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What is Financial Modeling?

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Home › Resources › Financial Modeling › What is Financial Modeling?

Table of contents

What is Financial Modeling?

What is a Financial Model Used For?

What Software is Best for Financial Modeling?

Who Builds Financial Models?

How Can You Learn Financial Modeling?

How Much Accounting Knowledge is Required for Financial Modeling?

Additional Resources

What is Financial Modeling?

The process of combining historical and projected financial information to make business decisions Over 1.8 million professionals use CFI to learn accounting, financial analysis, modeling and more. Start with a free account to explore 20+ always-free courses and hundreds of finance templates and cheat sheets.

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Jeff Schmidt

Reviewed by

Duncan McKeen

What is Financial Modeling?

Financial modeling is one of the most highly valued, but thinly understood, skills in financial analysis. The objective of financial modeling is to combine accounting, finance, and business metrics to create a forecast of a company’s future results.

A financial model is simply a spreadsheet which is usually built in Microsoft Excel, that forecasts a business’s financial performance into the future. The forecast is typically based on the company’s historical performance and assumptions about the future, and requires preparing an income statement, balance sheet, cash flow statement, and supporting schedules (known as a three-statement model).

From there, more advanced types of models can be built such as discounted cash flow analysis (DCF model), leveraged buyout (LBO), mergers and acquisitions (M&A), and sensitivity analysis. Below is an example of financial modeling in Excel:

Image: CFI’s Financial Modeling Courses.

Key Highlights

Financial modeling combines accounting, finance, and business metrics to create a forecast of a company’s future results.

The main goal of financial modeling is to accurately project a company’s future financial performance.

Modeling can be useful for valuing companies, determining whether a company should raise capital or grow the business organically or through acquisitions.

What is a Financial Model Used For?

There are many types of financial models with a wide range of uses. The output of a financial model is used for decision-making and performing financial analysis, whether inside or outside of the company. Financial models are used to make decisions about:

Raising capital (debt and/or equity)

Making acquisitions (businesses and/or assets)

Growing the business organically (e.g., opening new stores, entering new markets, etc.)

Selling or divesting assets and business units

Budgeting and forecasting (planning for the years ahead)

Capital allocation (priority of which projects to invest in)

Valuing a business

Financial statement analysis/ratio analysis

Management accounting

What Software is Best for Financial Modeling?

Forecasting a company’s operations into the future can be very complex. Each business is unique and requires a very specific set of assumptions and calculations. Excel is used because it is the most flexible and customizable spreadsheet tool available. Other software programs may be too rigid and specialized, whereas Excel knowledge is generally more universal.

Who Builds Financial Models?

There are many different types of professionals who build financial models. The most common types of career tracks are investment banking, equity research, corporate development, FP&A, and accounting (due diligence, transaction advisory, valuations, etc).

How Can You Learn Financial Modeling?

The best way to learn financial modeling is to practice. It takes years of experience to become an expert at building financial models, and you really have to learn by doing. Reading equity research reports can be helpful, as they give you something to compare your results to. One of the best ways to practice is to take a mature company’s historical financials, build a model into the future, calculate the net present value per share, and compare your projections to current share prices or the target prices in equity research reports.

Taking a professional financial modeling training course also offers a solid base understanding of the relevant concepts and skills. In the meantime, you may be interested in exploring CFI’s free Financial Modeling Guidelines or having a go at building your own financial models.

Image: CFI’s Financial Modeling Courses.

How Much Accounting Knowledge is Required for Financial Modeling?

In order to build a financial model, you need a solid understanding of accounting fundamentals. You have to know what all the various accounts mean, how to calculate them, and how they’re connected. We recommend having at least a few accounting courses under your belt.

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A well rounded financial analyst possesses all of the above skills!

Additional Questions & Answers

CFI is the global institution behind the financial modeling and valuation analyst FMVA® Designation. CFI is on a mission to enable anyone to be a great financial analyst and have a great career path. In order to help you advance your career, CFI has compiled many resources to assist you along the path.

In order to become a great financial analyst, here are some more questions and answers for you to discover:

What is Financial Modeling?

How Do You Build a DCF Model?

What is Sensitivity Analysis?

How Do You Value a Business?

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Types of Financial Models: Most Common Models & Examples

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Home › Resources › Financial Modeling › Types of Financial Models

Table of contents

Top 10 Types of Financial Models

Examples of Financial Models

Types of Financial Models

The 10 most common types of financial models Over 1.8 million professionals use CFI to learn accounting, financial analysis, modeling and more. Start with a free account to explore 20+ always-free courses and hundreds of finance templates and cheat sheets.

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Written by

Jeff Schmidt

Top 10 Types of Financial Models

There are many different types of financial models. In this guide, we will outline the top ten most common models used in corporate finance by financial modeling professionals.

Here is a list of the ten most common types of financial models:

Three-Statement Model

Discounted Cash Flow (DCF) Model

Merger Model (M&A)

Initial Public Offering (IPO) Model

Leveraged Buyout (LBO) Model

Sum of the Parts Model

Consolidation Model

Budget Model

Forecasting Model

Option Pricing Model

Key Highlights

The ten most common financial models are used by investment bankers, research analysts, private equity professionals and other corporate finance professionals.

You can download many of our pre-built templates to upskill your financial modeling capabilities.

The key to being able to model effectively is to have good templates and a solid understanding of accounting and corporate finance.

Examples of Financial Models

To learn more about each of the types of financial models and to perform detailed financial analysis, we have laid out detailed descriptions with relevant screenshots below. The key to being able to model effectively is to have good templates and a solid understanding of corporate finance, as covered in our courses.

If you’d like to have the templates, you can always download our financial models.

1. Three-Statement Model

The three-statement model is the most basic setup for financial modeling. As the name implies, the three statements (income statement, balance sheet, and cash flow) are all dynamically linked with formulas in Excel. The objective is to set it up so all the accounts are connected and a set of assumptions can drive changes in the entire model. It’s important to know how to link the three financial statements, which requires a solid foundation of accounting, finance and Excel skills. Learn the foundations in our online financial modeling courses.

