The Complete Financial Model Builder Course-Build 7 Models
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The Complete Financial Model Builder Course-Build 7 Models

Learn all the tools you need to build financial models by building 7 different financial models.
3.9 (16 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
180 students enrolled
Last updated 9/2016
Current price: $10 Original price: $75 Discount: 87% off
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  • 9 hours on-demand video
  • 1 Supplemental Resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What Will I Learn?
Create complete financial models from start to finish
Understand all essential financial formulas
Develop flexible models that look at multiple scenarios
Create models for a variety of industries and business types
View Curriculum
  • You need basic Excel skills - you don't need advanced skills, but you need to know the basics
  • Basic accounting/business concept understanding - high school business studies or accounting should suffice.

My name is Andrew, and I am the creator the the Complete Financial Model Builder Course.

I have over 2 financial degrees and over 20 years' financial experience. I have always enjoyed financial modelling, and I want to share my knowledge with you.

I have taken a different approach to other courses in financial models; I go through 7 models in order to teach a range of model building skills.

We go through 7 financial models:

  1. Financial Model Basics - you learn the basics of financial models
  2. Beyond The Basics - best practice, working capital, balance sheets and cash flows
  3. Debt Equity Model - equity calculations and debt calculations incorporated into a model
  4. Investment Scenario Model - a model for investments that includes multiple scenarios
  5. Corporate Scenario Model - a full corporate model that incorporates multiple scenarios
  6. Capital Investment Appraisal Model - a model for evaluating a capital investment
  7. Pricing Model - a model for determining optimum pricing to customers.

We go through many different company types: Pet Food Wholesaler, Clothing Wholesaler, Chemical Manufacturer, Investment Fund, Platinum Mine,Electricity Provider and an Office Equipment Company.

If you are a

  • business owner
  • manager
  • finance professional or
  • business student

and want to learn all-round financial model building skills, then this course is for you.

By the end of the course, you will be able to

  • build accurate models
  • understand all essential Excel formulas and functions for financial models
  • create flexible models for multiple scenarios
  • adapt your skills to a variety of industries and requirements.

In summary, this is one of the best value-for-money courses on financial models.
Hope to have you as a student soon.


Who is the target audience?
  • This course is meant for business owners, business managers and students of business/finance, who would like a thorough grounding in building financial models.
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Curriculum For This Course
Expand All 88 Lectures Collapse All 88 Lectures 09:11:29
How to Use this Course
1 Lecture 01:14

How to use this course and get the most out of it.

Preview 01:14
Financial Model Basics
11 Lectures 59:01

An introduction to financial modelling - definition, its benefits and the users of models

Preview 05:00

Guidelines for financial modelling - structure, format and the process to be followed in building models

Preview 03:42

The first step in building the model is analysing historical data so we can determine the key ratios.

We analyse the historical data we received, using the SUMIF formula, which allows us to summarise data using a category.

Preview 04:50

We continue to analyse historical data, this time using two categories with the SUMIFS formula.

Preview 07:31

Once we have summarised historical information, we can determine the key ratios we are going to use to build the financial model.

Preview 05:47

Once we have decided on the key ratios, we can start building the first sheet in the model, the input sheet.

Preview 07:24

After the input sheet is created, we can create the calculation sheet.

Preview 07:43

The last section in a model is the output section. The most common output is a profit and loss statement.

Preview 03:19

We analyse the outputs of our financial model for two main reasons:

  • to detect and correct errors in the model
  • to report on the outcome of financial decisions; we need to report on the future financial effect of business decisions, which is the main purpose of building models.
Preview 04:50

A sensitivity table is a very useful tool to see how sensitive the model's outputs are to a change in inputs.

Preview 06:10

In this lecture, I challenge you to build your own model, using what you've learned so far.

Preview 02:45
Beyond the Basics
17 Lectures 01:31:26

Introduction to Name Ranges - what they are and how they improve our models.

Name Ranges

Learn to build the Input Sheet using Name Ranges.

Input Sheet with Name Ranges

We continue with Name Ranges and build the Calculation Sheet.

Calculation Sheet with Name Ranges

We build the Output Sheet with Name Ranges.

Output Sheet with Name Ranges

An introduction to Working Capital - explanation and basic calculations.

