Course Description

This course will help you become a highly valued Financial Modeler who can build financial models for any industry, make accurate and informed financial decisions about any company or project. This intensive 10 Session Virtual course is designed to mould you to becoming world-class modeler. This course has 338 Lessons which you would need to cover within a study time not less than 88.1 hours. By the end of the course, you will be able to

  • Identify and apply the essential Excel functions, tools and operators every modeler should know.

  • Apply best practice techniques & rules to build 3 Statement models from scratch.

  • Design a modern model structure based on pre-determined model outputs & requirements.

  • Build a clear revenue schedule to forecast company sales.

  • Master CVP (Cost, Volume, Price) analysis to appropriately identify and capture fixed and variable costs of a company.

  • Apply best practices in capital structure modelling; Debt schedules, Cash Flow Sweeps, Equity and dividend calculations.

  • Build and incorporate Operating & Financial Schedules.

  • Perform sensitivity and scenario analysis .

  • Recall the techniques for model auditing tax and deferred tax treatment, depreciation calculations, integrity & error checking and more.

Join The Next Class

Start your Journey To Becoming A Certified Financial Modeler

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Course curriculum

This is the most comprehensive Virtual Training in Financial Modeling anywhere. It is specifically designed to help candidates for the AFM Level 1 Exam actualize their dreams in becoming Certified Financial Modelers. With over 250+step by step videos, 10 intensive live sessions with seasoned and experienced facilitators, detailed prep material, free mock exam for the Level 1 Exams (for the AFM Designation) offered by the Financial Modeling Institute. This course comes with a lifetime access and expert support.

  • 1

    Welcome to the Course!

  • 2

    Building a Financial Model Template

  • 3

    Using Formatting Styles in your Model

    • Overview

    • The Secrets of Formatting in Excel

    • Excel formatting Syntax

    • Overview of Excel Styles

    • List of Styles used in Models

    • The Normal Style

    • The Input Style

    • The Multiples Style

    • The Percentage Style

    • The Historicals Style

    • The FLAG & MASK Styles

    • Conditional Format for FLAG & MASK Style

    • The Linked Cell Style

    • The Unit Styles

    • The Total Column Style

    • The Blank Style

    • The Title Style

    • The Subtitle style

    • The Header Style

    • The Banner Style

    • The Currency Style

    • Implementing Styles

    • Update the Model Template with Styles

    • How to Transfer Styles between Workbooks

    • Style Guide Clean-up

  • 4

    Working with Math & Rounding Functions in Excel

    • Outline

    • Download the Exercise Files

    • Overview

    • Introduction

    • Using ROUND, ROUNDUP & ROUNDDOWN Functions

    • Working with Basic Rounding Functions

    • Using MROUND, CEILING & FLOOR Functions

    • Solving complex problems with Custom Rounding

    • Rounding Challenge

    • Using INT & TRUNC Functions

    • Using EVEN & ODD functions

    • Understanding Banker's Rounding

    • Building a Banker's Rounding User Defined Function

    • Creating a Banker's Rounding Formula

    • Recap of Rounding Functions and Techniques

    • Rounding Functions Chapter Quiz

  • 5

    Working with Text, Dates & Time

  • 6

    Mastering Lookup Functions in Excel

    • Overview

    • Download the Exercise Files

    • Introduction

    • Using VLOOKUP

    • Using MATCH

    • Using VLOOKUP & MATCH

    • Using HLOOKUP

    • Using HLOOKUP & MATCH

    • Using INDEX

    • Using INDEX & MATCH

    • Using OFFSET

    • Using OFFSET & MATCH

    • Using CHOOSE

    • VLOOKUP Hidden Feature part 1 of 2

    • VLOOKUP Hidden Feature part 2 of 2

    • Mastering the OFFSET Function (Part 1 of 2)

    • Mastering the OFFSET Function (Part 2 of 2)

    • Lookup Functions Chapter Quiz

  • 7

    Building Capex & Depreciation Schedules

  • 8

    Time Value of Money Calculations

    • Overview

    • Download the Exercise Files

    • Preparing the Template

    • Real vs Nominal Terms

    • Building an Inflation Index

    • Introducing TVM Calculations

    • Building a Retirement Model Template (Part 1 of 2)

    • Building a Retirement Model Template (Part 2 of 2)

