Financial Modeling Certification (“FMC”) Program
Undergradute Students
1
“
I found the FMC Program broke down the financial model into really understandable portions, allowing for
greater depth of learning than traditional methods. Additionally, many of the shortcuts greatly improved my
Excel efficiency.
“
”
Participating in Adventis CG’s Financial Modeling Course allowed me to fine-tune my financial modeling
skills. The program refined my excel skills as well as helped me learn the proper way to build a thorough
financial model. These skills have paid dividends in both course work and at my work site. The instructors are
very knowledgeable and are willing to help students on an individual level. Overall, the FMC Program was a
great investment of both my time and money. I would highly recommend it to anybody who wants to excel
in the financial industry.
“
”
I could see my Excel skills greatly improve. I was able to navigate around Excel without the mouse and use
shortcuts by creating my own macros. This was valuable in the workplace because I was able to teach my
older and more experienced coworkers new things. My new skills were also valuable in interviews because
companies were interested in advanced Excel skills. Along with my interest in investment banking modeling,
I found the program very fulfilling.
“
“
“
”
I truly enjoyed this program as it gave a very in-depth look at financial modeling. It was much easier to see
where everything was flowing and why certain things are calculated the way they are.
”
I have never learned so much about a possible career in one day.
”
Adventis CG’s FMC Program is a fantastic program that does not just teach you key strokes and best practices
but what drives the numbers.
”
Adventis CG offers professionals and undergraduates a better way to acquire vital financial
modeling skills through its Financial Modeling Certification (“FMC”) Program. The
FMC Program uses a superior approach to teaching that combines in-person, “learn
by doing” instruction with self-paced learning. Our courses consist of trainees building
three statement financial models and other analyses completely from “scratch”. No other
program offers in-person, real-world application and hands-on training like Adventis CG.
The Adventis CG team consists of individuals with experience in investment banking,
private equity, consulting, corporate lending and asset management.
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Table of Contents
FMC Program Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Our Certifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
FMC Program Timeline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
FM Level I Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
FM Level II Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Self-Paced Exercise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Financial Modeling Macros & Keyboard Shortcuts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Course Packet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Financial Modeling Course . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Valuation Course . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Leveraged Buyout Course . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Resume & LinkedIn Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
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FMC Program Overview
Undergradute Training Overview
The job market is becoming more competitive each year. Candidates for internships and entry-level financial
analyst positions are expected to bring more skills to the job than ever before. Through our FMC Program, we
offer certifications that give undergraduate students an incredibly valuable set of analytical skills which they can
use to differentiate themselves.
Students are taught and certified by former investment banking and private equity professionals. Certified
students have participated in two full-day, instructor-led courses and practiced their financial modeling skills
outside of the courses, typically for a total of 30-50 hours. Certified students have been vetted as having mastered
the fundamental financial modeling and valuation skills required to excel in demanding and fast paced work
environments. The undergraduate students who find the most value in our FMC Program are those that aspire to
have careers in investment banking, private equity, corporate finance and other finance-related fields.
Overview
The Financial Modeling Certification (“FMC”) Program is offered to professionals and undergraduate students
looking to transition theories and concepts into real-world financial modeling skills. The FMC Program uses a
superior approach to teaching financial modeling skills that combines in-person, “learn by doing” instruction
with self-paced learning and enables trainees to build a set of highly valuable skills that will enhance their careers
in investment banking, private equity, corporate finance and other finance-related fields. Our courses consist of
trainees building best-of-class, three-statement financial models and other analyses entirely from “scratch”, while
selectively using lecture-based instruction to explain concepts along the way. Concepts covered in our courses
include financial modeling, accounting, corporate finance, intrinsic and relative valuation and leveraged buyout
transactions.
Benefits of our Certifications
Adventis CG has fostered valuable relationships with over 50 investment banking and corporate employers. Each
of these employers has recognized the value of their certifications and they have already begun to ask for candidates
for part-time, internship and full-time positions. Students who have been awarded our FM Level I Certification
or FM Level II Certification will join our invitation-only LinkedIn group, where they will get access to these
opportunities and mentorship and resume critiques from our Lead Trainers.
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Our Certifications
Overview
The FMC Program consists of two certifications that require trainees to pass a rigorous and thorough set of
requirements that demonstrate they have strong analytical capabilities and an understanding of key concepts.
