Why Skills & Storytelling Matter More Than Degrees in Financial Modeling – Rachit Jain
Rachit Jain is a seasoned financial modeler with extensive experience in finance, auditing, and quantitative modeling. Having worked with firms like Hewlett Packard and Deloitte, Rachit brings a wealth of knowledge on creating models that inform decision-making and avoid critical pitfalls.
Expect to Learn:
How to build trust in financial models through transparency and sound design
Why critical thinking and communication skills are crucial in financial modeling
The role of data science in enhancing financial modeling capabilities
Fractional CFO Insights on Financial Modeling and Business Turnaround with Carl Seidman
Carl Seidman is the founder of Seidman Financial and a recognized expert in financial planning, forecasting, and modeling. With experience in turnaround consulting and as a fractional CFO, Carl has worked extensively with underperforming companies and complex restructuring cases. He brings an in-depth understanding of the strategic nuances in financial modeling and cash flow management, which he shares in this episode.
Key takeaways from this week's episode include:
The importance of long-term, flexible thinking in financial modeling and planning.
How dynamic arrays are transforming cash flow modeling and how to implement them.
Why operational knowledge is crucial for effective financial modeling in turnaround situations.
The value of networking and formal certifications in restructuring and financial advisory roles.
The Secrets to Automating Data Integration and Reporting in Excel With Mark Proctor
Mark Proctor is a seasoned financial professional with a background in accounting and finance, an Excel MVP, and the founder of Excel Off the Grid, a platform dedicated to improving efficiency and effectiveness in Excel. With decades of experience, Mark's insights are invaluable for anyone looking to optimize their use of Excel for financial modeling and beyond.
Key takeaways from this week's episode include:
Importance of automation in Excel and how tools like Power Query and Power Pivot can drastically improve efficiency.
Why traditional tools like Vlookup aren’t ideal for modern data analysis and what functions you should be using instead.
Practical strategies for reducing manual processes and eliminating the need for repetitive tasks in Excel.
Next-Level Financial Modeling with AI and Automation for CFOs with Chase Wright
Chase Wright is a seasoned finance executive with a decade of experience across startups and tech companies like GitLab, Instabug, and Red Hat. Currently the Head of Finance and Data at Uniqode, Chase has a unique blend of corporate finance, data science, and business management expertise. He’s also an advisor to Cacheflow and a limited partner at FOG Ventures. With an engineering background and deep experience in finance, Chase brings a fresh perspective on the challenges and innovations in financial modeling.
Key takeaways from this week's episode include:
The role of modern spreadsheet tools like Equals in finance and data teams
The importance of balancing curiosity and necessity when developing career skills
The pros and cons of traditional modeling tools like Excel and Google Sheets versus newer alternatives
A Ground Breaking AI Generated Podcast on Financial Modeling
In this innovative episode, Paul Barnhurst experiments with Google’s AI tool, Notebook LM, and transforms previous guest interviews into an AI-generated episode. He explores the insights and best practices in financial modeling, as shared by veterans Scott Rostan, founder of Training the Street, and Ian Bennett, a PwC Australia leader with extensive experience in managing large modeling teams.
Key takeaways from this week's episode include:
Four essential key pillars for excelling in financial modeling
Emerging tools in Excel and functionality of traditional financial modeling
Insights on the potential future of financial modeling with AI advancements
How to Build Superior Financial Models for M&A With Patrick McMillan
Patrick McMillan is a fractional CFO and transaction advisor at Amplēo, a Utah-based firm specializing in providing executive support to growing companies. With over two decades of experience in guiding businesses through periods of growth and M&A transactions, Patrick is known for his expertise in Quality of Earnings analysis. He brings a dynamic and passionate approach to finance, blending technical skill with strong storytelling abilities to help businesses navigate complex financial landscapes.
Key takeaways from this week's episode include:
The role of Quality of Earnings (QofE) in mergers and acquisitions, and how it differs from an audit.
How to differentiate between non-recurring and operating items when analyzing financial statements.
The importance of normalizing earnings for better understanding of a company’s performance.
