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TitlePub. DateDuration
Discover the Power of Simplicity in Financial Modeling With Giles Male03 Sep 202400:48:31

In this episode of Financial Modelers Corner, host Paul Barnhurst is joined by Giles Male, who brings his unique perspective on the rapidly changing landscape of financial modeling. Together, they explore how the latest advancements in Excel—such as dynamic arrays and Lambda functions—are revolutionizing the way financial models are built and used. Giles also provides invaluable advice on the importance of simplicity, adaptability, and effective communication in modeling.

Giles Male is a CMA-qualified accountant and a seasoned financial modeler with extensive experience in bid analysis and complex financial modeling. As a co-founder of Full Stack Modeler, Giles is passionate about training and mentoring the next generation of financial modelers. He holds the prestigious Master Financial Modeler (MFM) accreditation from the Financial Modeling Institute, making him one of only seven individuals worldwide to have achieved this honor. Giles brings a wealth of knowledge on modern Excel and its application in financial modeling.


Key takeaways from this week's episode include:

  • The importance of embracing modern Excel techniques, including dynamic arrays and Lambda functions.
  • Insights into the changing landscape of financial modeling and why simplicity is often more effective than complexity.
  • The challenges and rewards of transitioning from traditional modeling methods to modern approaches.
  • How Giles's experiences in ultra-marathon running have influenced his approach to problem-solving and pushing beyond perceived limits in both personal and professional contexts.
  • Practical advice on maintaining model integrity, including the use of structured standards like FAST or SMART while adapting to specific project needs.


Here are a few quotes from Giles Male:

  • "Simplicity is the biggest lesson I’ve learned in my career. Complex models might seem impressive, but they’re often impractical." - Giles Male
  • "A good financial model should be as complex as it needs to be, but as simple as possible." - Giles Male
  • "There’s a visibility fog when reviewing your own models. Stepping away and coming back later is essential." - Giles Male


In this episode, Giles Male offers a wealth of insights into the evolving world of financial modeling. He emphasizes the importance of simplicity, the transformative power of modern Excel, and the critical need for clear communication in model design. As the industry continues to evolve, Giles’s focus on adaptability, continuous learning, and user-centric design serves as a guide for both seasoned professionals and newcomers alike.


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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode:

[01:18] - Introduction to the topic and guest Giles Male

[05:31] - Lessons from complex models

[07:12] - Giles shares his career journey into financial modeling

[16:10] - Achieving master financial modeler accreditation

[17:19] - Giles shares practical project insights

[28:42] - Defining advanced modeling skills

[34:00] - The future of excel and financial modeling

[41:50] - Excel shortcuts and best practices

[47:47] - Conclusion and contact information

Continuous Planning vs. Annual Budgets | Randy Brown’s Game-Changing FP&A Insights27 Aug 202400:52:16

In this episode of Financial Modelers Corner, Paul Barnhurst dives into the intricacies of financial modeling, focusing on cash flow forecasting and continuous planning with FP&A expert Randy Brown. Randy shares his unique journey from music school to becoming a financial consultant and emphasizes the importance of practical financial strategies, especially in volatile markets.

Randy Brown is a seasoned financial consultant with a rich background in FP&A, corporate finance, and financial modeling. After initially pursuing a career in music, Randy transitioned into finance, where he has built a successful career, particularly in cash flow management and continuous planning. His approach blends technical financial skills with real-world business acumen, making him a sought-after consultant in the industry.


Key takeaways from this week's episode include:

  • The critical importance of cash flow forecasting for business stability.
  • Practical steps to build a 13-week cash flow forecast.
  • Why continuous planning is more effective than traditional annual budgeting.
  • Common pitfalls in financial modeling, including the dangers of circular references and external workbook links.
  • Randy’s insights on managing finances for small to medium-sized businesses, especially in distressed situations.


Here are a few quotes from Randy Brown:

  • "The minute you create a budget, it’s meaningless. The business environment changes too fast for a static plan." - Randy Brown
  • "For cash flow forecasting, it’s all about identifying your sources and uses of cash and laying them out on a calendar." - Randy Brown
  • "The flexibility of working from home and being my own boss was the number one driver for becoming an independent consultant." - Randy Brown
  • "Learn relational data structures; understanding how data relates will improve every analytical task you do." - Randy Brown


In this insightful episode, Randy Brown shared his wealth of knowledge on financial modeling, continuous planning, and the critical importance of cash flow forecasting. His emphasis on the importance of relationships, the simplicity of effective cash forecasting, and the pitfalls of traditional budgeting methods offers a fresh perspective for financial professionals striving to improve their modeling practices.


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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  


In today’s episode:

[01:28] - Introduction to the episode and guest Randy Brown

[07:27] - Insights into Randy’s background and career journey

[13:17] - Continuous planning vs. annual budgeting

[20:36] - The benefits of fractional consulting

[23:37] - The Importance of cash flow forecasting

[28:01] - Building a 13-Week Cash Flow Forecast

[34:53] - Key considerations for cash flow management

[42:48] - Rapid fire financial modeling questions

[48:28] - Final advice and closing thoughts

Innovative Approaches to Financial Modeling And Risk Management With Raphael Benhamou02 Jul 202400:50:16

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

Raphael Benhamou, an independent consultant and fractional CFO explores the art and science of financial modeling. Raphael shares his experiences, insights, and a few horror stories from his extensive career, highlighting the importance of operational understanding and the advantages of using modern tools like Causal for financial modeling.

Sample Causal Financial models if you want to review how Causal works:






Key takeaways from this week's episode include:


  • Raphael emphasizes the critical need for regular audits of financial models to prevent errors and ensure accuracy. He shares a horror story about a model that wasn't audited for five years, leading to significant financial discrepancies.


  • While Excel is known for its flexibility, Raphael discusses the trade-offs of using more structured tools like Causal, which can help reduce errors and provide more insightful analysis through its object-oriented approach and natural language variables.


  • The importance of integrating operational data with financial models to provide actionable insights. He stresses that understanding business operations is crucial for building effective and useful models.


  • Raphael shares his journey from using traditional Excel spreadsheets to adopting Causal, a modern financial modeling tool. He explains how Causal's dynamic dashboarding, probability distribution modeling, and seamless integration with other systems offer significant advantages over Excel.


  • The discussion focuses on the potential of AI in financial modeling, Raphael notes that while AI can build models, the real question is whether it should. He also touches on the importance of human judgment and expertise in interpreting and using these models effectively.


Quotes:

Here are a few relevant quotes from the episode on financial analysis and modeling:


"My perspective on this is what I was saying earlier about operating connecting to finance. I think to be a good financial modeler, you need to have a good understanding of what what's going on in the business as well, not just at the finance level.”- Raphael Benhamou


“It gave me a great grounding in best practices for modeling across all modeling platforms, especially Excel. Because one of my big nitpicks with Excel and Google Sheets is that it's too freeform.”- Raphael Benhamou


This episode provides valuable insights into the evolving landscape of financial modeling. The discussion sheds light on the benefits of modern financial modeling tools like Causal, the necessity of regular audits, and the critical role of understanding business operations. Whether you're a seasoned financial modeler or just starting, this episode offers practical advice and thought-provoking perspectives on how to enhance your financial modeling practices.


Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register. 


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In today’s episode:

[00:03] - Introduction

[01:01] - Guest Introduction

[03:47] - Key Takeaways from the Horror Story

[04:55] - Guests’ Background

[07:13] - Introduction to Causal

[08:03] - Transition to Finance

[12:29] - Love for Modeling

[14:00] - Early Career and Tools

[17:46] - Flexibility vs. Structure

[23:50] - Types of Models Built in Causal

[39:43] - Rapid-Fire Session

[48:12] - Get to know the guest

[49:46] - Conclusion

Building Structured Financial Models from Chaos With Brian Vaddan25 Jun 202400:39:59

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In today’s episode, Paul engages in a conversation with Brian Vaddan.

Brian Vaddan is a distinguished financial modeler with a rich background in investment banking and financial engineering. His emphasis on intellectual curiosity, the need for simplicity, and the creative nature of financial modeling provide listeners with a fresh perspective on the discipline.

Key takeaways from this week's episode include:


  • A distinction between those who use spreadsheets casually and those who build models as a core discipline. He emphasizes the importance of creating models that are understandable and usable by others, akin to the difference between a sketch artist and an architect.


  • Intellectual curiosity, an almost obsessive desire to solve problems, and the ability to bring structure out of chaos are highlighted as key traits for successful financial modelers. Brian stresses that these traits are more critical than technical skills alone.


  • One of the profound insights shared is the importance of simplifying complex problems. Brian believes that the true measure of a modeler’s intellect is their ability to present complex ideas in a straightforward and understandable manner.


  • Financial modeling is described as a deeply creative exercise. Brian compares it to art, where each model reflects the modeler’s thought process and experiences, much like an artist’s painting.


  • Brian shares his experience transitioning from being a modeler to managing a team. He discusses the challenges of letting go and empowering others, and the iterative learning process involved in both building and reviewing models.


Quotes:

Here are a few relevant quotes from the episode on financial analysis and modeling:


"I guess, the easiest way for me to describe it is the difference between somebody who sketches on paper and someone who's an architect, or someone who has a hammer and someone who's an actual carpenter.”- Brian Vaddan


“One of the primary differences is that you will do it for someone else. So when I built a lot of the initial models from the earlier part of my career, it was for me. It was to derive an answer that I needed to a question that was asked of me.”- Brian Vaddan


“The way you display the depth of your intellect, to me, is not the complexity in the formula that you build, but how you take that complex formula and simplify it into a manner that anyone with just a basic understanding can understand.”- Brian Vaddan


“Never stop learning and don't quench that intellectual curiosity that will make your modeling experience and career so much richer and so much more rewarding.”- Brian Vaddan


In this engaging episode of Financial Modeler's Corner, Brian Vaddan shares his insights on the intricacies of financial modeling. He recounts his journey from investment banking to EY, emphasizing the importance of intellectual curiosity and perseverance. He advises aspiring modelers to maintain a growth mindset and continually seek learning opportunities, providing valuable insights into the discipline of financial modeling.


Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.  

Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. 

View and download the Financial Modeling Code at financial-modelling-code.ashx (icaew.com)


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In today’s episode:

[00:03] - Introduction

[01:00] - Guest Introduction

[01:14] - Horror Story

[03:40] - Rule of Thumb

[04:10] - Guests’ Background

[06:28] - Spreadsheets vs. Modeling

[10:16] - Essential Traits for Modelers

[13:30] - Modeling as a Discipline

[19:00]  - Simplicity in Complexity

[24:00] - Modeling as a Creative Exercise

[28:10] - Transition to Team Leadership

[33:00] - Rapid-Fire Session and Guests’ Contact Information

[38:10] - Conclusion

Discovering New Dimensions In Accounting with Sasha Orloff18 Jun 202400:44:14

Welcome to a special episode of our podcast! Today, we're thrilled to bring you an exciting Podswap. Stay tuned for an engaging conversation you won't want to miss. Here are the show notes from our previous episodes.

TLDR: These show notes were optimized using Claude AI Haiku and are designed to make you listen to the full episode. We even asked Haiku to provide a Haiku summarizing the show notes for your reading pleasure.

Haiku:

Finance takes new shape,

AI-driven transformation,

Shaping the future. 


Prepare to be captivated as hosts Paul Barnhurst and Glenn Hopper welcome Sasha Orloff, CEO of Puzzle, to uncover the technological advancements reshaping the world of finance and accounting. In this eye-opening episode, you'll discover:


- How generative AI is seamlessly integrating into everyday software, automating tasks and delivering data-driven insights.


- The rise of "AI agents" in 2024 - advanced systems designed to autonomously process complex problems and provide tailored solutions.


- Sasha's visionary project, Puzzle, modernizing accounting software with real-time, flexible financial data processing.


- The transformative potential of blockchain technology to enhance transparency and traceability of financial transactions.


- The future of finance is reimagined through AI and predictive analytics, empowering more precise forecasting and strategic decision-making.


Sasha shares his insightful perspective:


- "I'm building Puzzle, which is modern accounting software for growing companies."


- "We may not yet be at a point where AI is going to take our jobs, but the future will be divided into two camps: people who use AI and those who don't. One of these groups is going to be left behind."


Don't miss this captivating conversation that explores the intersection of finance, technology, and AI. Gain invaluable insights to stay ahead of the curve and thrive in the rapidly evolving world of corporate finance.


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Future Finance is sponsored by Qflow.ai. Learn more at Qflow.ai/future-finance.


Financial Modeler’s Corner is sponsored by the Financial Modeling Institute. Learn more at https://fminstitute.com/podcast/.


In today's episode:

[01:52] Introduction

[03:30] The latest phase of the AI revolution

[04:49] Pros and cons of chatbots and the rise and evolution of AI agents

[09:15] Recent updates about AI

[12:51] Guest’s background

[14:00] Insights from guest’s career

[16:35] Introduction of Puzzle and future of general ledger in accounting

[25:10] How blockchain can be an effective tool for accounting

[30:22] How AI and predictive analytics can change finance in upcoming years

[34:32] Democratization of data science and various uses of machine learning

[39:05] Lighting Round Questions

Secrets to Building Error-Free Financial Models with Cameron And Nicholas Hay11 Jun 202400:47:05

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.


In today’s episode, Paul engages in a conversation with Cameron and Nicholas Hay to discuss dynamic arrays in financial modeling. Cameron and Nicholas share their experiences and insights on using dynamic arrays to build fully dynamic models, avoiding common pitfalls, and the benefits of this approach.


Cameron and Nicholas are seasoned financial modeling experts and co-founders of Finomatic Consulting. Their practical advice and innovative tips have helped countless professionals enhance their modeling skills.


Key takeaways from this week's episode include:


  • Use dynamic arrays to reduce the number of formulas and potential error points. Clearly separate inputs, calculations, and outputs into distinct sheets. This enhances clarity and ease of use.


  • Ensure uniform column and row structures across sheets. This consistency minimizes errors and simplifies formula management, making models easier to audit and understand.


  • Mixing traditional Excel formulas with dynamic arrays reduces the benefits. A complete commitment ensures better performance and error reduction.


  • Using graphs and charts helps quickly identify trends and anomalies, making it easier to ensure realistic assumptions and accurate models.


  • Establishes a solid foundation, ensuring you learn best practices early on, which prevents the development of bad habits and enhances overall modeling skills.


  • Implementing dynamic arrays can drastically reduce the file size and complexity of models, making them more efficient and manageable.


  • Issues like mixed calculations and unrealistic assumptions emphasize the importance of thorough checks and realistic inputs in financial modeling.


Download a sample fully dynamic 3-statement model Excel Files — The FP&A Guy (thefpandaguy.com) courtesy of Cameron and Nicolas Hay. 


Quotes:

Here are a few relevant quotes from the episode on financial analysis and modeling:


"A blank Excel workbook doesn't have any errors in it until you add data and formulas. Minimizing the number of formulas should reduce the error potential of the file.”


“With business, if you can understand how cash flows around a business, that's you can get in and really understand a business.”


“If you're going to dip your toe into dynamic arrays, you've got to make sure you commit fully with 100% commitment.”


Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.  


Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. 


View and download the Financial Modeling Code at financial-modelling-code.ashx (icaew.com)


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In today’s episode:

[00:03] - Introduction

[00:40] - Guest Introduction and Theme for the Week: Dynamic Arrays

[01:50] - The Worst Financial Model the Guest Experienced

[02:00] - Horror Stories: Mixed Calculations and Unrealistic Assumptions

[04:10] - Key Takeaways from Horror Stories

[05:00] - Guests’ Backgrounds and Career Journeys

[10:00] - The Importance of Structure and Design in Financial Modeling

[14:10] - Introduction to Dynamic Arrays and Their Benefits

[21:30] - Challenges with Corkscrews and Lambdas

[31:20] - Rapid-Fire Session and Guests’ Contact Information

Golden Rules to Prevent Excel Disasters in Financial Modeling with Gary Knott04 Jun 202400:44:02

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In today’s episode, Paul engages in a conversation with Gary Knott, to discuss invaluable insights and tips on avoiding common Excel pitfalls, structuring workbooks for success, and the importance of consistency and clarity.