Here is a screenshot of the balance sheet section of a three-statement single worksheet model. Each of the other sections can easily be expanded or contracted to view sections of the model independently. See our free webinar on how to build a three-statement model.

Learn more: Download CFI’s three-statement financial model.

2. Discounted Cash Flow (DCF) Model

The DCF model builds on the three-statement model to value a company based on the Net Present Value (NPV) of the business’s future cash flow. The DCF model takes the cash flows from the three-statement model, makes some adjustments where necessary, and then uses the XNPV function in Excel to discount the cash flows back to today at the company’s Weighted Average Cost of Capital (WACC).

These types of financial models are used in equity research and other areas of the capital markets.

Here is a screenshot of the discounting cash flows section in a DCF model. In this section, the cash flows that were calculated above are being discounted by the calculated WACC. See our guide to DCF models.

Learn more: Download the DCF model template.

3. Merger Model (M&A)

The M&A model is a more advanced model used to evaluate the pro forma accretion/dilution of a merger or acquisition. It’s common to use a single tab model for each company, where the consolidation of Company A + Company B = Merged Co. The level of complexity can vary widely. This model is most commonly used in investment banking and/or corporate development.

Here is an example of an M&A model used to evaluate the impact of an acquisition. The M&A model is a more advanced type of financial model, as it requires making adjustments to create a Pro Forma closing balance sheet, incorporate synergies and terms of the deal, and modeling accretion/dilution, as well as performing sensitivity analysis, and determining the expected impact on valuation.

Learn to build an M&A model step by step in CFI’s M&A Modeling Course.

4. Initial Public Offering (IPO) Model

Investment bankers and corporate development professionals also build IPO models in Excel to value their business in advance of going public. These models involve looking at comparable company analysis in conjunction with an assumption about how much investors would be willing to pay for the company in question. The valuation in an IPO model includes “an IPO discount” to ensure the stock trades well in the secondary market.

5. Leveraged Buyout (LBO) Model

A leveraged buyout transaction typically requires modeling complicated debt schedules and is an advanced form of financial modeling. An LBO is often one of the most detailed and challenging of all types of financial models, as the many layers of financing create circular references and require cash flow waterfalls. These types of models are not very common outside of private equity or investment banking.

Here is an example of an LBO model. As you see below, the LBO transactions require a specific type of financial model that focuses heavily on the company’s capital structure and leverage to enhance equity returns. Learn more about LBO transactions and LBO models.

Learn more: CFI’s LBO Modeling Course.

6. Sum of the Parts Model

This type of model is built by taking several DCF models and adding them together. Next, any additional components of the business that might not be suitable for a DCF analysis (e.g., marketable securities, which would be valued based on the market) are added to that value of the business. So, for example, you would sum up (hence “sum of the parts”) the value of business unit A, business unit B, and investments C, minus liabilities D to arrive at the Net Asset Value for the company.

7. Consolidation Model

This type of model includes multiple business units added into one single model. Typically, each business unit has its own tab, with a consolidation tab that simply sums up the other business units. This is similar to a Sum of the Parts exercise where Division A and Division B are added together and a new, consolidated worksheet is created. Check out CFI’s free consolidation model template.

8. Budget Model

This is used to model finance for professionals in financial planning & analysis (FP&A) to get the budget together for the coming year(s). Budget models are typically designed to be based on monthly or quarterly figures and focus heavily on the income statement.

9. Forecasting Model

This type is also used in financial planning and analysis (FP&A) to build a forecast that compares to the budget model. Sometimes the budget and forecast models are one combined workbook and sometimes they are totally separate.

Learn more: See a step-by-step demonstration of how to build a forecast model.

10. Option Pricing Model

The two main types of option pricing models are binomial tree and Black-Scholes. These models are based purely on mathematical formulas rather than subjective criteria and, therefore, are more or less a straightforward calculator built into Excel.

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Analyst Certification FMVA® Program

A well rounded financial analyst possesses all of the above skills!

Additional Questions & Answers

In order to become a great financial analyst, here are some more questions and answers for you to discover:

What is Financial Modeling?

How Do You Build a DCF Model?

What is Sensitivity Analysis?

How Do You Value a Business?

Share this article

Get Certified for Financial Modeling (FMVA)®

Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst.

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Financial Modeling Definition and What It's Used For

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Table of Contents

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Table of Contents

What Is Financial Modeling?

Understanding Financial Modeling

Real-World Example

What Is Financial Modeling Used For?

What Information Should Be Included in a Financial Model?

What Types of Businesses Use Financial Modeling?

How Is a Financial Model Validated?

Corporate Finance

Financial Analysis

Financial Modeling Definition and What It's Used For

Carol M. Kopp

Full Bio

Carol M. Kopp edits features on a wide range of subjects for Investopedia, including investing, personal finance, retirement planning, taxes, business management, and career development.

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Updated February 15, 2024

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Michael J Boyle

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Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics.

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What Is Financial Modeling?

Financial modeling is the process of creating a summary of a company's expenses and earnings in the form of a spreadsheet that can be used to calculate the impact of a future event or decision.

A financial model has many uses for company executives. Financial analysts most often use it to analyze and anticipate how a company's stock performance might be affected by future events or executive decisions.

Key Takeaways

Financial modeling is a numerical representation of some or all aspects of a company's operations.Financial models are used to estimate the valuation of a business or to compare companies to their industry competitors. Various models exist that may produce different results. A model is only as good as the inputs and assumptions that go into it.

Understanding Financial Modeling

Financial modeling is a representation in numbers of a company's operations in the past, present, and the forecasted future. Such models are intended to be used as decision-making tools. Company executives might use them to estimate the costs and project the profits of a proposed new project.

Financial analysts use them to explain or anticipate the impact of events on a company's stock, from internal factors such as a change of strategy or business model to external factors such as a change in economic policy or regulation.

