip off. Macabacus has some simpler templates that I would suggest trying (it's free so doesn't cost you anything to try). Also, the other programs are shitty quality and don't live up to real modeling, whereas macabacus is better quality than anything my bank had, etc. If the Macabacus models are too much though, then fall back to asimplemodel.com - this costs money but is still far cheaper than the alternatives mentioned above. You could also just practice doing DCFs and basic P&Ls which are fundamental and a quick google search will give you a lot of free options for.
@Attack_Chihuaha" - your label says you're an intern so frankly you don't know what you're talking about. I spent 2 years as an analyst and am now in PE. Don't buy overpriced, rip-off training materials.
SA at BB- Learning/Building Models? (Originally Posted: 03/11/2009)
How much should i know about modeling?
Will i as a SA build any models over the summer or will it all be with an analyst if any?
should i take a wall street prep class before my SA so i know modeling? or just not worry about it until FT offer.
i dont wan't to be behind the curve. any opinions are appreciated.
They won't trust you with models as a summer. I personally feel that WSP is a waste of money if you are going to be at a BB. Just get comfortable with excel and visit Damodaran's website.
get comfortable with excel, be eager to learn. you probably will get little/if any modeling experience... but I would ask a lot of question to the person you shadow and also when you have free time build their model templates completely from scratch so you get a good feel for what are the main drivers, what will change if you change specific variables, etc.
Modeling is an absolute joke. I'm trained as a mathematician and am absolutely shocked at the lack of intellectual honesty of IBankers in a profession purportedly staffed with the best and brightest. The arbitrary assumptions, the subjective decisions to exclude/include statements, inappropriate proxying, etc. It's a regular hodgepodge of half-truths and lies. What's the alternative? I guess there is none. But I would love it if the people in this profession would at least have the decency to admit their precious modeling is BS.
speaking of jokes....
You're being a tool.
Everyone knows modeling is bs, but people need to see some kind of justification for putting millions/billions on the line. As a banker, how else can you justify pitches or whatever else? It might be useless or impossible to predict, but at least you're not pulling assumptions out of thin air entirely, at least.
I don't think you'd find a single person who thought their "precious modeling" wasn't BS, or precious in the first place. They're called models for a reason, it's just to set price floors or ceilings, general guidelines for when people actually try to negotiate deals.
But way to assert yourself.
Wow! A trained mathematician! Really!?
Need to learn how to model. (Originally Posted: 07/10/2012)
Any courses you recommend? I know im young but this can help me get into college (seriously, there are competitions for this).
Wall St. Training, Breaking Into Wall St.
WSO offers 15% off Wall Street Prep self-study and 35% off live IB bootcamps. good luck
Best way to learn is to have your boss tell you, you have 4 days to complete a full integrated 3 statement model from scratch using the original 10k as a template. Oh yeah don't forget to add 4 years of EBITDA bridges and while your at it do a SOTP analysis using the EV from its 3 closest competitors by division.
PM me if you have any specific questions.
Wall St. Training and FactSet were both very comprehensive in my experience.
1. Slouch a little.
http://www.Amazon.com/Investment-Banking-Valuation-Leveraged-Acquisitio… and take a WSP course... see if your schools offers an 80% discount like they did for me
Great Learning Model for Monkey's Starting Out (Originally Posted: 10/16/2012)
Hey guys. Had a friend ask me to help me out learning how build a financial model. What I built was / is really basic, but think it's a good first model to get going on for beginners.
Feel free to post any questions beneath, will try to get to them if I can. Good luck and happy modeling!
Here's the link: http://www.mediafire.com/view/?yiqui3k2zh2e73a
Even though this is Accounting 101, it made me laugh my ass off... thanks for this.
Incoming Freshman seeking guidance regarding financial modeling (Originally Posted: 06/07/2017)
I'll be attending college in the fall and wanted to get a head start and learn financial modeling and valuing companies. Are Martin Shkreli's videos on YouTube (
) a good resource for me to learn modeling and valuating a company? It seems to be helping and I am understanding what he says and I practice by making my own models as I learn. However, I don't want to miss out on any valuable information and have my models be incorrect. How applicable are Martin's courses towards modeling done in Hedge Funds and Equity Research?If there are better free resources out there (Damodaran vs Shkreli? whose better?), can someone point me towards that direction?