Gary is a seasoned financial modeling expert and author of "Avoid Excel Horror Stories." He shares his golden ground rules for Excel modeling. With a background at Deloitte and his successful consultancy, Gary's practical advice and innovative tips have helped countless professionals enhance their modeling skills.

Key takeaways from this week's episode include:

  • Organize workbooks with clear, logical structures. Separate inputs, calculations, and outputs into distinct sheets. Use consistent naming conventions and separator sheets to enhance clarity and ease of use.


  • Maintaining a consistent design throughout the workbook. Use uniform column and row structures across sheets. Consistency minimizes errors and simplifies formula management, making models easier to audit and understand.


  • Formal training in financial modeling is crucial. It establishes a solid foundation, ensuring you learn best practices early on, which prevents the development of bad habits and enhances overall modeling skills.


  • Real-life horror stories highlight common errors, such as improper data copying and pasting. Ensuring consistent data formats and understanding the intricacies of your calculations are essential to avoid costly mistakes.


  • Use Macros for repetitive tasks like generating output sheets, not for complex calculations. They help automate processes and reduce manual errors but should be applied judiciously to maintain model integrity.


  • Implement data validation to restrict inputs. This minimizes user errors by ensuring only valid data entries are made, such as positive numbers or specific date ranges, enhancing the reliability of your models.


  • Regularly test models to ensure accuracy. Use master check sheets to consolidate checks and quickly identify errors. This proactive approach helps maintain the model’s integrity and reliability over time.


Quotes:

Here are a few relevant quotes from the episode on financial analysis and modeling:


"Consistency is key." I think of all the rules there are, that's the one. If you follow that one, that can bring you a long way in terms of getting a reliable model.


“Certainly, getting trained early, not trying to learn it yourself, but taking some formal training course so you can learn the basics.”


“I'm always a very keen fan of putting checks in models, collating them all on a master check sheet, and then adding them all up.”


"If the difference is zero, then your balance sheet balances. You can send that through to a master check sheet. Then if you add them all up, all the checks up and they're totally zero, then you haven't identified any issues"


Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.  


Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. 


View and download the Financial Modeling Code at financial-modelling-code.ashx (icaew.com)


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In today’s episode:

(00:55) - Introduction

(01:40) - Guest Introduction

(01:50) - The worst Financial Model the Guest Experienced

(01:56) - First Horror Story and Mixed Calculations

(02:50) - Second Horror Story and Daisy Chains

(04:06) - Guest’s Career Journey

(05:50) - The Role of Accounting in Financial Modeling

(08:45) - Guest’s Introduction as Author

(10:00) - Golden Ground Rules for Financial Modeling

(14:00) - Importance of Using a Clear and Logical Workbook Structure.

(17:00) - A clean, Consistent Design to Make Models Professional and User-friendly.

(23:10) - Instructions for Users to Ensure They Understand How to Use the Model.

(29:00) - Horror Stories from Financial Modeling

(33:40) - Tips and Tricks and Benefits of Using Power Query

(37:19) - Rapid-Fire Session

(42:10) - Guest's Contact Information

Unlocking Financial Model Secrets and Advanced Techniques with Stephen Aldridge21 May 202400:45:49

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In today’s episode, Paul engages in a conversation with Stephen Aldridge, to discuss developing and implementing Financial Modeling standards and best practices, including insights from his work on the Financial Modelling Code. This conversation is packed with practical advice and fascinating anecdotes.

Stephen, the founder of Numeritas, has over 20 years of experience in Financial Modeling. Stephen has worked with and for top firms like KPMG and Deloitte. With a background in engineering, sales, and corporate management, he offers a unique perspective on Financial Modeling standards and best practices.

Key takeaways from this week's episode include:

  • Standards in Financial Modeling ensure consistency and reliability in financial models. Having an agreed-upon approach within a firm allows for seamless transitions when different individuals work on the same model, promoting accuracy and ease of understanding.

  • Financial modeling involves various acceptable methodologies, making consensus on best practices challenging. Flexible guidelines, like the Financial Modeling Code, help streamline processes and ensure consistency across different approaches.


  • Prototyping in Financial Modeling bridges the gap between modelers and users by creating early mock-ups of input areas. This approach ensures the model meets user expectations and captures necessary inputs accurately, saving time and resources in the long run.


  • Human factors, such as biases and assumptions, significantly impact financial modeling. Effective communication and understanding stakeholder interactions are crucial for creating accurate and practical models.


  • In implementing Modeling Standards, Firms should adapt modeling standards to their specific needs with a focus on basic principles like avoiding hard coding and maintaining consistency to enhance model quality and reliability.


Quotes:  


Here are a few relevant quotes from the episode on financial analysis and modeling:

“I suppose a few things within a firm, you probably want a house style, at least an agreed approach, so that if somebody else picks up the model, has to work on it or somebody leaves, then you've got continuity.”

“Prototyping helps the user to see what they like to get. If they think, oh no, this isn't what I would imagine, what about these things then? You're getting all that out in the open before you start coding.”

“It's very important to think about the human aspect of modeling and what goes around it as well, and the assumptions we make and the bias that can creep in and all these sorts of things.”

“Keep the user at the center of everything you do, keep them at the center of your thinking, and that way you'll produce a model that's much easier to use, and likely to have a longer life.”


Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.


Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. 


View and download the Financial Modeling Code at financial-modelling-code.ashx (icaew.com)


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In today’s episode:  

(00:50) Introduction

(01:40) Guest Introduction

(01:45) Horrifying Financial Models

(04:10) Approach to Financial Modeling

(05:25) Guest's Background and Career Journey

(08:20) Developing Modeling Standards

(15:09) Divergent Views and Common Agreements

(18:15) Best Practices and Lessons Learned

(24:30) Importance of Prototyping

(28:00) Most Enjoyable Modeling Project

(30:30) Joking on Big Numbers

(33:20) Rapid-Fire Question Round

(44:20) Guest's Advice for Aspiring Financial Modelers

(44:47) Guest's Contact Information

Financial Modeling Techniques for Global FP&A Success with Carolina Lago07 May 202400:42:01

Welcome to the Financial Modeler's Corner (FMC), where we discuss the art and science of financial modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In today’s episode, Paul engages in an interaction with Carolina Lago and discusses the essential tips for transforming data into actionable insights and the strategic approach to avoiding common modeling pitfalls. This discussion offers valuable wisdom that will enhance your analytical skills and financial acumen.

Carolina, a seasoned FP&A professional with over 15 years of international experience, shares profound insights from her extensive career, including her role in a significant IPO and leading software implementation across global departments.

Key takeaways from this week's episode include:

  • An early career encounter with a poorly designed financial model, filled with hard-coded numbers, underscores the necessity for creating flexible and dynamic financial models that can adapt to changing business needs.


  • The discussion highlights the critical need to avoid hardcoded data and external links in financial models, which can lead to rigidity and errors.


  • Insights from the financial modeling newsletter and courses show a wide range of professionals benefiting, from newcomers to seasoned directors. This variety demonstrates the widespread need for improved modeling skills.


  • The discussion focuses on the importance of transforming data into actionable insights. It's stressed that without the ability to analyze and interpret data effectively, its value is minimal.


  • The conversation sheds light on techniques for deriving actionable insights from complex data, crucial for any financial modeler. It also discusses the value of formal certifications like the Advanced Financial Modeler Certification as tools for professional development and skill validation.


Quotes:  


Here are a few relevant quotes from the episode on financial analysis and modeling:

  • “I inherited one, and I had to try to change it. I spent probably a couple of weeks trying to make it better, and I couldn't. It was just too full of hardcoded numbers and I had to find everything the way around and no design at all.”


  • “The first thing I learned about financial modeling was not to use hard codes and don't link outside of the spreadsheet.”


  • “Data is only useful if it can be transformed into actionable insights.”


  • “The TACTIC is (Targets, Assets, Calculations, Tools, Insights, and Correlations.) You start with the target which is the question that you need to answer with that financial model.” 


  • “That's why I like financial modeling so much because it can transform data into something. So you can make decisions on top of that data.”


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’. 


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  


Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. 


Follow Carolina:



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In today’s episode:  

(00:04) Introduction

(00:50) Guest Introduction

(01:00) Horrifying Financial Models

(02:00) Insights from Guest’s Early Career Challenges

(03:10) Guest’s Career Journey and Global Experience

(05:00) Turning Data into Actionable Insights

(07:30) Introduction of the Tactic Framework

(09:50) Audience Engagement and Learning Opportunities

(20:00) Certification and Continuing Education

(22:40) Rapid-Fire Round

(24:50) Advice for Aspiring Financial Modelers

(26:00) Contact information to learn more about various modeling techniques and tools.

Embracing Skepticism To Enhance Financial Modeling Techniques With Geoff Robinson23 Apr 202400:49:24

Welcome to the Financial Modeler's Corner (FMC), where we discuss the art and science of financial modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally. https://www.abacum.io

In today’s episode, Paul engages in a conversation with Geoff Robinson, to discuss the financial modeling world, blending technical skills with behavioral economics to enhance decision-making in finance.

Geoff Robinson, founder of TheInvestmentAnalyst.com and seasoned financial modeler with a rich background in investment banking and education, notably as a former managing director at UBS.

Key takeaways from this week's episode include:

  • An unconventional entry into investment banking at 43, highlighting how the background in education enriches the approach to financial analysis and modeling, emphasizing the crossover skills between teaching and financial analysis. This highlights how teaching skills are transferable and beneficial in the financial analysis and modeling sectors.
  • An anecdote about a significant error in a financial model, which failed to detect a $29 billion discrepancy, underscoring the critical importance of rigorous validation and diagnostic checks in financial modeling.
  • In the role of behavioral factors in financial modeling, adopting a stance of professional skepticism and the need for understanding and questioning the assumptions underlying a model before trusting its output.
  • For simplicity and planning in financial modeling, the most effective models are those that are straightforward, well-planned, and can communicate complex financial insights in an accessible manner.
  • Strategies for mitigating bias, such as incorporating different perspectives and rigorous testing of hypotheses, as the influence of cognitive biases on financial modeling to enhance the reliability of financial models.

Quotes:

Here are a few relevant quotes from the episode on financial analysis and modeling:

"The diagnostic on this model was said if total assets equal total liabilities and equity, okay. So no matter what happened, your balance sheet, even if it was mashed up, the diagnostics said it was fine and when you went into the detail, there was a $29 billion hole in that balance sheet."

"Financial models are a real kind of insight and window into the personality of the modeler. You can see how they think, you can see how they overcomplicate things. You can see if they're sloppy."

“Models are question-asking tools. One of your questions was is it a primary decision maker, a financial model? I don't think models are decision-makers. I think models are the way you test a hypothesis.”

"I suppose the blunt thing to say is don't trust anything until you understand it."

Follow Geoff:

LinkedIn - https://www.linkedin.com/in/geofftheinvestmentanalyst

Website - https://theinvestmentanalyst.com

Follow Paul:

Website - https://www.thefpandaguy.com

LinkedIn - https://www.linkedin.com/in/thefpandaguy

For an experienced-based approach to financial modeling, emphasizing skepticism, the effective communication of complex financial data, and the intersection of analytical rigor, educational techniques, and behavioral economics, visit FMI at www.fminstitute.com/podcast and use code ‘Podcast’ to save 15% when you register. Contact Paul Barnhurst for further details.

In today’s episode:

(01:58) Introduction

(02:44) Guest Introduction

(03:00) Horrifying Financial Models

(04:01) Joking on Big Numbers

(04:24) Approach to Financial Modeling

(05:14) Behavioral Insights in Modeling

(05:56) Best Practices and Lessons Learned

(42:40) Rapid-Fire Question Round

(47.09) Guest's advice for aspiring financial modelers

(47.38) Contact information to learn more about various modeling techniques and tools

How Simplicity In Financial Modeling Enhances Decision Making09 Apr 202400:51:37

Welcome to the Financial Modeler's Corner (FMC), where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In today’s episode, Paul engages in a conversation with Scott Rostan, Founder of Training The Street.

Scott found his passion for finance with his dedication to teaching and has been driving innovation in financial training ever since. As CEO of Training The Street and as an adjunct professor at UNC Kenan-Flagler Business School, he inspires the next generation of finance professionals

Through his leadership as CEO of Training The Street, Scott has reshaped the landscape of financial education, equipping individuals with the skills and knowledge needed to thrive.

In this episode, expect to learn:

  • The significance of technical skills, such as financial modeling, accounting, and Excel proficiency, in the finance industry
  • How specialized training programs can help individuals enhance their financial knowledge and technical abilities
  • The evolving role of AI in finance and how it complements human expertise rather than replacing it
  • The balance between technical proficiency and interpersonal skills to excel in their careers
  • How individuals can build trust with clients, colleagues, and stakeholders, ultimately contributing to the integrity and credibility of the finance profession.

Quotes:  

“It's really easy to start throwing stuff together and writing a nasty old nested if formula or whatever it might be, but that doesn't always mean it's clean or effective or meets those requirements we talk about.”

“And when you get good with the prompt engineering typing, questions, and answers, you can get a lot more productive and faster.”

“It's not ideal because circular references can make your model more complex and harder to understand, but in certain situations, they're necessary for accuracy.”

“If you just blindly took the financial information from this database, it could be off by a big factor. So again understanding what's going on, understanding the nuance, understanding the limitations is going to be much more valuable.”

“They're going to trust you and value you to distill what's important and then present it in an easy-to-digest way so that they can understand in simple terms what is happening. The analysis comes from the model, but the story is going to come from you.”

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’. 

Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  

Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit.  


Follow Scott:    

  • LinkedIn - https://www.linkedin.com/in/scott-rostan-86b44417a
  • Website - https://trainingthestreet.com/


 Follow Paul: 

  • Website - https://www.thefpandaguy.com/   
  • LinkedIn - https://www.linkedin.com/in/thefpandaguy/  
  • TikTok - https://www.tiktok.com/@thefpandaguy  
  • YouTube - https://www.youtube.com/@thefpaguy8376  


Follow Financial Modeler's Corner  

  • LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  
  • Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984   


In today’s episode:  

[00:45] Introduction;

[01:00] Scott’s horror story of the worst Financial Model;

[01:58] The KISS principle;

[03:53] Scott’s background;

[05:56] Key projects that helped Scott;

[19:17] Training the Street courses;

[21:02] How is AI changing modeling;

[28:59] Skills required for a great modeler;

[42:50] Scott’s favorite Excel shortcut;

[44:18] Rapid fire;

[48:55] Scptt’s final piece of advice;

Unraveling the Mystery: Roderick Mckinley's Guide to Navigating Tokenomics28 Mar 202400:44:22

Welcome to the Financial Modeler's Corner (FMC), where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In today’s episode, Paul engages in a conversation with Roderick McKinley, blockchain & Tokenomics advisor of Rmckinley.net

Roderick, a crypto expert, discusses financial modeling in the crypto space, highlighting challenges like token volatility and treasury management. He emphasizes aligning incentives for healthy exchanges and discusses his online course on Tokenomics Modeling and fundraising.

Roderick also offers strategic guidance, product development, and Tokenomic design services for various blockchain applications, including DeFi, blockchain games, and Layer 1 protocols. He assists in developing tokenized business models, designing token utilities, and structuring token allocations for successful capital raises.