Financial models are used to estimate the valuation of a business or to compare businesses to their peers in the industry. They also are used in strategic planning to test various scenarios, calculate the cost of new projects, decide on budgets, and allocate corporate resources.

Examples of financial models may include discounted cash flow analysis, sensitivity analysis, or in-depth appraisal.

Investopedia / Michela Buttignol

Real-World Example

The best financial models provide users with a set of basic assumptions. For example, one commonly forecasted line item is sales growth. Sales growth is recorded as the increase (or decrease) in gross sales in the most recent quarter compared to the previous quarter. These are the only two inputs a financial model needs to calculate sales growth.

The financial modeler creates one cell for the prior year's sales, cell A, and one cell for the current year's sales, cell B. The third cell, cell C, is used for a formula that divides the difference between cells A and B by cell A. This is the growth formula. Cell C, the formula, is hard-coded into the model. Cells A and B are input cells that can be changed by the user.

In this case, the purpose of the model is to estimate sales growth if a certain action is taken or a possible event occurs.

Of course, this is just one real-world example of financial modeling. Ultimately, a stock analyst is interested in potential growth. Any factor that affects or might affect that growth can be modeled.

Also, comparisons among companies are important in concluding a stock purchase. Multiple models help an investor decide among various competitors in an industry.

What Is Financial Modeling Used For?

A financial model is used for decision-making and financial analysis by people inside and outside of companies. Some of the reasons a firm might create a financial model include the need to raise capital, grow the business organically, sell or divest business units, allocate capital, budget, forecast, or value a business.

What Information Should Be Included in a Financial Model?

To create a useful model that's easy to understand, you should include sections on assumptions and drivers, an income statement, a balance sheet, a cash flow statement, supporting schedules, valuations, sensitivity analysis, charts, and graphs.

What Types of Businesses Use Financial Modeling?

Professionals in a variety of businesses rely on financial modeling. Here are just a few examples: Bankers use it in sales and trading, equity research, and both commercial and investment banking, public accountants use it for due diligence and valuations, and institutions apply financial models in private equity, portfolio management, and research.

How Is a Financial Model Validated?

Errors in financial modeling can cause expensive mistakes. For this reason, a financial model may be sent to an outside party to validate the information it contains. Banks and other financial institutions, project promoters, corporations seeking funds, equity houses, and others may request model validation to reassure the end-user that the calculations and assumptions within the model are correct and that the results produced by the model are reliable.

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Related Terms

Sensitivity Analysis Definition

Sensitivity analysis determines how different values of an independent variable affect a particular dependent variable under a given set of assumptions.

Scenario Analysis: How It Works and Examples

Scenario analysis is the process of estimating the expected value of a portfolio after a given change in the values of key factors takes place.

Net Present Value (NPV): What It Means and Steps to Calculate It

Net present value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows over a period of time.

Terminal Value (TV) Definition and How to Find The Value (With Formula)

Terminal value (TV) determines the value of a business or project beyond the forecast period when future cash flows can be estimated.

Game Theory

Game theory is a framework for modeling scenarios in which conflicts of interest exist among the players.

Cost of Capital: What It Is, Why It Matters, Formula, and Example

Cost of capital is a calculation of the minimum return a company would need to justify a capital budgeting project, such as building a new factory.

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What are the Different Types of Financial Models?

So, “What are the Different Types of Financial Models?”. The types of financial models constructed on the job are directly related to the situational context, but in the following guide, we’ll outline the most common models used in corporate finance.

Table of ContentsWhat are Financial Models?1. 3-Statement Financial Model2. Discounted Cash Flow Model (DCF Analysis)3. Comparable Company Analysis (Trading Comps Model)4. Precedent Transactions Analysis (Transaction Comps Model)5. M&A Accretion/Dilution Analysis (Merger Model)6. Leveraged Buyout Analysis (LBO Model)

What are Financial Models?The number of different types of financial models, as well the necessary variations to suit the specific needs of the firm, can be quite extensive. However, the most fundamental financial models consist of the following:

3-Statement Financial Model

Discounted Cash Flow (DCF) Model

Accretion/Dilution M&A Model

Comparable Company Analysis

Precedent Transaction Analysis

Leveraged Buyout (LBO) Model

1. 3-Statement Financial ModelThe most common type of financial model is the standard 3-statement model, which is comprised of three financial statements:

Income Statement – The income statement, or profit and loss statement (P&L), illustrates the profitability of a company at various different levels, with the final line item being net income at the bottom.

Cash Flow Statement – The CFS adjusts the net income of a company for non-cash charges and change in net working capital (NWC), followed by accounting for activities related to investing and financing.

Balance Sheet – The balance sheet depicts the carrying value of a company’s assets (i.e. resources) and where the funding for the purchase and maintenance of the assets came from (i.e. sources).

Given historical financial data, a 3-statement model projects the future expected performance for a set number of years.Several discretionary assumptions must be made regarding the projected operating performance of the company, such as:

Revenue Growth Rate (Year of Year, or “YoY”)

Gross Margin

Operating Margin

EBITDA Margin

Net Profit Margin

The core of most financial models is the 3-statement model, as understanding the historical performance and the cash flow drivers forecast enables us to understand how the company will perform in the future under a variety of different scenarios.Understanding 3-statement modeling – in particular, understanding the linkages between the financial statements – is an integral prerequisite to grasping more advanced types of models later on.

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Submitting... 2. Discounted Cash Flow Model (DCF Analysis)The DCF model estimates the intrinsic value of a company – i.e. the valuation of a company based on its ability to generate future cash flows.The discounted cash flow model, or “DCF model” for short, is a type of financial model that values a company by forecasting its free cash flows – either unlevered free cash flows or levered FCFs.Due to the “time value of money” concept, the projected FCFs must then be discounted back to the present date and added together to calculate the implied valuation.

If the free cash flow to firm (FCFF) was used, then enterprise value is calculated.