Working Capital

We start by including inputs and name ranges for working capital.

Adding Working Capital to the Input Sheet

The next step is adding working capital calculations into the calculation sheet.

Adding Working Capital to the Calculation Sheet

An introduction to balance sheets for financial models.

Balance Sheets

The next step in our modelling process is to build the balance sheet.

Building the Balance Sheet

We learn how to format cells based on conditions that we specify. This highlight errors in the input sheet and also makes the output sheet highlight trends or performance against target.

Conditional Formatting

An introduction to modelling cash flow, especially working capital.

Cash Flow Introduction

Learn to build the cash flow statement calculations.

Building the Cash Flow Statement

We complete the output sheet - adding the balance sheet and cash flow statement.

Completing the Output Sheet

The IF..THEN function is one of the most useful functions in Excel for financial models. Here we learn a basic use of the function.

IF THEN function

Data validation is a way of restricting the range of data a user can input. This makes model inputs less likely to have errors and makes the model more professional.

Data Validation

Protecting the sheets to prevent users from altering the structure, calculations and outputs of the model.

Protecting the Sheets

To end this section of the course, I give you a challenge and go through it with you.

Beyond the Basics Challenge
Debt Equity Model
21 Lectures 02:18:09

An introduction to Victoria Additives and the key ratios and assumptions we will use.

Debt equity model introduction

We start to build the input sheet for the debt equity model

Input Sheet for Debt Equity Model

We continue with the input sheet for the Victoria Additives debt equity model.

Input Sheet for Debt Equity Model Part 2

We add the name ranges to the input sheet for the Victoria Additives model.

Input Sheet Name Ranges for Debt Equity Model

How to create a debt table - what inputs are needed, how to use the payment formula and what links to create.

Debt Calculations

We go over a plant & equipment calculation table, including depreciation, and how the table needs to link into the other sections of the model.

Capital Expenditure and Depreciation

An overview of the main equity calculations for a financial model.

Equity Calculations Introduction

We add the equity calculation tables for share values, number of shares and the accumulated profit table to the calculation sheet.

Equity Calculations for Debt Equity Model

We now build the balance sheet, using the input sheet and the calculations done so far.

Balance Sheet for Debt Equity Model

Building the Cash Flow for our Debt Equity model.

Cash Flow for Debt Equity Model

How to audit and check formulas, particularly in the calculation sheet.

Auditing and Fixing Formulas

I give you a challenge to fix the balance sheet, then I go through the solution with you.

Challenge - Balance the Balance Sheet

We build the output sheet for Victoria Additives and answer the questions at the beginning of the course.

Output Sheet

I give you a challenge of building a summary balance sheet and cash flow statement, then go through the solution with you

Challenge - Summary Balance Sheet and Cash Flow

We add debt ratios and covenant calculations to the model.

Ratio Analysis and Covenant Calculations

We add 3 ratios to the calculation sheet and output sheet and then do a comparison to a covenant ratio.

Add Ratios and Covenants to the Model

Adding dividend payments to the model.


An outline of WACC and adding the calculation to the model.

Weighted Average Cost of Capital

An introduction to share buy backs and how they can be included in a financial model.

Share Buy Backs

We go through the calculations for share buy backs in the Victoria Additives model.

Building Share Buy Backs in the Model

I challenge you to build a WACC table and then go through the exercise with you.

Challenge - WACC Table
Scenario Model
7 Lectures 36:33

An introduction to scenario models. We go through Streethill Investment's requirements for an equity portfolio model, with multiple scenarios in the model.

Introduction to Scenario Models

We add the input sheet to the Scenario Model

Input Sheet for Scenario Model

We continue with the building of the input sheet for the Scenario Model.

Input Sheet for Scenario Model Part 2

We build the calculation sheet for our Scenario Model, Streethill Investments.

Calculation Sheet for Scenario Model

Learn how to insert a drop down menu box (a combo box) that users can use to select different options. We insert this into the output sheet, so that the users can select different scenarios.

Drop Down Menus and the Output Sheet

We complete the calculation and output sheets

Scenario Model Output and Calculation Sheets Completed

We use the Scenario Model to create a table of portfolio values for the High, Medium and Low scenarios, choosing different investment weightings.

