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Courses / Finance and accounting

Finance modeling

Build DCF, LBO and three-statement models in a real spreadsheet.

Start lesson 1Practice interviewTake the assessmentPractice the first unit of every course. No account needed.
71lessons
422checked exercises
18projects, cases and exams
Prepares you for Modeling tests

Projects, case studies and mock exams

Project · BeginnerMortgage planner

Build a mortgage planner in Excel step by step: loan size, 30 and 15-year payments, total interest, extra payments and a refinance decision.

8 steps · 30 minProject · IntermediateThree-statement model for a retailer

Build a full three-statement model in Excel for a retailer, step by step: income statement, working capital, PP&E, debt with a revolver, cash flow statement and a balance sheet that balances every year.

12 steps · 60 minProject · IntermediateAnnual operating budget and variance pack

Build a monthly operating budget for a coffee chain in Excel from its drivers, then a six-month variance pack with favorable flags, a full-year forecast and the line that hurt profit most.

10 steps · 45 minProject · IntermediateSubscription business model (MRR, churn, cohorts)

Build a monthly subscription model in Excel: customers and churn, an MRR bridge, ARR, CAC and payback, a cohort, lifetime value and net revenue retention, ending in a board verdict.

10 steps · 45 minCase study · IntermediateA price rise

Decide whether a price rise pays in Excel: contribution margin, profit before and after, the volume you can lose before profit falls, break-even, a sensitivity row and a recommendation.

6 steps · 25 minProject · AdvancedDCF valuation of a listed company

Value a listed retailer with a full DCF in Excel: free cash flow with early negative years, WACC from CAPM, terminal value two ways, diluted shares, a sensitivity grid and a recommendation.

12 steps · 50 minCase study · AdvancedFairness of a takeover offer

Test a takeover offer in Excel against the premium buyers usually pay, trading comps, precedent transactions and a DCF, all on one per-share scale, and reach a verdict.

7 steps · 25 minProject · AdvancedApartment building acquisition

Model the purchase of a 40-unit apartment building in Excel: rent, vacancy and NOI, a price from the cap rate, a loan with interest-only years, debt coverage, the sale and the levered IRR.

10 steps · 45 minCase study · AdvancedMake or buy

Decide in Excel whether to build a plant or keep buying from a supplier: relevant costs, sunk and opportunity costs, NPV, payback and IRR, a volume sensitivity and the break-even volume.

6 steps · 25 minProject · ExpertFull LBO model

Build a full LBO in Excel from a term sheet: sources and uses, an operating model, two debt tranches with a sweep, cash, exit returns, a sensitivity grid and an invest-or-pass call.

12 steps · 60 minProject · ExpertMerger model

Build a merger model in Excel for a cash-and-stock offer: offer price and funding, synergies, financing costs, pro forma EPS by year, accretion or dilution, and the synergies needed to break even.

10 steps · 40 minMock exam · ExpertPractice financial modeling test: a timed DCF case

A timed financial modeling test in four parts: forecast, free cash flow, DCF valuation and a financing question, built on a two-sheet model the way banks and firms test candidates.

4 questions · 30 minMock exam · ExpertThree-statement modeling test (90 minutes)

A timed, 90-minute three-statement modeling test in eight sections: income statement, working capital, debt and interest, the cash flow statement, a revolver, a balance sheet that balances, and a summary.

8 questions · 90 minMock exam · ExpertLBO modeling test (2 hours)

A timed, two-hour LBO modeling test in eight sections: sources and uses from a term sheet, the operating model, interest and free cash flow, two debt tranches with a sweep, returns, a sensitivity grid and a verdict.

8 questions · 120 min

Practice the spreadsheet work that finance interviews, modeling tests and analyst jobs ask for, from your first PMT formula to a full LBO. The beginner level covers the time value of money, model layout and checks, and reading the three statements. Then you forecast and link a three-statement model, run budgets and variances, value a company with a DCF, and model buyouts the way private equity does, ending with timed modeling tests.