In this episode, these are your learnings:

  • Understand the integration of finance and blockchain and Tokenomics and strategic guidance for blockchain projects.
  • Gain insights into challenges and opportunities in transitioning from traditional finance to the crypto space.
  • Learn how to navigate complexities like token volatility and incentive alignment in blockchain projects.
  • Obtain practical tips on developing tokenized business models, designing token utilities, and structuring token allocations for successful fundraising.
  • Acquire valuable knowledge for navigating the evolving landscape of blockchain and cryptocurrency.

Quotes: 

  • “Financial modeling often has a lot to do with client and industry expectations. What passes as good work or what passes as enough can change very dramatically from country to country and sector to sector.”


  • “Some of the stuff they teach you is that, well, the world's this way because it can't be any other way. And you pass exams sort of like explaining why it's impossible to fix things but suddenly blockchain technology actually gives you a completely different kind of tool chest that opens that up again.”


  • “Try and look for the shortest and most efficient way to express your calculations. Try and maximize the speed of your model.”


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.


Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit.


Follow Roderick McKinley: 

Linkedin: https://www.linkedin.com/in/roderickmckinley

Website: https://rmckinley.net/


Follow Paul:

Website - https://www.thefpandaguy.com/

LinkedIn - https://www.linkedin.com/in/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy

YouTube - https://www.youtube.com/@thefpaguy8376


Follow Financial Modeler's Corner

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/

Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984


In today’s episode:

01:10 Introduction

01:55 Rodrick’s horror story

03:55 Rodrick’s background

05:25 Getting stuck on a tropical island

06:08 Rodrick’s love of problem-solving, geeky coding, and number-crunching

11:50 Interview with Boris Johnson

13:17 Definition of token economics

21:39 How do crypto companies manage their treasury?

28:04 Simplifying Tokenomics modeling

30:01 Deciding on tool selection

35:51 Rodrick’s Favorite and Most Valuable Excel Shortcuts

37:25 Rapid fire

42:42 Wrap up

E-Commerce Growth vs. Profit – Drew Fallon's Insights.20 Aug 202400:50:18

In this episode of Financial Modelers Corner, host Paul Barnhurst delves into the intricacies of financial modeling in the e-commerce industry with guest Drew Fallon, a seasoned e-commerce entrepreneur and co-founder of Iris, a cutting-edge FP&A tool for e-commerce businesses. The discussion offers valuable insights into the unique challenges of financial modeling in a rapidly evolving digital landscape, particularly in direct-to-consumer (DTC) businesses.

Drew Fallon is an experienced entrepreneur in the e-commerce and CPG sectors. He began his career in equity research, working on high-profile IPOs like Airbnb and Corsair. Drew later co-founded and served as CFO for Mad Rabbit, an e-commerce brand that achieved significant growth under his leadership. Currently, he is the co-founder and CEO of Iris, a financial modeling platform that integrates AI to help e-commerce businesses automate their financial forecasting and analysis.


Key takeaways from this week's episode include:

  • The key components of effective financial modeling for e-commerce businesses.
  • How cohort forecasting and customer retention play crucial roles in revenue prediction.
  • The importance of understanding fulfillment costs and their impact on gross margins.
  • Why many e-commerce brands fail due to poor financial modeling and how tools like Iris can help.
  • Insights into Drew's journey from equity research to building successful startups in the e-commerce space.


Here are a few quotes from Drew Fallon:

  • "The number one thing to focus on with these e-comm businesses is the returning revenue number. If you mess up the forecast for your returning customer, it's the easiest way to mess up the gross profit forecast." - Drew Fallon
  • "E-commerce is a tough business on working capital. It can be really challenging if you don't model out your cash flow accurately." - Drew Fallon
  • "If you get the gross profit wrong, then you get the CAC wrong. And then all of a sudden you're losing money, and you die." - Drew Fallon


In this insightful episode, Drew Fallon emphasizes the critical importance of precise financial modeling in the e-commerce sector, particularly in managing customer retention, fulfillment costs, and the dynamics of working capital. His experience in scaling e-commerce brands and developing Iris underscores the need for specialized tools and methodologies to navigate the complexities of this industry. Whether you're an entrepreneur, financial modeler, or simply interested in the intersection of finance and technology, this episode offers valuable lessons on how to build sustainable, profitable e-commerce businesses.


Follow Drew:


 

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Follow Financial Modeler's Corner  



Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  


In today’s episode:

[01:10] - Introduction to the episode and guest Drew Fallon.

[04:44] - Drew’s background and E-commerce journey

[11:52] - Discussion on Drew’s passion for startups and its challenges and rewards

[17:04] - Key elements of financial modeling specific to e-commerce

[28:16] - Operational metrics and cost assumptions and how they affect overall financial health.

[35:06] - The advantages of using Iris in e-commerce financial modeling.

[41:53] - Quick insights into Drew's financial modeling preferences

[47:08] - Drew’s advice for aspiring financial modelers

[49:30] - Final thoughts and how to connect with Drew

Shaping Business Strategy: Ian Bennett's Insights on What Makes for a Great Financial Modeler14 Mar 202400:46:34

Welcome to the Financial Modeler's Corner (FMC), where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode, Paul is joined by Ian Bennett, Partner, Deals Modelling team at PwC, Australia.

With over 20 years of experience as a professional financial modeler, Ian has constructed and assessed models critical for major transactions, infrastructure projects, and routine forecasting and reporting. Today Ian leads the deal modeling practice for Pwc Australia.


In addition to being a world-class Modeller Ian is incredibly dedicated to diversity, inclusion, and wellbeing (DI&W). This has propelled him through various positions within PwC and beyond. As a proud LGBTIQ+ ally, he serves on the Steering Committee of Shine@PwC, the firm's LGBTIQ+ employee network, and currently holds the role of wellbeing lead for the Financial Advisory business.


In this episode, expect to learn:

  • Why understanding the stakeholders involved in a project is vital
  • Why it's essential to listen actively to clients, understand their needs, and ask the right questions
  • How to analyze the success and effectiveness of the financial modeling process
  • What are the tools and technologies available in the market
  • What are the new technologies and methodologies for financial modelers to stay effective and successful in their roles


Quotes: 

  • “You need a desire to understand the power of the things you have in front of you and not be scared.”


  • “Every model tells a story, and that story is known at the start of the project, and the questions that the model will be able to answer.”


  • “Models are built for a single primary purpose at the time that they are conceived’


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.


Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit.


Follow Ian Bennett: 

Linkedin: https://www.linkedin.com/in/ianrbennett

Website: https://www.pwc.com.au/deals/modelling.html


Follow Paul:

Website - https://www.thefpandaguy.com/

LinkedIn - https://www.linkedin.com/in/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy

YouTube - https://www.youtube.com/@thefpaguy8376


Follow Financial Modeler's Corner

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/

Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984



In today’s episode:


00:20: Introduction

01:10: Problem that bettered Ian

03:00: Ian’s insights on financial models

05:18: Ian’s story

07:13: What is MFM and why did Ian pursue it?

08:35: Ian’s experience in the Global Excel Summit

10:49 Why Ian is passionate about financial modeling

11:52: Ian’s favorite industry that he likes to model

13:13: What makes a good financial modeler?

16:49: Things beyond the model that help in a project?

22:05: Approach and methodology 

27:00: Tools beyond Excel

34:40: Technical nugget when building new models

36:50:  Rapid fire 

39:08: Ian’s favorite function

45:00: Ian’s advice to become a better financial modeler

45:36: Wrap up

Mastering SaaS Models: Derek Baker's insights on building robust SaaS models 29 Feb 202400:38:02

In this episode, Paul Barnhurst is joined by Derek Baker, who is drawn to really hard problems. Derek discovered early in his career that he loves startups and building companies.


He began his career working for SaaS startups, building out their core FP&A processes. For many of the companies he worked with, he was building their very first financial model to help them operate the business and make capital allocation decisions. He found that every business - regardless of stage - can improve performance with excellent FP&A.


Today, he works at Neighbor.com, a Series B startup, building the “Airbnb” of personal storage. Building the FP&A function for a marketplace has been the biggest challenge of his career, and he is loving every minute of it.


Listen to this episode as Derek shares:


  • How he got into financial modeling for SaaS companies

  • His advice for building robust SaaS Models.

  • The importance of understanding a business to build better Models.

  • Everything about SaaS and SaaS Companies.

  • His position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, AI in modeling, and more.


Quotes:


“ The only way you're really going to learn how to build a model is by building it. You can do all the study you want, but at the end of the day, it's like anything, without practice, it's just theory. ”


“ The better you know an industry, the better you know the operations of the business, the easier it is to build a model.”


“ [ What separates good FP &A from great FP & A] I think it's 1- business acumen and 2- business partnering. Anyone can build a model in Excel and can learn those technical skills. But using those technical skills to help the business and partner with the business to help them understand the business better and grow the business is exactly what FP&A should be doing....”


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit https://fminstitute.com/podcast/and use code Podcast to save 15% when you register.


Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit.


Follow Derek:


Follow Paul:


Follow Financial Modeler's Corner


In today’s episode:


(00:22) Intro;

(00:45) Welcoming Derek;

(01:00) The worst Financial Model Derek has ever seen ;

(02:00) Key takeaways from the worst Financial Model;

...

Beyond the Numbers: Lance Rubin's Insights on AI, Power BI, and the Future of Financial Modeling 15 Feb 202400:49:03

In this episode, Paul Barnhurst is joined by Lance Rubin, who has a wealth of financial modeling experience including working for PwC & KPMG, Investec Bank Corporate Finance & Advisory, National Australia Bank, and starting his own practice.


Lance spent two decades working for corporations (PwC & KPMG, Investec Bank Corporate Finance & Advisory, National Australia Bank). It was during this time he gained a love of modeling.


Lance was previously the CFO of fin-tech start-up Banjo (SME lender) and Sequel CFO whilst founding Model Citizn, a financial modeling, analytics, and automation consultancy firm following his 20 years in corporate. He has delivered a number of online training workshops in financial modeling and Power BI whilst also being a certified trainer for the FMI and he wrote a large portion of the CA (ANZ) study guide on financial modeling. He was also a judge at the world’s first Financial Modeling Innovation Awards and he presented at the Power BI Global Summit in 2022.


Listen to this episode as Lance shares: 


  • His learning from the worst models he has come across.
  • His journey into Financial Modeling and how he fell in love with modeling.
  • The key to Financial Transformations.
  • The HACK Framework.
  • The importance of Power BI and similar tech.
  • His advice on the use of tools and shortcuts.
  • His position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, AI in modeling, and more.

Quotes: 


“Financial Transformation is the combination of process, tech, and people. With people being the most important.”


“The HACK Framework (Hygiene, Automation, Capability, Knowledge) allows you to bring technical skills and soft skills. together...You need to develop capability and knowledge and you need to bring that together with hygiene and automation.”


“Data Modeling and Financial Modeling sound the same but are fundamentally quite different.”

 

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register. 


Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. 


Follow Lance:   


Follow Paul:


Follow Financial Modeler's Corner 


In today’s episode: 


(00:22) Intro;

(00:47) Welcoming Lance;

(01:00) The worst financial model Lance has ever seen;

(05:14) Takeaway from the worst financial model;

(08:02) Lance’s background;

(11:27) Key to Finance Transformation;

(17:37) The Hack Framework;

(18:43 - 19:29) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(19:30) What led to Lance’s love for Modeling?;

(22:38) The most interesting model;

(26:30) Importance of Power BI and similar Tech;

(31:51) AI and Financial Modeling;

(36:10) The learning that saved Lance a lot time while Modeling;

(41:16) Rapid Fire;

(46:58) Connect with Lance;

(48:15) Outro;


Beyond the Classroom: Why Learning Excel is an Investment for your Career 01 Feb 202401:00:18

In this episode, we have another special treat for you which is part two of the Financial Modeling World Cup (FMWC) and the Microsoft Excel Collegiate Challenge (MECC). Paul attended modeling competitions in Arizona and Las Vegas watching competitors compete and talking to the commentators, spectators, and faculty, and we have brought you a few of those interviews.


Listen to this episode as :


  • Andrew Ngai shares how amazing it was to look out at the facility, the HyperX arena in Vegas, and realize that this was his hobby.


  • The founder of FMWC, Andrew Grigolyunovich talks about how it fulfilled a dream of his to talk about that.


  • Competitors share why learning Excel is so important for your career.


  • The students share some of their experiences, favorite Excel formulas, and why they're such big fans of Excel and financial modeling.


Quotes:


“Our slogan is “Learn, Train, Compete” for the Financial Modeling World Cup.”

Andrew Grigolyunovich


"It was the dream come true...that was exactly the moment that the thing that I was dreaming of, probably since back in 2016."

Andrew Grigolyunovich


"You're able to just help each other out. So, yeah, for me, my favorite part was the collaboration, just interacting."

Zach


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.

Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit.


Follow Andrew Ngai :


Follow Andrew Grigolyunovich :


Follow Paul Wagner:


Follow Paul:


Follow Financial Modeler's Corner



In today’s episode:


(00:45) Intro;

From Campus to Spreadsheet: The Microsoft Excel Collegiate Challenge Journey18 Jan 202400:55:26

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditation in Financial Modeling globally.


In this episode, we have a special treat for you with multiple guests who attended the Microsoft Excel Collegiate Challenge (MECC). At the beginning of November, Paul had the opportunity to spend a day at the University of Arizona campus and watch these students compete and talk to commentators, spectators, competitors, and faculty, and we have brought you a few of those interviews.


Listen to this episode as: 

  • Excel MVPs, Oz Du Soleil and Jon Acampora share why they attended the show, what they love about the competition, and the magic of Power Query
  • The host of this competition, Prof David Brown talks about MECC.
  • The winner, Patrick Chatain and 3rd-place finisher Benjamin Weber share their experiences.
  • Missy and Teresa from Salve Regina University, talk about why they started with Excel as they were building out a data analytics business program.
  • Craig Hatmaker shares everything about LAMBDA's and 5G modeling components.

Quotes:   


“[How does MECC benefit students in the real world] Sometimes we get sponsors to actually write cases that are based on what they do . S o it gives them real-world experience of what they would be doing, which is invaluable w hen you're interviewing for a job . ....... ” - Professor David Brown

 

“ [Do you feel like you're better in Excel today for having competed] When I started competing, I didn't even know what Lambda, let alone dynamic arrays and all of that was. Now I know most of them and I think those are pretty good functions with pretty good use cases. So I think that made me a much better user in Excel. ” - 3rd Place Finisher Benjamin Weber

  

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  

Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 

 

Follow Oz du Soleil :    

YouTube - https://www.linkedin.com/in/ozdata/

LinkedIn - https://www.youtube.com/channel/UCZgOVykPoRbSZQfY9YysiRQ

Follow Jon Acampora :    

Website - https://www.excelcampus.com/

LinkedIn - https://www.linkedin.com/in/jonacampora

Follow David Brown:    

LinkedIn - https://www.linkedin.com/in/dr-david-c-brown/?trk=public_post_feed-actor-name

Follow Craig Hatmaker :    

LinkedIn: https://www.linkedin.com/in/craig-hatmaker-4449879/

Website: https://sites.google.com/site/beyondexcel/home
YouTube: https://www.youtube.com/@CraigHatmakerBXL

Building with Fast + 5G- https://www.youtube.com/watch?v=8Zl3yURsvdE&t=1s


Demo using 5G Components-
Intro 5G - Watch an Excel Model do something incredible using 5G methods - YouTube


Gist site to download Craig Hatmakers LAMBDAs for 5G modeling- https://gist.github.com/CHatmaker

 

Follow Paul:

Website - https://www.thefpandaguy.com/   

LinkedIn - https://www.linkedin.com/in/thefpandaguy/ 

TikTok - https://www.tiktok.com/@thefpandaguy 

YouTube - https://www.youtube.com/@thefpaguy8376  

 

Follow Financial Modeler's Corner 

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  


Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  

 

In today’s episode:  

(00:43) Intro;

(01:44) Interview with Oz Du Soleil and Jo n A campora ;

(19:51) Everything about MECC with David Brown;

(25:43 - 26:30) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(27:30) Interview with Benjamin Weber ;

(36:34) Interview with Patrick Chat ain ;

(41:28) Interview with Missy and Teresa ;

(48:38) Interview with Craig Hatmaker;

(54:00) Outro. 


