As per the U.S Bureau of Labour Statistics, the market for financial analysts is expected to grow roughly 5% by 2029. And the number is higher than the average outlook for all other professions. Such is the demand scenario of this job category. With such promising prospects on the horizon, various institutes have designed courses catering to the needs of the aspirants. While there are a lot of courses available in the market, the financial modeling course fees vary from institute to institute.
What is Financial Modeling?
May it be a small firm or a large conglomerate, every organization wants to tread with caution when it comes to a business decision. Financial modeling is one such tool used by businesses to estimate the impact of a certain future event/ choice of action on the firm’s costs and earnings. Built on a spreadsheet, it helps in the making of critical business decisions.
As backed by the statistical number, it is evident that every organization today wants to know the impact or have a measure of an event. Having the knowledge of this, quantified and evaluated, is indispensable to taking business calls.
Uses of Financial Modeling
Depending on the job and the requirement, there are different stakeholders of a financial model. While in simple terms financial modeling is like simulating a situation to see the outcome, several users utilize this versatile tool as per their specific objectives.
Investors: Investors use a financial model to estimate the viability of an investment project or the health of an organization in which they want to invest money in.
Bankers: An extremely essential tool to gauge the financial returns upon lending money to a borrower, financial models are indispensable for banks.
Top Management: Decision-makers in organizations use these models to do scenario analysis and choose between different options and make business decisions.
Financial Analysts: Used extensively in finance and investment areas, analysts find much use in this tool to predict the future stock price of a company, financial valuations in case of M&As, due diligence in real estate transactions, etc.
Types of Courses
There are various types of courses available in the market today that offer pertinent courses and the financial modeling courses fees too vary according to the program. Broadly there are two categories of courses available in financial modeling.
Certification Programs: They are the most common and sought-after courses amongst the candidates. The advantages of these programs are:
- They are usually self-paced, hence keeping up with the program along with other engagements is easy
- They cost less
- They are of a shorter duration
- You can choose a convenient period throughout the year to do the program
Degree Programs: These are full-time courses spanning from 3 to 4 years conducted in classrooms. While some institutes take admissions on a merit basis, prestigious colleges conduct entrance examinations for the selection of candidates. While there are no separate degree courses for financial modeling standalone, it is covered in the broad finance degrees.
Financial Modeling course fees for such courses then become a lot higher, ranging from 2 lakhs to 7 lakhs. Students can choose to go further and do Post Graduation. The selection for the same is basis the results of entrance examinations CAT, XAT, etc.
Factors Affecting the Financial Modeling Course Fees
Organization/College: The more prestigious the college, the fee scale tips to the right. Whereas courses developed by individuals can be very pocket-friendly, financial modeling course fees from renowned universities may cost a dime. It goes without saying the resources, the design structure, the science of building that program, and the combined expertise that goes into the course justify the cost.
Comprehensiveness: While short-duration courses would be lighter on the pocket, elaborate programs go the other way. The reasons are- the length of the program, the in-depth study, and the length of the engagement. It becomes all but natural for the course creators to levy a premium.
Mode of education: Financial modeling course fees for offline courses are costlier than online courses owing to the infrastructure cost. The online course also depends upon whether it is a pre-recorded, self-paced program or a structured, and interactive one.
Duration: While short-term certificate programs are cheaper, long-term degree programs are costlier.
Here is a Practical Guide to Financial Modeling
Who Should Do a Financial Modeling Course
While we have established the significance of doing financial modeling in today’s job scenario, the reason behind choosing to do the same can be varying.
- A change of career
- Getting a promotion
- Starting own firm
- Enhancing skillset to help make better decisions
Depending upon the objective of the program/ purpose one can choose from the different types of courses that are offered in the market. The financial modeling course fees also play a critical factor in taking the final call. Investing a huge chunk of money for an entrepreneur and doing a course to aid his business might not be a great idea. Whereas someone looking for a change in his career might benefit from an extensive course covering all aspects of financial modeling.