    • Using Financial Functions in Excel for TVM Calculations

    • Calculating Investment Value at Retirement

    • Identifying Errors in TVM Calculations

    • Time Value of Money Chapter Quiz

  • 9

    Using Excel's Scenario Manager Tools

    • Overview

    • Download the Exercise Files

    • Case Study: Overview of the Retirement Problem

    • Answering the Retirement Problem with Scenario Analysis

    • Goal Seek & Scenario Analysis

    • Setting up the Scenario Manager Tool

    • Recording Scenarios with the Scenario Manager Tool

    • Running Reports with the Scenario Manager tool

    • Scenario Manager Chapter Quiz

  • 10

    Managing Scenarios with the Data Validation Tool

    • Download Exercise Files

    • Introduction to the Data Validation Tool

    • Setting the Stage for Data Validation

    • Carry out a Data Validation

    • Best Practice for Creating List Validations

    • Data Validation Settings, Input Message and Error Alert Options

    • Using Data Validation for Scenario Management

    • Create Scenarios with Data Validation Setup 1 of 2

    • Create Scenarios with Data Validation Setup 2 of 2

    • Understanding the INDEX Function

    • How to prepare Scenario Data for LOOKUP with the INDEX Function

    • How to use the INDEX Function to activate Scenarios in a Model

  • 11

    Managing Scenarios with Form Controls

    • Download the Exercise Files

    • The Big Flaw with Data Validations

    • Activating Form Controls in Excel

    • Using Form Controls to automate Scenarios in a Model

    • Form Control Best practices

    • Using INDEX to Populate Scenario Data from Form Controls

    • Managing Scenarios with Form Control Chapter Quiz

  • 12

    Introduction to Sensitivity Analysis

    • Download Exercise Files

    • Overview of Sensitivity Analysis - The Data Table Tool

    • Building a One Input Sensitivity Table - The Setup

    • Building a One Input Sensitivity Table - Implement

    • Building a Two Input Sensitivity Table - Setup the Table

    • Building a Two Input Sensitivity Table - Understanding the Logic

    • Building a Two Input Sensitivity Table - Implementation

    • How to make your Sensitivity Tables Dynamic

    • Best Practice Formatting for Sensitivity Tables

  • 13

    Sensitivity Analysis with Data Validation & Form Controls

    • Download Exercise Files

    • Sensitivity Analysis with Data Validations - The Setup

    • Sensitivity Analysis on with Data Validations - Implementation

    • Sensitivity Analysis with Form Controls - Introduction

    • Sensitivity Analysis with Form Controls - The Setup

    • Sensitivity Analysis with Form Controls - Implementation

  • 14

    Mastering Logical Calculations in Excel

    • Download Exercise Files

    • Using the FLAG Modeling Tool

    • Using the MASK Modeling Tool

    • Using the AND function

    • Using the OR function

    • Comparing the AND, OR & XOR functions

    • Using the XOR function

    • Using the NOT function

    • Using the IF function

    • Converting the Boolean Logic into an IF Function Calculation

    • IFS Function

    • SWITCH function

  • 15

    Virtual Sessions Introduction

  • 16

    Session 1

    • Welcome to Session 1

    • Download the Session Exercise Files

  • 17

    Modeling Toolkits & Mechanism

    • Applying the Summation Technique

    • Creating Subtotal, Total & Corkscrew

    • Summation of Rows & Columns technique

    • Forecasting with Growth Formula in Modeling

    • Understanding Account Drivers in Modeling

    • Building Schedules Blocks in Modeling

  • 18

    Revenue & Cost Modeling Concept

    • Task Files

    • Revenue & Profit Determination

    • Cost Classification Methodologies

    • Hendersen Manufacturing - Sample Case Study from AFM Exam

    • Building the Revenue Schedule

    • Building the Cost Schedule

  • 19

    Session 2

    • Exercise Files

    • Session 2 Assignment

    • The Business & Accounting Cycle

  • 20

    Session 3

    • Exercise Files

    • Building Working Capital Assumptions

    • Building Working Capital Schedule

    • How to record a Presentation with PowerPoint

  • 21

    Finance Fundamentals

    • Defining Accounting and Finance

    • Introducing the REAL Framework for Accounting

    • The Structure of the Balance Sheet

    • The 5 Box Balance Sheet Layout

    • The Structure of the Income Statement

  • 22

    Session 4

    • Exercise Files

    • The Financial Statement

  • 23

    Session 5

    • Exercise Files

  • 24

    Restructuring the Profit & Loss Account