The Future of Financial Modeling with AI Usability and Best Practices featuring Ruby Liu
In this episode, host Paul Barnhurst welcomes Ruby Liu, Director at KPMG Australia’s Valuation Team, to dive into intricacies of financial modeling. Having led KPMG Australia’s Sydney modeling team and worked as the head of corporate finance in the energy sector, Ruby’s vast experience spans from transactional modeling for infrastructure assets to advising clients on valuation and capital raising. Ruby Liu brings over 16 years of professional expertise in corporate finance, financial modeling, and valuations.
Key takeaways from this week's episode include:
The key differences between transactional and operational models and how to adapt them for long-term use.
Why keeping the model user in mind is crucial for building effective financial models.
Ruby’s top strategies for creating models that are simple, visually appealing, and efficient in calculation speed.
VBA, AI, and Excel - Paul Barnhurst’s Key Takeaways from 40 Episodes
In this special solo episode, host Paul Barnhurst, also known as "The FP&A Guy," reflects on key insights gathered from past episodes of Financial Modeler’s Corner. With over 40 episodes under his belt, Paul dives into recurring rapid-fire questions posed to expert financial modelers worldwide. From circular references to VBA use and Excel's future, this episode offers valuable wisdom on the art and science of financial modeling.
He shares key takeaways from the rapid-fire questions posed to some of the top financial modelers in the world, offering a wealth of advice on best practices, common pitfalls, and emerging trends in financial modeling.
Highlights from this week's episode include:
Why dynamic arrays and other Excel functions are becoming increasingly important, and the pace of their adoption.
Insights into how artificial intelligence (AI) could impact financial modeling and whether it will replace human modelers.
The importance of good design principles in financial models, as shared by leading financial modeling experts.
The Power of Data Automation in Financial Models and Tools for Corporate Success with Paul Medici
Paul Medici is the Founder and CEO of Medici Financial Modeling. With over a decade of experience, Paul specializes in building bespoke financial models and custom data automation tools for corporate clients across the US, Canada, and Europe.
His expertise spans a wide range of industries, including financial services, healthcare, manufacturing, mining, real estate, retail, technology, and even charitable organizations. He holds an MBA from the University of Toronto and a Master’s in Geological Science and Engineering from Queen’s University.
Key takeaways from this week's episode include:
The most common mistakes in bad financial models and how to avoid them.
The importance of understanding revenue and cost build-ups in different industries.
Key shortcuts and techniques to speed up your Excel modeling process.
Quantrix Approach to Simplify Complex Financial Problems with Gilbert Hangartner
Gilbert Hangartner is a seasoned financial modeler who transitioned from a career in science, specializing in chemistry and physics, to financial modeling and risk analysis. His scientific training gives him a unique perspective on financial modeling, treating it as both a creative process and a technical discipline.
Gilbert emphasizes the importance of simplicity and clarity in building effective models and is an advocate for using models as tools for communication and strategic decision-making. Key takeaways from this week's episode include:
Understanding the importance of simplicity in modeling
Introduction to Monte Carlo simulations for risk management
A discussion on the limitations of Excel and future of financial modeling
Discover the Power of Simplicity in Financial Modeling With Giles Male
In this episode of Financial Modelers Corner, host Paul Barnhurst is joined by Giles Male, who brings his unique perspective on the rapidly changing landscape of financial modeling. He emphasizes the importance of simplicity, the transformative power of modern Excel, and the critical need for clear communication in model design.
Together, they explore how the latest advancements in Excel—such as dynamic arrays and Lambda functions—are revolutionizing the way financial models are built and used. Giles also provides invaluable advice on the importance of simplicity, adaptability, and effective communication in modeling.
Giles Male is a CMA-qualified accountant and a seasoned financial modeler with extensive experience in bid analysis and complex financial modeling. As a co-founder of Full Stack Modeler, Giles is passionate about training and mentoring the next generation of financial modelers. He holds the prestigious Master Financial Modeler (MFM) accreditation from the Financial Modeling Institute, making him one of only seven individuals worldwide to have achieved this honor. Giles brings a wealth of knowledge on modern Excel and its application in financial modeling.
Continuous Planning vs. Annual Budgets | Randy Brown’s Game-Changing FP&A Insights
In this episode of Financial Modelers Corner, Paul Barnhurst dives into the intricacies of financial modeling, focusing on cash flow forecasting and continuous planning with FP&A expert Randy Brown.
