Excel Financial Modelling Training Course

Duration 5 days 10 modules · 33 contact hours
Level Intermediate Certificate on completion
Who attends Finance Managers, Financial Analysts and others
Fee from USD 1,100 KSh 95,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 7 Nov 2026 Course code SD-FM-083

Before you join: Participants should be comfortable using Microsoft Excel for formulas, formatting, worksheets and basic charts.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Financial managers and decision-makers need models that turn operating assumptions into credible forecasts, funding requirements and investment decisions. Weak spreadsheets obscure data sources, mix inputs with formulas, conceal errors and produce results that cannot be explained to executives, lenders or project sponsors. This course addresses the practical discipline of building transparent Excel models that connect revenue, costs, working capital, capital expenditure, financing and cash generation.

Participants build the skills required to structure a model, prepare historical data, forecast operating drivers and produce linked income statement, balance sheet and cash flow outputs. They apply Excel functions for reliable logic, construct scenario and sensitivity analysis, assess break-even points, calculate discounted cash flow valuations and test investment cases using NPV, IRR and payback measures. The course also covers model governance, formula auditing, control checks, dashboards and the presentation of financial findings for management decisions.

Teaching combines concise instructor briefings with guided Excel case work, group review of assumptions and model outputs, scenario simulations and individual application planning. Cases reflect decisions such as expanding a service operation, funding capital equipment, assessing a property investment or forecasting a business unit's cash position. Participants leave with a reusable financial modelling pack, including a three-statement forecast template, driver-based schedules, scenario analysis tools, valuation calculations and a model review checklist. The course is suited to finance professionals and managers who must create, review or use financial models rather than rely on black-box spreadsheets.

What you will be able to do

  • Structure an auditable Excel workbook using FAST Standard design principles
  • Build driver-based revenue, cost, headcount and working capital forecasts
  • Construct an integrated three-statement financial model with supporting schedules
  • Apply Excel lookup, aggregation, date and error-handling functions accurately
  • Develop scenario, sensitivity, break-even and Goal Seek analyses
  • Calculate DCF valuations using free cash flow, WACC, NPV and IRR
  • Evaluate capital investment and financing options through project cash flows
  • Review financial models using reconciliation checks, formula auditing and documentation

Benefits of attending

For you

  • Produce board-ready forecasts with traceable assumptions and clear control checks
  • Assess investment proposals using DCF, NPV, IRR and sensitivity analysis
  • Reduce spreadsheet errors through structured formulas, reconciliations and audit methods
  • Explain model outputs confidently to senior managers and non-finance stakeholders
  • Create reusable templates for planning, funding and business case assignments

For your organisation

  • Improves consistency between budgets, forecasts, cash plans and investment cases
  • Reduces decision risk from hidden formula errors and undocumented assumptions
  • Provides clearer visibility of liquidity, debt capacity and working capital requirements
  • Strengthens capital allocation decisions through disciplined valuation and scenario testing
  • Creates finance teams able to review and challenge operational model submissions

Course modules

10 modules over 5 days

Participants can design a readable, controlled workbook structure before building financial calculations.

  • Model purpose, decision questions and stakeholder assumptions documented before workbook construction
  • FAST Standard principles for readable, auditable spreadsheet design
  • Workbook architecture separates inputs, calculations, outputs and control checks
  • Consistent time conventions, units, signs and scenario labels established
  • Excel Tables, named ranges and structured references replace unstable cell links
  • Version control, file naming and change logs support model governance

Participants can convert source financial data into reliable historical drivers and forecast inputs.

  • Source-data triage distinguishes actuals, budgets, forecasts and management adjustments
  • Importing CSV extracts with Power Query preserves refreshable data lineage
  • Chart-of-accounts mapping aligns source accounts with model line items
  • Historical income statement drivers calculated using growth, margins and ratios
  • Balance-sheet movements analysed through turnover days and percentage-of-sales methods
  • Data validation rules flag missing periods, duplicates and inconsistent classifications

Participants can build driver-based forecasts for revenue, costs, people and working capital.

  • Revenue forecast drivers selected from volume, price, mix and capacity
  • Monthly sales build-up links customer cohorts, conversion rates and churn
  • Operating expense forecasts use fixed, variable and stepped-cost assumptions
  • Headcount schedules calculate starters, leavers, salaries, benefits and timing
  • Working capital assumptions translate credit terms into receivables and payables
  • Assumption registers record source, owner, rationale and review date

Participants can link operating schedules into integrated profit, financial position and cash flow forecasts.

  • Income statement forecast connects revenue, cost drivers, depreciation and tax
  • Balance sheet schedules reconcile fixed assets, debt, working capital and equity
  • Cash flow statement applies indirect-method reconciliation from profit to cash
  • Depreciation schedule applies straight-line lives, additions, disposals and residual values
  • Debt schedule calculates drawdowns, amortisation, interest and covenant metrics
  • Three-statement circularities identified and resolved using controlled calculation settings

Participants can apply core Excel functions to create accurate and maintainable financial model logic.

  • XLOOKUP, INDEX-MATCH and XMATCH retrieve model assumptions reliably
  • SUMIFS and COUNTIFS aggregate transactions using multiple criteria
  • IF, IFS and SWITCH express transparent conditional forecasting logic
  • EOMONTH, YEARFRAC and WORKDAY model reporting periods and timing
  • Dynamic arrays using FILTER, UNIQUE and SORT support flexible outputs
  • Error handling with IFERROR distinguishes expected exceptions from calculation faults

Participants can test financial outcomes under alternative assumptions and identify material decision drivers.

