Seeking Tips to Elevate My Modelling Skills
I often find myself deep in the details of creating various models—financial, operational, economic—in my work. I’m recognized as the go-to expert for anything related to Excel at my organization.
While I consider my modelling and analytical skills to be quite strong, I’m at a bit of a crossroads. I’m confident in my ability to build models from scratch (which I’ve done numerous times) and I routinely adhere to best practices like color coding, formatting, and implementing error checks. However, I’ve observed the impressive work produced by experts in modelling, particularly within Big 4 firms, and I’m eager to elevate my skills to that professional level.
One area where I feel I struggle is in the planning phase of model construction. Often, I find myself halfway through a model, realizing that I’ve made it more complicated than necessary or having difficulty maintaining modularity to accommodate unexpected changes.
In terms of my knowledge of formulas and other essential elements (like timeline builds, sensitivity analyses, and scenario controllers), I feel fairly competent. I’m always striving to enhance my formulas for efficiency, considering both speed and file size, and I’m satisfied with my progress in this area.
I would greatly appreciate any recommendations for courses or resources that could help me advance my skills to the level I admire from Big 4 modelling teams and specialist boutiques. Additionally, if you have any general advice on practices I can engage in during my free time to sharpen my modelling abilities, I’d love to hear it!
One response
It’s great to hear that you’re already in a solid position with your modelling skills and are eager to take them to the next level! Here are some suggestions that might help you elevate your modelling expertise:
Recommended Courses and Material
The CFA (Chartered Financial Analyst) program also includes advanced financial modelling topics, which can be valuable if you’re looking for a more comprehensive curriculum.
Specialized Financial Modelling Certifications:
Explore certifications like the FMVA (Financial Modeling & Valuation Analyst) from Corporate finance Institute or the AFA® (Advanced Financial Analyst) certification from the Global Academy of finance & Management. These programs go deeper into modelling principles and best practices.
Books:
“Modeling Techniques in Financial Reporting” by James M. McKinsey: This will offer insights on applying best practices in financial reporting models.
Webinars and Workshops:
Practical Tips for Improvement
Create templates for commonly used models, where you standardize sections that are frequently reused. This can increase efficiency and modularity.
Best Practices:
Invest time in mastering Excel features like tables, dynamic arrays, and Power Query for data management. These can greatly enhance your model’s efficiency and scalability.
Engage in Community and Feedback:
Collaborate with peers or join a study group focused on financial and operational modelling. This can provide an avenue for shared learning.
Scenario Analysis:
Practice building models that incorporate various what-if scenarios. This will refine your ability to anticipate changes and make your models more robust and flexible.
Continuous Learning:
Keep up with new Excel features and updates, as the software continues to evolve. Staying informed about new developments will enhance your efficiency and skill set.
Regularly Challenge Yourself:
By combining structured learning with practical experience and community engagement, you should find yourself progressing toward that expert level you aspire to reach. Good luck, and enjoy the journey!