 


 


 


 


 


 


Precision in Modeling: Sam Sivarajan’s Wisdom on Balancing Art, Science, and Decision-Making04 Jan 202400:41:36

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditation in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by Sam Sivarajan , who is a Speaker, Wealth Management Consultant, Behavioral Scientist, Stoicism Padawan, Fintech Advisor, Podcast Host, Bestselling Author and an Adventurer. He has a law degree, an MBA, a PhD in behavioral science, and has also earned a CFP.

 

Sam’s work is focused on how we can make  better decisions  so that we can get to  better results  – in investing, in leadership, and in our personal lives.

 

Listen to this episode as Sam shares:

  • His journey working in Telecom during the tech boom.
  • Advice on balancing the art and science of Modeling.
  • His advice on making smart assumptions.
  • The importance of Decision Making.
  • How to think critically when building a model and making assumptions.
  • Everything about his books ‘Making your money work’, ‘Uphill’ and ‘Am I Ok?’
  • His position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, AI in modeling, and more .

Quotes:  


“ Never forget and lose sight of why you're creating the model, and who will use it....... ”


“ In my view, the model is simply a numerical representation of some prior deep-rooted strategic thinking , a nd you're bringing that to bear in that model as a representation . ”

 

“ A model is a simplification of reality. It isn't reality. And to remember that the model is but one tool in making key decisions. It shouldn't be the be all and end all...... ”
 

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  


Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 


Am I Ok? - https://www.amazon.co.uk/Am-Essential-Questions-Investors-Financial-ebook/dp/B0CKY6XB4K?ref_=ast_author_mpb

 

Uphill - https://www.amazon.co.uk/Uphill-Ancient-Science-Choices-Challenges-ebook/dp/B0BGMJX9VN?ref_=ast_author_dp&dib=eyJ2IjoiMSJ9.fVxD2IJYvz1m0ZgBXJmkb595Ei0TtF8Wjx2TMOwZWzVdTmpjGxlD9-zbKVPzvrFn.gUxmNYfh-t6jXwKbr2EqugQZ4LBWXPOLoX6DrlNEsU0&dib_tag=AUTHOR


Follow Sam:    

Website - https://www.samsivarajan.com/

LinkedIn - https://ca.linkedin.com/in/samsivarajan

Podcast - https://www.samsivarajan.com/podcast

Twitter - https://twitter.com/SamSivarajan

 

Sam’s books:

 

Making your Money Work - https://www.amazon.co.uk/Making-Your-Money-Work-Financial-ebook/dp/B0B36PDQLX?ref_=ast_author_dp&dib=eyJ2IjoiMSJ9.fVxD2IJYvz1m0ZgBXJmkb595Ei0TtF8Wjx2TMOwZWzVdTmpjGxlD9-zbKVPzvrFn.gUxmNYfh-t6jXwKbr2EqugQZ4LBWXPOLoX6DrlNEsU0&dib_tag=AUTHOR

 

Follow Financial Modeler's Corner 


LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  


Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  

 

In today’s episode:  

(00:22) Intro;

(00:45) Welcoming Sam;

(01:01) The worst financial model Sam has ever seen ;

(02:57) Sam’ s background;

(04:22) Sam’s experience at Telecom;

(10:27) How to balance the art of Art and Science of Modeling ;

(12:27) Why is the process often more important than the actual Model? ;

(17:07) Advice on Assumptions;

(21:51) Sam’s technique to get better at Modeling;

(22:30 - 23:15) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(23:21) How people think about making decisions;

(24:35) How to make better decisions;

(27:40) Frameworks that help with Decision Making;

(31:57) Sam’s experience while writing his books - Making your Money Work, Uphill and Am I Ok?;

(34:20) Rapid Fire;

(37:38) Connect with Sam;

(38:17) Sam’s advice on being a successful Modeler;

(39:34) Paul’s Top Picks

- The importance of the Thinking Process

- Validating Assumptions

(41:00) Outro 

Exclusive Talk: Dave Hallwood, Giles Male, and Rafaël Le Saux Explore Being a Better Financial Modeler and Financial Modeling Certifications22 Dec 202300:51:51

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.

 

In this LinkedIn Live, Paul Barnhurst is joined by three amazing Modelers, Dave Hallwood, Giles Male and Rafa ë l Le Saux.

 

Dave is the Group Finance Director at Aldrich Group Ltd . He is a Chartered Certified Accountant, Commercially minded with a background in Accounting and Business in SMEs

Dave took the AFM last year and the CFM this year.


Giles Male is a co-founder of Full Stack Modeler - an award-winning training program and community for Modelers at every level, with an opportunity to gain Full Stack Modeler accreditation. He will also be taking on a limited number of coaching clients in 2024. Giles took his AFM 2 years ago and is awaiting the result of CFM.


Rafaël Le Saux is a Director and Valuation & Modeling Advisory Lead at PwC Luxembourg / LVPA Board Member. He is passionate about Valuation and Modeling disciplines and has piloted his professional path toward amassing sufficient knowledge to support clients in solving complex valuation problems across different asset classes, industries, and geographies.

 

Listen to this episode as the guests talk about: 

  • Their experiences in Modeling. 
  • The value of Financial Modeling Accreditation.
  • How to improve your Financial Modeling skills
  • Their position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, AI in modeling, and more.

Quotes:   


“this job is about people, it's about talking to people, it's about giving them information instead of data”

 

“One of the really good things about FMI is if you have got both AFM and CFM on your CV, that’s the level of credibility that reflects what you are doing.”

 

"Simple is hard, complex is easy" 


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  


Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 

 

Follow Dave:    


Follow Giles:    


Follow Rafaël:

LinkedIn - https://www.linkedin.com/in/rafael-le-saux/

 

Follow Paul:


Follow Financial Modeler's Corner 


In today’s episode:  

(00:22) Intro;

(00:46) Background of the guests - Dave, Giles, Rapha ë l;

(02:36) How did they become interested in building Financial Models?;

(06:40) Rapid Fire;

(14:55) What led these guys to take the FMI?;

(21:45) Why are they a fan of Financial Modeling World Cup?;

(23:36) How FMI helped them professionally?;

(24:45 - 25:30) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(27:18) What makes FMI unique?;

(37:36) When must someone take AFM and CFM?;

(41:03) FMI as a part of regular Graduation;

(46:08) Advice on being a better Financial Modeler;

(49:26) Connect with Dave, Giles and Rapha ë l ;

(50:40) Outro

From Classroom to Certification: Andy Temte's Unique Perspective on Financial Modeling07 Dec 202300:40:48

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.

In this episode, Paul Barnhurst is joined by Dr. Andy Temte .

 

Dr. Andrew Temte, CFA, is the former CEO of Kaplan Professional and author of “Balancing Act: Teach, Coach, Mentor, Inspire,” and "The Balanced Business: Building Organizational Trust and Accountability through Smooth Workflows." He is also a board member and senior advisor at the FMI.

 

A thought leader on financial education and issues related to organizational health, continuous improvement, and workforce re-skilling, his articles have appeared in a number of media outlets, including Chief Executive and Chief Learning Officer.

 

This blend of higher education and professional education experience gives Dr. Temte a unique perspective when it comes to financial education and financial modeling

 

Listen to this episode as Andy shares: 

  • His learning from the worst models he has come across.
  • His experience reviewing financial models for acquisitions.
  • His experience as a Member of the Board of FMI.
  • The value of Financial Modeling Accreditation.
  • Why he wrote his book ‘The Balancing Act’.
  • His position on controversial modeling issues.

Quotes:  


“FMI is one of the only institutes that’s delivering a truly experiential credentialing process.”

 

“At the end of the day, modeling is about communication because you're helping communicate insights, derived from data and assumptions to drive behavior or changes or decisions. And so it's all about communicating.”

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  


Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 

 

Follow Andy Temte:    

LinkedIn - https://www.linkedin.com/in/atemte/

Podcast - Balancing Act

Website - https://www.andrewtemte.com/

 

Andy’s books:

 

Balancing Act - https://www.amazon.com/Audible-Balancing-Act/dp/B0CFCZT4HN/ref=sr_1_2?crid=17K8UI3208G9Q&keywords=Andy+Temte&qid=1701342458&sprefix=andy+temte%2Caps%2C150&sr=8-2

 

The Balanced Business: Building Organizational Trust and Accountability through Smooth Workflows - https://www.amazon.com/Balanced-Business-Organizational-Accountability-.

 

Follow Paul:


Website - https://www.thefpandaguy.com/   

LinkedIn - https://www.linkedin.com/in/thefpandaguy/ 

Instagram - https://www.instagram.com/thefpandaguy/  

TikTok - https://www.tiktok.com/@thefpandaguy 

Twitter - https://twitter.com/TheFPandAGuy 

YouTube - https://www.youtube.com/@thefpaguy8376  

 

Follow Financial Modeler's Corner 


LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  


Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  

 

In today’s episode:  

(00:22) Intro;

(00:46) Welcoming Andy;

(01:05) The worst financial model Andy has ever seen ;

(01:52) Andy’s key learning experience from the worst financial model ;

(02:45) Andy ’s background;

(05:07) Andy’s journey as a professor;

(07:16) Andy’s motivation to teach Finance ;

(11:02) Time at Kaplan;

(13:55) Andy’s views on the CFA program;

(17:27 - 18:13) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(18:18) Andy’s experience as a Member of the Board of FMI;

(20:03) Value of Financial Modeling Accreditation;

(25:23) Andy’s motivation behind writing the book “The Balancing Act”;

(33:17) What motivated Andy to start a Podcast?;

(34:54) Rapid Fire;

(37:27) Advice on being a successful Modeler;

(39:32) Connect with Andy;

(40:10) Outro.


Special Bonus Episode: Run the Numbers by CJ Gustafson30 Nov 202300:51:23

This week, we are bringing you another special bonus episode. This week, we are sharing a podcast that our host, Paul Barnhurst, recommends.


The Run the Numbers podcast is hosted by CJ Gustafson. The podcast is designed to talk about things he wishes he knew during the early days of his career that no amount of Googling would answer.


This week's Show Notes:


Sebastian Duesterhoeft, partner at Lightspeed Ventures, joins CJ to talk about anything and everything start-up operators need to know about your Total Addressable Market.


Request from you, the audience: We are constantly working to improve Financial Modeler’s Corner, and this week, I would like to ask for your help completing the survey about the podcast. This will help us make future episodes better for you, the listener. The survey will only take a few minutes to complete, and your response is invaluable to the team at Financial Modeler’s Corner.


Link to survey: https://forms.office.com/r/K2fHfSUvFp


TIMESTAMPS:


(00:00) Episode Preview


(00:55) SEGMENT: CJ's opening “Off the Books” monologue - the Billion Dollar outcome


(02:59) Start of interview


(04:38) Why is TAM so important to investors?


(09:19) Is a $2B TAM not good enough?


(12:06) How big is enough TAM?


(13:23) Sponsor: NetSuite


(14:44) Frameworks to calculate TAM


(19:19) Second and third growth engines


(25:18) On "maturity of the market"


(28:36) On extensibility


(32:27) Why your initial insertion point is crucial to your business


(36:22) ServiceNow and Datadog: why these companies are shining examples of expanding their TAM


(45:03) SEGMENT: Long-ass Lightning Round


(48:43) SEGMENT: Rep Yo Stack - Sponsored by Tropic


How Financial Modelers build a goldilocks “Just-right” Financial Model with Brian Egger22 Nov 202300:40:06

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by Brian Egger .

 

Brian is the Global Head of Financial Modeling, Senior Gaming/Lodging Analyst at Bloomberg Intelligence. 

 

He has been publishing models professionally and writing investment research since the 90s on the sell-side as a brokerage analyst. His industry focus has always been broadly centered around consumer gaming, lodging, and leisure.

 

Brian has also worked in player-coach roles, whether it's being a research director or team leader or his current role, head of financial modeling, and outside the realm of being a practitioner, he has experience teaching as well.

 

Listen to this episode as Brian shares: 


  • His experience with finding the right balance as a Modeler
  • His learning from the worst models he has come across.
  • His role as the Global Head of Financial Modeling at Bloomberg
  • Everything about Bloomberg’s Interactive Calculator.
  • Trends of the Industry over the years.
  • His thoughts on the FMI program and why continuous learning is so important.
  • His position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, AI in modeling, and more .

Quotes:  


“ Models should be dynamic and not static, they should be integrated and not sort of siloed pieces not speaking to each other. ”

 

" There's a lot of merit just to continuously reinvesting in both your skill set and your credentials, and that it's really important to never stop doing that. The FMI has created a really intriguing platform as a way to do that. ”

 

“ The CFA exam prepares you in many ways to be a capable securities analyst. ”
  

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  

 

Join Paul in Vegas for the FMI World Cup Championship from

December 7, 2023 - December 9, 2023.

 

Sign up for the event today and receive 10% off by using the special code ‘FP&AGUY10’ .

 

Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. 

 

Follow Brian Egger:    

LinkedIn - https://www.linkedin.com/in/brianegger/

 

Brian’s article on the balance between complexity and simplicity -https://www.linkedin.com/pulse/what-level-detail-enough-financial-model-brian-egger/?trackingId=08lGH6pSQ865qLFJar2nzQ%3D%3D

 

Follow Paul:

Website - https://www.thefpandaguy.com/  

LinkedIn - https://www.linkedin.com/in/thefpandaguy/ 

Instagram - https://www.instagram.com/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy  

Twitter - https://twitter.com/TheFPandAGuy

YouTube - https://www.youtube.com/@thefpaguy8376

 

Follow Financial Modeler's Corner 

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  

Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  

 

In today’s episode:  

(00:22) Intro;

(00:46) Welcoming Brian;

(01:02) The worst financial model Brian has ever seen ;

(02:37) Brian’s key learning experience from the worst financial model ;

(03:13) Brian ’s background;

(05:05) Role as a Global Head of Financial Modeling at Bloomberg;

(06:19) How to find the right balance while Modeling? ;

(08:08) Signs that a Model is too detailed;

(10:57) Signs that a Model is too simple to make decisions;

(13:43 - 14:30) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(14:39) About Bloomberg’s Interactive Calculator;

(15:58) Brian’s key learning from that Project;

(20:25) Guidelines on Balance;

(23:52) Brian’s thoughts on FMI;

(27:44) Trends of the Industry over the years;

(29:58) Rapid Fire;

(34:31) Advice on being a successful Modeler;

(35:23) Connect with Brian;

(35:50) Paul’s Top Picks - Finding the balance between complexity and simplicity

(39:32) Outro.


The Art of Financial Modeling and Data Management with Adam Rakich13 Aug 202400:54:08

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode, Paul Barnhurst delves into the intricate world of data integration, especially within financial modeling and FP&A. The discussion revolves around the practical challenges and solutions for accessing and automating data flows, a topic crucial for finance professionals who often grapple with multiple data sources and complex modeling tasks. The episode offers insights into the evolving landscape of data management tools and how they can streamline processes for businesses.

Adam Rakich, a seasoned expert in the world of FP&A tools and data integration, joins the show. With a diverse background spanning social media marketing software, FP&A consultancy, and leadership roles at companies like Workday and OneStream, Adam now focuses on making data integration more accessible through his work at Data Blend. His deep understanding of the challenges accountants and financial modelers face with data management makes him a valuable resource for listeners looking to optimize their processes.