  • Base, upside and downside cases governed through centralised scenario switches
  • Data Tables test single-variable and two-variable sensitivity ranges
  • Goal Seek solves required price, volume or margin thresholds
  • Scenario Manager records alternative input sets for controlled comparison
  • Break-even analysis separates contribution margin, fixed costs and operating profit
  • Tornado charts rank valuation drivers by sensitivity magnitude

Participants can value a business or project using discounted cash flow and market-based methods.

  • Free cash flow forecast derives operating cash generation after capital expenditure
  • Weighted average cost of capital assembled from debt, equity and tax
  • Discounted cash flow valuation calculates enterprise value and equity value
  • Terminal value estimated using perpetuity-growth and exit-multiple methods
  • NPV, IRR, XIRR and MIRR assessed against investment decision criteria
  • Comparable-company multiples normalised for earnings, debt and non-recurring items

Participants can model project economics, funding requirements and approval-ready investment cases.

  • Capital expenditure business cases connect strategic rationale, costs, benefits and timing
  • Project cash flows distinguish sunk costs, opportunity costs and incremental effects
  • Lease-versus-buy analysis compares after-tax cash flows and financing implications
  • Funding options model equity, term debt, revolving credit and grants
  • Debt service coverage ratio measures repayment capacity under forecast conditions
  • Investment committee papers present assumptions, returns, risks and approval conditions

Participants can test model integrity and communicate results through decision-focused outputs.

  • Integrated balance checks confirm assets equal liabilities plus equity
  • Cash roll-forward checks reconcile opening cash, movements and closing cash
  • Reasonableness tests compare margins, growth rates and operational ratios
  • Formula auditing uses trace precedents, trace dependents and evaluate formula
  • Conditional formatting highlights exceptions, threshold breaches and incomplete inputs
  • Management dashboards combine KPIs, charts, scenario outputs and decision messages

Participants can review, document and maintain financial models for ongoing management use.

  • Model review sequence tests inputs, formulas, outputs and documentation
  • Peer-review protocols challenge assumptions, logic, labels and calculation integrity
  • Model handover packs include instructions, source references and refresh steps
  • Executive presentations translate forecast outputs into decisions and recommended actions
  • Personal application plan identifies a live model, stakeholders and milestones
  • Maintenance calendar assigns forecast updates, variance reviews and periodic rebuilds

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. FAST Standard workbook architecture template
  2. Three-statement forecast model template
  3. Driver-based revenue and cost schedule pack
  4. Scenario and sensitivity analysis template
  5. DCF valuation and investment appraisal model
  6. Financial model review and handover checklist

Who should attend

  • Finance Managers — need defensible forecasts and investment analysis for management decisions
  • Financial Analysts — build and maintain planning, valuation and reporting models
  • Management Accountants — translate budgets, actuals and operational drivers into forecasts
  • Business Unit Managers — assess commercial plans, resource requirements and financial outcomes
  • Investment Analysts — evaluate project returns, funding assumptions and valuation sensitivities
  • Project Managers — prepare financially sound business cases for capital approval

Skills and tools covered

Financial model designThree-statement forecastingCash flow analysisScenario modellingDCF valuationSpreadsheet controls

Tools and standards

Microsoft Excel, Power Query, FAST Standard, Discounted Cash Flow (DCF)

How the course runs

Training methodology

The course uses short instructor briefings followed by guided Excel case work and structured discussion. Participants build model sections from source data, test assumptions through scenarios and review outputs against management questions. Group activities focus on identifying weak assumptions, resolving model errors and comparing investment choices. Simulations use realistic forecasting, funding and capital expenditure decisions. Each participant develops an application plan for a live model or reporting requirement, supported by reusable templates and review criteria.

Requirements and prerequisites

Participants should be comfortable using Microsoft Excel for formulas, formatting, worksheets and basic charts. They should understand core finance terms such as revenue, operating costs, gross margin, profit, assets, liabilities and cash flow. Experience preparing budgets, forecasts, management accounts or business cases is helpful but not essential. The course assumes no prior financial modelling methodology, valuation experience, Power Query knowledge, programming, VBA or advanced Excel certification. Participants should be prepared to work with numerical assumptions and interpret financial statements.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

You should be comfortable with basic Excel formulas, worksheets and formatting, and understand core financial statement terms. You do not need prior financial modelling, valuation, Power Query, VBA or programming experience.

Bring a laptop with a current desktop version of Microsoft Excel, preferably Microsoft 365 or Excel 2021 or later. You may also bring a non-confidential example of a model or reporting challenge for your application plan.

The course is designed for finance managers, analysts, management accountants, investment staff and operational managers who prepare or review financial plans. It is particularly useful where participants need to explain forecast assumptions and investment returns to decision-makers.

An advanced Excel course concentrates mainly on spreadsheet features and functions, while an accounting course focuses on reporting rules and accounting treatments. This course combines selected Excel methods with financial modelling structure, forecasting, valuation, scenarios and model controls.

Participants can use the templates and review checklist for budgets, rolling forecasts, cash planning, capital expenditure proposals and funding analysis. The final application plan identifies a current model, key stakeholders, required data and practical next actions.

Each training day runs from 08:30 to 16:30 and provides about 6.5 contact hours. The programme progresses from model design and data preparation through forecasting, valuation, controls and application planning, using ten teaching modules.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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