Become an Advanced Financial Modeler
in 2025

Distinguish your skills. Elevate your career.
Join a global network of financial modelers.

Offer Ads

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
AFM Back To Learning

Advanced Financial Modeler (AFM) Curriculum


AFM PRICE - 20242025 (1200 x 628 px) (1)

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

2024-08 Back To Learning 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.

2024-08 Back To Learning 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.

2024-08 Back To Learning 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.

2024-08 Back To Learning 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.

2024-08 Back To Learning 5

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.

2024-08 Back To Learning 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.

2024-08 Back To Learning 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.

2024-08 Back To Learning 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.

2024-08 Back To Learning 9

Financial Statements

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

2024-08 Back To Learning 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.

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 Candidate Handbook


Experts get what the AFM can do for you


47-1

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

48-1

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

Testimonials Square

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

50-1

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

$725 USD

Prerequisite: None

Upcoming Exam Dates:

May 10, 2025 | July 26, 2025 | October 25, 2025 | February 21, 2026

You will receive access to the following for 12 months:
  • 12 hours of AFM learning resources
  • Exclusive access to the FMI Community
  • Enrollment in the 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.)

Get accredited and join AFMs at these organizations


Join 1,000's of AFMs at these organizations


Here's what people think of the accreditations


Get the AFM and launch your career


Institutions that Get the Importance of Financial Modeling


25-3

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

26-3

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

27-2

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.

Partnership Announcement Post (18)

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

Get Access to the FMI Community

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

Jordan Goldmeier 

Jordan Goldmeier 
Data Science Leader and Microsoft MVP

Topic: Advanced Data Visualizations in Excel for Finance

Craig Hatmaker

Craig Hatmaker
Founder of Beyond Excel (BXL) 

Topic: Financial Modeling with Dynamic Arrays

Paul Smith, CFM

Paul Smith, CFM
Financial Modeling Specialist, FMI

Topic: Introduction to Cash Flow Modeling

Chandoo

Chandoo
Founder of Chandoo.org and Microsoft MVP

Topic: 5 Impressive Ways to Visualize Variance (Budget vs. Actual)

Danielle Stein Fairhurst, MFM

Danielle Stein Fairhurst, MFM
Founder of Financial Modeling World Cup (FMWC)

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

Carolina Lago

Carolina Lago
Managing Director, Tactic Financial

Topic: Mastering Financial Modeling Under Time Pressure

Brian Eggar 

Brian Eggar 
Head of Financial Modeling, Bloomberg

Topic: When DCF Modelling Goes Rogue

Oz Du Soleil

Oz Du Soleil
Founder of Excel on Fire and Microsoft MVP

Topic: When DCF Modelling Goes Rogue

Marli Basson

Marli Basson
Founder of Near Future Ltd. 

Topic: Introduction to Scenario Management in Financial Models

Mark Proctor

Mark Proctor
Founder of ExcelOffTheGrid.com and Microsoft MVP

Topic: Introduction to Power Pivot with Mark Proctor

93-1

Melanie Coeshott
Career Coach & Mentor

How to shape and manage your personal brand?

94-1

George Mount
Founder and CEO of Stringfest Analytics

Introduction to Python

95-1

Liam Bastick
Director at SumProduct 11x Microsoft MVP

Financial Modelling in Power BI with Liam Bastick

96-1

Mark Proctor
Microsoft MVP and Founder of ExcelOffTheGrid.com

Introduction to Power Pivot and Introduction to Power Query

97-1

Gašper Kamenšek
Microsoft MVP and Founder of Excel Olympics

Introduction to Power BI

98-1

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

Have more questions?

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