    • Introduction

    • Recon Tool for P&L Restructuring

    • Methodologies for Restructuring the P&L

    • Restructuring Interest Income and Expense

    • Mechanics of Restructuring Interest Income and Expense

    • Overview of Restructuring COGS and SG&A

    • Finding Depreciation

    • Beware of Rounding Errors with Audit Figures

    • Finalising COGS and SG&A Restructuring

    • Defending Your Restructuring Assumptions

  • 25

    Session 6

    • Exercise Files

  • 26

    Restructuring the Balance Sheet

    • Introduction & Exercise Files

    • Introduction to Balance Sheet Restructuring

    • Recon Tool for Balance Sheet Restructuring

    • Methodology for Identifying Balance Sheet Drivers

    • Restructuring by Merging Line Items

  • 27

    Session 7

    • Introduction and Exercise Files

  • 28

    Overview of some new Accounting Terms

    • Overview

    • Right of Return Assets & Refund Liability

    • Accounting for Operating Leases

    • Accounting for Finance Leases

    • Overview of IFRS 15, Revenue Recognition

    • Revenue Recognition and Contract Assets

  • 29

    Drivers & Assumptions

    • Calculating Historical Profit and Loss Assumptions based on Drivers

    • Building Base Profit and loss Assumptions

    • Calculating Historical Asset Assumptions based on Drivers

    • Calculating Historical Liability Assumptions based on Drivers

    • Simple Technique for Creating Base Assumptions

    • Testing the Predictive Power of Drivers

  • 30

    Session 8

    • Exercise Files , Assignments and Videos

  • 31

    P&L and Calculation Sheet Mechanics

    • Building your P&L Projections for Year 1

    • Overview of Calculation Schedules

    • Methodologies for Building Schedules

    • Building Out your BASE Schedules

    • Linking Historical Balances

    • Building out your BCE Schedules

    • Building out your OWC Schedules

    • Finalising your Calculations Schedules

  • 32

    Session 9

    • Exercise Files , Assignments and Videos

    • Overview-Completing the Calculations Sheet

    • Building your Balance Sheet

    • Building your Cash Flow statement Structure

    • Completing your Cash Flow Statement

    • Balancing your Balance Sheet

    • Replicating your Year 1 Model for the forecast period

    • Model Auditing with the dbrown 1 Check

  • 33

    Building Dynamic Bullet Debt Schedules

    • Exercise File

    • Overview of Debt Calculations

    • Using Boolean Logic for Smart Logical Formulas

    • Automating Debt Issue with an Issue Flag

    • Automating Debt Repayment with a Repayment FLAG

    • Planning the Automation of Interest Expense

    • Model Build Mechanics for Interest Expense

    • Completing the Dynamic Debt Schedule

    • Replicating your Dynamic Debt Schedule

  • 34

    Plugging in Scenarios

    • Extracting Scenario Assumptions

    • Building the Scenario Structure

    • Replicating Scenario Blocks

  • 35

    Session 10

    • Exercise Files, Assignments and Videos

  • 36

    AFM Exam Preparation Content

    • AFM Exam Structure (from FMI)

    • AFM Exam Planner Tool by dbrownconsulting

    • The AFM Exam Experience

    • Planning for the Exams

    • AFM Body of Knowledge (from FMI)

    • Skills Required for the AFM Exams

    • AFM Skills Checklist (From FMI)

    • Exam Study time required

    • AFM Study Guide (From FMI)

    • Sample Exams & Models (From FMI)

  • 37

    Bonus Material

  • 38

    Evaluation & Course Certificate

    • Instructions

    • Evaluation & Digital Certificate

    • How to Attach your Certificates to your LinkedIn Profile

Your Instructors

With over 200 completed models between them

David Brown

FCA, Microsoft MVP

David has worked with and taught Excel and financial modelling to over 4,000 people in the last 22 years. He is the Managing Partner of dbrownconsulting where he runs the Consulting Division.He is a Fellow of the Institute of Chartered Accountant of Nigeria & a Financial Analyst with over 16 years experience working as a Business intelligence, Financial Modelling & Tax Consultant with Arthur Andersen, KPMG & dbrownconsulting.He is also an International Consultant to the World Bank on Oil Revenue Modelling and is a registered financial adviser.David attained the Master Trainer & Master Instructional Designer designation from the Association for Talent Development (ATD).He is passionate about Financial Modelling, Business Intelligence and Analytics especially with Microsoft Power BI and Excel and regularly host meetups and speaker event in Nigeria and around the world.