Every exercise is a spreadsheet you fill in yourself, checked as you go, with a hint when you're stuck. Projects build a full model step by step in one workbook. All companies and figures are made up for practice. Nothing here is investment advice.

Interview practice

Explain what you've learned in a full-screen interview. Speak or type, then review your answers against the rubric for your level.

Interview loops by job

Beginner

FreeNo account or card needed. Every lesson in this unit is yours to practice.

Time value of money

Loan payments, present and future values, NPV and IRR on even and on real dates.

8 lessons
1PMT: loan and mortgage paymentsUse the PMT function in Excel to work out loan and mortgage payments, with the rate, term and sign set up the way lenders and tests expect.4 exercises · 12 minFree
2FV, PV, RATE and NPERUse FV, PV, RATE and NPER in Excel to find a future balance, a value today, an interest rate and the number of payments.5 exercises · 15 minFree
3Loan amortization schedule with IPMT and PPMTBuild a loan amortization schedule in Excel, split each payment into interest and principal with IPMT and PPMT, and handle extra payments.4 exercises · 18 minFree
4NPV and IRR in ExcelCalculate net present value and internal rate of return in Excel, and avoid the NPV mistake that discounts the year 0 investment.4 exercises · 14 minFree
5XNPV and XIRR: cash flows on real datesValue cash flows that arrive on uneven dates with XNPV and XIRR, the way deal teams and private equity funds measure returns.4 exercises · 14 minFree
6Effective and nominal rates: EFFECT and NOMINALConvert between nominal (APR) and effective annual rates in Excel with EFFECT and NOMINAL, and build a monthly rate from an annual one.4 exercises · 12 minFree
Practice setTime value of money practiceTen mixed time value of money problems on new data: PMT, FV, PV, RATE, NPER, NPV, IRR, XNPV and effective rates.Free
ProjectMortgage plannerBuild a mortgage planner in Excel step by step: loan size, 30 and 15-year payments, total interest, extra payments and a refinance decision.Free

Modeling basics

How a model is laid out, colored, signed and checked, so anyone can follow and change it.

5 lessons
9Model layout and color coding: inputs, formulas, linksLay out a financial model the way banks and finance teams do: blue inputs, black formulas, green links, one formula per row and no hard-coded numbers.4 exercises · 14 minWith a plan
10Sign conventions and error checksKeep signs consistent across a financial model and build the balance check and summary flag that catch errors before anyone else does.4 exercises · 14 minWith a plan
11Timelines, flags and switchesBuild a dated model timeline with EOMONTH, then flags and switches that turn rows on and off by date or by choice.5 exercises · 16 minWith a plan
12Safe formulas: IFERROR, ROUND and division by zeroKeep a model free of #DIV/0! and rounding gaps: test for zero before dividing, round each line where money is rounded, and use IFERROR with care.4 exercises · 14 minWith a plan
Practice setModeling basics practiceEight mixed modeling-basics tasks on new data: timelines, linked inputs, hard-codes, signs, checks, flags and safe ratios.With a plan

Reading the financial statements

What each statement says, the subtotals that matter and the ratios built from them.

6 lessons
14The income statement: margins and EBITDARead an income statement in Excel: gross profit, operating income, EBITDA when D&A is buried in costs, adjusted EBITDA and net margin.4 exercises · 14 minWith a plan
15The balance sheet: working capital and net debtRead a balance sheet in Excel: current assets and liabilities, working capital, operating working capital, net debt or net cash, and book equity.4 exercises · 14 minWith a plan
16The cash flow statement: operations, investing, financingRead and rebuild a cash flow statement in Excel: cash from operations from net income, investing and financing, free cash flow and cash conversion.4 exercises · 15 minWith a plan
17Financial ratios: returns, liquidity and debtCalculate the ratios analysts and lenders use in Excel: ROE and ROA on average balances, current and quick ratios, debt to EBITDA, interest cover and the DuPont breakdown.5 exercises · 18 minWith a plan
Practice setFinancial statements practiceEight mixed financial statement tasks on a new company: margins, EBITDA, working capital, net debt, cash flow and ratios.With a plan
Interview setAccounting interview questionsNine accounting interview questions from easy to hard, the kind banks and funds ask: one change, walked through the three statements, answered with a number.With a plan

Intermediate

Forecasting the statements

Driver-based forecasts for each statement line and the schedules behind them.