Top 6 Financial Modeling Courses
1. IIM SKILLS
The institute has been in the online teaching profession for more than 5 years. So far they have come across a lot of students from different backgrounds because of which they know what to deliver in their course to make the learning enjoyable. Learning financial modeling requires a systematic approach to understanding things better, and IIM SKills is the place where you learn each subject in a systematic manner. It is a 3 months program, that entails 50+ hours of live interactive sessions.
Best Suited For: The IIM Skills Financial Modeling course is for any person who is eager to learn. There is no specific requirement, although having a background in finance or commerce will be good to understand the process easily.
Level: Beginner to advanced
Mode of the Course: Online
Certificate: Government-recognized certificate by IIM Skills
Duration: 3 Months
Course Fees: 39,900
Curriculum: The training program lasts up to 3 months and covers a wide range of financial modeling topics including excel, financial statements, KPI, different types of models, business valuation, etc.
Professional Courses from IIM SKILLS
- Financial Modeling Course
- Digital Marketing Course
- SEO Course
- Technical Writing Course
- GST Course
- Content Writing Course
- Business Accounting And Taxation Course
- CAT Coaching
- Investment Banking Course
2. Coursera
Coursera has a plethora of courses across categories. Emerging as one of the fastest digital education platforms, it has tie-ups with several reputed international institutions such as the like of Google, Wesleyan University, University of Pennsylvania, University of Michigan, and University of California.
Of the various courses available on the site, two of them that fit the bill of Financial Modeling are:
- Business and Financial Modeling Specialization (Offered by Wharton School, University of Pennsylvania)
Best Suited For: The course is designed for candidates looking for an enhanced skillset in the finance area and utilizing the finance modeling tool to taking better decisions in work by putting data to work.
Level: Beginner level
Mode of the Course: Online
Certificate: Issued by Coursera (University of Pennsylvania), and is shareable on LinkedIn
Course Start Date: The start date is flexible and a participant can choose according to convenience.
Duration of the Course: Though the course is self-paced, with a recommended 2 hours/week, it can be completed within 6 months.
Curriculum: It is a 5-course specialization covering topics like fundamentals of Quantitative Modeling, Introduction to spreadsheets and models, Modeling risks and realities, Decision making, and scenarios. That is followed by a capstone project using a data set designed by Wharton Research Data Services.
Course Fees: The financial modeling course fees for this program has three options. It depends upon the amount of time one can devote to the course.
| 1 month at 12 hours/week | Rs. 5,962 |
| 3 months at 4 hours/ week | Rs. 11,925 |
| 6 months at 2 hours/week | Rs. 17,888 |
They have also extended a refund policy in which the candidate gets a 7-day free trial of the course. If not satisfied, they refund the amount with no penalty. There is also a provision of financial aid to which one can apply. The course provides the flexibility to pay less for the course by investing more time and completing it faster.
Rating: Rated at 4.5 by 7,201 participants, the course
- Finance & Quantitative Modeling for Analysts Specialization
Best Suited For: This is again for entry-level candidates who are looking for doing a specialization in this field.
Level: Beginner/ no prior experience required
Mode of Course: Online
Certificate: Issued by Coursera (University of Pennsylvania), and is shareable on LinkedIn
Course Start Date: The startdate is flexible and a participant can choose according to convenience.
Duration of the Course: The course is self-paced. The recommended hours/week is 1 over a period of 6 months, but it can be completed within 1 month by investing 8 hours/week.
Curriculum: This program is specifically designed keeping in mind the scope of work of an analyst. Starting with the basics of quantitative modeling, it graduates towards to detailed usage of spreadsheets as a data analysis tool. The course is spread out into 4 segments- Fundamentals of Quantitative Modeling, Introduction to Spreadsheets and Models, Financial Acumen for Non-Financial Managers, and Introduction to Corporate Finance.
Course Fees:
Designed flexibly with a recommended 1hour/week, the financial modeling course fees from Coursera have been broken into three categories:
| 1 month at 8 hours/week | Rs. 5,962 |
| 3 months at 3 hours/ week | Rs. 11,925 |
| 6 months at 1 hour/week | Rs. 17,888 |
Rating: 4.5, rated by 2082 participants
3. CFI
While CFA is the ultimate certification that is held in high esteem in the financial world, CFI is a slightly softer form of financial certification program that is industry-recognized. Hence, doing such a course comes with its own credibility. CFI is accredited by the Better Business Bureau and CPA institutes in Canada.
