Formal Training

Many organisations leave the construction of spreadsheets to their most junior analysts, under the misguided assumption that their staff can simply figure out an appropriate methodology as they go along. Left with few alternatives, inexperienced employees will often try to reverse-engineer the approaches adopted by their predecessors by looking at other models and trying to deconstruct their design. Ultimately, this practice leads to a variety of styles and structures within a single organisation and the lack of a coordinating methodology will soon become apparent during difficult times.

To avoid such circumstances, we recommend the following measures are adopted:

1. Equip spreadsheet engineers with a comprehensive methodology that they can rely on to ensure consistency, each and every time.

2. Ensure that all members of a team follow the same guidelines so models can be accessed and amended easily by multiple users.

3. Allow for sufficient review time at the end of the process. The value of these reviews will increase dramatically if points 1 and 2 are followed.

High-quality training in effective spreadsheet modelling is available all round the world, and via online courses, for each segment of the process mentioned above. This includes courses we run through the F1F9 Academy in modelling and project finance.

Professional training is critical; however, on its own it's not enough. Teaching staff how to build efficient models that meet FAST standards will only benefit companies if rigorous management techniques are in place to ensure practices are streamlined and cohesive across the organisation.