If the free cash flow to equity (FCFE) was used, then equity value (i.e. market capitalization, if public) is calculated.

Upon calculating the DCF-derived value, the implied valuation is compared to the current market value.

If Implied Valuation > Current Market Value → Underpriced

If Implied Valuation < Current Market Value → Overpriced

3. Comparable Company Analysis (Trading Comps Model)Comparable company analysis (CCA) is a relative valuation method where a company’s value is derived from comparisons to the prevailing share prices of similar companies in the market.The first step, and arguably the most influential factor in the analysis, is selecting the proper peer group of comparable companies.Once the appropriate valuation multiples have been established, either the median or mean multiple of the comps set is applied to the corresponding metric of the target to calculate a comps-derived valuation.4. Precedent Transactions Analysis (Transaction Comps Model)Similar to the comparable company analysis, the peer group selection determines the defensibility of the valuation.Precedent transactions analysis, or transaction comps, values a company based on the offer prices paid in recent M&A transactions for comparable companies.As with trading comps, transaction comps must utilize valuation multiples to standardize the metrics, but the statement “less is more” holds even truer in transaction comps.In other words, even just two recent transactions coupled with an understanding of the transaction dynamics and drivers of the purchase price could suffice.But two major drawbacks to precedent transactions analysis are:

Date Considerations: Only recent transactions can be included in the comps set, as the transaction environment is a substantial factor when assessing offer price valuations – i.e. imagine comparing the multiples paid during the “Dotcom Bubble” to those seen in later years after the tech industry collapsed.

Limited Data: For most transactions, the acquirer is not obligated to disclose the purchase price – which is why rough approximations must be used at times, especially for private companies.

5. M&A Accretion/Dilution Analysis (Merger Model)Beyond the 3-statement and DCF models, the other types of financial models tend to become more intricate due to the increasing number of moving pieces.In investment banking, or more specifically M&A, one of the core financial models is to analyze a proposed transaction and to quantify the impact on the post-deal future earnings per share (EPS).While the intuition behind M&A modeling is rather simple, adjustments that can make the process more challenging include:

Advanced Purchase Price Allocation (PPA)

Deferred Taxes (DTLs, DTAs)

Asset Sales vs Stock Sales vs 338(h)(10) elections

Sources of M&A Funding (i.e. Debt Financing)

Calendarization and Stub Year Adjustments

Upon completion of building out the M&A model, you can quantify the pro forma EPS impact and determine whether the transaction was accretive, dilutive, or break-even.

Accretion → Pro Forma EPS > Acquirer’s EPS

Dilution → Pro Forma EPS < Acquirer’s EPS

Break-Even → Pro Forma EPS Unchanged

For acquirers, especially publicly traded companies, accretive acquisitions are desired – but most M&A transactions are dilutive, as there are other considerations besides financial synergies (e.g. M&A as a defensive tactic).6. Leveraged Buyout Analysis (LBO Model)The final type of financial model we’ll discuss is the leveraged buyout (LBO) model, which analyzes a proposed buyout of a target with debt as a significant portion of the source of capital.The high leverage ratios post-transaction close increases the default risk of the LBO target, so the private equity firm must ensure that the company has:

Consistent Free Cash Flows (FCFs)

Sufficient Debt Capacity

Liquid Assets to Sell for Cash Proceeds

Minimal to No Cyclicality

From the complete build-out of an LBO model, the PE firm can determine the maximum amount it can offer (i.e. “floor valuation”) while still meeting the fund’s minimum return metrics – for instance:

Internal Rate of Return (IRR): 20%+

Multiple of Money (MoM): 2.5x+

If the private equity firm can reach its minimum target metrics under relatively conservative assumptions and with enough free cash flows (FCFs) for the target to comfortably handle the debt load, then the PE firm is likely to proceed with acquiring the target company.

Step-by-Step Online Course Everything You Need To Master Financial Modeling Enroll in The Premium Package: Learn Financial Statement Modeling, DCF, M&A, LBO and Comps. The same training program used at top investment banks. Enroll Today

Tutorial on How to Make a Financial Model | Toptal®

®Top 3%WhyClientsEnterpriseCommunityBlogAbout UsApply as a Finance ExpertHire a Finance ExpertLog In®FinanceTop 3%WhyClientsEnterpriseCommunityBlogAbout UsApply as a Finance ExpertHire a Finance ExpertLog InFinanceEngineeringDesignFinanceProjectsProductToptal InsightsSearchFinance Processes8 minute readWhat Is a Financial Model?In this tutorial, we will show you how to structure and build a financial model. An accurate, in-depth and well thought out financial model will provide you with the tools with which to project and forecast the future performance of your business.

Toptalauthors are vetted experts in their fields and write on topics in which they have demonstrated experience. All of our content is peer reviewed and validated by Toptal experts in the same field.In this tutorial, we will show you how to structure and build a financial model. An accurate, in-depth and well thought out financial model will provide you with the tools with which to project and forecast the future performance of your business.

Toptalauthors are vetted experts in their fields and write on topics in which they have demonstrated experience. All of our content is peer reviewed and validated by Toptal experts in the same field.ByToptal ResearchStaff WriterIn-depth analysis and industry-leading thought leadership from a panel of Toptal researchers and subject matter experts.

Show MoreExpertiseFinancial ModelingShareShareWhat Is Financial Modeling?

A financial model is a mathematical representation of how a company works. It is used to forecast the business’ financial performance, provide direction, and give context to uncertainty, and creating one of these models is financial modeling. Imagine the model as a machine: We insert fuel in the form of assumptions, such as salaries and customer acquisition costs, which produces the output regarding projections of the company’s performance (e.g., future revenues and cash flows). Deciding which assumptions to use and understanding how to project accurately can be a difficult undertaking, although it’s well worth the cost, as sophisticated models end up serving as powerful decision-making and forecasting tools for management. Why else is modeling important? What are the different types of financial models, and how do we go about financial model building?

Why Is Financial Modeling so Important?

