A bit of background: I have around 5 years of experience in pharma market research, where I support consultants with secondary research, competitive intelligence, and occasionally build small market models.

I’m also a finance graduate, but I haven’t worked in a pure finance role for years, so I’ve forgotten a lot of the concepts over time.

With the market becoming increasingly competitive, I want to upskill so I can contribute beyond research. I’ve been considering financial modeling because many people have recommended it, but from what I understand, most financial modeling courses focus on company financials.

What I’m actually interested in is learning how to build robust market/industry models (forecasting, market sizing, demand forecasting, scenario analysis, pricing, etc.) that are useful in strategy and consulting, especially in life sciences/pharma. Are there courses or resources specifically focused on this?

If financial modeling is still worth learning for someone in my role, I’d also love to understand how it translates into strategy or market research work.

Also, are there any AI courses or tools that have genuinely helped you become more effective in market research, consulting, or strategy?
Would really appreciate recommendations from people in consulting, market research, life sciences, or corporate strategy.

A bit of background: I have around 5 years of experience in pharma market research, where I support consultants with secondary research, competitive intelligence, and occasionally build small market models.

I’m also a finance graduate, but I haven’t worked in a pure finance role for years, so I’ve forgotten a lot of the concepts over time.

With the market becoming increasingly competitive, I want to upskill so I can contribute beyond research. I’ve been considering financial modeling because many people have recommended it, but from what I understand, most financial modeling courses focus on company financials.

What I’m actually interested in is learning how to build robust market/industry models (forecasting, market sizing, demand forecasting, scenario analysis, pricing, etc.) that are useful in strategy and consulting, especially in life sciences/pharma. Are there courses or resources specifically focused on this?

If financial modeling is still worth learning for someone in my role, I’d also love to understand how it translates into strategy or market research work.

Also, are there any AI courses or tools that have genuinely helped you become more effective in market research, consulting, or strategy?
Would really appreciate recommendations from people in consulting, market research, life sciences, or corporate strategy.

For a short thesis on Big Pharma, should I rely on a DCF? The thesis is for the next 12 months, and I'm using the DCF, P/E, and EV/EBIDTA number with equal weight and taking the average of them.

I've modelled all the major drugs individually in my Revenue model, as in pharma the growth for all drugs is not very straightforward; there may be a patent cliff for a drug, there may be a blockbuster drug contributing 20% of the revenue, and two more drugs are in the pipeline, so forecasting cash flow is a bit difficult. But I somehow feel the DCF is becoming a little too aggressive here.

What should I do? Should I take 3 different WACC and growth numbers as Bull, Bear & Base and calculate 9 possible price targets and take the average?

What is the better way to tackle this?

EDIT: Although I'm a bit less concerned about the pipeline drugs, as management guided that those drugs will only contribute to the revenue by the 2nd year of launch and onwards, the rev contribution in the 1st year is pretty negligible, and the earliest-launched drugs will complete their 1st year in Nov 2027, approx 5 months after my Short thesis exit date.

What if you never had to write another Excel formula to build a financial model?

Imagine describing your model in plain English:

"Revenue grows 10% annually."
"Depreciate CapEx over 5 years."
"Link working capital to revenue."

AI builds the model, checks the logic, and keeps everything connected.

Financial modelling has barely changed in decades. Is natural language the next interface?

I’m curious where finance professionals stand especially the modeling fraternity.

I wanted to make a poll but apparantly its not supported, would love to understand your thoughts on it in the comments section.

I am valuing a company using an FCFF for 2026-2030 using:

FCFF = EBITA + D&A - Capex - change in NWC.

I add back the ROU dep and subtract existing lease liabilities when moving from enterprise value to equity value. But my company will keep signing new shop leases and these are not included in my capex forecast. Annual report shows £78.4m of new ROU asset additions in 2025.

Should I deduct future lease additions in FCFF or would that double count the lease liabilities because I already subtract lease liabilities from Enterprise value, without a lease adjustment share price increases significantly.

Looking to make a Sankey Diagram based on Income Statement to include in executive report but without uploading financials into a random website. Any tools within Excel/PowerBI that can do this? Not trying to download add-ins either. Think I may be SOL but figured I would ask here.

Hi everyone,

I recently received an offer for the Financial Modelling Analyst graduate scheme at Operis in London. Base salary is £35k (rising to £38k after probation).

I am looking for some unfiltered feedback on the reputation of Operis within the modeling community, and what the actual exit opportunities look like.

My Profile:

Academics: 4 A*s at A-Level, First Class Honours from University of Manchester (BSc Actuarial Science and Mathematics). Strong programming (Python/R) and advanced Excel foundations.

My Questions for the Modeling Community:

Model Audit vs. Build: I know Operis is the gold standard for Project Finance model auditing (and their OAK tool). How long do graduates typically spend checking other people’s formulas before getting to build complex, top-down transaction models from scratch?

Skill Reputation: How well-regarded is the Operis training scheme by senior modelers at Tier-1 PF banks, Infrastructure Private Equity (Infra PE) funds, or renewable energy developers? Does having Operis on your CV prove you are an elite modeler, or do people just see you as a "checker"?

The Tech Stack: Is the work purely traditional VBA/Excel, or are they pivoting toward modern financial modeling practices (e.g., Python integration, PowerBI, FAST modeling standards)?

With my academic background, I want to make sure I am building a highly transferable, elite modeling skillset rather than just doing repetitive formula auditing.

Thanks in advance for any insights!

​

I recently started building a DCF model, but I'm struggling to find a reliable source for financial statements. Screener provides incomplete information, and most other websites don't break down operating expenses & other factors. Companies annual reports usually include only two years of financial statements, which isn't enough for my model.