Financial Modeling (“FM”) Level I Certification
The Financial Modeling (“FM”) Level I Certification sets trainees apart that have learned best-of-class financial
modeling skills and internalized key financial modeling, accounting and corporate finance concepts. This
certification requires trainees to build a best-of-class, three statement financial model from “scratch” in less than
90 minutes and score at least 90% on a 30 question multiple-choice exam.
Financial Modeling (“FM”) Level II Certification
The Financial Modeling (“FM) Level II Certification sets trainees apart that have internalized key valuation and
leveraged buyout concepts, in addition to having earned our FM Level I Certification. This certification requires
trainees to score at least 90% on a 25 question multiple-choice exam.
FM Level I Certification
Skills &
Concepts
Overview
of Exams
Exams
Basic financial modeling skills
■ Excel keystrokes
■
Financial modeling exam
Muliple choice exam (90%)
■
FM Level II Certification
Valuation
■ Leveraged buyout transactions
■
Muliple choice exam (90%)
■
■
Corporate finance
Other analyst positions
Investment banking
Private equity
■
■
■
■
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FMC Program Timeline
Campus Presence
For each undergraduate university in which we are present, we offer one day of instruction per semester. During
the fall semester this day typically occurs between late September and early November. During the spring semester
this day typically occurs between early February and early May. In order to qualify for either the FM Level I
Certification or FM Level II Certification, trainees are required to participate in two days of instruction.
On-Campus Instruction
Each day of instruction lasts approximately six hours and begins with the Financial Modeling Course, which
typically lasts four hours. Trainees build a financial model for a different company each semester. The second
part of the day rotates between the Valuation Course and the Leveraged Buyout Course. Exams for FM Level I
Certification and FM Level II Certification are offered to qualified candidates at the conclusion of each instructorled session. Testing for FM Level I Certification typically lasts two hours and testing for FM Level II Certification
typically lasts thirty minutes.
Component
Semester
One
1. Self-Paced Exercise
■ Basic financial modeling skills
■ Excel keystrokes
2. Instructor-Led Session
■ Financial Modeling Course
■ Valuation Course
3. Practice
■ Practice financial modeling exercise
■ Study and internalize the course packet
Semester
Two
4. Instructor-Led Session
■ Financial Modeling Course
■ Leveraged Buyout Course
5. Certification Exams
■ FM Level I Certification
■ FM Level II Certification
Completion Time
1-5 Hours
6 Hours
15-30 Hours
6 Hours
2-3 Hours
30-50 Total Hours
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FM Level I Certification
Overview
Our Financial Modeling (“FM”) Level I Certification sets trainees apart
that have learned best-of-class financial modeling skills and internalized
key financial modeling, accounting and corporate finance concepts.
Candidacy for FM Level I Certification
In order to be a candidate for FM Level I Certification, trainees must
have participated in both days of instruction within our FMC Program.
For undergraduate students, this can be done by attending two days of
instruction on–campus. For professionals, this can be done by attending
one of our Public Boot Camps. We believe that there is no substitute
to learning the skill of financial modeling through repetition and this
Our FM Level I Certification
sets students apart that
have learned best-ofclass financial modeling
skills and internalized
key financial modeling,
accounting and corporate
finance concepts.
certification requires trainees to practice their financial modeling skills
and internalize key concepts.
Certification Exams
In order to be awarded the FM Level I Certification, trainees must
pass a financial modeling exam and a multiple-choice exam. The
In honor of your outstanding performance and
dedication we gladly present this certificate of completion to:
Bob Smith
financial modeling exam is similar to the exercise in the Financial
for completing all the requirements for
FM Level I Certification
Modeling Course in that trainees are required to build a best-of-class,
three statement financial model from “scratch”. However, trainees
awarded on June 28, 2014
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Lead
Trainer
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Trainer
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do not receive instruction from trainers when taking the exam. We
have a rigorous set of criteria for passing trainees on this exam, which
includes completion within 90 minutes, accurate formulas and proper
formatting. The multiple-choice exam includes 30 questions and is
focused on financial modeling, accounting and corporate finance
concepts. Successfully answering 90% of the questions on this exam is
required to demonstrate a fundamental understanding of the topics at
hand and become certified.
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FM Level II Certification
Overview
Our Financial Modeling (“FM) Level II Certification sets trainees apart
that have internalized key valuation and leveraged buyout concepts, in
addition to having earned our FM Level I Certification.