The possibility of a financial model’s outputs perfectly matching reality is very low. After all, financial models are based upon a narrow set of assumptions from a range of possible inputs. With so much uncertainty, why should business owners bother themselves with building a financial model? And why do investors care so much about it?

Improved finance skills can lead to significantly increased opportunities of success and thus founders should invest in improving these skills. There are several reasons why founders should devote significant resources to building their model, which can be perceived as a manifestation of finance skills. Two of these reasons include:

A financial model gives direction on where the company is going. In other words, it can reveal the main business drivers and, in the case of significant deviation, provides insight on where the company should focus in order to manage or hedge risks.

It is a strong indication to investors that the founders know what they are doing and that they understand the business. The various assumptions and reasoning behind the financial model demonstrate whether the founders are reasonable thinkers or not, meanwhile providing a necessary tool for the company’s valuation.

For these reasons, management should not just try to find a readily available financial model template to fill out. A template can provide an idea of how a model is built and indications of missing elements, but no more than this. After all, a financial model template represents a different business with different needs and characteristics. Instead, a proper financial model should be built from scratch. Custom models show that founders understand the nuances of their business and should demonstrate sharp business acumen. Given that the financial model is the analytical tool driving many of the projections and outputs in investor presentations, a well-built, sophisticated financial model increases investor confidence and the possibility of receiving funding. Thus, it can be a great investment to cooperate with a top financial modeling expert that can help you to create a robust model and help you manage and fully understand it.

Financial Modeling Basics

Prior to building your model, it is first important to select what type of model fits your needs most closely.

Main Financial Forecast Methods

There are two main methods to build a startup financial model: top down and bottom up.

Top Down

In a top-down approach, we start with the big picture and then work backwards; we define the milestones that we need to achieve in order to reach the target. For instance, if we have a mobile nutrition startup, we begin by saying that the market in 2017 is worth $27 billion and from starting at zero, by year 2, we will capture 7% of it. In this way, we just defined the revenue and then we calculated the costs associated with this target and so on.

Bottom Up

On the other hand, in a bottom-up approach, we start with basic assumptions (e.g., sales people needed and the cost thereof, attractiveness of our business, traffic) in order to build the financial model. Subsequently, we can create scenarios in order to check how the assumptions have to change (e.g., how many more salespeople we need) in order to achieve our goals.

Which Approach Should We Take?

A top-down approach, particularly in the case of a startup, can be rather opaque and based upon subjective, overly-optimistic predictions or even desires. This can put more value on a bottom-up approach towards leading to a better understanding of the model. On the other hand, the top-down approach can ignore today’s situation and provide useful inputs regarding milestones to be achieved. Thus, for financial modeling purposes, the bottom-up approach can give a more structured, realistic perspective, which can be complemented from a strategic perspective with some top-down analysis.

How to Build a Financial Model and What We Should Be Aware of

One you have decided upon the type of model to build, you should make sure that you develop an understanding of all the component parts that go into constructing a fully dynamic financial model.

A financial model has two main parts; the assumptions (input) and the three financial statements (output), namely income statement, balance sheet, and cash flow statement. Based on the individual company’s needs, more parts can be added, such as sources and allocation of capital, valuation, and sensitivity analysis (outputs based on different scenarios). Let’s have a look at the main characteristics of each of them, along with some examples of a financial model’s components:

No. 1: Assumptions and Drivers

This should be the first tab in a spreadsheet and contain variables that will be used in the other tabs. Ideally, the rest of the tabs should have no manual input and every single number will be sourced and calculated from the assumptions tab.

The assumptions are unique to each business and include relevant topics of the business such as revenues (e.g., growth rate), costs (e.g., salaries), and capital (e.g., interest rate). The assumptions should be serious and reasonable numbers and thus should be a product of proper research (e.g., industry averages, expert opinions) but also critical thinking. For instance, a new startup has increased needs in marketing and thus should not blindly use the average spending of a few big, mature companies in the sector. In order to keep the list tidy, it would be better to have assumptions based upon the actual needs of the model and not just an infinite, difficult-to-use list. When building financial models, finding evidence, defining benchmarks, and creating ranges regarding certain assumptions is also a recommended approach in order to reach robust conclusions.

Lastly, we can add some supporting schedules, as part of the assumptions or as separate tabs. For instance, if the business has debt, there should be an amortization schedule showing the repayments, interest payments, and the progress of the loan.

No. 2: The Income Statement

The income statement shows the revenues and the costs of a company and indicates if it has profits or losses. It is divided into two parts: operating and non-operating. If for instance a software company sells a property, the revenues for the transaction are non-operating, because real estate does not constitute its core business.

An income statement is quite straightforward, so why it is so useful? Well, an investor (as well as the entrepreneur) can check the forecast growth, the margin evolution, and the costs and their relative weight to the revenues.

With the assumptions in place, the income statement can be completed: revenues, direct costs, gross profit, operating expenses, EBITDA, non-operating expenses, earning before tax, tax, and net income, and it is ready. Of course, depending upon the level of detail we want, we can create sub-categories relevant to our business. If for instance we have a startup with more than one revenue source, under the revenue line we can add each of them (e.g., revenue from subscription, revenue from advertisement). However, reading the numbers is one thing and interpreting them is another. One of the most used metrics, EBITDA, is a good indicator of operating capabilities, but still has its own perils. Below, there is a visual example of an income statement. It should be noted that for the first year, it is better to have a monthly breakdown:

No. 3: The Balance Sheet

The balance sheet is a snapshot of the business’ assets, equity, and liabilities. It is an indicator of the financial health of the company, showing what it owns and owes. The major parts are the current and non-current assets, current and non-current liabilities, and equity. Balance sheets for startups are very important, because startups in their early days usually are loss-making and operate with no cash flows. So, it is crucial to track the net working capital balance, in order to plan in advance, even with the help of an expert. After building the income statement and putting the assumptions in place, we can easily translate them to the balance sheet. For instance, the sales/revenues will be reflected to the cash and accounts receivable (sales on credit) of the balance sheet, while the net income goes to the retained earnings. Below, there is an illustration of a simple balance sheet, connected to the previous income statement with supporting comments about how each entry is generated.