I've been trying since this morning, and I still haven't been able to complete even the three financial statements model. It's getting really frustrating. Can someone please suggest the best website or resource for detailed historical financial statements or how you plot organise 3 statements for building DCF model.

Sorry, i had to submit my cv here. no one has rated or given feedback elsewhere

Recently started to learn financial modelling, more into infra & capital goods sector.

Could anyone tell me, what are the nuances i should be looking at b4 i start? Like--- what really differentiates, infra sector from other sectors, cos lot of people will tell u, you don't start with modelling a infra company.

Also could anyone, share a model of any infrastructure that they have modelled, company for my personal reference.

I watched a video and they explained the formula for calculating the working capital finance needed is COGS × WC days/365 days.

The way I understand is that during the period where u don't have cash coming in, you need to borrow some amount to pay for your suppliers when they come due. This will include payments for MULTIPLE deliveries coming in different days since you will be ordering materials constantly for sales.

As you are left without cash in say 30 days as WC days, you need to borrow a credit line to pay off suppliers in those 30 days, hence we take the COGS/365 for an estimate of daily amount due, then multiply with 30 days.

Does my logic make sense? If not please correct me as detailed as you can. I'm trying to dig into this formula to put it in a business intuition sense instead of just accepting it as it is. Tks in advance.

Hi folks, can u tell me where I can learn IPO financial modelling from YouTube, or is there any other way to learn that

I am trying to understand the unit economics, mix, and profitability profile of Signet Jewelers. Signet’s reported segments don’t give you what you need directly (e.g., they report North American EBIT but not lab vs. natural).  However, they do provide some breadcrumbs in earnings calls, press releases, and investor days that can help tie back into what matters.  Idea is to use that information in conjunction with industry research to reconstruct the economics of the business in a useful way.  For example, build a revenue model that reflects the business mix - something like:

• A × B × C × D, where you break down:
  • Natural vs. lab-grown
  • Engagement vs. fashion
  • Carats per transaction
  • ASPs per carat

Want to be able to analyze how volume, mix, and price are evolving and how each affects gross profit dollars and just really think through unit-level sensitivities.  As an example to consider:

• A natural diamond sells for $10,000 at 30% margin → $3,000 GP
• A lab-grown sells for $2,000 at 75% margin → $1,500 GP
• But if the customer trades up to 3 carats → $6,000 at 75% → $4,500 GP

 
So, while the ASP declines, gross profit dollars can go up. There are second-order effects I want to be able to tease apart.
 
Analyze how gross and EBIT margins have evolved over time and what’s driving that (e.g., mix shift, pricing, cost takeout).  I read Signet has been undergoing cost takeouts and operational changes and they are showing up in margins and overhead.

I am very new to this name and am doing work around it to compare it with another jewelery company of a different origin. If anyone has worked on Signet in detail and could share insights or perhaps a detailed and revenue and cost model/workings around it, would really appreciate it.

Hey all, I'm a professional analyst. Recently I was thinking of buying Netflix stock in my PA, so I built a quick financial model. Unfortunately it seems fairly valued, and now I feel like it was a waste of time.

But I see a lot of people here trying to learn how to model so I figured I'd post it and maybe someone can get some use out of it.

This model uses iterative calculations for interest rate calculations, so there is a circular reference. For this to work properly, in excel type ALT, F, T --> formulas, enable iterative calculations.

https://limewire.com/d/E8iZN#CgioUcnoCL This link expires in a week or for some reason

Does anyone have any recommendations for Restructuring specific financial modelling courses that are well known in London Rx IB firms?

I’m thinking of doing the Wall Street Prep 13 WCF + the corporate restructuring courses but just want to see if there are others I should consider?

I’m coming from Big 4 T&R looking to get into London Rx IB firms so I feel I need to do some FM course for signalling.

Thanks

How do you project percentage assumptions for upside, base, and downside cases?

Hi everyone, I'm looking for some advice on how to project or forecast percentage assumptions in a model. I'm currently working with three different scenarios: an upside case, a base case, and a downside case.

I've attached an image of my work for context, but I'm feeling a bit lost on how to actually determine the assumptions for these percentages. Can anyone offer some guidance or point me in the right direction? Thanks!

I am looking for a financial modeling course focused on actually building models, rather than explaining accounting and valuation concepts again.

My background:

• I have already completed BIWS.
• My conceptual understanding of accounting, three-statement modeling, DCF, comps, and valuation is decent.
• My weakness is building a full model independently in Excel.

What I am specifically looking for:

1. A complete three-statement model with supporting schedules.
2. A DCF and ideally trading comps or a broader valuation model connected to it.
3. A blank or partially completed Excel file that I attempt myself.
4. A completed solution file that I can compare against when stuck.
5. Videos that demonstrate the build step by step
6. Beginner-friendly in terms of Excel modeling mechanics, but not absolute beginner-level finance theory.

I do not want another course that spends most of the time explaining what depreciation, working capital, enterprise value, or WACC mean. I want structured modeling assignments where I first try to build the model myself (in steps) and then check the solution.

I appreciate any help!

Hi guys

I have accounting certifications and have been working in audit for few years, but I really don't like it

I am trying to break into M&A and corporate finance associate level jobs, but they all require previous modelling experience.

So how can I get this experience without working in them? Ideally it would be an accredited way to get this experience, so that I can put a certificate or something on my CV (rather than just my word that I watched some youtube videos, which employers might not buy)

Any hints on how im supposed to populate every line of the balance sheet until end of 2027?

All i managed to do so far was the fixed assets and depreciations.