Candidacy for FM Level II Certification
In order to be a candidate for FM Level II Certification, trainees must
have been awarded the FM Level I Certification. We make our FM
Level I Certification a pre-requisite for this certificate because we believe
Our FM Level II Certification
sets students apart that
have internalized key
valuation concepts, in
addition to having earned
our FM Level I Certification.
trainees should have a basic understanding of key financial modeling,
accounting and corporate finance concepts before learning more
advanced concepts.
Certification Exams
In order to be awarded the FM Level II Certification, trainees must
pass a multiple-choice exam. The exam includes 25 questions and is
focused on valuation and leveraged buyout concepts. Successfully
answering 90% of the questions on this test demonstrates a student has
a fundamental understanding of the topics at hand and is required to
become certified.
In honor of your outstanding performance and
dedication we gladly present this certificate of completion to:
Bob Smith
for completing all the requirements for
FM Level II Certification
awarded on June 28, 2014
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Trainer
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Trainer
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Self-Paced Exercise
Overview
One of the unique characteristics of the FMC Program is our requirement that trainees complete our
Self-Paced Exercise in advance of their first instructor-led course. This exercise is designed to teach
trainees best-of-class formatting techniques and Microsoft Excel keystrokes. This approach enables
trainees to focus almost exclusively on learning concepts related to financial modeling during the
instructor-led components of the FMC Program. The Self-Paced Exercise is the primary reason we are
able to administer our courses in four hours or less.
Exercise Description
Upon enrollment in the first day of instruction, trainees receive the Pre-Course Packet, Adventis CG’s
Financial Modeling Macros, the Self-Paced Exercise and instructions on how to complete the Self-Paced
Exercise. The Self-Paced Exercise is a Microsoft Excel file with two tabs. The first tab is not formatted
and the second tab is properly formatted. Trainees must format the first tab so that it is identical
to the second tab. The first time trainees perform this exercise it takes them approximately 20-30
minutes. With subsequent repetition of this exercise they are able to make incremental improvements
and eventually complete the exercise within five minutes. On average it takes trainees 1-5 hours before
they can complete this exercise within five minutes.
Before
After
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Financial Modeling Macros and Keyboard Shortcuts
Financial Modeling Macros
Adventis CG’s Financial Modeling
Macros (“Macros”) are contained in an
Excel file. The Macros are mandatory for
all components of the FMC Program.
They enable trainees to be significantly
more efficient in Microsoft Excel and
enhance their learning curve in regards
to building financial models. Trainees
must have the Macros open while
working on the Self-Paced Exercise and
attending courses in the FMC Program.
Keyboard Shortcuts
Learning how to use a computer with
limited use of the mouse is critical
for efficiency in financial modeling,
as well as navigating other computer
applications. Our Pre-Course Packet
contains the most critical keyboard
shortcuts. Learning these keyboard
shortcuts will be critical to successfully
completing the FMC Program.
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Course Packet
Overview
Trainees receive an electronic copy of the Course Packet when they enroll in their first day of instruction on
campus. The Course Packet includes all the information trainees need to prepare for the first day of instruction,
as well as all the concepts they will need to know in order to earn their FM Level I Certification and FM Level II
Certification. The following is the Table of Contents of the Course Packet.
Table of Contents
The Basics
I.
Adventis CG’s Financial Modeling Macros
II.
Keyboard Shortcuts
III.
Overview of the Financial Statements
IV.
Financial Ratios
Financial Modeling (“FM”) Level I Certification
V.
Overview of Financial Modeling
VI.
Adventis CG’s 10-Step Financial Modeling Method
VII.
Checklist for the Financial Modeling Exam
VIII.
Financial Modeling (“FM”) Level I Certification Scorecard
Financial Modeling (“FM”) Level II Certification
IX.
Overview of Valuation Concepts
X.
Overview of Leveraged Buyout Concepts
XI.
Financial Modeling (“FM”) Level II Certification Scorecard
Other Information
XII.
Student Trainer Program
XIII.
Frequently Asked Questions – FMC Program
XIV.
Frequently Asked Questions – Interviews
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Financial Modeling Course
Overview
The Financial Modeling Course is one of the core components of the
FMC Program. It typically lasts approximately four hours. During
this course, trainees build a fully circular, three-statement financial
model Rather than receive pre-constructed templates, trainees build all
The Financial Modeling
Course is the foundation for
the FMC Program.
formulas from “scratch”, which enables them to truly understand why
and how the formulas work.
