WST: Advanced Financial Modeling

Build a fully integrated financial statement projection model with income statement projections, a self-balancing balance sheet, an automated cash flow statement, and the balancing cash flow sweep/debt schedule. 
Hosted by: Education Advisory Group

While knowledge of advanced accounting concepts is not required for this course, you should possess knowledge of basic accounting ratios and a basic understanding of how the major financial statements are inter-related. Emphasis is placed on the integration of the major financial statements and becoming experts in Excel. Incorporate different methodologies to forecasting the different types of assets on the balance sheet and compare and contrast with projecting liabilities. Learn how to balance a model utilizing the debt sweep and the revolver and not using any “plugs”. Appreciate the danger of and properly control for circular references. Avoid messy nested “if” statements!! You will leave the classroom with a fully constructed model that can be customized and applied to other companies. The final model is a fully scalable model that can be added upon.

What You Will Learn:

  • Build an integrated set of financials, including IS, BS & CF statements 

  • Learn how to balance a model utilizing debt sweep and no “plugs” 

  • Become super-efficient in Excel through intensive use of keyboard shortcuts

  • Intensive focus on correct financial modeling approaches & best practices

5-Year Financial Statement Projection Model:

  • How do you project an IS from revenues and expenses down to Net Income? 

  • What are the different methodologies to forecasting the different types of assets on the balance sheet and how do they compare and contrast with projecting liabilities?

  • How do you project the shareholders’ equity account?

  • What is the importance of financial ratios in building the balance sheet projections?

  • How do you approach building an integrated cash flow statement?

  • How do you build each component of the cash flow statement and why is cash the last item to project?

Integration and Balancing of Financial Model:

  • Balance the model using the debt schedule and debt sweep logic – the most important analysis in terms of balancing the model!!

  • How does the cash actually flow through the model?

  • Incorporate automatic debt payments and use cash generated to either pay down debt or build cash

  • How does the revolver facility actually balance the model? 

  • Avoid messy nested “if” statements!

  • How does the BS and financial statements balance without the use of “plugs”?

  • How are the financial statements integrated using the Interest schedule?

  • What are circular references, why should they be avoided and how to get around circular references


Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting fundamentals is required. This Financial Modeling class is a fast-paced, hands-on, technical workshop. To maximize the educational value of this program, we strongly recommend that you have an intermediate understanding of Excel. Lack of basic Excel skills will impede your ability to effectively acquire and implement the techniques and shortcuts that are presented in this program.  Bring your PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective. Laptops will not be provided.

Note: Bring your PC laptop with Microsoft Excel installed and a working USB port. (Macs with Office 2008 will not be as effective). Laptops will not be provided.

Members - $495 
Non-Members - $595
Student Members - $125 - Limited seats available

*Function tickets cannot be used for this event

CFA Institute Qualified Activity: Eligible for 7 credit hours

Attire: Business Casual

Menu: Morning coffee/muffins and Lunch Buffet (Vegetarian choices will be available)

Registration: Online

Hosted by: Education Advisory Group

Agenda: Class starts promptly at 9:00 am
8:30 am - 9:00 am: Registration
9:00 am - 5:00 pm: Seminar

Ted Michaels has a broad background with the financing and operation of businesses, with a particular emphasis on education, real estate, and special situations investing. His current focus is on the acquisition and turnaround of distressed real estate and real estate backed investments. He has extensive experience in valuation and modeling methodologies and his responsibilities have included operational & strategic plan development and implementation, as well as deal origination, analysis & evaluation, structuring and financial modeling. As a vice president at WST, Michaels has led and assisted instruction on a wide variety of topics ranging from corporate valuation, to merger & acquisition deal structuring and leveraged buyouts. In this capacity he has taught at numerous universities throughout the United States and Canada as well as at major industry and financial services firms.

About Wall St. Training:
Wall St. Training provides professional financial training solutions to Wall Street through hands-on classroom training and customized corporate training programs for financial analysis which take a hands-on, interactive, practical, non-theoretical approach. Wall Street Training's clients include Bank of America/Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, Fidelity, GE, Goldman Sachs, JPMorgan, Morgan Stanley, TPG, and many others. For more information: and

*Special Notes Regarding Fees:
Student rate only available to students approved as a Student Member of CFA Society Chicago for 2017-2018. Credit card is required to guarantee ALL reservations, no function tickets accepted. Day-of-event registrations accepted on-site only if applicable and space available. There is a $10 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, December 6th.

Passport Program: 
Members of any CFA society may attend at the CFA Society Chicago member rate. Please call the CFA Society Chicago office at 312-251-1301 to register. If you are only a member of CFA Institute, you do not qualify for the Society member rate.

CFA Institute CE Qualified Activity: 
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.

12/11/2019 9:00 AM - 5:00 PM
The Standard Club 320 S. Plymouth Chicago, IL 60604 UNITED STATES
Registration not available.

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