Randy Brown is a seasoned financial consultant with a rich background in FP&A, corporate finance, and financial modeling. After initially pursuing a career in music, Randy transitioned into finance, where he has built a successful career, particularly in cash flow management and continuous planning.
Key takeaways from this week's episode include:
The critical importance of cash flow forecasting for business stability.
Practical steps to build a 13-week cash flow forecast.
Why continuous planning is more effective than traditional annual budgeting.
E-Commerce Growth vs. Profit – Drew Fallon's Insights
In this episode of Financial Modelers Corner, host Paul Barnhurst delves into the intricacies of financial modeling in the e-commerce industry with guest Drew Fallon, a seasoned e-commerce entrepreneur and co-founder of Iris, a cutting-edge FP&A tool for e-commerce businesses.
Drew Fallon is an experienced entrepreneur in the e-commerce and CPG sectors. He began his career in equity research, working on high-profile IPOs like Airbnb and Corsair. Drew later co-founded and served as CFO for Mad Rabbit, an e-commerce brand that achieved significant growth under his leadership. Currently, he is the co-founder and CEO of Iris, a financial modeling platform that integrates AI to help e-commerce businesses automate their financial forecasting and analysis.
The discussion offers valuable insights into the unique challenges of financial modeling in a rapidly evolving digital landscape, particularly in direct-to-consumer (DTC) businesses.
Key takeaways from this week's episode include:
The key components of effective financial modeling for e-commerce businesses.
How cohort forecasting and customer retention play crucial roles in revenue prediction.
The importance of understanding fulfillment costs and their impact on gross margins.
Why many e-commerce brands fail due to poor financial modeling and how tools like Iris can help.
The Art of Financial Modeling and Data Management with Adam Rakich
In this episode, Paul Barnhurst delves into the intricate world of data integration, especially within financial modeling and FP&A. The discussion revolves around the practical challenges and solutions for accessing and automating data flows, a topic crucial for finance professionals who often grapple with multiple data sources and complex modeling tasks.
Adam Rakich, a seasoned expert in the world of FP&A tools and data integration, joins the show. With a diverse background spanning social media marketing software, FP&A consultancy, and leadership roles at companies like Workday and OneStream, Adam now focuses on making data integration more accessible through his work at Data Blend.
His deep understanding of the challenges accountants and financial modelers face with data management makes him a valuable resource for listeners looking to optimize their processes. The episode offers insights into the evolving landscape of data management tools and how they can streamline processes for businesses.
Key takeaways from this week's episode include:
The common pitfalls and solutions in financial modeling and data integration.
When and why businesses should transition from spreadsheets to specialized planning tools.
Practical strategies for automating data workflows, even when dealing with outdated or diverse systems.
Learn Best Practices with Excel and Google Sheets - David Benaim
In this episode of Financial Modelers Corner, host Paul Barnhurst sits down with David Benaim, an Excel MVP and data consultant based in Cambodia. They delve into a comparative analysis of two of the most popular spreadsheet tools—Excel and Google Sheets.
The discussion covers the strengths and weaknesses of each platform, providing listeners with insights into when and how to use these tools effectively in their financial modeling and data analysis work.
David Benaim is a chartered accountant and Excel MVP who has made a name for himself as an expert in both Excel and Google Sheets. Originally from the UK, David now runs a data consulting firm in Cambodia, where he specializes in Excel training and data solutions.
Key takeaways from this week's episode include:
Key differences between Excel and Google Sheets, including tables, functions and data entry features.
The strengths of Google Sheets in collaborative environments and its data validation capabilities.
How to decide whether to use Excel or Google Sheets for different types of projects.
Managing Complex Models with Structure with Christopher Reilly
Christopher Reilly, a seasoned financial modeler with extensive experience in consulting, private equity, and financial modeling education, delves into the intricate world of financial modeling in this episode with Host Paul Barnhurst.
The conversation centers around what is necessary to build robust financial models, highlighting the importance of three-statement models and cash flow forecasting. The episode is filled with practical insights, advanced techniques, and professional experiences that underscore the significance of simplicity, accuracy, and best practices in financial modeling.