Key takeaways from this week's episode include:

  • The common pitfalls and solutions in financial modeling and data integration.
  • When and why businesses should transition from spreadsheets to specialized planning tools.
  • Practical strategies for automating data workflows, even when dealing with outdated or diverse systems.
  • The importance of understanding APIs, SQL, and other technical aspects of data integration.
  • How to build a business case for investing in data integration solutions.


Follow Adam:




Follow Paul: 


Follow Financial Modeler's Corner  



Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode:

[01:30] - Introduction and worst financial model experiences

[07:18] - Adam shares his career path from economist to data integration expert

[09:38] - Transitioning from spreadsheets to planning tools

[16:56] - The challenges of data integration

[26:01] - Hybrid approaches to data automation

[28:55] - Tools and strategies for freelancers and small businesses

[37:46] - Adam talks about his book and the key takeaways for readers.

[44:32] - Rapid fire questions on financial modeling tools and techniques.

[52:47] - Final thoughts and contact information

From Rocks to Riches: The Power of Financial Models in the Mining Industry with Emilie Williams09 Nov 202300:40:49

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.

In this episode, Paul Barnhurst is joined by Emilie Williams.

 

Emilie holds a Bachelor of Engineering (B.Eng.) in Mining, a Masters degree in (M.A.Sc.), Civil Engineering, a nd has earned her Level I and II FMI modeling certifications.

 

She has been bridging the gap between mine engineers, operations, finance, and management for more than 15 years. She has real-world, industry experience working on mine project strategies, diagnosing, and solving for factors that lead to project delays and inefficiencies, and creating best-practice tools and models to help her clients manage their operations, costs and realize their objectives.

 

Listen to this episode as Emilie shares: 

  • Her journey from mine engineer to full-time financial model
  • Her learnings from the worst models she has come across
  • The unique challenges of modeling in the mining industry
  • Her experience with competing in ESPN’s most recent Excel Battle
  • The importance of practicing to be a better modeler
  • Her position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, AI in modeling, and more


Quotes:  

“ The dependencies on physical constraints are not always easy to model. ”


"[Attending an FMI Course was] the first time I realized that there was actually a way to do it and actually the structure of modeling was a real thing, as opposed to, let's just stick things in our Excel spreadsheet …”
  

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  


Join Paul in Vegas for the FMI World Cup Championship from

December 7, 2023 - December 9, 2023 .


Sign up for the event today and receive 10% off by using the special code ‘FP&AGUY10’.Click on the link to register: Financial Modeling World Cup


Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 


Follow Emilie Williams:     

LinkedIn - https://www.linkedin.com/in/emilie-williams-06582761/

Website - https://cvmconsultants.ca/

 

Follow Paul:

Website - https://www.thefpandaguy.com/   

LinkedIn - https://www.linkedin.com/in/thefpandaguy/  

Instagram - https://www.instagram.com/thefpandaguy/  

TikTok - https://www.tiktok.com/@thefpandaguy  

Twitter - https://twitter.com/TheFPandAGuy  

YouTube - https://www.youtube.com/@thefpaguy8376  

 

Follow Financial Modeler's Corner 

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  


Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  




Special Episode: Breaking into Finance Podcast with Craig Thompson02 Nov 202300:44:48

Special Episode


This week we are bringing you a unique episode.  This episode is a Breaking Into Finance podcast episode hosted by Craig Thompson featuring Paul Barnhurst. 


Show Notes from Breaking Into Finance


Last episode we teed up the topic of exit opportunities and the types of careers paths available to finance professionals. Today we're excited to be joined by Paul Barnhurst AKA The FP&A Guy, host of FP&A Today and Financial Modeler's Corner. Financial Planning & Analysis ("FP&A") drives the strategic finance function at corporates and is an increasingly popular next step for ex-bankers. Paul is a thought leader in the space who helps break down the FP&A role, the skills you need to be successful, and his thoughts on the future of financial modeling.


For more Breaking Into Finance Episodes click here


https://open.spotify.com/show/3KtwQ1mhwj7X0HKK7RyJHc?si=8e9eeeed0c18463f


Mastering Finance: Navigating CFA Institute and CFA Program Changes with Rob Langrick26 Oct 202300:35:28

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI)  the most respected accreditations in Financial Modeling globally. In this episode, Paul Barnhurst is joined by Rob Langrick.

 

Rob Langrick, CFA, CIPM, is the General Manager of the CFA Program. He was previously Head of Practice Analysis, overseeing annual curriculum updates to the CFA Program.

 

Before joining CFA Institute, he lead Bloomberg’s finance education division, where he built and launched Bloomberg’s certification product. He began his career as a sell-side equity research analyst in London and, after earning his MBA from Dartmouth worked in the private equity diligence unit of Bain & Company in New York.


List to this episode as Rob Shares:

  • His learnings from the worst models he has seen in his career  
  • His experience as an Equity Analyst
  • The CFA Program and why they modified the program to include new content
  • The value of FMI's financial modeling content to the new CFA Program
  • The importance of learning about Financial Models

  • His views on why financial models are one of if not the most important corporate decision making tool


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.  



Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 


Quotes:   


“Often the best way to learn something is to teach it to others.”


“Modeling is just another branch of logic, reason and rationality.”



Follow Rob Langrick:    


 

Follow Paul:



Follow Financial Modeler's Corner 


In today’s episode:  

(00:22) Intro;

(00:48) Welcoming Rob;

(01:00) The worst financial model Rob has ever seen ;

(02:33) Rob’s key learning experience from the worst financial model ;

(04:20) Rob’s background;

(06:28) Rob’s experience as an Equity Analyst;

(08:53) What motivated Rob to move into Education;

(10:27) What lead Rob to join the CFA Institute;

(11:55) Roles Rob had at CFA;

(14:33 - 15:19) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(15:20) Changes to the Practical Skills Modules;

(16:43) People’s response to change;

(19:20) Changes apart from Practical Skills;

(22:22) The main benefit to Charter Holders;

(24:55) Experience with FMI;

(26:24) Why is it important for everyone in finance to learn the basics of financial modeling ;

(28:33) Rapid Fire;

(32:47) Advice to college students;

(34:27) Connect with Rob;

Financial Modeling Through the Years: Stories & Insights from Colin Human, David Thompson, and Prem Beejan 12 Oct 202300:59:59

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by three distinguished modeling experts: Colin Human, David Thompson, and Prem Beejan.


Colin Human started out his financial career as a 22-year-old chartered accountant in South Africa. Today, he is the CEO of Goalfix and provides financial modeling consulting and training.


David Thompson is an independent financial consultant who provides expert financial modeling, financial planning & analysis, independent valuations, strategy, and corporate development services to both the public and private sectors.

 

Prem Beejan is the Chairman at Maubank Holdings LTD and the Co-founder of the Financial Modeling Centre in Mauritius. FMI recently awarded Prem the Master Financial Modeler, and he is one of only 6 people globally to be awarded the designation.


Listen to this episode as they share about: 


  • How they got started in financial modeling
  • Their experience and learning from the worst models that they came across 
  • Financial modeling over the years and how it has changed.
  • The various Modeling tools used by them
  • The impact of Generative AI on Models
  • The importance of Formal Accreditation
  • Their position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, and more

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.

Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 

 

Follow Colin Human:    

Website - https://goalfixglobal.com/staff/colin-human/

LinkedIn - https://www.linkedin.com/in/colin-human-b8072812/

 

Follow Prem Beejan:    

Website - https://www.fmcmauritius.com/

LinkedIn - https://www.linkedin.com/in/prem-beejan-msc-mfm-5a921025/

 

Follow David Thompson:    

Website - https://tghcorp.com.au/

LinkedIn - https://www.linkedin.com/in/strategy-finance-valuations-modelling/

 

Follow Paul Barnhurst:

Website - https://www.thefpandaguy.com/   

LinkedIn - https://www.linkedin.com/in/thefpandaguy/  

Instagram - https://www.instagram.com/thefpandaguy/  

TikTok - https://www.tiktok.com/@thefpandaguy  

Twitter - https://twitter.com/TheFPandAGuy  

YouTube - https://www.youtube.com/@thefpaguy8376  

 

Follow Financial Modeler's Corner 

LinkedIn Page - https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  

Newsletter - Subscribe on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  

 

Quotes:   


“ Strategic thinking is really crucial for financial modelers as it allows them to create dynamic, adaptable, insightful models that can support a company's strategy and decision-making . ” - David


“ Unquantified strategy is just wishful thinking. It's as simple as that. ” - Colin  


“ I am not saying that we cannot build models in other tools , t here could be other tools to build financial models , b ut the best, the easiest, the most accepted, the way it's made, the presentation, the reporting , and everything, it's all Excel. ” - Prem

 

In today’s episode:  

(00:22) Intro;

(00:55) Welcoming the Guests - Colin, Prem and David;

(01:33) The worst financial model David has ever seen ;

(02:31) The worst financial model Colin has ever seen ;

(04:16) The worst financial model Prem has ever seen ;

(05:44) David’s key learning experience from the worst financial model ;

(06:23) Colin’s key learning experience from the worst financial model ;

(07:16) Prem’s key learning experience from the worst financial model ;

(08:00) David’s background;

(09:01) Colin’s background;

(10:51) Prem’s background;

(13:48) First Model Colin built;

(17:10) First Model David built;

(19:27) First Model Prem built;

(21:55) First Model Paul built;

(22:39) Changes seen over the years in Modeling ; 

(24:52) Tools used in Modeling;

(28:19 - 29:05) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(29:06) What kept David interested in Modeling;

(31:08) Prem’s take on the impact of Generative AI on Models;

(32:24) Colin’s take on the impact of Generative AI on Models;

(34:48) David’s take on the impact of Generative AI on Models;

(36:20) Important skills to be a great Financial Modeler - David;

(37:29) Important skills to be a great Financial Modeler - Colin;

(38:53) Important skills to be a great Financial Modeler - Prem;

(40:37) The need for Formal Accreditation’s;

(43:19) Why Prem decided to earn the designation of Master Financial Modeler;

(46:51) The importance of Strategic Thinking;

(49:41) Rapid Fire;

(56:42) Nugget on Financial Modeling from the renowned Guests;

(58:51) Connect with David, Prem and Colin;



Charting a Start-up’s Journey: Financial Models for start-up’s with Zainab Nwachuku28 Sep 202300:38:18

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by Zainab Nwachuku , who is the Managing Director and the lead Financial Modeler of The Intellectual Plug which is a consulting firm in Nigeria that helps founders get ready for funding with investors.

 

Zainab is extremely passionate about financial modeling and hopes more women who are fond of numbers choose to join the profession.

 

Listen to this episode as Zainab shares: 

  • Her journey from accounting to financial modeling
  • Her experience and learnings from the worst models she has come across
  • Her experience working with founders to help turn their ideas into a financial model that can help make their dreams a reality
  • The horror story of linking workbooks in Excel
  • Her unwavering passion for Modeling
  • Her position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, and more

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.

Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit. 


Quotes:  


“ I feel like you actually have to make those mistakes yourself to even get it to understand because otherwise, you know, how do you even know that o h, it's not a model ?”


“ Simply being able to actually build a financial model has really taught me a lot about communication. ”  


“ If you're not listening to the founder, whether or not they can implement some strategies i f you don't understand that from the founder, the model isn't going to make sense .”


Follow Zainab:    


Website - https://theintellectualplug.com/

LinkedIn -  https://www.linkedin.com/in/mszainababu/

 

Follow Paul:

Website - https://www.thefpandaguy.com/

LinkedIn - https://www.linkedin.com/in/thefpandaguy/

Instagram - https://www.instagram.com/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy

Twitter - https://twitter.com/TheFPandAGuy

YouTube - https://www.youtube.com/@thefpaguy8376


Follow Financial Modeler's Corner 


LinkedIn Page - https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  


Newsletter - Subscribe on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  


Must follow LinkedIn Profiles:

 

Financial Modeling World Cup

https://www.linkedin.com/company/financial-modeling-world-cup/

 

Financial Modeling Institute

https://www.linkedin.com/company/fminstitute/

 

Chris Reilly

https://www.linkedin.com/in/chris-reilly-mission-capital/

 


Danielle Stein Fairhurst
https://www.linkedin.com/in/daniellesteinfairhurst/


Hedieh Kianyfard

https://www.linkedin.com/in/hediehkianyfard/

 

Lance Rubin

https://www.linkedin.com/in/financial-modelling/

 

Giles Male

https://www.linkedin.com/in/giles-male-30643b15/


In today’s episode:  

(00:22) Intro;

(00:51) Welcoming Zainab;

(01:06) The worst financial model Zainab has ever seen ;

(02:27) Zainab’s key learning experience from the worst financial model ;

(03:30) Zainab’s background;

(05:00) What is fun and challenging about Modeling;

(07:05) About the Financial Modeling Group for women; 

(09:50) Women in Modeling;

(11:17) About The Intellectual Plug;

(12:38) Common Company challenges; 

(14:21) Funding routes for Start-ups in Nigeria;

(16:10 - 16:57) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(16:58) What does Zainab love about working with these start-ups;

(18:36) Challenges Zainab faced to build a model for early stage companies;

(20:57) Advice on building models for early stage companies;

(24:16) Rapid Fire;

(28:07) Nugget on Financial Modeling;

(29:45) Connect with Zainab;

(30:30) Paul’s best picks

  •  The way Zainab talks about terrible models.
  • The way she communicates her journey of building models.
  • The horror story of workbooks
  • And her incredible passion for Modeling. 

(32:00) Rapid Fire: The Pattern So Far;

(35:18) Must Follow LinkedIn Profiles

(37:22) CPE Credit

(37:40) Outro

 


Are LAMBDAs & Dynamic Arrays the future of Financial Modeling? A lively discussion with 4 modeling experts. 14 Sep 202300:53:38

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI), the most respected accreditations in Financial Modeling globally.


In this episode, your host, Paul Barnhurst is joined by 4 fabulous guests, namely, Jeff Robson, Danielle Stein Fairhurst, Craig Hatmaker & Ian Schnoor. They are all highly accomplished and respected modelers in the Financial Modeling profession. In this episode they share thoughts on Dynamic Arrays and LAMBDAs.

 

Jeff is a Financial Modeler, Business Analyst, International Trainer & Presenter. Danielle is a Financial Modeler, Author, and Corporate Trainer based in Australia. Craig is a retired Financial Modeler and is a 5G (fifth generation) modeling enthusiast, and Ian is the Executive Director at the Financial Modeling Institute (FMI), which is also the sponsor of this Podcast.

 

Listen to this episode as the guests talk about:


  • Why it is important to keep current on the latest developments in modeling
  • LAMBDAs what they are and how they could revolutionize financial modeling
  • Dynamic Arrays, what they are, how they work, and what it is like to build a model using Dynamic Arrays
  • How Dynamic Arrays will make auditing models easier
  • The guest's favorite Dynamic Array formulas

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.

Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit with this episode.