5 lessons
20Forecast an income statementForecast an income statement in Excel from revenue down to net income, with each line driven by an assumption you can see and change.4 exercises · 16 minWith a plan
21Working capital with days: DSO, DIO and DPOForecast receivables, inventory and payables in Excel with DSO, DIO and DPO, then the cash conversion cycle and the cash tied up in working capital.5 exercises · 18 minWith a plan
22PP&E and depreciation scheduleBuild a PP&E and depreciation schedule in Excel: straight-line depreciation with SLN, a cap at salvage value, a capex waterfall by year bought, and the half-year convention.5 exercises · 20 minWith a plan
23Debt schedule with a revolverBuild a debt schedule in Excel with a term loan and a revolver that draws when cash runs short and repays when it comes back, using MIN, a minimum cash balance and interest on opening balances.5 exercises · 22 minWith a plan
Practice setForecasting practiceEight forecasting tasks on one new company: revenue and costs, working capital days, depreciation, debt and interest, taxes in a loss year and free cash flow.With a plan

Three-statement models

Linking the statements so the balance sheet balances, and finding the link that broke.

4 lessons
25Link the three financial statementsLink the income statement, balance sheet and cash flow statement in Excel so the balance sheet balances on its own.4 exercises · 20 minWith a plan
26Balancing a three-statement model: finding the broken linkFind and fix the broken link when a three-statement model doesn't balance, using the size of the gap to point at the error.4 exercises · 16 minWith a plan
Practice setThree-statement practiceEight three-statement tasks on a new company: income statement lines, working capital, the cash flow statement, balance sheet links and a broken check to fix.With a plan
ProjectThree-statement model for a retailerBuild a full three-statement model in Excel for a retailer, step by step: income statement, working capital, PP&E, debt with a revolver, cash flow statement and a balance sheet that balances every year.With a plan

FP&A

Budgets, variances, scenarios and the plans finance teams run every month.

10 lessons
29Budget vs actual: variance analysisBuild a budget vs actual report in Excel: variance, variance %, a favorable or unfavorable flag that knows revenue from cost, and a price and volume split.4 exercises · 15 minWith a plan
30Scenario analysis with CHOOSE and INDEXBuild a scenario switch in Excel so one cell flips a model between Base, Upside and Downside cases, using CHOOSE, INDEX and MATCH.4 exercises · 14 minWith a plan
31Driver-based revenue forecastForecast revenue in Excel from the drivers behind it: units and price, stores and sales per store, market size and share, and a monthly split by seasonality.5 exercises · 18 minWith a plan
32Headcount and payroll planBuild a monthly headcount and payroll plan in Excel: salaries from start dates, a part month for mid-month starts, a pay rise from a date, and employer payroll tax that stops at a wage cap.5 exercises · 22 minWith a plan
3313-week cash flow forecastBuild a 13-week cash flow forecast in Excel: weekly dates, collections that lag invoices, rent in the week that crosses into a new month, the cash balance and the first week below minimum cash.4 exercises · 18 minWith a plan
Practice setFP&A practiceEight FP&A tasks on new data: variances with a zero budget, favorable flags, a flexed budget, a scenario switch, a price and volume forecast, a seasonal split, a full-year outlook and cash runway.With a plan
ProjectAnnual operating budget and variance packBuild a monthly operating budget for a coffee chain in Excel from its drivers, then a six-month variance pack with favorable flags, a full-year forecast and the line that hurt profit most.With a plan
ProjectSubscription business model (MRR, churn, cohorts)Build a monthly subscription model in Excel: customers and churn, an MRR bridge, ARR, CAC and payback, a cohort, lifetime value and net revenue retention, ending in a board verdict.With a plan
Case studyA price riseDecide whether a price rise pays in Excel: contribution margin, profit before and after, the volume you can lose before profit falls, break-even, a sensitivity row and a recommendation.With a plan
Interview setFP&A interview questionsNine FP&A interview questions from easy to hard, answered with a number: variances and their signs, flexed budgets, rolling forecasts, price and volume, and unit economics.With a plan

Advanced

DCF valuation

Free cash flow, discount rate, terminal value and the bridge to value per share.

