Advanced Financial Modeler

Differentiate yourself with the most highly sought after model building accreditation.

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Why the AFM?

Become an excellent financial modeler and validate your skills with the AFM accreditation.

The Advanced Financial Modeler (AFM) accreditation is FMI's flagship program.

Use FMI's learning resources to prepare for the AFM exam, a rigorous, proctored, 4-hour online exam.

Once you attain the AFM accreditation, you will be able to...

  • Validate your ability to build a 3-statement model of a company from scratch
  • Create a model that can be used as a critical decision-making tool, allowing users to make accurate and informed financial decisions
  • Use a financial model as a powerful communication tool to clearly and effectively tell the story of a company
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Advanced Financial Modeler (AFM) Curriculum

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Validate your advanced financial modeling knowledge and technical skills with the AFM accreditation.

AFM accreditation holders have learned, and demonstrated that they have acquired the skills and discipline to build best-in-class models that avoid all the errors commonly found in models

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Model Planning & Design

This module introduces financial modeling essentials and the AFM Exam, focusing on the development, planning, and design of effective financial models.

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The Front End

This module focuses on the different sections in the "Front End" of financial models, showing how to create a cover page, executive summary, apply key formatting concepts, and build scenarios.

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Revenue

This module teaches how to forecast revenues and build a company’s revenue schedule, covering various methodologies, incorporating capacity constraints, and schedule construction.

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Costs

This module covers forecasting various types of costs and building a company's cost schedule, focusing on proper forecasting methods, understanding operating leverage, and efficient financial statement creation.

Income Tax-1

Depreciation

This module focuses on building a company's depreciation schedule, covering methodologies for depreciating fixed assets, structuring schedules, utilizing Excel functions for capital expenditure forecasts, and linking outputs to financial statements.

Debt-1

Income Tax

This module teaches building a company's income tax schedule, emphasizing its importance, causes of deferred tax, construction of the schedule, and linkage to financial statements.

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Working Capital

This module focuses on building a company’s working capital schedule, explaining the differences from other assets and liabilities, assumptions, and calculations needed for forecasting.

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Capital Structure

This module elucidates the purpose, components, and construction of debt and equity schedules in a capital structure, highlighting various types, modeling cash, and key considerations for the revolver.

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Financial Statements

This module instructs on building the three financial statements: Income Statement, Cash Flow Statement, and Balance Sheet.

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Outputs and Troubleshooting

This module guides on finalizing financial models, focusing on troubleshooting balance sheet errors, constructing the executive summary, and formatting for printing.

1. Model Planning & Design

This module introduces financial modeling essentials and the AFM Exam, focusing on the development, planning, and design of effective financial models.

2. The Front End

This module focuses on the different sections in the "Front End" of financial models, showing how to create a cover page, executive summary, apply key formatting concepts, and build scenarios.

3. Revenue

This module teaches how to forecast revenues and build a company’s revenue schedule, covering various methodologies, incorporating capacity constraints, and schedule construction.

4. Costs

This module covers forecasting various types of costs and building a company's cost schedule, focusing on proper forecasting methods, understanding operating leverage, and efficient financial statement creation.

5. Depreciation

This module focuses on building a company's depreciation schedule, covering methodologies for depreciating fixed assets, structuring schedules, utilizing Excel functions for Capex forecasts, and linking outputs to financial statements.

6. Income Tax

This module teaches building a company's income tax schedule, emphasizing its importance, causes of deferred tax, construction of the schedule, and linkage to financial statements.

7. Working Capital

This module focuses on building a company’s working capital schedule, explaining the differences from other assets and liabilities, assumptions, and calculations needed for forecasting.

8. Capital Structure

This module elucidates the purpose, components, and construction of debt and equity schedules in a capital structure, highlighting various types, modeling cash, and key considerations for the revolver.

9. Financial Statements

This module instructs on building the three financial statements: Income Statement, Cash Flow Statement, and Balance Sheet.

10. Outputs and Troubleshooting

This module guides on finalizing financial models, focusing on troubleshooting balance sheet errors, constructing the executive summary, and formatting for printing.

FMI AFM Accreditation Handbook

Download the Advanced Financial Modeler Handbook

What experts say about us

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The FMI is addressing a large unmet need by ensuring that new hires and existing employees have exceptional financial modeling skills. Employers globally are realizing that the FMI is establishing the new standard.

Paul Smith, FCA, CFA, MA

Former President and CEO of the CFA Institute

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The FMI are the industry experts at validating skills in financial modeling. Our members regularly enroll in their accreditation exam, to complement their CFA, and their careers are richer for it.

Anne O'Brien

CEO @ CFA Society San Francisco

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AFM takes your financial modeling skills to the next level. In my current role I use Excel extensively in the areas of Budgeting, Forecasting, Long-term Planning, Business Case Studies and Treasury. AFM has significantly enhanced my financial modeling skills and boosted my confidence enabling me to be a more effective business partner in critical business decisions.