Follow Jeff Robson:

Linkedin: https://www.linkedin.com/in/jeffrobson/
Website: www.accessanalytic.com.au
YouTube: https://www.youtube.com/@AccessAnalytic

Follow Danielle Stein Fairhurst:

Linkedin: https://www.linkedin.com/in/daniellesteinfairhurst/
Website: https://plumsolutions.com.au/


Upcoming Events for Danielle Stein Fairhurst



Follow Craig Hatmaker:

Linkedin: https://www.linkedin.com/in/craig-hatmaker-4449879/
Website: https://sites.google.com/site/beyondexcel/home
YouTube: https://www.youtube.com/@CraigHatmakerBXL

Building with Fast + 5G- https://www.youtube.com/watch?v=8Zl3yURsvdE&t=1s

Demo using 5G Components-
Intro 5G - Watch an Excel Model do something incredible using 5G methods - YouTube

Gist site to download Craig Hatmakers LAMBDAs for 5G modeling- https://gist.github.com/CHatmaker

Follow Ian Schnoor:

Linkedin: https://www.linkedin.com/in/ianschnoor/
Website: https://fminstitute.com/

Follow Paul:

Website - https://www.thefpandaguy.com/   

LinkedIn - https://www.linkedin.com/in/thefpandaguy/  

Instagram - https://www.instagram.com/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy

Twitter - https://twitter.com/TheFPandAGuy

YouTube - https://www.youtube.com/@thefpaguy8376

 

Follow Financial Modeler's Corner 

LinkedIn Page - https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true

Subscribe to our Newsletter- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984  

 

Quotes:  


“Python brings a suite of libraries that can do some amazing things.”  

“You don’t have to learn Python, Dynamic Arrays, or LAMBDAs for Financial Modeling, but you need to know it exists to stay relevant.”

“ Dynamic arrays force you to have consistent formulas. ”

“ LAMBDAs are functions that write functions using native excel functions. ”

“Learn the basics and start experimenting.”

 

In today’s episode:  

(00:22) Intro;

(00:39) Introduction of Guests;

(03:30) Take on Python into Excel ;

(06:49) Addressing Security Issues ;

(07:32) What are Dynamic Arrays ;

(09:58) Use case of Dynamic Arrays;

(11:45) What is LAMBDA;  

(18:20) FMI exams and Dynamic Arrays;

(21:57) LAMBDAs for 5G modeling ;

(24:13) How to use 5G modeling; 

(26:29 - 27:15) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(28:59) Auditing Dynamic Array Models;

(33:30) Favorite spillable functions;

(36:58) The potential of a standard to use LAMBDAs and Dynamic Arrays;

(39:45) AI building Models;

(44:20) Advice for the audience;

(46:59) Advice on LAMBDAs;

(49:15) Advice for Modelers;

(51:42) Connect with Jeff, Danielle, Craig & Ian

(52:57) Outro

 

 

 

 


Become a better Modeler by developing a decision-making mindset: Hedieh Kianyfard 31 Aug 202300:41:59

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host, Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by Hedieh Kianyfard, who is the founder of Finexmod. This is the website where Hedieh shares her views on financial modeling and shows that it’s possible to have fun with finance.


Hedieh is passionate about economic development and aims to make financial modeling easy and fun for everyone.


Listen to this episode as Hedieh shares:


  • Her journey and background in financial modeling
  • Her experience and learning from the worst models that she came across
  • How Hedieh considers Modeling as a great career and more than a stepping stone.
  • Responsibility as a modeler to reject bad projects and help ensure good projects are accepted.
  • Everything about her book- Financial Modeling Detective
  • 10 Financial Modeling Commandments
  • Why people should avoid circular references – hint they are the devil 😊
  • The importance of having a decision-making mindset
  • Her position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, and more

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.


Quotes:


“A Financial Modeler is like a Fortune Teller.”


“Modeling is a great career and more than a stepping stone.”


“ It’s important to put yourself, in the end, users' shoes to understand their needs better. ”


“ As modelers we have a responsibility to reject bad projects and help ensure good projects are accepted. ”


Follow Hedieh:


Website - https://www.finexmod.com/

LinkedIn - http://linkedin.com/in/hediehkianyfard

Instagram - https://instagram.com/finexmod

Facebook - https://m.facebook.com/people/Finexmod/100063965894693/

Youtube - https://youtube.com/@FinancialModelDetective


The Interpolate-Lookup function as explained by Professor Edward Bodmer- https://edbodmer.com/interpolate-lookup-function/


Financial Model Detective Book: Financial Model Detective: Hints and tricks for review of financial models: Kianyfard, Hedieh: 9781074174606: Amazon.com: Books


 Follow Paul:


Website - https://www.thefpandaguy.com/

LinkedIn - https://www.linkedin.com/in/thefpandaguy/

Instagram - https://www.instagram.com/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy

Twitter - https://twitter.com/TheFPandAGuy

YouTube - https://www.youtube.com/@thefpaguy8376


Follow Financial Modeler's Corner


LinkedIn Page - https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true


Newsletter - Subscribe on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984


 In today’s episode:


(00:22) Intro;

(00:45) Welcoming Hedieh;

(01:06) The worst financial model Hedieh has ever seen ;

(03:26) Hedieh’s key learning experience from the worst financial model ;

(06:23) Hedieh’s background;

(09:35) About Hedieh’s website - Finexmod

(10:23) About Hedieh’s book - Financial Modeling Detective

(12:25) Why is it important to have someone audit Financial Models

(16:12) Financial Model Ten Commandments

(17:31) Rule 9 - Why people should avoid circular references

(19:21) Rule 10 - The Modeler shouldn’t be selfish

(21:15 - 22:02) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(22:03) The decision makers mindset;

(26:31) How to develop that decision making mindset;

(28:30) What is the process of infrastructure project;

(30:58) Rapid Fire;

(35:31) When did Hedieh realize Financial Modeling as a career

(37:31) Connect with Hedieh;

(38:32) Paul’s best picks:

(40:50) CPE Credit with this episode;

(41:20) Outro...

Becoming a Better Financial Modeler with Chris Reilly 17 Aug 202300:40:09


Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI), the most respected accreditations in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by Chris Reilly, who is the founder of Financial Modeling Education. Chris spent many years working in private equity, and today, he runs his own business focused on providing financial modeling education and financial modeling consulting services.

 

Chris is very passionate about Financial Modeling and helping others learn to build robust financial models focused on the 3-financial statements.

 

Listen to this episode as Chris shares:


  • The worst model he ever built; hint it involves using his phone :)
  • His journey and background into Modeling
  • The importance of simple, uncomplicated model design
  • How being a part of a financial modeling community like FMI can help modelers
  • The revolver approach for managing cash and why it is important in modeling
  • The benefits and challenges of using EBITDA to value a company
  • His position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, and more

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code Podcast.


Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.


 

Follow Chris:    

Website - https://www.financialmodelingeducation.com/

LinkedIn -  https://www.linkedin.com/in/chris-reilly-mission-capital/

Newsletter -  https://financialmodelingeducator.com/


Follow Financial Modeler's Corner LinkedIn Page & Subscribe to Newsletter

Linkedin Page -  https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true


LinkedIn Newsletter - https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984


Follow Paul:

Website - https://www.thefpandaguy.com/

LinkedIn - https://www.linkedin.com/in/thefpandaguy/

Instagram - https://www.instagram.com/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy

Twitter - https://twitter.com/TheFPandAGuy

YouTube - https://www.youtube.com/@thefpaguy8376


Quotes:

“ A poor design leads to a poor output. ”  

“ Schedules feed the structure. Once you have that dialed in your head you can build whatever you want. ”

“ It’s nice to have a community where you can get some live feedback on your search as opposed to going down the internet rabbit hole. ”

“To learn to be a modeler you need to model. Spend time finding ways to improve your modeling skills.”


In today’s episode:

(00:22) Intro;

(00:47) Welcoming Chris Reilly;

(01:00) The worst financial model Chris has ever seen ;

(03:01) Chris’s takeaway from the worst financial model ;

(05:56) Chris ’s background;

(07:40) What Chris wished he had known that he knows now;

(11:52) FMI’s Premier Modeling Community;

(14:33 - 15:20) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(15:21) Hardest concept for people to grasp;

(18:23) Reasons why balance sheets do not work;

(20:00) The Revolver Approach;

(21:48) The most important skill to build a Financial Model;

(23:22) The value of EBITDA and its pitfalls;

(29:07) Rapid Fire;

(31:35) Chris’s take on Circular References

(33:23) Nugget on how to become a better modeler;

(36:36) Connect with Chris;

(37:48) Paul’s best picks- how Chris learned from his initially not so perfect models and how those mistakes helped him become the best educator.

(38:56) CPE Credit with this episode;

(39:07) Outro.

 

Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit.


Financial Modeling education, Excel competitions, exciting academic research and more with Professor David C. Brown03 Aug 202300:46:26

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by David C. Brown, an Associate Professor of Finance. David focuses on teaching finance and financial modeling, bringing his real-world experience to the classroom with his students. He is also heavily involved in helping students improve Excel skills, including running the Microsoft Excel Collegiate Championship (MECC)


He is very passionate about research and his work has been highlighted by the Wall Street Journal and MarketWatch.

 

Listen to this episode as David shares:

  • His journey and background into Modeling
  • His experience starting and running the Microsoft Excel Collegiate Challenge
  • How Financial Modeling competitions help you grow and learn
  • The key differences between modeling for competition and modeling for work
  • His learning from his research and years of experience
  • How he would structure the college finance program if he were in charge
  • His latest research on Target Date Funds and how they perform relative to other retirement portfolios
  • His position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, and more

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code podcast.


Visit www.fminstitute.com/podcast and use code podcast to save 15% when you register.


Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit.

 

Follow David:  

YouTube - https://www.youtube.com/@docbrownexcels  

Website - https://www.davidclaytonbrown.com/

E-mail - dcbrown@email.arizona.edu

 

·        To learn more about Microsoft Excel Collegiate Challenge, visit this website- https://mecc.college/

 

Follow Paul:

Website - https://www.thefpandaguy.com/

LinkedIn - https://www.linkedin.com/in/thefpandaguy/

Instagram - https://www.instagram.com/thefpandaguy/

TikTok - https://www.tiktok.com/@thefpandaguy

Twitter - https://twitter.com/TheFPandAGuy

YouTube - https://www.youtube.com/@thefpaguy8376

 

Quotes:


“ Collegiate Challenge is not about being the best, its about challenging yourself, learning more and getting better at it. ”  


“ If you understand Python you can figure out Excel. ”


“ Excel is the way to get people into data analytics. ”


“ Challenge the assumptions, challenge the model and eventually figure out whats wrong. ”

 

In today’s episode:


(00:22) Intro;

(00:45) Welcoming David Brown;

(01:25) The worst financial model David has ever seen ;

(03:17) David’s take away from the worst financial model ;

(06:08) David ’s background;

(10:05) How David decided to become a Finance Professor ;

(12:39 - 13:25) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(13:27) What is the Microsoft Excel Collegiate Challenge;

(17:20) Excel Tables;

(19:17) Advice to students willing to participate in these competitions;

(21:33) David’s experience with these competitions;

(24:47) How to help students with a hands on experience to building models;

(27:04) David’s suggestion to changes in college curriculum;

(29:07) Financial Modeling for competitions vs. Building it for clients;

(31:10) David’s learning from his research;

(37:58) Rapid Fire;

(42:19) Nugget on how to become a better modeler;

(43:57) Connect with David;

(44:50) Paul’s best picks

–       How David wishes to teach the college program for Finance

(45:23) CPE Credit with this episode;

(45:40) Outro.

 



Benefits of competing in the Financial Modeling World Cup - Insights from World Champion Diarmuid Early20 Jul 202300:39:14

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI)  the most respected accreditations in Financial Modeling globally.


In this episode, Paul Barnhurst is joined by Diarmuid Early, one of the best modelers in the world and, the Founder of Early Days Consulting. He is a regular competitor in the Financial Modeling World Cup (FMWC) and is often referred to as the Michael Jordan of financial modeling for his impressive results. He is the winner of the 2021 FMWC and a runner-up in the 2020 and 2022 editions.


Listen to this episode as Diarmuid shares:


  • His journey and background into Modeling

  • How Financial Modeling competitions help you grow and learn

  • The key differences between modeling for competition and modeling for work

  • His practical advice on how to build a 3-statement model

  • How assumption ambiguity and structural ambiguity impact your model.

  • His position on controversial modeling issues including circular references, dynamic arrays, modeling standards and more


Financial Modeler’s Corner is sponsored by the Financial Modeling Institute


Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% of by using the special show code FMC15.


Visit  www.fminstitute.com/podcast  and use code FMC15 to save 15% when you register.


Go to  https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit for listening to the episode.


Follow Diarmuid:   

YouTube -  https://www.youtube.com/@DimEarly/   

LinkedIn -  https://www.linkedin.com/in/diarmuidearly






Follow Paul:

Website -  https://www.thefpandaguy.com/

LinkedIn -  https://www.linkedin.com/in/thefpandaguy/

Instagram -  https://www.instagram.com/thefpandaguy/

TikTok -  https://www.tiktok.com/@thefpandaguy

Twitter -  https://twitter.com/TheFPandAGuy

YouTube -  https://www.youtube.com/@thefpaguy8376


Quotes:

“You need to have certain discipline around what you want your model to do.”

“Getting better at excel has been more valuable than getting better known by winning the FMWC.”   

“ Do terribly struggle for an hour and a half with what should have been a 30-minute question, but eventually get it out. You'll learn a ton from that. ”

“ The big value in the competition is a learning opportunity and you don't need to train to start learning. ”

“ The person who is most valuable as a financial modeler is the one who can tell you what are good assumptions to make. ”

  

In today’s episode:

(00:22) Intro;

(00:45) Welcoming Diarmuid;

(01:16)  The worst financial model Diarmuid has ever seen ;

(04:13)  Diarmuid’s take away from the worst financial model ;

(07:45)  Diarmuid ’s background;

(09:45) How  Diarmuid became interested in Financial Modeling Competitions ;

(11:48) How Diarmuid felt after winning the competition;

(12:51) What Diarmuid enjoys about competing;

(18:05) Financial Modeling for competitions vs. Building it for clients;

(22:37 - 23:23) Validate your Financial Modeling Skills with FMI’s  Accreditation Program (ad);

(23:30) Diarmuid’s top advice for competitions;

(25:10) Rapid Fire;

(29:45) Nugget on how to become a better modeler;

(34:40) Connect with Diarmuid;

(35:40) About FMWC;

(37:55) CPE Credit with this episode;

(38:30) Outro;

Learn Best Practices with Excel and Google Sheets - David Benaim06 Aug 202400:53:20

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode of Financial Modelers Corner, host Paul Barnhurst sits down with David Benaim, an Excel MVP and data consultant based in Cambodia. They delve into a comparative analysis of two of the most popular spreadsheet tools—Excel and Google Sheets. The discussion covers the strengths and weaknesses of each platform, providing listeners with insights into when and how to use these tools effectively in their financial modeling and data analysis work.

David Benaim is a chartered accountant and Excel MVP who has made a name for himself as an expert in both Excel and Google Sheets. Originally from the UK, David now runs a data consulting firm in Cambodia, where he specializes in Excel training and data solutions. With a deep passion for spreadsheets, David is uniquely positioned to discuss the nuances of both platforms, making this episode a must-listen for anyone looking to optimize their use of Excel or Google Sheets.

Key takeaways from this week's episode include:

  • Key differences between Excel and Google Sheets, including tables, functions and data entry features.
  • The strengths of Google Sheets in collaborative environments and its data validation capabilities.
  • How to decide whether to use Excel or Google Sheets for different types of projects.
  • Insights into the new table features in Google Sheets and how they compare to Excel’s tables.
  • David’s tips on getting started with Google Sheets for those accustomed to Excel.


Follow David:


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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  


In today’s episode:

[01:21] - Introduction to the episode and guest David Benaim.

[03:52] - David shares his unique global background and career journey from Deloitte to founding his own firm in Cambodia.

[07:00] - Discussion about David’s transition from working at Deloitte to starting his own business in Cambodia and the challenges he faced.

[14:38] - In-depth comparison of functions unique to Google Sheets, like “COUNTUNIQUE”, “FLATTEN”, and others not found in Excel.

[23:35] - Criteria and scenarios where Google Sheets is the better tool, particularly in collaborative environments and data entry tasks.

[30:25] - A look at the newly implemented table features in Google Sheets and how they stack up against Excel’s tables.