7 lessons
39Unlevered free cash flow for a DCFBuild unlevered free cash flow in Excel from EBIT or from net income: NOPAT, D&A, capital spending and working capital.4 exercises · 15 minWith a plan
40WACC: the discount rate for a DCFCalculate the weighted average cost of capital in Excel: cost of equity with CAPM, after-tax cost of debt, market-value weights, and beta unlevered and relevered from peers.4 exercises · 16 minWith a plan
41Terminal value: perpetuity growth and exit multipleCalculate a DCF terminal value both ways, perpetuity growth and exit multiple, discount it to today and cross-check the implied multiple and growth rate.4 exercises · 14 minWith a plan
42DCF model: enterprise value, equity value and a sensitivity tablePut a DCF together in Excel: discount free cash flows, add the terminal value, bridge from enterprise value to value per share, and build a sensitivity table.5 exercises · 22 minWith a plan
43Diluted shares: the treasury stock methodCount diluted shares in Excel with the treasury stock method: options in and out of the money, RSUs and a convertible bond, then value per share.4 exercises · 16 minWith a plan
Practice setDCF practiceEight DCF tasks on a new company: revenue and EBIT, NOPAT, reinvestment, free cash flow, discounting, terminal value, the equity bridge and upside.With a plan
ProjectDCF valuation of a listed companyValue a listed retailer with a full DCF in Excel: free cash flow with early negative years, WACC from CAPM, terminal value two ways, diluted shares, a sensitivity grid and a recommendation.With a plan

Relative valuation

Multiples from listed peers and past deals, and the summary that compares methods.

6 lessons
46Trading comparables: EV/EBITDA and P/EBuild a trading comparables table in Excel: market cap, enterprise value, EV/EBITDA and P/E for listed peers, the median and mean, and the implied value of the company you're valuing.5 exercises · 18 minWith a plan
47Precedent transactions and control premiumsAnalyze past acquisitions in Excel: EV/EBITDA paid, the premium over the undisturbed share price, dropping stale deals by date, and the implied value and offer price for a target.4 exercises · 16 minWith a plan
48Valuation summary: the football fieldBuild the valuation summary behind a football field chart in Excel: convert ranges from enterprise value, equity value and per-share bases to one per-share scale, then compare them with an offer.4 exercises · 15 minWith a plan
Practice setValuation practiceEight valuation tasks on new data: the full EV bridge, multiples with losses, median against mean, implied value per share, diluted shares, premiums, terminal value and a per-share range.With a plan
Case studyFairness of a takeover offerTest a takeover offer in Excel against the premium buyers usually pay, trading comps, precedent transactions and a DCF, all on one per-share scale, and reach a verdict.With a plan
Interview setValuation interview questionsNine valuation interview questions from easy to hard, answered with a number: the EV bridge, multiples, value per share, diluted shares, premiums and terminal value.With a plan

Corporate finance decisions

The everyday decisions a finance team prices: projects, break-even, leasing and property.

5 lessons
52Capital budgeting: payback, MIRR and project rankingJudge capital projects in Excel: payback and discounted payback with a part year, NPV, IRR and MIRR, a ranking where NPV and IRR disagree, and machines with different lives.5 exercises · 22 minWith a plan
53Break-even and contribution marginWork out contribution margin, break-even units and revenue, the volume for a target profit, the margin of safety and a break-even for a product mix in Excel.4 exercises · 16 minWith a plan
54Lease or buyCompare leasing with buying an asset in Excel: after-tax cash flows, the depreciation tax shield, an after-tax residual value and lease payments in advance, discounted at the after-tax cost of borrowing.4 exercises · 18 minWith a plan
ProjectApartment building acquisitionModel the purchase of a 40-unit apartment building in Excel: rent, vacancy and NOI, a price from the cap rate, a loan with interest-only years, debt coverage, the sale and the levered IRR.With a plan
Case studyMake or buyDecide in Excel whether to build a plant or keep buying from a supplier: relevant costs, sunk and opportunity costs, NPV, payback and IRR, a volume sensitivity and the break-even volume.With a plan

Expert

Leveraged buyouts

Sources and uses, debt paydown, returns and the paper LBO from private equity interviews.