Abdul Samad Janjua, AFM

Finance Manager @ General Motors

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Achievement of an FMI certification is a strong differential among our students. Recruiters can trust that students who have passed the FMI exam have a high competency in financial modeling.

Marie José Beaudin

Executive Director, Soutar Career Centre, Desautels Faculty of Management, @ McGill University

AFM Official Badge

Advanced Financial Modeler

$695 USD

Prerequisite: None

Upcoming Exam Dates:

 July 27, 2024 | October 26, 2024 | February 22, 2025 | May 10, 2025

You will receive access to the following for one year:
  • Unlimited digital access to AFM Learning Resources
  • Exclusive access to the FMI Community
  • Registration for your AFM exam
AFM Official Badge

14-Day Money-Back Guarantee

If you change your mind about your AFM registration, please contact info@fminstitute.com before the 14th day following your purchase and we'll quickly and promptly refund your entire payment. 

(PS: there’s a 96.5% chance you’ll be satisfied based on previous candidates.)

Join 1,000's of AFMs at these organizations

Join 1,000's of AFMs at these organizations

Here's what people think of the accreditations

Here's what people think of the accreditations

Institutions that Recognize the Importance of Financial Modeling

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The Advanced Financial Modeler (AFM) accreditation is offered to ACCA’s 241,000 members based in 178 countries and regions.

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Chartered Business Valuators Institute provides the FMI Foundations program to its students.

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Institute of Chartered Accountants in England and Wales, representing more than 202,000 members and students around the world, recognizes the Advanced Financial Modeler accreditation.

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Recognizing the importance of financial modeling, CFA Societies are introducing the Advanced Financial Modeler accreditation to their charterholders.

The FMI Community is the World's Largest Community of Accredited Financial Modelers

Learning resources, networking opportunities, exclusive webinars and more. Here are some of our recent webinars featuring industry experts:

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Brian Egger
Bloomberg, Global Head of Financial Modeling

Topic: What Level of Detail Is Enough in a Financial Model?

Rob Langrick

Rob Langrick, CFA, CIPM
CFA Institute, General Manager, CFA Program

Topic: Analyst Career Journeys: Roles, Hops & Tips

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Danielle Stein Fairhurst, MFM
Book Author & Principal of Plum Solutions

Topic: How to Promote Your Financial Modeling Skills and Build Your Profile

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Matthew Bernath
Head of Data Ecosystems at ShopriteX and Host of The Financial Modelling Podcast

Topic: Numbers That Speak: Leveraging Financial Models for Effective Negotiations

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Andrew Grigolyunovich, MFM
Founder of Financial Modeling World Cup (FMWC)

Topic: How Financial Modeling Competitions Upgrade Your Skills and Boost Your Career

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Wassia Kamon, CPA, CMA, MBA
Vice President of Finance at the Low Income Investment Fund

Topic: Trends and Challenges in the Finance Industry: How to Stay Ahead of the Curve in Your Career

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Sam Sivarajan
Wealth Management Consultant, Financial Advisor

Topic: Modeling and Decision-Making to Drive Business

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Geoff Robinson, MFM
Founder of TheInvestmentAnalyst.com

Topic: When DCF Modelling Goes Rogue

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Melanie Coeshott
Career Coach & Mentor

How to shape and manage your personal brand?

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George Mount
Founder and CEO of Stringfest Analytics

Introduction to Python

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Liam Bastick
Director at SumProduct 11x Microsoft MVP

Financial Modelling in Power BI with Liam Bastick

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Mark Proctor
Microsoft MVP and Founder of ExcelOffTheGrid.com

Introduction to Power Pivot and Introduction to Power Query

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Gašper Kamenšek
Microsoft MVP and Founder of Excel Olympics

Introduction to Power BI

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Michael Jarman
Head of Modelling at Operis

Standing Out as a Financial Modeler

Frequently Asked Questions

What does the AFM exam involve?

You will be provided with a case study to explore before getting to work inside Excel, building an integrated 3-statement model of a company from scratch. You will need to complete this model during a 4-hour virtual exam.

To promote practical skills, you’ve got to demonstrate them. Get accredited as an Advanced Financial Modeler and demonstrate to employers, stakeholders and clients that you can build effective financial models that can be relied upon to drive decision making.

What learning resources are include in the AFM?

Learning Resources include:

  • A 12-hour step-by-step financial modeling video tutorial series (60 videos)
  • Sample models
  • Practice exams and solutions
  • 1-hour Q&A session with FMI to address questions prior to the AFM exam

What learning resources are include in the AFM?

Learning Resources include:

  • A 12-hour step-by-step financial modeling video tutorial series (60 videos)
  • Sample models
  • Practice exams and solutions
  • 1-hour Q&A session with FMI to address questions prior to the AFM exam

Have more questions?

Download the AFM Handbook or reach out to info@fminstitute.com.