NCFM Financial Modeling Course


Basic Excel for Financial Modeling

  • Formatting of Excel Sheets
  • Use of Excel Formula Function,
  • Advanced Modeling Techniques,
  • Data Filter and Sort,
  • Charts and Graphs
  • Table formula and Scenario building,
  • Lookups: Vlookup Match & offset, pivot tables 

Financial Statement Analysis

  •  Introduction to Financial Statement Analysis
  • Financial Reporting Mechanics,
  • Understanding Income Statement, Balance Sheet,
  • Cash Flow Statement,
  • Financial Analysis Techniques,
  • Inventories, Long Lived Assets,
  • Non Current Liabilities,
  • Financial Statement Application

Financial Ratios 

  • Ratio analysis of industries Du point Analysis · Peer to peer analysis · Preparation of Financial Analysis report on an industry
  • Financial Management & Corporate Finance
  • Time value of money Long term financing · Cost of capital · Measure Of Leverage
  • Project Finance
  • Project evaluation; stage of project; construction & development phase; funding during investment phase; costs during investment phase; · life of project; · decision making, · cash flow waterfall & resolve circular reference problem in interest during construction.
  • Equity Research Modeling
  • Prepare an Income Statement, Balance sheet, Cash Flow Statement, Geographic Revenue Sheet, Segment Revenue Sheet, Cost Statement, Debt Sheet, Analyze Revenue Drivers Forecast Geographic & Segment Revenues, Cost Statement, Debt, Income Statement, Balance Sheet, and Cash Flow Statement. · Performa Adjustments, Income Statement – Compute Margins, Balance Sheet -Compute Ratios · Cash Flow Statement Projection, Valuation- Discounted Cash Flow Method (DCF), Valuation – Relative Valuation (Football Field Chart) · Valuation – Assumptions for Valuation Model, Prepare Valuation Model, Prepare Presentation Sheet, Prepare Company Overview , Sector Overview
  • VBA and Macros
    • Understanding Macros and VBA • Recording Macros • Understanding basics of coding • Understanding objects and • Control statements in VBA code • Application of macros to Financial modeling • Developing solution to circular reference problem • Developing sensitivity table • Developing scenario analysis • Developing simulation • Examples will be based on project • Models
 Investment Banking M & A 
  • Introduction to Investment Banking
  • Merger and Acquisitions
  • Types of M&A: Merger ,Acquisition,
  • Consolidation ,Spin-off
  • Drivers for M&A
  • Accounting for Mergers: Purchase
  • Method & Pooling Method
  • Differentiate between financing and
  • Operating synergies
  • M&A Regulatory Environment
  • Developing M&A Models: Integration of
  • Financial Statements between (Target and Acquirer),
  • Valuation -DCF, Relative and Transaction
  • Comps
  • Developing Merger Model
  • Developing Synergies


  • Introduction to Databases
  • Terminologies – Records, Fields, Tables
  • Database normalization
  • Primary Key
  • How data is accessed
  • Introduction to SQL – Table creation
  • SQL Syntax, SQL data Types, SQL Operators
  • Table creation in SQL :Create, Insert, Drop , delete and updating