Short Term Courses

Now in collaboration with Copal Research Institute

Certification in Financial & Valuation Modeling

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Copal Institute and AIMA jointly bring Financial & Valuation Modeling Certificate Program

In today's world of extensive data where decisions are highly quantitative based financial modeling has become an indispensable tool. It is the most sought after skill required in the field of investment banking, equity research , project management, commercial banks and mostly all other sectors in the financial services industry . Financial modeling is the art of building a model using excel to depict financial statements and investment analysis. It builds a structure that integrates various statements and schedules to enable decision making. A financial model represents the performance of a business, a project or any other investment.

This Financial & Valuation modeling program involves the fundamental theories and practices of valuation analysis, strategy analysis, prospective analysis, DCF modeling, trading comparables and transaction comparables. Modeling through Excel will build enough confidence in the participants so that they are able to create their own financial model right from scratch, and use it for solving their business problems. The program is designed to offer students the intensive instruction and training needed to successfully compete in rapidly developing global financial markets.

Learning Objectives

After completing this course, the participants will be able to:

  • Build a financial model from scratch as done at financial institutions
  • Work on Excel and use formatting best practices, efficient formula construction, and appropriate driver selections
  • Use Advanced Excel functions to present various sensitivities to projected financial metrics
  • Fix circularity problems, iteration, and other common modeling troubleshooting
  • Cross check the Balance Sheet/ Cash Flow Statement
  • Understand and describe valuation and how historical valuation is done
  • Understand and explain the techniques, elements and approaches of forecasting
  • Provide an overview of Discounted Cash Flow
  • Explain the Dividend Discount Model
  • Calculate the Free Cash Flow to Firm (FCFF) & Free Cash Flow to Equity (FCFE)
  • Calculate the Discount Rate (Cost of Debt, Cost of Equity & Cost of Capital)
  • Identify the Revenue Drivers and Cost Drivers
  • Prepare a Full DCF Model
  • Calculate Equity Value Multiples: P/E, P/CF, P/BV, P/S, PEG, Dividend Yield
  • Provide an overview of Trading Comparables
  • Calculate basic EV and perform various CACS Adjustments
  • Normalize the Earnings and identify the exceptions
  • Calculate Last Twelve Months (LTM) or Trailing Twelve Months (TTM)
  • Perform Trading Multiples analysis – EV/EBITDA, EV/EBIT, EV/Sales
  • Provide an overview of Transaction Comparables
  • Describe the different kind of Deal Considerations
  • Practice working on the Transaction Template
  • Perform the Private and Public Transaction Comp
  • Perform Transaction Multiples analysis – EV/EBITDA, EV/EBIT, EV/Sales


For Whom?

  • Graduates/ Post graduates interested in building career in investment banking, project management, equity research, business planning, equity funds or commercial banks
  • Chartered accountants


  • Graduation (10+2+3) in any discipline from a recognized University / 3-year Diploma in any discipline if equivalent to graduation.
  • Students in the final year of a degree course may provisionally register for the program.
  • Students doing other professional courses like MBA, MFS, CA, CS, ICWA can do this course concurrently.
Duration Four Months
Session Commences January, May and September

Program Fee & Study Material

  • Rs. 28,000/- payable at the beginning of the Program (a service tax of 14.5% would be applicable).
  • Books would be provided.

Documents Required (At the time of Enrollment)

  • Attach attested photocopy certificate of your Graduation Certificates.
  • Attach your three passport size photograph


The student would be evaluated at the end of the course through a term-end examination. On successful completion the certification would be provided.

