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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 Text, Dates & Time

  • 5

    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

  • 6

    Cell Referencing in Excel

    • Working with Cell Referencing

  • 7

    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

  • 8

    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

  • 9

    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

  • 10

    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

  • 11

    Managing Scenarios with the Data Validation Tool

    • Introduction to the Data Validation Tool

    • 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

    • Introduction to the Data Validation Tool

    • Download Exercise Files

  • 12

    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

  • 13

    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

  • 14

    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

  • 15

    Introduction to Timing in Modeling

    • Download the Exercise Files

    • Importance of timing in a model

    • Excel Tools used to manage timing in a model

    • Logical operators in a model

    • How to implement logical operations in a model

    • Logical functions in excel

    • MOD function

    • Tools needed for excellent timing in a model

    • Identifying a single timing period

    • Types of time periodicities in a model

    • Managing time periodicities in a model

  • 16

    Working with Timing in Modeling

    • Download the Exercise Files

    • Quarter identifier

    • Start Mask

    • End Mask

    • Combining start and End Mask

    • Equity contribution

  • 17

    Loan Amortization with Timing in Modeling

    • Download the Exercise Files

    • Amortizing loan as an example

    • PMT Function

    • Principal repayment and interest payment

    • Counter

    • Loan period mask

    • Determining Loan ending period

    • Using -AND- Function

    • Using flag to determine loan inflow

    • Using mask to determine Repayment

  • 18

    Depreciation (waterfall method) with Timing in Modeling

    • Download the Exercise Files

    • Identifying a cascading timing period

    • Waterfall depreciation method

    • Automating Depreciation schedule

    • Using And function to Automate depreciation

  • 19

    Building Capex & Depreciation Schedules

  • 20

    Virtual Sessions Introduction

    • Welcome

    • AFM Course Brochure

    • Exercise Files Download

  • 21


    • Session_01 Details

  • 22

    S01_FAST Standard

    • Download Exercise File

    • FAST Standard

  • 23

    S01_Modeling Toolkits & Mechanism

    • Download Exercise Files

    • Introducing Modeling Mechanics

    • Understanding Growth Formulas

    • Using Growth Formulas

    • Understanding Account Drivers

    • Using Account Drivers

    • Smart Techniques and Shortcuts

    • Building Working Capital Assumptions

    • Building Working Capital Schedule

  • 24


    • Welcome to Session_02

    • Using of Timings in Your Model

  • 25

    S02_Revenue & Cost Modeling

    • Download the Exercise Files

    • Revenue & Profit Determination

    • Cost Classification Methodologies

    • Hendersen Manufacturing - Sample Case Study from AFM Exam

    • Building the Revenue Schedule

    • Building the Cost Schedule

  • 26

    Session 3

    • Welcome to Session_03

    • Exercise Files

  • 27

    S03_Finance Fundamentals

    • The Financial Statement

    • Defining Accounting and Finance

    • The Business & Accounting Cycle

    • Introducing the REAL Framework for Accounting

    • The Structure of the Balance Sheet

    • The 5 Box Balance Sheet Layout

    • The Structure of the Income Statement

  • 28

    Session 4

    • Welcome to Session_04

    • Exercise Files

  • 29

    Session 5

    • Welcome to Session_05

    • Download Session Files

    • The 3s Modeling Framework

  • 30

    Session 6

    • Welcome to Session

    • Download Session Files

  • 31

    Session 7

    • Welcome to Session_07

    • Download Session Files

  • 32

    Session 8

    • Welcome to Session_08

    • Download Session Files

  • 33

    Session 9

    • Welcome to Session_09

    • Download Session Files

  • 34

    Understanding Cash Sweep in Project Finance Modeling

  • 35

    Application of Cash Sweep in Project Finance Modeling

    • Download Exercise file

    • Setting up your sheet structure

    • Inputting Assumptions

    • Building the Debt Schedules

    • Modeling the Cash sweep

    • Modelling the Default

    • Calculating DSCR and PLCR

    • Review of Scenario Analysis

    • Identifying Key Metric and charts

    • Linking your critical scenario inputs

    • Building Scenario Controls

  • 36

    Debt Sculpting in Project Finance Modeling

    • Download Exercise file

    • Calculating Debt Service using DSCR

    • Building out Principal Repayment Schedule

    • Debt Sculpting to get the Maximum Debt Capacity

    • Understanding other Constraints in Debt Sculpting

  • 37

    Session 10

    • Welcome to Session_10

    • Session Files

  • 38

    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)

  • 39

    Bonus Material

  • 40

    Evaluation & Course Certificate

    • Instructions

    • Evaluation & Digital Certificate

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.