Key takeaways include the importance of simplicity in financial models and practical steps and considerations for building robust three-statement financial models.
Quantrix vs. Excel - Financial Modeling
Lyndsey Weber, a seasoned expert in financial and supply chain modeling join us this week for a lively conversatio on both financial and supply chain modeling. She recounts her experience with some of the worst models she has encountered, the lessons learned, and the importance of organization and design in creating effective models. Lyndsey shares her journey from ExxonMobil to Quantrix, offering a deep dive into the art and science of financial modeling.
Key takeaways from this week's episode include:
Having a well-defined structure and approach is crucial for creating and maintaining effective financial models. Poorly organized models can lead to significant challenges and inefficiencies.
A horror story about inheriting a model filled with bad practices, including hidden reference cells and broken VBA code. The experience teaches her the value of starting over and building a model from scratch with best practices.
The importance of understanding stakeholder needs, both emotional and practical, and designing models that cater to these needs. This approach helps in building models that are not only functional but also user-friendly.
The benefits of using Quantrix over traditional Excel, highlighting features like always-on pivoting, natural language formulas, and role-based access, which enhance efficiency and collaboration.
One of Lyndsey's key pieces of advice is to prototype models on paper before building them. Mapping out inputs, outputs, and key calculations in plain English helps in creating a clear and effective model structure.
The Importance of Predicting and Influencing in FP&A
In today’s episode, Paul engages in a conversation with Carl Seidman to discuss why mastering presentation skills, and understanding the needs of the audience is crucial for excelling in your FP&A career.
Carl is a premier FP&A and Fractional CFO expert, providing financial advisory and leadership development services to top companies including Deloitte, Verizon, and Walmart. Carl is known for his impactful training programs and advisory work that drive success in financial planning and analysis.
Key takeaways from this week's episode include: :
Here is a concise summary of the key points from the discussion:
In FP&A, the ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.
The ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.
FP&A isn't just about numbers, it's about storytelling with data, painting a vivid picture of the financial landscape that guides strategic decisions and drives organizational success
Anticipating potential disruptions or changes in the business environment is a fundamental aspect of FP&A. By identifying risks and developing strategies to mitigate them, FP&A professionals can help the organization stay ahead and adapt effectively.
The Future of Financial Modeling
In this episode, expect to learn:
Excel's flexibility is both its greatest strength and weakness. While it allows for complex modeling, this same flexibility can lead to chaotic and error-prone spreadsheets if not managed properly.
Today's Excel is vastly different from the Excel of a decade ago. With features like Dynamic Arrays, Power Query, and the integration of Python, Excel has become a powerful tool for modern data analysis and financial modeling.
Python’s capabilities in handling time series analysis, data visualization, and complex computations complement Excel’s functionalities, making it a valuable skill for modelers.
Excel excels in prototyping and wireframing due to its immediate data visibility and user-friendly interface. This makes it ideal for quickly iterating models and understanding data before moving on to more complex tools when necessary.
George shares advice on how to get started learning Python and other analytical tools to take your analysis and modeling to new heights.
A core principle for George is the importance of sharing what you know about Excel and data analytics. He emphasizes building a culture of knowledge sharing to foster growth and efficiency within teams.
Innovative Approaches to Financial Modeling and Risk Management
In this episode, expect to learn:
Raphael emphasizes the critical need for regular audits of financial models to prevent errors and ensure accuracy. He shares a horror story about a model that wasn't audited for five years, leading to significant financial discrepancies.
While Excel is known for its flexibility, Raphael discusses the trade-offs of using more structured tools like Causal, which can help reduce errors and provide more insightful analysis through its object-oriented approach and natural language variables.
The importance of integrating operational data with financial models to provide actionable insights. He stresses that understanding business operations is crucial for building effective and useful models.
Raphael shares his journey from using traditional Excel spreadsheets to adopting Causal, a modern financial modeling tool. He explains how Causal's dynamic dashboarding, probability distribution modeling, and seamless integration with other systems offer significant advantages over Excel.
The discussion focuses on the potential of AI in financial modeling, Raphael notes that while AI can build models, the real question is whether it should. He also touches on the importance of human judgment and expertise in interpreting and using these models effectively.