9 lessons
57LBO sources and usesBuild the sources and uses table for a leveraged buyout in Excel: purchase price, fees, debt by multiple of EBITDA and the sponsor equity that balances it.4 exercises · 14 minWith a plan
58LBO debt schedule and cash sweepBuild an LBO term loan schedule in Excel: opening and closing balances, mandatory amortization, interest without a circular reference, and a cash sweep with MIN and MAX.4 exercises · 18 minWith a plan
59LBO model returns: IRR and MOICWork out a private equity sponsor's returns in Excel: exit value, exit equity, multiple of invested capital and IRR, with a dividend recap and an exit multiple sensitivity.4 exercises · 16 minWith a plan
60Paper LBO: returns by handPractice the paper LBO from private equity interviews: entry price, debt, exit equity, MOIC and an IRR estimate, worked out by hand with rules of thumb.5 exercises · 15 minWith a plan
61Revolver and minimum cash in an LBOBuild the cash waterfall of an LBO in Excel: keep a minimum cash balance, draw and repay the revolver first, then sweep what is left into the term loan.4 exercises · 18 minWith a plan
62Returns attribution: growth, debt paydown and multipleSplit a buyout's equity gain in Excel into EBITDA growth, the change in multiple and debt paydown, so the pieces add up exactly, then MOIC and IRR.4 exercises · 15 minWith a plan
Practice setLBO practiceEight LBO tasks on new data: sources and uses, interest on opening debt, a capped sweep, exit equity, MOIC and IRR, a dividend recap, credit statistics and a quick returns check.With a plan
ProjectFull LBO modelBuild a full LBO in Excel from a term sheet: sources and uses, an operating model, two debt tranches with a sweep, cash, exit returns, a sensitivity grid and an invest-or-pass call.With a plan
Interview setPrivate equity interview questionsNine private equity interview questions from easy to hard, answered with a number: equity checks, MOIC and IRR rules of thumb, debt paydown, dividend recaps and value creation.With a plan

Mergers and acquisitions

What a deal does to earnings per share and to the buyer's balance sheet.

3 lessons
66Accretion and dilutionWork out in Excel whether an acquisition raises or lowers the buyer's earnings per share: stock, cash and mixed deals, the cost of new debt and lost interest, synergies to break even, and the P/E shortcut.5 exercises · 20 minWith a plan
67Goodwill and purchase price allocationAllocate a purchase price in Excel: write assets up to fair value, book the deferred tax liability, find goodwill or a bargain-purchase gain, and the extra D&A that hits earnings.4 exercises · 16 minWith a plan
ProjectMerger modelBuild a merger model in Excel for a cash-and-stock offer: offer price and funding, synergies, financing costs, pro forma EPS by year, accretion or dilution, and the synergies needed to break even.With a plan

Modeling tests

Timed cases in the format banks, funds and corporate finance teams use.

3 lessons
Mock examPractice financial modeling test: a timed DCF caseA timed financial modeling test in four parts: forecast, free cash flow, DCF valuation and a financing question, built on a two-sheet model the way banks and firms test candidates.With a plan
Mock examThree-statement modeling test (90 minutes)A timed, 90-minute three-statement modeling test in eight sections: income statement, working capital, debt and interest, the cash flow statement, a revolver, a balance sheet that balances, and a summary.With a plan
Mock examLBO modeling test (2 hours)A timed, two-hour LBO modeling test in eight sections: sources and uses from a term sheet, the operating model, interest and free cash flow, two debt tranches with a sweep, returns, a sensitivity grid and a verdict.With a plan

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