No. 4: The Cash Flow Statement

As the saying in finance goes: “profit is an opinion, but cash is the fact.” This phrase illustrates how significant the cash flow statement is. Moreover, investors want to see what a startup does with its money, but also that it can pay what it owes, invest, and grow. Thus, one of their favourite metrics is the free cash flows that equate to Net Income + Amortization/Depreciation - Changes in Working Capital - Capital Expenditures and shows that a firm can pay for its own operations.

Having completed the income statement and the balance sheet, it is easy to build the cash flow statement. We start with the net income, then add back depreciation, adjust for changes in non-cash working capital, and then we have the cash from operations. Then, the cash used in investing is a function of capital expenditures, while the cash from financing can be found in the assumptions for raising debt and equity or in the balance sheet. Below, we can see a cash flow statement and how easy it is to build, after having built the two other statements:

No. 5: Business Valuation and Sensitivity Analysis

When all the three statements are ready, we can proceed with the discounted cash flow analysis. Here, we estimate the free cash flow, as we described before, and we bring it to today’s value by using the opportunity cost or even the required rate of return. In this way, we can get a first glimpse at the value of the company. Moreover, now we can perform sensitivity analyses by modifying assumptions and creating various operating scenarios. In this exercise, we can see how the value of the company changes in different case in order to better assess risk and plan ahead if, for example, sales decline or marketing conversion drop more than expected.

Conclusion

Financial models are tools used to inform decision-making and arrive at projections. Financial models come into play at many stages in a company’s lifecycle, such as when the company seeks to raise capital, make acquisitions, budget, or simply understand how changes to any of the business’ drivers will impact overall performance. Given the importance of models at these critical junctions, it is essential that an experienced professional who can accurately capture the specifics of your business is behind the financial model.

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Financial modeling - Wikipedia

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From Wikipedia, the free encyclopedia

Modeling financial systems

Financial modeling is the task of building an abstract representation (a model) of a real world financial situation.[1] This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project, or any other investment.

Typically, then, financial modeling is understood to mean an exercise in either asset pricing or corporate finance, of a quantitative nature. It is about translating a set of hypotheses about the behavior of markets or agents into numerical predictions.[2] At the same time, "financial modeling" is a general term that means different things to different users; the reference usually relates either to accounting and corporate finance applications or to quantitative finance applications.

Accounting[edit]

Spreadsheet-based Cash Flow Projection (click to view at full size)

In corporate finance and the accounting profession, financial modeling typically entails financial statement forecasting; usually the preparation of detailed company-specific models used for decision making purposes[1] and financial analysis.

Applications include:

Business valuation and stock valuation - especially via discounted cash flow, but including other valuation approaches

Scenario planning and management decision making ("what is"; "what if"; "what has to be done"[3])

Budgeting: revenue forecasting and analytics; production budgeting; operations budgeting

Capital budgeting, including cost of capital (i.e. WACC) calculations

Cash flow forecasting; working capital- and treasury management; asset and liability management

Financial statement analysis / ratio analysis (including of operating- and finance leases, and R&D)

Transaction analytics: M&A, PE, VC, LBO, IPO, Project finance,[4] P3

Credit decisioning: Credit analysis, Consumer credit risk; impairment- and provision-modeling

Management accounting: Activity-based costing, Profitability analysis, Cost analysis, Whole-life cost, Managerial risk accounting

Public sector procurement[5]

To generalize[citation needed] as to the nature of these models:

firstly, as they are built around financial statements, calculations and outputs are monthly, quarterly or annual;

secondly, the inputs take the form of "assumptions", where the analyst specifies the values that will apply in each period for external / global variables (exchange rates, tax percentage, etc....; may be thought of as the model parameters), and for internal / company specific variables (wages, unit costs, etc....). Correspondingly, both characteristics are reflected (at least implicitly) in the mathematical form of these models:

firstly, the models are in discrete time;

secondly, they are deterministic.

For discussion of the issues that may arise, see below; for discussion as to more sophisticated approaches sometimes employed, see Corporate finance § Quantifying uncertainty and Financial economics § Corporate finance theory.

Modelers are often designated "financial analyst" (and are sometimes referred to, tongue in cheek, as "number crunchers"). Typically,[6] the modeler will have completed an MBA or MSF with (optional) coursework in "financial modeling".[7] Accounting qualifications and finance certifications such as the CIIA and CFA generally do not provide direct or explicit training in modeling.[8] At the same time, numerous commercial training courses are offered, both through universities and privately.

For the components and steps of business modeling here, see Outline of finance § Financial modeling; see also Valuation using discounted cash flows § Determine cash flow for each forecast period for further discussion and considerations.

Although purpose-built business software does exist, the vast proportion of the market is spreadsheet-based; this is largely since the models are almost always company-specific. Also, analysts will each have their own criteria and methods for financial modeling.[9] Microsoft Excel now has by far the dominant position, having overtaken Lotus 1-2-3 in the 1990s. Spreadsheet-based modelling can have its own problems,[10] and several standardizations and "best practices" have been proposed.[11] "Spreadsheet risk" is increasingly studied and managed;[11] see model audit.

One critique here, is that model outputs, i.e. line items, often inhere "unrealistic implicit assumptions" and "internal inconsistencies".[12] (For example, a forecast for growth in revenue but without corresponding increases in working capital, fixed assets and the associated financing, may imbed unrealistic assumptions about asset turnover, debt level and/or equity financing. See Sustainable growth rate § From a financial perspective.) What is required, but often lacking, is that all key elements are explicitly and consistently forecasted.