Best Suited For: Candidates looking for careers in the finance sector
Level: Expert
Mode of course: Online
Certificate: Issued by Corporate Finance Institute (CFI)
Course Start Date: Flexible
Duration of the Course: Though the program gives the freedom to complete the course at their own pace, it takes an average of 4-6 months to complete it.
Curriculum: The program is structured into 3 steps.
The first set is a preparatory and optional set of 7 courses that introduce the candidate to various fundamental concepts of finance. For example, reading financial statements, corporate finance, excel fundamentals, accounting concepts, etc.
In the next module, the candidate is required to complete 11 core courses in order to build a strong understanding of financial concepts. For Example, Business Valuation Modeling, sensitivity analysis, data visualization, financial analysis, etc.
Once completed, then the participant moves on to select 3 out of 11 electives (minimum, but can choose as many) as a specialization among topics like Mining financial model & valuation, Startup-comm financial model and valuation, M&A Modeling, etc. Followed by this is an exam that requires a 70% score to pass.
Course Fees: There are two plans available to choose from- Self Study plan and the Full Immersion plan. The latter has access to additional things like case studies, modeling competition entry, model review, feedback, etc.
| Self Study Plan | Rs. 38,269 |
| Full Immersion Plan | Rs. 65,219 |
(The rates are mentioned in USD 497 and USD 847 respectively, and have been calculated at Rs. 77per dollar)
Also Read: Financial Modeling World Cup
4. National Stock Exchange (NSE)
Best suited for: Students and mainly for candidates looking to make a career as equity research analysts
Level: Beginner
Mode of course: Online
Certificate: Issued by National Stock Exchange with lifetime validity
Course Start Date: Flexible
Duration of the Course: Self-paced and depends upon the input hours by the candidate
Curriculum: The course is segmented into 59 videos that constitute around 10 hours of content. That is supported by around 30 supplementary study materials for the participants to ingest. The course covers all the fundamental topics of financial modeling from building a financial model to the analysis of financial statements, valuation methods, case studies, etc.
Course Fees: The financial modeling course fees for this NSE-certified course comes at Rs. 9000.
5. LinkedIn Learning
LinkedIn Learning is a subscription-based learning platform. Upon paying the subscription fees, one can access any course in the library. It is soon emerging as a go-to learning platform that also gives the flexibility of language (other than English). One can choose the course based on available time, type, and level of expertise.
Best Suited For Students and professionals
Level: Beginners
Mode of Course: Online
Certificate: Issued by LinkedIn
Course Start Date: Flexible
Duration of the course: There are numerous courses available that range from 2 min to 17 hours.
Curriculum: The content of the courses is video-based and presented in an extremely engaging manner. They are structured into three types- video, course, or learning path. While video, as the name suggests, is a standalone video, a course is a topic segregated into a series of videos.
A learning path is a series of courses designed to cover all bases on a particular topic. Below is a table that delves more into some of the various types of courses available on financial modeling and the details of the same.
| COURSE NAME | DURATION | TYPE |
| Financial Modeling & Forecasting Financial Statements | 2 hours | Course |
| Become a Financial Analyst | 17 hours | Learning Path |
| Financial Modeling Foundations | 3 hours | Course |
| Financial Modeling Strategies | 4.5 min | Video |
The biggest advantage of this platform is the myriad of courses available to choose from. The learning objectives are professionally collated into a learning path that makes the understanding of the subject extremely easy and streamlined. The ease of sharing the certifications on its platform also makes it easy for professionals to display the academic depth that helps them get better job opportunities.
Course Fees: Since it is subscription-based learning, the financial modeling course fees are the subscription fee.
The subscription has been priced in two categories.
- Monthly subscription of Rs. 1,610
- A yearly subscription of Rs. 13,200
6. Udemy
Since the courses are developed by individuals/institutes, you will find a variety of courses fitting the bill for different requirements. Starting from beginner courses to specially designed courses for start-ups. They are very economically priced and self-paced. Though there are several courses that fit the bill for financial modeling, Beginner to Pro in Excel: Financial Modeling and Valuation is the most popular one.
