What if my existing model isn’t FAST?

FINANCIAL MODELLING EXPERTS

Author:

Andrew Berkley

Published:

16 Jun 2014

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It’s one of the most common challenges in the classroom: “Andrew – what you are teaching us is all very well for new models.  But I work with models that have not been built to a standard.  What should I do with them?”

Nobody likes my answer – which is to rebuild the model using a modelling standard.

So I was pleased when I got this feedback from a recent course delegate who works for a real estate investment company:

“I just wanted to let you know that last week I was asked to review a business model received from an external party. It was not that good, so I decided to remodel the model using the FAST rules we learnt during our course, in the Excel template provided.  And I must say: my colleagues and I were quite surprised with the result. It gave a clear and easy-to-understand model with an accurate result.

“We are definitely going further with this in the future I think.”

And it’s not only this company that is going further with standardised models.  The Institute of Chartered Accountants in England & Wales is launching its Twenty Principles for Good Spreadsheet Practice on June 17th 2014.

High on the list of principles is: adopt a standard – and stick to it.



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Andrew Berkley
Andrew Berkley
With a background in business education and financial advisory work, Andrew leads the senior team at F1F9. He has been with F1F9 since 2013.