Related to this, is that modellers often additionally "fail to identify crucial assumptions" relating to inputs, "and to explore what can go wrong".[13] Here, in general, modellers "use point values and simple arithmetic instead of probability distributions and statistical measures"[14]

— i.e., as mentioned, the problems are treated as deterministic in nature — and thus calculate a single value for the asset or project, but without providing information on the range, variance and sensitivity of outcomes;[15]

see Valuation using discounted cash flows § Determine equity value.

A further, more general critique relates to the lack of basic computer programming concepts amongst modelers,

[16] with the result that their models are often poorly structured, and difficult to maintain. Serious criticism is also directed at the nature of budgeting, and its impact on the organization.[17][18]

Quantitative finance[edit]

Visualization of an interest rate "tree" - usually returned by commercial derivatives software

In quantitative finance, financial modeling entails the development of a sophisticated mathematical model.[19] Models here deal with asset prices, market movements, portfolio returns and the like. A general distinction[citation needed] is between:

(i) "quantitative asset pricing", models of the returns of different stocks;

(ii) "financial engineering", models of the price or returns of derivative securities;

(iii) "quantitative portfolio management", models underpinning automated trading, high-frequency trading, algorithmic trading, and program trading.

Relatedly, applications include:

Option pricing and calculation of their "Greeks" ( accommodating volatility surfaces - via local / stochastic volatility models - and multi-curves)

Other derivatives, especially interest rate derivatives, credit derivatives and exotic derivatives

Modeling the term structure of interest rates (bootstrapping / multi-curves, short-rate models, HJM framework) and any related credit spread

Credit valuation adjustment, CVA, as well as the various XVA

Credit risk, counterparty credit risk, and regulatory capital: EAD, PD, LGD, PFE, EE; Jarrow–Turnbull model, Merton model, KMV model

Structured product design and manufacture

Portfolio optimization[20] and Quantitative investing more generally; see further re optimization methods employed.

Financial risk modeling: value at risk (parametric- and / or historical, CVaR, EVT), stress testing, "sensitivities" analysis

Corporate finance applications:[21] cash flow analytics,[22] corporate financing activity prediction problems, and risk analysis in capital investment

Credit scoring and provisioning; Credit scorecards and IFRS 9 § Impairment

Real options

Actuarial applications: Dynamic financial analysis (DFA), UIBFM, investment modeling

These problems are generally stochastic and continuous in nature, and models here thus require complex algorithms, entailing computer simulation, advanced numerical methods (such as numerical differential equations, numerical linear algebra, dynamic programming) and/or the development of optimization models. The general nature of these problems is discussed under Mathematical finance § History: Q versus P, while specific techniques are listed under Outline of finance § Mathematical tools.

For further discussion here see also: Brownian model of financial markets; Martingale pricing; Financial models with long-tailed distributions and volatility clustering; Extreme value theory; Historical simulation (finance).

Modellers are generally referred to as "quants", i.e. quantitative analysts, and typically have advanced (Ph.D. level) backgrounds in quantitative disciplines such as statistics, physics, engineering, computer science, mathematics or operations research.

Alternatively, or in addition to their quantitative background, they complete a finance masters with a quantitative orientation,[23] such as the Master of Quantitative Finance, or the more specialized Master of Computational Finance or Master of Financial Engineering; the CQF certificate is increasingly common.

Although spreadsheets are widely used here also (almost always requiring extensive VBA);

custom C++, Fortran or Python, or numerical-analysis software such as MATLAB, are often preferred,[23] particularly where stability or speed is a concern.

MATLAB is often used at the research or prototyping stage[citation needed] because of its intuitive programming, graphical and debugging tools, but C++/Fortran are preferred for conceptually simple but high computational-cost applications where MATLAB is too slow;

Python is increasingly used due to its simplicity, and large standard library / available applications, including QuantLib.

Additionally, for many (of the standard) derivative and portfolio applications, commercial software is available, and the choice as to whether the model is to be developed in-house, or whether existing products are to be deployed, will depend on the problem in question.[23]

See Quantitative analysis (finance) § Library quantitative analysis.

The complexity of these models may result in incorrect pricing or hedging or both. This Model risk is the subject of ongoing research by finance academics, and is a topic of great, and growing, interest in the risk management arena.[24]

Criticism of the discipline (often preceding the financial crisis of 2007–08 by several years) emphasizes the differences between the mathematical and physical sciences, and finance, and the resultant caution to be applied by modelers, and by traders and risk managers using their models. Notable here are Emanuel Derman and Paul Wilmott, authors of the Financial Modelers' Manifesto. Some go further and question whether the mathematical- and statistical modeling techniques usually applied to finance are at all appropriate (see the assumptions made for options and for portfolios).

In fact, these may go so far as to question the "empirical and scientific validity... of modern financial theory".[25]

Notable here are Nassim Taleb and Benoit Mandelbrot.[26]

See also Mathematical finance § Criticism, Financial economics § Challenges and criticism and Financial engineering § Criticisms.

Competitive modeling[edit]

Several financial modeling competitions exist, emphasizing speed and accuracy in modeling. The Microsoft-sponsored ModelOff Financial Modeling World Championships were held annually from 2012 to 2019, with competitions throughout the year and a finals championship in New York or London. After its end in 2020, several other modeling championships have been started, including the Financial Modeling World Cup and Microsoft Excel Collegiate Challenge, also sponsored by Microsoft.[6]

Philosophy of financial modeling[edit]

Philosophy of financial modeling is a branch of philosophy concerned with the foundations, methods, and implications of modeling science.

In the philosophy of financial modeling, scholars have more recently begun to question the generally-held assumption that financial modelers seek to represent any "real-world" or actually ongoing investment situation. Instead, it has been suggested that the task of the financial modeler resides in demonstrating the possibility of a transaction in a prospective investment scenario, from a limited base of possibility conditions initially assumed in the model.[27]

Financial Modeling

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Financial Modeling

Build a best-in-class, three-statement financial model showcasing an understanding of business issues, design best practices, and technical skills.

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Practical Skills Modules

Practical Skills Modules are available only for registered Level I CFA Program candidates beginning with the February 2024 exam, Level II candidates beginning with the May 2024 exam, and Level III candidates beginning with the February 2025 exam.

