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Financial & Valuation Modeling Boot Camp



Financial Statement Modeling
Review key Excel skills for financial modeling
  • Basic Excel techniques and keyboard shortcuts
  • The most accurate way to perform Excel’s basic functions without the mouse
  • Customize Excel’s default settings for effective modeling
Learn to format and structure financial models to limit errors and simplify auditing
  • Standard modeling structures and formulas
  • Best practices in modeling
  • Learn the correct way to check models for errors, accuracy and integrity
  • Check and fix circular reference and iteration problems (#REF)
  • Tools for formula checking and auditing
Learn how to present financial statement model
  • Create a ratios page
  • Prepare a model for distribution
  • Learn summary and sensitivity analysis using data tables
Financial statement model development
  • Learn to build projection drivers
  • Learn to integrate assumptions into financial models – learn what makes a good assumption
  • Build core statements:
    • Cash flow statement
    • Balance sheet
    • Income statement
  • Build supporting schedules:
    • Debt schedule
    • Working capital
    • Interest schedule
    • Retained earnings
    • PP&E analysis
  • Understand the interconnectivity of the core financial statements and learn how the cash flow statement, income statement, and balance sheet are linked.
  • Learn to apply automatic “balance checks”
  • Understand treatment of non-recurring charges and  tax implications on financial models
  • Understand implications of new FASB regulations on financial models used by investment banks and other financial institutions.


DCF Modeling
Valuation methodologies deconstructed
  • Learn market-based valuation, including comparable company analysis and comparable transaction analysis using appropriate equity and enterprise value multiples (PE, EV/EBITDA, etc.)
  • Intrinsic valuation, including DCF and LBO (floor) valuation
  • Presentation of valuation results using sensitivity analysis and data tables
Enterprise value relationships
  • Participants learn to identify and analyze the elements of the financial statement that are key to the value of an enterprise, including:
    • Market capitalization
    • Enterprise value
    • Options
    • Preferred stock
    • Minority interests
    • Debt
    • Cash and marketable securities
    • Treasury Stock Method of Calculating Diluted Shares Outstanding
Calculate free cash flows using the unlevered valuation approach
  • Use previously built model to derive unlevered earnings and unlevered free cash flow
  • Handle working capital items, deferred taxes and long-term accruals
Discount the cash flows
  • Learn how to derive a discount rate by deriving the cost of debt and the cost of equity
  • Derive the cost of capital using CAPM
  • Select the correct discount rates
Calculate the value
  • Estimating terminal value
  • Calculating enterprise value
  • Using the enterprise value to determine implied share prices
Sensitivity analysis
  • Analyze key input assumptions at various sensitivities

© 2024 CFA Society of Washington, DC

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