[38:54] - David shares his decision-making process for choosing between Excel and Google Sheets based on project needs.

[43:56] - Quick-fire questions where David shares his preferences on various Excel and Google Sheets functionalities.

[49:31] - Tips and resources for users looking to improve their skills in Google Sheets.

[50:47] - Final thoughts and how to connect with David Benaim.

David Brown: The Future of Financial Modeling06 Jul 202300:44:38

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI),  the most respected accreditations in Financial Modeling globally.

In this episode, Paul Barnhurst is joined by David Brown, the Managing Partner of D Brown Consulting and one of the most respected financial modelers, consultants, and educators in the field of finance with offices on multiple continents.


Listen to this episode as David shares:

  • His journey and background into Modeling

  • How to find your passion and be willing to put yourself out there

  • How he learned he had a passion for teaching at a young age

  • How intuition is a good place to start, but the model helps validate hunches and numbers

  • How he explains the balance sheet without using numbers to non-finance people

  • Ways to embrace AI and use it to be more efficient in the work you do.

  • His position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, and more


Follow David: 

Website - https://www.dbrownconsulting.net/ 

Twitter - https://twitter.com/dbrownanalyst 

Instagram - https://www.instagram.com/dbrownconsulting/ 

YouTube - https://www.youtube.com/c/dbrownconsultingdbrownconsultingtv 

 


To learn more about David Brown and his offerings, see below:


Ian Schnoor: Why validate your Financial Modeling Skills?22 Jun 202300:38:59

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI)  the most respected accreditations in Financial Modeling globally.

In this first episode, Paul Barnhurst is joined by Ian Schnoor, the Executive Director of the Financial Modeling Institute and one of the foremost educators on financial modeling globally.

Listen to this episode as Ian shares:

·      What it was like in the early days of financial modeling

·      Why FMI created a financial modeling accreditation in the first place

·      The importance of Financial Modeling as a profession

·      How FMI created a community to help all modelers find the best resources and elevate the profession in the process

Follow Ian:

Website - https://fminstitute.com/

E-mail - info@fminstitute.com    

LinkedIn -

Financial Modeler's Corner Trailer21 Jun 202300:00:23
Managing Complex Models with Structure with Christopher Reilly30 Jul 202400:52:20

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode of the Financial Modelers Corner, host Paul Barnhurst delves into the intricate world of financial modeling with returning guest Christopher Reilly. The conversation centers around what is necessary to build robust financial models, highlighting the importance of three-statement models and cash flow forecasting. The episode is filled with practical insights, advanced techniques, and professional experiences that underscore the significance of simplicity, accuracy, and best practices in financial modeling.

Christopher Reilly is a seasoned financial modeler with extensive experience in consulting, private equity, and financial modeling education. Starting his career during the financial crisis, Christopher worked on high-profile bankruptcies such as Lehman Brothers and Rescap. His journey took him from a senior analyst role at Hilton Worldwide to middle-market private equity, and eventually to founding his own financial modeling education business. Today, he focuses on teaching and building financial models, with his work being featured by Wharton Online, Wall Street Prep, and LinkedIn Learning among others.

Key takeaways from this week's episode include:

  • The importance of simplicity in financial models and how over-complicating can hinder their effectiveness.
  • Practical steps and considerations for building robust three-statement financial models.
  • Tips for auditing models to ensure accuracy and integrity.
  • How to use advanced Excel functions and shortcuts to enhance modeling efficiency.
  • Insights into the role of AI in financial modeling and how it may shape the future of the profession.

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Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  

In today’s episode:

[01:11] - Paul introduces the episode and welcomes back Christopher Reilly.

[02:31] - Christopher shares a story about a complex healthcare deal model that required significant simplification.

[03:55] - Discussion on the importance of keeping models simple and useful.

[05:01] - Christopher talks about his career journey and experiences over the past year.

[08:31] - Christopher explains why he is passionate about teaching financial modeling.

[11:43] - Why every finance professional should understand how to build a three-statement model.

[14:20] - Steps to take when beginning to build a three-statement model.

[22:17] - Tips on structuring models vertically and building essential checks to ensure accuracy.

[28:07] - How to effectively use support schedules and detailed assumptions in modeling.

[32:36] - Essential tips for error checking, building support schedules, and maintaining model integrity.

[39:10] - Key Excel formulas and functions necessary for building financial models.

[46:58] - Discussion on the potential impact of AI on financial modeling and its future integration.

[49:53] - Final thoughts and details on Christopher Reilly’s courses and where to find them.

Power Query Magic to Become a Financial Modeling Master with Ken Puls.23 Jul 202400:49:58

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode, Paul Barnhurst sits down with Ken Puls, a renowned expert in financial modeling and Excel. The discussion delves into the intricacies of financial modeling, the evolution of tools like Power Query and PowerPivot, and how they are revolutionizing data management and reporting. Ken shares insights from his extensive experience and offers practical advice for both novice and seasoned financial modelers.


Ken Puls is a Chartered Professional Accountant (CPA) and a Microsoft Excel MVP. He is the founder of Excel Guru, a platform dedicated to Excel-based solutions, and the co-founder of Skill Wave Training, which offers comprehensive courses on Power Query, PowerPivot, and Power BI. With a career that bridges both finance and IT, Ken has become a leading voice in the world of financial modeling and data analysis.


Key takeaways from this week's episode include:

  • Ken's personal journey and how he became a leading figure in Excel and financial modeling.
  • The importance of simplifying data entry and reducing errors through automation.
  • Key features and benefits of Power Query and PowerPivot.
  • Practical tips for financial modelers, including the use of VBA and dynamic arrays.
  • Insights into the future of AI in financial modeling and its current limitations.


Follow Ken:


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In today’s episode:

[01:15] - Introduction to the show 

[01:55] - Welcome to the guest

[02:15] - Horror Stories in Financial Modeling: Ken and Paul share their worst financial modeling experiences.

[04:50] - Lessons Learned: Key takeaways from those early modeling experiences.

[06:02] - Ken’s Background: Detailed overview of Ken’s career and expertise.

[08:24] - Current Projects: Ken discusses his current ventures, including Excel Guru and Skill Wave Training.

[12:14] - Technology in Accounting: How being tech-savvy has benefited Ken in his accounting career.

[16:04] - Discovery of Power Query: Ken shares how he first learned about Power Query and its impact on his work.

[26:04] - Getting Started with Power Query: Recommendations for beginners on how to learn and use Power Query.

[29:00] - Building Financial Statements with PowerPivot: Overview of Ken’s course and its benefits.

[37:46] - Rapid Fire Questions: Ken answers quick questions about financial modeling preferences.

[46:47] - AI and Financial Modeling: Discussion on the role of AI in the future of financial modeling. 

[48:59] - Conclusion: Final thoughts and where to find more information about Ken’s work.


Quantrix vs. Excel - Financial Modeling with Lyndsey Weber16 Jul 202400:54:04

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.


Lyndsey Weber, a seasoned expert in financial and supply chain modeling join us this week for a lively conversatio on both financial and supply chain modeling. She recounts her experience with some of the worst models she has encountered, the lessons learned, and the importance of organization and design in creating effective models.


Lyndsey shares her journey from ExxonMobil to Quantrix, offering a deep dive into the art and science of financial modeling.


Key takeaways from this week's episode include:


Having a well-defined structure and approach is crucial for creating and maintaining effective financial models. Poorly organized models can lead to significant challenges and inefficiencies.

A horror story about inheriting a model filled with bad practices, including hidden reference cells and broken VBA code. The experience teaches her the value of starting over and building a model from scratch with best practices.


The importance of understanding stakeholder needs, both emotional and practical, and designing models that cater to these needs. This approach helps in building models that are not only functional but also user-friendly.


The benefits of using Quantrix over traditional Excel, highlighting features like always-on pivoting, natural language formulas, and role-based access, which enhance efficiency and collaboration.


One of Lyndsey's key pieces of advice is to prototype models on paper before building them. Mapping out inputs, outputs, and key calculations in plain English helps in creating a clear and effective model structure.


Quotes:


Here are a few relevant quotes from the episode on financial analysis and modeling:

"This model that I inherited had, I feel every bad practice in the book, I vividly recall a couple of formulas where they just pointed to what I would call a cell island.”-Lyndsey Weber


“Having a defined structure and approach that can be repeated, I think is essential.”-Lyndsey Weber


In this episode, Lyndsey provides valuable insights into the complexities of financial and supply chain modeling. She sheds light on the best practices and tools that can make a significant difference in model-building. This episode will help you enhance your modeling skills and create more effective and user-friendly models.


Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register. 


Follow Lyndsey:

LinkedIn - https://www.linkedin.com/in/lyndsey-weber/


Follow Paul:

Website - https://www.thefpandaguy.com  

LinkedIn - https://www.linkedin.com/in/thefpandaguy 

YouTube - https://www.youtube.com/@thefpaguy8376 

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Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984


In today’s episode:


[00:55] - Introduction;

[03:57] - Worst spreadsheet model horror story

[04:43] - Key takeaway: Importance of organization in modeling

[06:57] - Guest Backgrounds

[12:10] - Evolution of modeling roles at ExxonMobil

[14:20] - Differences between supply chain and financial modeling

[20:30] - Overview of Quantrix as a modeling tool

[22:00] - Advantages of Quantrix over Excel

[28:40] - Areas for improvement in Quantrix

[35:27] - Considerations for scalability and collaboration in modeling

[38:50] - Excel Discusssion

[44:58] - Rapid Fire Section

[52:23] - Importance of prototyping models

[53:00] - Get to know our guests personally and Conclusion

The Importance of Predicting and Influencing in FP&A with Carl Seidman12 Jul 202400:56:44

Welcome to a special episode of Financial Modeler’s Corner! Today, we're thrilled to bring you an exciting Podswap from FP&A Tomorrow. Stay tuned for an engaging conversation with Carl Seidman that you won't want to miss. Here are the show notes from our previous episode.

Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst. 


In today’s episode, Paul engages in a conversation with Carl Seidman to discuss why mastering presentation skills, and understanding the needs of the audience is crucial for excelling in your FP&A career.


Carl is a premier FP&A and Fractional CFO expert, providing financial advisory and leadership development services to top companies including Deloitte, Verizon, and Walmart. Carl is known for his impactful training programs and advisory work that drive success in financial planning and analysis.


Key takeaways from this week's episode include: :


Here is a concise summary of the key points from the discussion:


In FP&A, the ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.


The ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.


FP&A isn't just about numbers, it's about storytelling with data, painting a vivid picture of the financial landscape that guides strategic decisions and drives organizational success


Anticipating potential disruptions or changes in the business environment is a fundamental aspect of FP&A. By identifying risks and developing strategies to mitigate them, FP&A professionals can help the organization stay ahead and adapt effectively.


Quotes: 


Here are a few relevant quotes from the episode about FP&A mastery:


"You're not going to go to a nice restaurant and pay a lot of money for a delicious dish, and then have it be delivered in a greasy brown paper bag. Right. So the deliverable matters a whole lot. It can actually significantly dismiss the credibility or value of everything that came up before at that point in time."-Carl Seidman


"I think that Great FP&A looks like a team of people who are equipped, from a technical standpoint, to be able to execute the kinds of requests that are being asked of them."-Carl Seidman


“The demands in business, the increasingly fast-moving environment, competition, the risks of getting some of this planning wrong are pushing the need of FP&A to be a whole lot more proactive, a lot more agile, a lot more well rounded and thinking instead of just being about financial planning and reporting."-Carl Seidman


Follow Carl:    

LinkedIn - https://www.linkedin.com/in/carlseidman

Website - https://seidmanfinancial.co


For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions.  For AFP FPAC certification answer the questions and contact Paul Barnhurst for further details. 


In today’s episode:  

[01:25] Carl introduction;

[02:42] Changing FP&A trend over the next five years:

[10:00] Carl’s background:

[12:05] Carl’s passion for presenting and communication

[15:44] Favorite voice Carl can impersonate?

[20:42] Becoming better speakers and why presentation matters

[33:44] How you can be better at influencing

[40:44] Most important skills for FP&A professionals

[45:00] Carl’s LinkedIn learning course

[47:15] Rapid Fire

[51:35] Carl’s book recommendation

[55:51] Parting words

The Future of Financial Modeling With George Mount09 Jul 202400:37:39

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.


George Mount, Excel MVP and data analytics expert, with an extensive background in finance and data science, shares his insights into the evolution of Excel, the integration of Python, and the importance of data analytics for financial modelers.


Key takeaways from this week's episode include:


  • Excel's flexibility is both its greatest strength and weakness. While it allows for complex modeling, this same flexibility can lead to chaotic and error-prone spreadsheets if not managed properly.


  • Today's Excel is vastly different from the Excel of a decade ago. With features like Dynamic Arrays, Power Query, and the integration of Python, Excel has become a powerful tool for modern data analysis and financial modeling.


  • Python’s capabilities in handling time series analysis, data visualization, and complex computations complement Excel’s functionalities, making it a valuable skill for modelers.


  • Excel excels in prototyping and wireframing due to its immediate data visibility and user-friendly interface. This makes it ideal for quickly iterating models and understanding data before moving on to more complex tools when necessary.


  • George shares advice on how to get started learning Python and other analytical tools to take your analysis and modeling to new heights. 


  • A core principle for George is the importance of sharing what you know about Excel and data analytics. He emphasizes building a culture of knowledge sharing to foster growth and efficiency within teams.


Quotes:


Here are a few relevant quotes from the episode on financial analysis and modeling:


"Excel’ greatest strength and weakness is its flexibility.”-George Mount


“Excel is not the Excel of ten, 15 years ago. I often like to kind of think of it as modern Excel with Power


"Query, Power Pivot, now Python, Dynamic Arrays, LAMBDA, LET, and other things.”-George Mount


“The first rule of knowing Microsoft Excel is not to tell anyone that you're good at it.”-George Mount


In this enlightening episode, George Mount provides valuable insights into the evolving world of Excel and data analytics. By integrating new tools like Python and embracing the advanced features of modern Excel, financial modelers can significantly enhance their analytical capabilities.


Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register. 


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In today’s episode:

[01:06] - Introduction;

[02:14] - Worst spreadsheet model horror story

[04:49] - Importance of achievable modeling in Excel

[05:16] - Guest Backgrounds

[08:57] - Combining data science and data analytics in Excel

[11:01] - Necessity of learning Python and R

[17:19] - Recommended resources for learning Python

[20:27] - Exciting new features in Excel

[22:25] - AI's role in Excel and financial modeling

[25:55] - Favorite function in Excel

[29:00] - Rapid fire;

[37:08] - Get to know the guest and Conclusion

Quantrix Approach to Simplify Complex Financial Problems with Gilbert Hangartner10 Sep 202400:49:12

In this episode of the "Financial Modelers Corner," host Paul Barnhurst welcomes Gilbert Hangartner, a financial modeler with a background in science. The discussion delves into the intricacies of financial modeling, the importance of simplicity in model construction, and the application of Monte Carlo simulations to understand risk. Gilbert shares his insights on how to approach financial modeling by asking the right questions rather than having complex formulas.

Gilbert Hangartner is a seasoned financial modeler who transitioned from a career in science, specializing in chemistry and physics, to financial modeling and risk analysis. His scientific training gives him a unique perspective on financial modeling, treating it as both a creative process and a technical discipline. Gilbert emphasizes the importance of simplicity and clarity in building effective models and is an advocate for using models as tools for communication and strategic decision-making.