I think a better way to start would be with a coursebook and an introductory class.
Do you have any suggestions?
Freshman here chiming in. There's a thread on this already, and it basically sums up that you really need to go through at least the basic accounting and finance classes first before you start learning how to model. It's all about projections and valuation and not something you just watch a couple videos and start doing. I did a dcf model with the IB society at my school and essentially had no idea what anything meant since I hadn't taken any business classes. Your time would be better suited reading the wsj daily and following the markets. I also suggest dealbook of the nyt. Just my 2 cents. I was trying to do the same thing as you are this time last year.
@Shaikshack" I agree with LePrestige about needing to know the basics first, being an incoming sophomore I learned all corp fin and accounting concepts my freshman year through many free websites. My friend also let me use his Wall Street Prep account which if you have money for it, it is a great investment. I suggest you reach out to alumni in banking (I am at a non target and found some) and networking your first semester and most importantly building a relationship with people before you ask any favors.
So 1st semester: Learn Accounting Basics and Networking also fully understanding what Investment Bankers do (in depth), Literally 4/5 of freshman i've met so far (from different schools) who are thinking of banking don't even know in full detail what Investment Bankers do.
Winter Break: Learning Corp Fin concepts; continue relationships going from networking
2nd Semester:
Understand what a DCF is
Look into DCF and other two important valuation methodologies (Comparable Companies, precedent transactions) build basic model, there's some free templates out there.
Start looking into interview prep books;M&I 400, Vault, and other books which you can basically find all for free if you look hard enough
and then see how you can leverage the connections you have
if you need more insight on stuff just DM me. More than happy to help.
If you want IB you need to really grind or others will grind more than you and get it.
P.S Pharma Bro Shkreli is cool Everything to learn the basics is online For the most part, no freshman will be taking finance classes so study on your own and don't wait until you take it
What would you say qualifies as basic accounting? I am comfortable with reading the three financial statements and have picked up a lot from Martin shkreli's course and will start Damodaran's course soon. I also swing trade here and there, keep up with the markets, reading the WSJ daily and financial books as well. I just have a lot of free time rn and want to spend it efficiently.
Here, this thread answers your question: https://www.wallstreetoasis.com/forums/to-all-freshman-and-sophomores#c…
Considering Shkreli may soon go to jail for defrauding his former investors after losing all their money and lying to them about it and then subsequently raiding the corporate coffers of companies he ran later in life to repay said investors, I'm not sure he's the best resource.
Finanical Modeling (Originally Posted: 05/13/2010)
Need to learn financial modeling.Would you guys please tell me if there is any free financial modeling training resources . Appreicate your help.
Yes - the internet. Use Google.
If you want to be able to put financial modeling on your resume then I think you should go with on of the training programs: wall street prep, analyst exchange, breakintowallstreet, IB institute etc You may be able to find some introductory videos but it's definitely better to have an experienced person training you so you can ask questions and go over different scenarios. An actual training program outweighs anything self-taught.
Can you add some more sites to wall street prep, analyst exchange, breakintowallstreet, IB institute, please?
if you're actually serious about getting into IB then you need to cough up the cash for one of the programs listed above. no one is going to waste their time putting quality training materials together and then just giving that shit away when people are willing to pay for it. BIWS and wall street prep are both exceptional resources and easily worth what you pay for them
I can see that there are interview preparation guides on the web-sites listed above. Are there any specific web-sites focusing on interview training?
i recommend the book Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance)
you can read some of the contents on http://books.google.com/
Question about financial modeling (Originally Posted: 06/18/2014)
Hi. I'm newly a senior in high school. I have had a strong interest in finance over the last five years, and am currently interning with my city's finance and economic development departments. After my senior year, I plan on pursuing a four year degree in economics, finance, or business administration with a concentration in economics. I plan on pursuing a career in investment banking, consulting, or Asset Management. Can anyone give me a brief tutorial about financial modeling and suggest material to help me learn more. Thanks.