Overview of Financial Modeling

Financial modeling skills are essential for anyone pursuing a career in finance. Models synthesize a vast amount of information to help users make better investment and business decisions. The modeler’s technical acumen, design skills, as well as an understanding of the underlying business determine the effectiveness of the model.

In Financial Modeling, you will learn how to build three-statement financial models as it’s done on Wall Street. You will explore best practices, discover optimal model flow and design, and strengthen your Excel skills alongside the instructor in a step-by-step series of videos. Knowledge check questions provide feedback throughout the module. Upon completion, you will be ready to tackle more complex modeling cases in practice.

Watch a sample video from the Financial Modeling PSM for a quick lesson in the use of the MIN function.

Key Learning Objectives for Financial Modeling

Explore financial modeling best practices, optimal model design and flow, and financial statements.

Discover how to build key model schedules, such as revenues, costs, fixed assets, taxes, working capital, debt, and equity.

Practice advanced Excel techniques in tandem with the instructor.

Build a working, presentation-ready financial model in Excel.

Solve the most common financial modeling problems.

10–15 hours to complete

Online self-paced

Practical Skills Modules can be completed online at your own pace.

Key Learning Objectives by Unit

Unit 1: Getting Started

Explore the purpose and use of financial models.

Examine the assignment and the company that you will model.

Discover how to properly plan and design a financial model.

Explore the common approaches to tab structure.

Study the optimal flow of a financial model.

Unit 2: The Front End

Examine the importance of having a cover page in a financial model.

Discover the need for a well-designed, customized executive summary.

Define the optimal way to center titles in a financial model.

Identify how to properly add headers and footers to your model.

Explain the importance of having a well-designed assumptions tab in every model.

Explore powerful custom formatting skills to ensure all the values in your model are clear.

Discover how to design and build a scenarios page within a model.

Apply four different methods to create the live case that is used to run the model.

Examine how to build a combo box to control and change the scenario being used in the model.

Explore data validation, an alternative way to change the scenario.

Unit 3: Revenues

Examine the ideas and themes required to build the model’s engine.

Explain the importance of a scenario tag and acquire the skills to build it.

Discover the design, structure, and optimal flow of a revenue schedule.

Explore the reasons behind building a capacity constraint into a financial model and apply the techniques to do so.

Unit 4: Costs

Examine the importance of forecasting both variable and fixed costs in a financial model.

Practice the four steps to properly build up a cost schedule in any model.

Discover how to back into the variable and fixed costs if they were not provided.

Determine whether the company you are modeling is experiencing operating leverage.

Explore the third category of costs—semi-variable costs—and how to incorporate them into a model.

Examine the concept of “build it, then link it,” so that you can start building your financial statements.

Unit 5: Depreciation

Examine the concepts and skills that are required to build a depreciation schedule.

Discover the optimal design and structure of the depreciation schedule.

Practice using the HLOOKUP function to display the CAPEX vertically on the depreciation schedule.

Explore how to automate the HLOOKUP function so that it works when you add rows to your table.

Practice using the SUMIF function to display the CAPEX vertically on the depreciation schedule.

Study a few different ways to transpose data, which can be helpful on the depreciation schedule.

Discover how to create the waterfall in the middle of the depreciation schedule.

Examine how to fully depreciate CAPEX within the life of the financial model.

Calculate depreciation expense using the declining balance method.

Explore how to convert your depreciation schedule into a fixed assets (PP&E) schedule.

Unit 6: Income Tax

Examine why it is important to create an income tax schedule in a financial model.

Discover why companies don’t always pay their taxes as cash in the current period.

Study an example to understand how to calculate current and deferred taxes on the financial statements.

Practice building the income tax schedule within the financial model.

Unit 7: Working Capital

Examine the working capital concepts that are required in a financial model.

Explore the concept of working capital days and why this is so important in a financial model.

Discover the design of and the steps required to build an effective working capital schedule.

Practice how to automate the days per year on the working capital schedule.

Calculate the historical working capital days and learn how to forecast the days in the future.

Calculate the working capital balances in the forecast periods.

Unit 8: Capital Structure

Examine the structure and discipline required to build effective debt and equity schedules.

Explore the debt schedule and analyze the optimal order in which to build the schedule.

Practice building up the cash section at the top of the debt schedule.

Practice building up the long-term debt on the debt schedule.

Discover the purpose of a revolver and the rules to build up a revolver in a financial model.

Practice building up the revolving credit facility on the debt schedule.

Practice building up the equity schedule in a financial model.

Unit 9: Financial Statements

Discover how to build up the income statement within the financial model and practice the techniques demonstrated.

Explore how to build up the cash flow statement within the financial model and apply the strategies demonstrated.

Examine how to build up the balance sheet within the financial model and implement the methods demonstrated.

Unit 10: Outputs and Troubleshooting

Explore the top 10 reasons that balance sheets in models don’t balance.

Discover how to incorporate outputs into a model and how to create a powerful executive summary.

Examine key techniques to ensure your model looks like a professional communication tool when printed.

Prerequisites

We recommend candidates have basic familiarity with the principles behind financial modeling or have completed the CFA Level I Financial Statements Analysis content.

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What is Financial Modeling?

Types of Financial Models: Most Common Models & Examples

Financial Modeling Definition and What It's Used For

Types of Financial Models | List of Common Examples

Tutorial on How to Make a Financial Model | Toptal®

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What is a Financial Model? – Definition and Explanation | Wall Street Oasis

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最新imtokne官网下载3.0|financial model

最新imtokne官网下载3.0|financial model

What is Financial Modeling?

Types of Financial Models: Most Common Models & Examples

Financial Modeling Definition and What It's Used For

Types of Financial Models | List of Common Examples

Tutorial on How to Make a Financial Model | Toptal®

Just a moment...

What is a Financial Model? – Definition and Explanation | Wall Street Oasis

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