Key takeaways from this week's episode include:

  • Understanding the importance of simplicity in modeling 
  • The debate on whether financial modeling is more of an art or a science
  • Simplifying a problem and understanding the question before diving into model building.
  • Introduction to Monte Carlo simulations for risk management
  • A discussion on the limitations of Excel and future of financial modeling


Here are a few quotes from Gilbert Hangartner:

  • "A good model is not about complexity; it's about clarity and answering the right question." - Gilbert Hangartner
  • "For me, modeling is a creative act, much like writing a song or painting a picture." - Gilbert Hangartner
  • "Multi-dimensional modeling is key; real-world problems are never just two-dimensional." - Gilbert Hangartner
  • "The future of financial modeling lies beyond Excel; it’s time for more advanced, structured tools." - Gilbert Hangartner


In this episode, Gilbert Hangartner offers a fresh perspective on the world of financial modeling and challenges the conventional wisdom that financial models must be complex to be effective. Whether you're a seasoned modeler or just starting out, Gilbert's insights on Monte Carlo simulations provide valuable guidance on how to enhance your modeling skills and approach.


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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode:

[01:16] - Introduction to the episode and the guest, Gilbert Hangartner

[01:57] - The worst financial model horror story shared by Gilbert

[04:42] - Discussion on the importance of simplicity in financial modeling

[06:10] - Gilbert explains his transition from science to financial modeling

[10:11] - Art or Science? The nature of financial modeling

[13:45] - Strategies for asking the right questions when building a model

[17:16] - An overview of Monte Carlo simulations for risk modeling

[28:31] - The advantages of Quantrix over Excel 

[44:47] - A contrarian view on the future of Excel in financial modeling

[47:48] - Closing Remarks and Contact Information

The Power of Data Automation in Financial Models and Tools for Corporate Success with Paul Medici17 Sep 202400:47:58

In this episode of Financial Modelers Corner, host Paul Barnhurst welcomes Paul Medici, founder and CEO of Medici Financial Modeling. They dive into the art and science of financial modeling, sharing horror stories, insights, and practical tips on how to avoid common pitfalls. The discussion revolves around the importance of simplicity and structure, and how mastering the fundamentals can save time and deliver better results.

Today’s guest is Paul Medici, the Founder and CEO of Medici Financial Modeling. With over a decade of experience, Paul specializes in building bespoke financial models and custom data automation tools for corporate clients across the US, Canada, and Europe. His expertise spans a wide range of industries, including financial services, healthcare, manufacturing, mining, real estate, retail, technology, and even charitable organizations. He holds an MBA from the University of Toronto and a Master’s in Geological Science and Engineering from Queen’s University.


Key takeaways from this week's episode include:

  • The most common mistakes in bad financial models and how to avoid them.
  • How a background in geology led Paul Medici to a career in financial modeling.
  • The importance of understanding revenue and cost build-ups in different industries.
  • Why practicing financial modeling on personal projects can enhance your skills.
  • Key shortcuts and techniques to speed up your Excel modeling process.


Here are a few quotes from Paul Medici:

  • "All bad models have one thing in common: they're not user-friendly, difficult to update, and time-consuming." - Paul Medici
  • "Most corporate models start simple but turn into 'Frankenstein' models over time as people add complexity." - Paul Medici
  • "If you're thinking about financial modeling, practice by building models for everyday tasks like personal budgets." - Paul Medici
  • "The key to mastering financial modeling is understanding how the financial statements and supporting schedules link together." - Paul Medici


From his early career in geology to teaching advanced Excel at top investment banks, Paul brings a wealth of knowledge to the conversation. He emphasizes the importance of building user-friendly models, practicing regularly, and finding the right balance between complexity and functionality.


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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode:

[01:27] - Introduction to the episode and guest 

[03:15] - The worst financial model story and lessons learned.

[07:17] - Career transition from Geology to Finance

[12:40] - Challenges in modeling different industries

[19:22] - Favorite industries and financial models

[22:17] - Bespoke data automation tools

[25:47] - Teaching Excel and financial modeling courses

[34:29] - Advice for FMI Certification

[39:03] - Rapid fire: financial modeling preferences

[44:13] - Final advice and contact information

VBA, AI, and Excel - Paul Barnhurst’s Key Takeaways from 40 Episodes24 Sep 202400:32:23

In this special solo episode, host Paul Barnhurst, also known as "The FP&A Guy," reflects on key insights gathered from past episodes of Financial Modeler’s Corner. With over 40 episodes under his belt, Paul dives into recurring rapid-fire questions posed to expert financial modelers worldwide. From circular references to VBA use and Excel's future, this episode offers valuable wisdom on the art and science of financial modeling.

Paul Barnhurst, an accomplished financial modeling professional and host of the podcast, takes center stage. Paul is the founder of “The FP&A Guy” and has earned the prestigious Advanced Financial Modeler (AFM) certification from the Financial Modeling Institute (FMI). His wealth of experience and insights makes this solo episode both engaging and informative.


Key takeaways from this week's episode include:

  • The most common preferences of expert financial modelers on key technical decisions.
  • Why dynamic arrays and other Excel functions are becoming increasingly important, and the pace of their adoption.
  • Insights into how artificial intelligence (AI) could impact financial modeling and whether it will replace human modelers.
  • The importance of good design principles in financial models, as shared by leading financial modeling experts.
  • Fun and practical Excel shortcuts used by seasoned modelers to boost efficiency and accuracy.


Here are a few quotes from Paul in this episode:

  • "Circular references are dangerous because most people don’t really understand what’s going on, and it can lead to other errors in your model." - Paul Barnhurst
  • "If at all possible, don’t use VBA in your model. The less you use it, the simpler the model is." - Paul Barnhurst
  • "I’m of the belief that AI will build models for us. It’s a question of when, not if." - Paul Barnhurst


In this special solo episode, Paul Barnhurst takes a moment to reflect on the lessons learned from over 40 episodes of Financial Modeler’s Corner. He shares key takeaways from the rapid-fire questions posed to some of the top financial modelers in the world, offering a wealth of advice on best practices, common pitfalls, and emerging trends in financial modeling. As always, he invites listeners to reach out with feedback, questions, and guest suggestions, reinforcing the show's commitment to fostering a global community of financial modeling enthusiasts.


Follow Paul: 



Follow Financial Modeler's Corner  



Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode:

[01:09] - Introduction and background

[03:18] - Circular references in models

[04:55] - VBA in financial models

[06:45] - Dynamic arrays: the future of excel?

[16:50] - Will excel ever die?

[18:16] - AI and financial modeling

[20:31] - Financial models as corporate decision-making tools

[22:26] - Favorite excel shortcuts from top financial modelers

[30:34] - Closing thoughts and invitation to audience

The Secrets to Automating Data Integration and Reporting in Excel With Mark Proctor29 Oct 202400:48:28

In this episode of Financial Modelers Corner, host Paul Barnhurst (aka The FP&A Guy) is joined by guest Mark Proctor. Together, they delve into the intricacies of financial modeling and data analysis, with a focus on building efficient models and leveraging automation in Excel. Mark shares his deep expertise on why structure is key, how to automate tedious tasks, and how Excel continues to evolve to meet the demands of modern financial professionals.

Mark Proctor is a seasoned financial professional with a background in accounting and finance, an Excel MVP, and the founder of Excel Off the Grid, a platform dedicated to improving efficiency and effectiveness in Excel. With decades of experience, Mark's insights are invaluable for anyone looking to optimize their use of Excel for financial modeling and beyond. He has helped countless professionals streamline their work through better data structure and automation techniques.


Key takeaways from this week's episode include:

  • Key differences between financial modeling and data analysis
  • Importance of automation in Excel and how tools like Power Query and Power Pivot can drastically improve efficiency.
  • Why traditional tools like Vlookup aren’t ideal for modern data analysis and what functions you should be using instead.
  • How to approach building models that are flexible and easy to use, even when multiple stakeholders are involved.
  • Practical strategies for reducing manual processes and eliminating the need for repetitive tasks in Excel.


Here are a few quotes from Mark Proctor:

  • "Hard coding is the enemy of a flexible financial model. Once you start hard coding, you lose the ability to see what's really driving the model."
  • "One of the key takeaways from bad models is that manual adjustments should always be documented and trackable."
  • "Automation should be about freeing up your time to focus on high-value tasks, not just about making things faster."


As Excel continues to evolve with powerful features like dynamic arrays and advanced automation, the tools discussed in this episode are essential for anyone looking to keep pace with the future of financial modeling. Mark’s emphasis on mastering the basics and thinking structurally will help you work faster and more effectively.


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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode:

[01:54] - Financial Modeling Horror Stories

[04:55] - Lessons from Bad Models

[06:28] - Mark's Career Journey and Background

[12:59] - Data Analysis vs. Financial Modeling

[19:17] - Excel as a Data Analysis Tool: Key Innovations

[22:55] - Automation in Excel and Practical Tips

[33:59] - The Importance of Mastering Excel Basics

[44:19] - Wrap-Up and Closing Remarks

Next-Level Financial Modeling with AI and Automation for CFOs with Chase Wright22 Oct 202400:41:54

In this episode of Financial Modeler’s Corner, host Paul Barnhurst dives into the evolution of financial modeling with guest Chase Wright. The discussion focuses on modern financial modeling tools and workflows, particularly a new spreadsheet tool called Equals, and how it compares to Excel and Google Sheets. Wright shares his journey from a finance background to working at startups, where he developed innovative methods to streamline financial operations using cutting-edge tools.

Chase Wright is a seasoned finance executive with a decade of experience across startups and tech companies like GitLab, Instabug, and Red Hat. Currently the Head of Finance and Data at Uniqode, Chase has a unique blend of corporate finance, data science, and business management expertise. He’s also an advisor to Cacheflow and a limited partner at FOG Ventures. With an engineering background and deep experience in finance, Chase brings a fresh perspective on the challenges and innovations in financial modeling.


Key takeaways from this week's episode include:

  • How Chase Wright’s career journey led him to innovate in financial modeling
  • The role of modern spreadsheet tools like Equals in finance and data teams
  • How to use tools like Equals to automate reporting and financial analysis
  • The importance of balancing curiosity and necessity when developing career skills
  • The pros and cons of traditional modeling tools like Excel and Google Sheets versus newer alternatives


Here are a few quotes from Chase Wright:

  • “Equals is a modern spreadsheet for data and finance teams, connecting directly to your data sources.” - Chase Wright
  • “Financial models are incredibly helpful, but at the end of the day, it's the intuition behind the model that really matters.” - Chase Wright
  • “Slack integration in Equals makes communicating insights across the company incredibly simple.” - Chase Wright
  • “AI in Equals acts as a copilot, making things like summing columns or adding borders incredibly intuitive.” - Chase Wright


In this episode, Chase Wright shares his journey from struggling with complex models in Excel to embracing the automation and connectivity that Equals offers highlights the growing need for more intuitive and efficient financial tools. He emphasizes that the right tools, combined with critical thinking, can not only improve workflows but also provide deeper insights that drive business success.


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In today’s episode:

[01:45] – Introduction to Chase Wright and his journey

[02:54] – The nightmare of VBA models and lessons

[04:24] – Educational Path: Finance to Engineering

[07:01] – Equals: The modern spreadsheet tool

[15:13] – How Equals Simplifies Data Integration

[20:02] – Financial modeling: Critical Thinking in Action

[31:03] – Rapid Fire Segment: Excel and Equals

[39:37] – Conclusion and Final Thoughts

A Ground Breaking AI Generated Podcast on Financial Modeling with Paul Barnhurst15 Oct 202400:35:04

In this innovative episode, Paul Barnhurst experiments with Google’s AI tool, Notebook LM, and transforms previous guest interviews into an AI-generated episode. He explores the insights and best practices in financial modeling, as shared by veterans Scott Rostan, founder of Training the Street, and Ian Bennett, a PwC Australia leader with extensive experience in managing large modeling teams.

By leveraging AI, this episode explores how technology can recreate meaningful conversations with industry leaders, providing an interactive look at best practices, common pitfalls, and the evolving landscape of financial modeling. Paul explores advanced technical skills and the human elements that are essential to successful financial modeling.

Key takeaways from this week's episode include:

  • Four essential key pillars for excelling in financial modeling
  • Strategies for maintaining simplicity and auditability in financial models
  • Emerging tools in Excel and functionality of traditional financial modeling
  • How financial modeling expertise goes beyond technical skills 
  • Insights on the potential future of financial modeling with AI advancements 


Quotes from the Episode:

  • "Even in the world of complex finance, sometimes the simplest approach is the best approach." - Scott Rostan
  • "It’s about seeing the big picture, understanding your client’s needs and using your modeling skills to craft a solution, not just a spreadsheet." - Ian Bennett
  • "AI will get really good at those technical tasks, cleaning up data, maybe running some basic forecasts, but that just frees us humans up to focus on the stuff that requires creativity, critical thinking, and emotional intelligence." - AI


In this special AI-driven episode, Paul Barnhurst invites listeners to consider how the field of financial modeling is both grounded in foundational skills and evolving with new technologies. It’s about connecting with clients, asking the right questions, and using your skills to drive better business decisions.


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Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode: 

[01:17] Introduction to the episode

[03:57] Lessons from modeling mistakes

[06:29] Four key pillars of financial modeling

[08:51] Managing large-scale models

[13:40] Excel’s power stack and future enhancements

[15:14] Modeling standards and best practices

[19:38] Excel’s longevity and AI’s role

[22:44] The World of fractional FP&A

[27:38] AI’s place in financial modeling

[33:16] Wrap-up and invitation for feedback

How to Build Superior Financial Models for M&A With Patrick McMillan08 Oct 202400:44:55

In this episode of Financial Modelers Corner, host Paul Barnhurst dives deep into the world of Quality of Earnings (QofE) with expert guest Patrick McMillan, a seasoned CFO and transaction advisor. The conversation explores the intricacies of QofE, its importance in financial transactions, and the role it plays in assessing a company's financial health during mergers and acquisitions. Patrick shares real-world examples and insights into how financial professionals can use QofE to make informed decisions.

Patrick McMillan is a fractional CFO and transaction advisor at Amplēo, a Utah-based firm specializing in providing executive support to growing companies. With over two decades of experience in guiding businesses through periods of growth and M&A transactions, Patrick is known for his expertise in Quality of Earnings analysis. He brings a dynamic and passionate approach to finance, blending technical skill with strong storytelling abilities to help businesses navigate complex financial landscapes.

Key takeaways from this week's episode include:

  • The role of Quality of Earnings (QofE) in mergers and acquisitions, and how it differs from an audit.
  • How to differentiate between non-recurring and operating items when analyzing financial statements.
  • The importance of normalizing earnings for better understanding of a company’s performance.
  • Why soft skills like communication and storytelling are crucial in financial analysis.
  • Insights into how personal finance modeling can improve your financial modeling skills.


Here are a few quotes from Patrick McMillan:

  • "Quality of earnings isn't just an audit; it shows you how and why a company is performing in a certain way." - Patrick McMillan
  • "Understanding non-operating and non-recurring items is crucial to a quality of earnings report." - Patrick McMillan
  • "Patience is the most important lesson I’ve learned in my career, especially in communication." - Patrick McMillan
  • "Modeling your own personal finances is a great way to practice financial modeling skills." - Patrick McMillan


With actionable advice on financial modeling, transaction strategies, and lessons learned from his personal experiences, Patrick’s insights will resonate with professionals looking to sharpen their financial skills and improve decision-making in dynamic business environments.


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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.


Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 


In today’s episode: 

[01:10] - Introduction to Patrick McMillan

[04:25] - Worst Financial Model Story

[07:30] - Quality of Earnings vs. Audits

[09:30] - Identifying Non-Recurring vs. Operating Items

[13:31] - Patrick’s Journey to Becoming the "QofE Guy"

[17:57] - The technical understanding of QofE

[24:51] - Patrick’s decision for MBA

[29:56] - Importance of soft skills in QofE

[35:20] - Rapid-Fire Financial Modeling Tips

[38:44] - Personal Insights: Mountain Biking and Life Lessons

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