Victor Ogundele

Financial Modeler & Trainer

Victor Ogundele is a highly experienced Financial Modeling Consultant and Trainer with dbrownconsulting. He is a Certified Financial Modeler and also an Advanced Financial Modeler with the Financial Modeling Institute.

Testmonials of Some Of Our Participants

“The course was fast paced with good content. It was perfect for the AFM exam with focus on time management. If you follow the course attentively,practice judiciously you will pass the AFM exam. Good value for money!”

Adetola Adesanya

“I attended the AFM Exam Prep Guide + Mock Exam course with dbrownconsulting. Although I have my own style of the financial model, I still learn new things (e.g. the sparkline) from the course. The mock exam is a very good test of your readiness for the exam because it tested all the points listed in the body of knowledge. The mistakes I made during the mock exam (which cost me time) has helped me save a lot of time during the exam.”

Alden Lee

“I honestly have not seen anyone teach like the staff at Dbrown. I can model extremely well because my first foundation to modelling was at the AFM class taught by Dbrown. The class started with the fundamentals of modelling. Structure, Model styles and Common excel formulas critical for modelling. The classes were well paced and taught with ease. The best part was the AFM step to step guide. No one can watch the videos and participate without passing. It's really impossible. Everything is broken down for a five year old to digest. It has really helped me in my career as I can put strategy to numbers in the easiest way possible and impress people. If you want to excel in modelling, take the Dbrown AFM course. Your future begs you. Its honestly premium content at discounted price. ”

Oluwabusayo Onome Oyetunji

“Hi everyone, This is Anita Anita Bhat. I had enrolled for AFM exam and was preparing on self study mode. Just two weeks before the exam I took the free mock test followed by review session with dbrown consulting. During review session I came to know all the important points which I had actually missed while preparing on self study mode like time management, arranging tabs, understanding revenue and cost schedule working and most importantly a neat and well arranged assumptions sheet that derives the entire model. Mock cum review session set the clear goal for me over the next two weeks till 22nd October and I exactly practised the way it was explained during mock session by our mentor David. I gained lot of confidence and prepared myself well for the exam day. I faced technical issues while writing the final exam like unstable internet most of the exam time but I still managed to built model in 3.5 hours. I would like to thank my mentor David from the bottom of my heart. It was due to mock test cum review session and exam day tips that I confidently cleared the exam. Thanks & regards, Anita Bhat”

Anita Bhat

“Really, Investment in yourself will give you the greatest Interest ever dbrownconsulting is the best tracker for your case in AFM exam. Without mock exam which held by dbrown I can’t know the real way of my preparation!”

Bassem Elmekkawy

“Thanks to dbrownconsulting for such a great course. It shared the secret of financial modeling concept. It has really improved my career and skill by over 65%. Thank you dbrownconsulting for such a great training”

Victor Ogundele

“I attended the AFM Exam Prep Guide + Mock Exam course with dbrownconsulting. Although I have my own style of the financial model, I still learn new things (e.g. the sparkline) from the course. The mock exam is a very good test of your readiness for the exam because it tested all the points listed in the body of knowledge. The mistakes I made during the mock exam (which cost me time) has helped me save a lot of time during the exam.”

Alden Lee

Register for this course and get a 40% discount on your FMI Exam Registration.

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Some of our Clients


  • How does Virtual Training Work?

    You cover the fundamentals of Excel for the first 2 weeks on this platform with over 200 knowledge videos. Then you join a Virtual class to cover 10 virtual sessions.

  • How long is each Virtual Session?

    Each Virtual Session lasts two hours and is highly interactive. There is a 15 minute break in the middle and it is fully instructor led.

  • How long do I have access to the course content and platform?

    You have access to this platform will all the course content, videos, exercise files and access to the trainer via discussion forum for life. We will never switch you off.

  • Can I defer my Session?

    Deferral requests are treated on a case by case basis. Please email with your request.

  • Are the videos available offline?

    Our videos are only available for streaming online. But you can download all exercise files and materials.