Join me as I prepare for the FMI AFM exam in February 2025
Preparing for the February 2025 AFM exam
I will be sittting the Advanced Financial Modeler (AFM) exam from the Financial Modeling Institute (FMI) in February 2025.
At Full Stack we believe that the FMI qualifications are the best accreditation a financial modeller can have. Giles (Full Stack Modeller co-founder) is one of only seven people globally to hold all three qualifications (AFM, CFM and MFM). So I thought it was high time that I started my own FMI certification journey with the Advanced Financial Modeler qualification.
Here is my latest weekly update with eleven weeks to go to the AFM exam on Saturday 22nd February 2025.
Last week - a quick update
For my first week, I allowed myself some time to build a learning plan and come up with my automation toolkit.
So how did I get on?
So far, so good. I'm actually a little ahead of plan, having covered the first two weeks in one. Nothing like a little bit of week one enthusiasm!
I've planned out my training, created my automation toolkit, registered for the OA Robot beta test, and done my first run-through of my initial model setup.
I'll explain some of those in more detail.
My automation toolkit for the AFM exam
I have a set of macros that I created years ago when I first started financial modelling in line with the FAST standard. These cover simple "micro-automations" like formatting cells as inputs, imports or exports and build-actions such as copy, paste-links and copy across a row. I also have a starting template sheet that is fully formatted and includes a corkscrew calculation block.
For the AFM exam you are not allowed any supporting documents such as a starting template and are not allowed macros, or add-ins that perform any kind of build activity. You are however allowed tools that apply formatting.
I have therefore worked through my template and macros to create an allowable set of tools that I can use in the AFM exam.
I then plan to use OA Robot to manage my AFM micro-automations.
OA Robot isn't in production yet, so I've registered for the beta test.
My initial model setup
As we are not allowed to use a base template for the AFM exam the first task that I will do at the start of the exam is to set my base template model up.
As I build my financial models in line with the FAST standard this will include the following sheets:
- Time - A time tab that covers all time based assumptions
- InpC - An input sheet for all model constants that will also include the scenario workings
- InpS - A series input sheet
- Temp - A template sheet with a templated corkscrew calculation block
I plan to practice building these tabs over the coming weeks so that I can build it quickly and accurately by the time the exam comes around.
Week 2 - 11 weeks to go
Given that I am a little ahead I am going to jump straight into the AFM exam content on the FMI platform.
I'll also practise the base model set up a couple of times.
My plan
I'll be following this broad plan for the topic areas:
How we support FMI students at Full Stack
Full Stack Modeller is an accredited training provider for the Financial Modeling Institute.
Our core training program covers all the Excel and financial modelling skills that you need to succeed in the FMI exams.
We have recently launched our AFM exam Bootcamp which will be led by Giles. This bootcamp has been designed specifically to support candidates taking the FMI AFM exam.
Learn from a Master Financial Modeler
Giles Male, our co-founder and CEO, has achieved the prestigious, highest level of accreditation from the FMI - The Master Financial Modeler.
Learn from the best.
What is the Financial Modeling Institute?
The Financial Modeling Institute (FMI) was founded in 2017 with the goal of “Promoting awareness, excellence and discipline in Financial Modeling through world-class accreditation programs”.
The Financial Modeling Institute (FMI) focuses on assessment, leaving the delivery of training to independent and proven partners like us at Full Stack Modeller.
What are the FMI certification levels?
The Financial Modeling Institute (FMI) has three certification levels. These are: Advanced Financial Modeler (AFM); Chartered Financial Modeler (CFM); and Master Financial Modeler (MFM).