http://macabacus.com/
Thank you. Really appreciate it.
go through old threads on WSO
this question has been asked so many times now
Well it's brave of you to have decided so early to go into finance. I thought I was going to be a doctor my freshman year of college but now in my late 20's I'm in back/mid office Asset Management and on this forum. Hah... life's a mystery! WSO has some modeling courses if you look up top there's a Chart with an upward trending arrow going through it. Click on that. Otherwise youtube can be your friend for some nice tutorials. How good are you with just basic Excel and shortcuts, formatting, formulas, etc? Master that stuff first. It will make modeling soooo much easier. Try the youtube channel: Excelisfun
Yah. I actually wanted to be a doctor for a long time but over the last few years, I have known I want to do business hopefully investment banking. Anyways, thank you. Good luck!
If you're a beginner give valuationuniversity a try and then work your way up to macabacus.
GAME CHANGER in the world of modeling (Originally Posted: 07/30/2014)
I found it very strange not to be able to find anything about Thinknum on WSO. All the analysts are already using this, all the major publications writing about it, and venture capitalists backing the project.
I've only been a part of it for couple days now, but I have to admit this new Financial Modeling hub is definitely a game changer.
Dealbook gives the best breakdown about the website/firm, so make sure to visit the link
Got models to share? Come on in! THINKNUM
I wonder how far this venture would go? I feel like the potential here is huge. Who's already using it?
P.S. I dont know how I feel about the title though - "thinknum" - I'm sure they could've come up with smth better
Interesting, like the key drivers section. Models pretty basic. I wonder what the site does to track validity of the models it rates, for example one for a co. I checked puts growth at 10% forever and another seems to actually adjust for new product launches etc both rated the same.
Cool concept thanks for bringing it up.
Yeah i took at look at it but if you're going to actually use it for work you'll need to have the K, Q, + 8-k back-ups
I think this will be cool for college kids trying to learn. Unfortunately for them, can't see this catching on with the private side.
agree w faraday - companies doing advisory work will not post their model onlines, let alone use public models. Comps and/or benchmarks maybe, but these are already pre-built internally and simply pull data automattically therefore not much added value...
co-founder of Thinknum here. @canadianbanker23 institutional clients are using Thinknum private repositories. I worked @GS abx trading desk for 4 years - trust me I understand our clients privacy concerns. feel free to ping me if you guys have any questions/ideas.
Great idea nonetheless. Best of luck after that $1MM round
SB'ed. this seems to be a great resource for undergrads trying to teach themselves how to model.
Learning Financial Modeling? (Originally Posted: 08/02/2016)
I am a trainee accountant whose objective it is to work in the Asset Management industry after I have completed by accountancy certificate. Networking, investing (virtually) and the CFA are things that I will focus on in the next couple of years; however another aim is to gain preferably excellent financial modelling skills. Through thorough investigation on this site I have discovered that ‘Wall Street Prep’ is good. ‘Financial Modeling’ by Simon Benninga has also received a lot of praise.
The question to you is that... 1. Do you think that both of these resources are sufficient for me (self-teaching) to gain financial modelling skills that will impress a potential future employer? Thanks in advance.
Where can Iearn financial modelling for cheap? (Originally Posted: 07/17/2017)
I am a CC student and my college doesn't offer intermediate finance classes. I have a good accounting and economics background, but I would love to get some practice in before I transfer to a university.
Check out Wall Street Prep. If you use a code given by WSO, you get a nice discount. https://www.wallstreetoasis.com/financial-modeling-training
Hey buddy, I am a CC student as well. These fuckers wont let me post links but type in "Investment Banking PDF Rosenbaum" and you will get the free book in electronic form.
Hey, thanks a ton. I liked your post about you being a CC student. There's definitely a place for us out there.
Anybody have any extra excel modelling/ibanking training pdf's layin around? (Originally Posted: 02/10/2011)
PM me pleaaaaaaseeeee.
I'm a poor student that is trying to rise from my blue collar roots into the wonderful world of white collars. help a br0tha out.
bump
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