Course Outline

Session 1

Introduction to Excel and Financial Modeling

  • Introduction to Excel
  • Overview of Financial Modeling
  • Types and Purpose of financial models
  • Navigate Worksheets and Workbooks
  • Name Manager

Exploring Excel as a Tool for Financial Modeling

  • Excel Functions
  • Mathematical Functions
  • Statistical Functions
  • Financial Functions
  • Logical Functions
  • Lookups & Reference Functions
  • Text Functions
  • Date & Information Functions


Session 2

Advanced analysis techniques

  • Working named ranges
  • Working with Charts
  • Data Validation
  • Hyperlink
  • Conditional Formatting
  • Pivot Tables
  • Auto & Advance Filter
  • Grouping & Ungrouping
  • Sheet Protection
  • What if Analysis


Session 3

Financial Statement Analysis
Understanding the Financial Statements and its interlinking:

  • Income Statement
  • Balance Sheet
  • Cash Flow Statement
  • Ratio Analysis
    • Liquidity Ratio
    • Profitability Ratio
    • Solvency Ratio
    • Leverage Ratio
    • Activity/Turnover Ratio
  • Basic and Diluted EPS
  • ROE and DUPONT Analysis
  • Case study on Ratio Analysis

Session 4

Introduction to Valuation

  • Need to value companies
  • Difference between price and value
  • Different terms of value
    • Market value
    • Intrinsic value
  • Valuation Techniques
    • Absolute Valuation
      • Free Cash flow to Firm (FCFF)
      • Free Cash flow to Equity (FCFE)
      • Cost of Equity (Ke)
      • Cost of Debt (Kd)
      • Cost of Capital (WACC)
    • Relative Valuation
      • Equity based Multiples: P/E, P/BV, P/S & PEG
      • Firm based Multiples: EV/EBITDA, EV/EBIT & EV/Sales

Session 5 & 6

Making a complete fully integrated DCF Modeling Spreadsheet

  • Understanding and creating a financial model template
  • Calculating Growth Drivers and Future Assumptions
  • Revenue Build-Up - Projecting the Future Revenues
  • Cost Build-Up - Projecting the Future Cost
  • Modeling historical & projected financial statements - P&L and B/S
  • Building cash flow statement
  • Asset and Depreciation Schedule
  • Debt and Interest Schedule
  • Building an integrated model for valuation using DCF
  • Sensitivity/Scenario Analysis
  • Incorporating other accounting details like revenue recognition , deferred taxes etc.

Session 7

Trading Comparables

  • Introduction to Trading Comps
  • EV Calculation
  • Discussing various CACS Adjustments
  • Income Statement Normalization
  • Concept of LTM or TTM
  • Trading Multiples analysis - EV/EBITDA, EV/EBIT, EV/Sales
  • Case Study on Trading Comps

Session 8

Transaction Comparables

  • Introduction to Transaction Comps
  • Understanding Deal Considerations
  • Introduction to Transaction Template
  • Private and Public Transaction Comp
  • Transaction Multiples analysis - EV/EBITDA, EV/EBIT, EV/Sales
  • Case Study on Transaction Comps

Session 9

Investment Banking (IB)

  • Introduction to IB
  • Pitch Books
  • Company Profiling
  • Case Study on Company Profiling

Session 10 & 11

Project Finance Modeling

  • Types of funding
    • Equity funding sources – cost, pros and cons
    • Debt funding sources – cost, pros and cons
  • Characteristics of project finance
  • Risks & Mitigants
  • Contractual arrangements to mitigate risk
  • Developing a fully integrated project finance modeling spreadsheet
  • Interest during construction
  • Escrow arrangement
  • Cash flow waterfall
  • Feasibility Analysis
  • Scenario Building
  • Project IRR, Equity IRR,NPV Profiling

Session 12 & 13

Advanced Excel using VBA Programming

  • VBA macros introduction
  • Introduction to VB editor
  • Recording macros
  • Personal Macro workbook
  • Declaring variables
  • Interactive macros
  • Decision Making
  • Looping (Do Loop, For loop)
  • The excel object model
  • The range object
  • The worksheet object
  • The workbook object
  • User defined functions
  • Create events
  • Protecting macros

Session 14
Final Assessment and PPT

Session 15
Mock Interview
Feedback and Career Counselling Session

For any further queries contact the undersigned.
Prof. Sarah Nasim

Phone No. : 011-24645100, 43128100 ext 706.