Best Suited For Students and professionals
Level: Beginner/Intermediate
Mode of Course: Online
Course Start Date: Flexible
Duration of the Course: 16 hours
Certificate: Upon completion
Curriculum: Created by 365 Careers, the course has 9 articles distributed among 16 hours of on-demand video. It also gives access to 621 downloadable resources with full lifetime access. The curriculum is built around the following topics: Building valuation models, making financial statements from raw data, designing professional charts, etc.
The course is divided into 27 sections spread out in 299 lectures, with each lecture ranging between 1 to 8 minutes. While the course starts from the rudimentary knowledge of excel sheets, it gradually moves to the in and out of excel sheets, different case studies, M&As, and Company Valuations.
Course Fees: The financial modeling course fees from Udemy are priced at Rs. 3,499.
While the course lacks the credibility of a university, it is great for having an overview of the subject at a very reasonable price.
Rating: 4.6(170,607)
Other similar courses available on Udemy:
- Excel for Financial Analysis and Financial Modeling
- The Advanced Real Estate Financial Modeling Bootcamp
- Financial Modeling for Start-ups and Small Businesses
Frequently Asked Questions
Q: Is Financial Modeling difficult?
A: Financial Modeling requires complex calculations. It demands understanding the nature of various factors and how they are related in a particular scenario. It involves predicting the future upon the incidence of an event. Hence, not having the aptitude to grasp such complexities might pose a problem in doing the course.
Q: Why do financial modeling course fees differ?
A: While one financial modeling course comes for a few hundred, others can go up to near a lakh. The major factors that go to decide the financial modeling course fees are: how renowned the college/institute is, what is the mode of the course(online/offline), what is the duration of the course, and what is the credibility of the faculty, etc.
Q: Which course should I choose from?
A: While a short self-paced online course would suffice as an overview of financial modeling, a more extensive course like a live interactive course with a mentor would be great for in-depth knowledge. The latter is more suitable for candidates who are CA interns, CFA level 1 candidate, commerce students, etc. An intermediate course on the other hand would help in upscaling and climbing up the career path. The financial modeling course fees should also be a factor in deciding the course.
Q: Which firms recruit Financial Modeling experts?
A: Banks, Credit Rating Agencies, Consultancy Firms, Real Estate Companies, and Venture Capitalists are the sectors in which financial modeling experts are in great demand.
Q: What are the skills needed to do a Financial Modeling course?
A: Though one can begin a financial modeling course from scratch, there are certain skills that help one to have a better understanding of the course. These are basic accounting knowledge, comfort with huge data sets and numbers, knowledge of Microsoft Excel, problem-solving skills, and logical thinking ability.
Q: What are the roles and the salary range for related jobs?
A: Depending upon the work experience and the course done, one can easily land a job in the finance sector. Upon completing a comprehensive course in financial modeling, the roles that are usually offered are Financial Analysts (5 LPA), Investment Banking (10 LPA), Research Associate (5 LPA), Credit Analyst (7 LPA), Equity Analyst (6 LPA). [The amount in the bracket is industry average starting salary and is indicative. Lpa=lakhs per annum].
Q: Which companies recruit Financial Modeling candidates?
Although financial modeling experts are required in almost all organizations, the companies whose majority of recruitments fall under this category are JP Morgan Chase, Ernst, and Young, Genpact, Morgan Stanley, CRISIL, Bank of America, etc.
Conclusion
With the growing economy and the need to have enough information to enable individuals/corporates to make informed decisions/make future plans; financial modeling seems to be the flavor of the age when it comes to upskilling. There is a huge gap between the requirement of the market and the academic qualifications today, hence taking up a course like this is like catching an early train and being proactive. The opportunities are huge and the future is promising.
Having said that the financial modeling course fees can be an important deciding factor in taking the final plunge. It entirely depends upon the objective of doing the course. Why does one want to do it- to acquire a skillset, to move up in the career ladder, to start own venture, or get an entry into the finance sector. While courses can come as cheap as a couple of hundreds to around 1 lakh, doing a little background check before deciding on the course is a prudent thing to do.
