Join me as I prepare for the Financial Modeling Institute's Advanced Financial Modeler (AFM) exam which next takes place in just three weeks on 22nd February 2025.
I will be sitting the FMI Advanced Financial Modeler exam on Saturday the 22nd February 2025, which is now just three weeks away. In this series, I share my thoughts and learnings as I prepare for the exam.
You can catch up on my previous posts in our blog area.
I have worked my way through all of the core blocks of structure, namely:
I've worked through each of these multiple times using the Henderson Case so that I am confident with the mechanics.
I think practicing the initial 20 minute template build is really important and should set the way for a good, well-structured start to the exam.
Having a working toolkit is vital.
I decided early on that reconciling the balance sheet straight away and building in my checks is an absolute must for the exam. This means that I can see the impact on the balance sheet after every change I make, and won't find myself staring at an unbalanced balance sheet with 30 mins to go!
As a FAST modeller I had to practice adapting how I would normally model to a slightly hybrid version to be as efficient as possible in the exam context.
And finally, and its hardly a groundbreaking revelation: practice, practice, practice. Train hard, fight easy. The work I put in over the next three weeks will directly influence how the exam goes on the day.
I have used three main sources for preparation for the exam:
My own, existing knowledge - this might sound like a weird thing to say, but I already had most of the knowledge for the AFM exam, I just had to apply it to the exam format.
The content taught by Ian on the FMI platform.
The Full Stack Modeller AFM Bootcamp.
I have created my own FMI AFM exam "micro-automation" toolkit collection to be used with OA Robot. This is a version of our main Full Stack Modeller toolkit that I have tailored to be compliant with the AFM exam rules. The FMI team have kindly reviewed it and approved its use.
I have been testing it through my studies and will use it in the exam.
Once finalised it will be available for free for OA Robot users through GitHub. More to follow.
For the next three weeks I'll be working through the case studies provided both in full timed-four-hour sessions and in discrete 20 minute blocks for each structural element.
I do have the slight complication of being at the Global Excel Summit all of next week and being onsite with a client in Luxembourg in the week leading up to the exam. But heh, we all have real life to live around the exam don't we!
Below was my original plan by topic areas.
I ended up running through this slightly differently but am on track to start my case study practice next week.
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.
Our FMI AFM exam Bootcamp, led by Giles Males, MVP and MFM has been designed specifically to support candidates taking the FMI AFM exam.
Our FMI AFM "micro-automation" toolkit collection has been approved by FMI for use in the exam.
Giles Male, our co-founder and CEO, has achieved the prestigious, highest level of accreditation from the FMI - The Master Financial Modeler (MFM).
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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.
The Financial Modeling Institute (FMI) has three certification levels. These are: Advanced Financial Modeler (AFM); Chartered Financial Modeler (CFM); and Master Financial Modeler (MFM).