Trainees follow Adventis CG’s 10-Step Program to build their financial
model, under the guidance of our Lead Trainers. Trainees are able to
learn the concepts behind the work performed, as trainers take time to
elaborate after each step.
Course Description
Trainees receive a 9-tab blank spreadsheet which they use to build the
financial model. They also receive another spreadsheet with three years
of historical information and five years of projection inputs. Finally,
trainees receive select pages from the company’s 10-K so they get a feel
for where the data came from. During this course trainees:
Build income statement, balance sheet and cash flow statement
projections
■
Use inputs to drive revenue, expenses, taxes, capital
expenditures, depreciation and other metrics
■
Build supporting schedules for equity, fixed assets, working
capital, capital structure, debt and interest expense
■
Build corporate finance schedules for dividends, share
repurchases and common shares
■
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Valuation Course
Overview
The Valuation Course is designed for trainees that have already
participated in our Financial Modeling Course. It typically lasts
approximately two hours. This course enables trainees to extend their
financial modeling skills to valuation concepts. Rather than receive preconstructed templates, trainees build the formulas from “scratch” which
enables them to learn why and how the formulas work.
The Valuation Course
enables students to extend
their financial modeling
skills to valuation concepts.
In this course trainees use the financial model they have built in the
Financial Modeling Course as a starting point. Trainees value the
company by building a discounted cash flow (DCF) analysis and a
summary valuation analysis (or “football field”) from “scratch”.
Course Description
Trainees receive a 2-tab blank spreadsheet which they copy into the
financial model they’ve built in the Financial Modeling Course. During
this course trainees:
Calculate the present value of the projection period
■
Determine terminal value using the perpetuity growth rate
method
■
Determine terminal value using the exit multiple method
■
Value the company by comparing the results of the discounted
cash flow analysis with trading comparables, transaction
comparables and the current stock price of the company in a
summary valuation analysis (or “football field”)
■
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Leveraged Buyout Course
Overview
The Leveraged Buyout Course is designed for trainees that have
already participated in our Financial Modeling Course. It typically
lasts approximately two hours. The Leveraged Buyout Course enables
trainees to use their financial modeling skills to learn key concepts
around transaction value, sources and uses of funds and investor returns.
Rather than receive a template with pre-constructed formulas, trainees
build formulas from “scratch” which enables them to learn why and how
the formulas work.
In this course trainees use the financial model they have built in the
Financial Modeling Course as a starting point. Trainees build a basic
The Leveraged Buyout
Course enables students to
use their financial modeling
skills to learn key concepts
around transaction value,
sources and uses of funds
and investor returns.
leveraged buyout analysis from “scratch”.
Course Description
Trainees receive a 1-tab blank spreadsheet which they copy into the
financial model they’ve built in the Financial Modeling Course. During
this course trainees:
Determine the appropriate acquisition premium and resulting
transaction value of a potential buyout
■
Build a sources and uses of capital schedule for the transaction
■
Determine the optimal capital schedule for the transaction
■
Build a debt pay down schedule
■
Determine appropriate exit assumptions
■
Calculate resulting investor returns
■
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Resume & LinkedIn Profile
Overview
We have strict rules regarding what trainees are allowed to put on their resumes, LinkedIn profiles or other social
media in regards to participating in our FMC Program. When employers see our FM Level I Certification or FM
Level II Certification on trainees’ resumes or profiles we want them to understand their underlying value.
Participation Only
If a trainee has participated in one or several of the instructor-led courses in our FMC Program but has not earned
one of our certifications, he or she may use one or all of the following bullet points:
Enrolled in Adventis CG’s Financial Modeling Certification Program
■
Attended the Financial Modeling Course, Valuation Course and/or Leveraged Buyout Course
FM Level I Certification
If a trainee has been awarded our FM Level I Certification, he or she may use one or all of the following bullet
points:
Financial Modeling Level I Certification from Adventis CG (awarded Month Year)
■
■
Built a three-statement, fully circular and properly formatted financial model from “scratch” in under
90 minutes
Developed an understanding of key concepts in financial modeling, accounting and corporate finance
FM Level II Certification
If a trainee has been awarded our FM Level II Certification, he or she may use one or all of the following bullet
points:
Financial Modeling Level II Certification from Adventis CG (awarded Month Year)
■
■
Built a three-statement, fully circular and properly formatted financial model from “scratch” in under
90 minutes
Developed an understanding of key concepts in financial modeling, accounting, corporate finance,
intrinsic and relative valuation and leveraged buyout transactions
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