Portfolio Scenario Table
Corporate Scenario Model
15 Lectures 01:57:49

This is an introduction to Rhino Platinum, our model platinum mining company, and the outline of the model we wish to build in this section.

Corporate Scenario Model Introduction

We start building the Input Sheet for the Rhino Platinum financial model.

Input Sheet for Corporate Scenario Model

We continue to build the Input Sheet for Rhino Platinum.

Input Sheet Part 2 for Corporate Scenario Model

I challenge you to insert an IF..THEN error message if the input balance sheet does not balance, as well as set up conditional formatting and data validation. I then go through the solution.

Challenge - Data Validation,Conditional Formatting and IF..THEN message

I challenge you to add a drop-down menu box to the output sheet and link it to the calculation sheet. I go through the solution step by step.

Challenge - Add Scenario Menu to Output and Calculation Sheets

We continue with the calculation sheet and set out the income statement.

Calculation Sheet - Income Statement

We go over the depreciation calculation in Rhino Plats, where there is ongoing capital expenditure.

Depreciation Calculation with Ongoing Capex

I challenge you to build the balance sheet and cash flow statement; then I start going through the steps involved.

Challenge - Build Balance Sheet and Cash Flow

We continue to build the balance sheet for Rhino Platinum.

Balance Sheet and Cash Flow Part 2

We complete the working capital and other cash flow calculations.

Balance Sheet and Cash Flow Part 3

We build the interest calculation, using an IF..THEN formula, depending on whether our cash flow is positive or negative.

Interest Calculation with IF..THEN Formula

We go through circular calculations (like the interest & tax calculations in Rhino Platinum) and how to switch on iterative calculations.

Circular References and Iterations

We change the formulas in the calculation sheet and go through a method of viewing and changing formulas.

Editing and Changing Formulas

We complete the output sheet for Rhino Platinum and build a summary financial report.

Corporate Scenario Output Sheet

We use the model to generate investment values for the High, Medium and Low scenarios and use two different operating cost inflation rates.

Investment Valuation Scenarios
Capital Investment Appraisal Model
7 Lectures 47:13

We go through the purpose of Capital Appraisal Models. We then go through Present Value, Future Value and Internal Rate of Return calculations.

Introduction to Capital Investment Appraisal Models, DCF and IRR

Introduction to Sonnenlicht Energie and the requirements the company has from the Capital Appraisal Model.

Model Requirements Overview

We go through Nested IF calculations in order to do the sliding scale revenue calculation.

Nested IF Statements and Sliding Scale Calculations

We now go on to build the income statement section of the calculations.

Capital Appraisal Model Income Statement

We go over terminal cash flows - the cash flows that need to be included at the end of the plant's life.

Terminal Cash Flows

The output sheet of the appraisal model - a company approval form.

Capital Appraisal Model Output

I challenge you to change the Nested IF calculations.

Challenge - Nested IF Calculation
Pricing Model
8 Lectures 59:22

An introduction to the purpose of a pricing model and requirements of the pricing model.

Pricing Model Introduction

We begin to build the Pricing Model by building the input and calculation sheets.

Pricing Model Inputs and Calculations Part 1

We continue building the Friscopy Input and Calculation sheets.

Pricing Model Inputs and Calculations Part 2

Description of macros and how to create macros.


We go through the steps in using the Goal Seek function.

Goal Seek

We complete the input sheet and add a Macro with Goal Seek function.

Pricing Model Input Sheet Completed - Macro & Goal Seek Added

We complete the output sheet

Pricing Model Output Sheet Completed

In the final lecture in the section, I challenge you to create a range of hurdle rates in the model.

Challenge - Different Hurdle Rates for OROI
1 Lecture 00:42

Course conclusion - thanks and final thoughts.

About the Instructor
Andrew de Bruyn
4.2 Average rating
181 Reviews
6,995 Students
4 Courses
Management Consultant & CFO | 7000+ Udemy Students

My name is Andrew and I'm originally from South Africa. I have a two degrees in Accounting and Business Management and I qualified as a Chartered Accountant. I gained extensive experience as a CFO and Financial Manager in several industries from manufacturing to diamond mining to fashion clothing. I have always enjoyed Excel and financial modelling, and honed my skills at companies listed in New York and London. I have several courses on Udemy and enjoy sharing my skills with others..