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Financial Modelling in Excel for Beginners

Build driver-based forecasts, three linked statements, a DCF valuation and scenarios in Excel, step by step

Ghosla Academy · Finance Team

This course teaches financial modelling from the ground up in Excel. You'll learn how professional models are structured, the Excel skills that matter, and how the three financial statements link together, using a small Indian café as a running example. You'll then build driver-based forecasts, value a business with a DCF, and add scenarios and sensitivity tables to a model for a fictional D2C brand. All examples are educational; valuations are analytical exercises, not investment advice.

What you will be able to do

  • Structure a clean model with separate inputs, calculations and outputs
  • Use core Excel and finance functions like XLOOKUP, SUMIFS, PMT, NPV and IRR
  • Link the income statement, balance sheet and cash flow statement
  • Forecast revenue from drivers, plus costs, working capital and capex
  • Build a simple DCF valuation with WACC and terminal value
  • Run scenarios and sensitivity tables, and check a model for errors

What you build

  • Three-year driver-based forecast for a café with linked statements
  • DCF and scenario model for a fictional D2C brand

What you need to start

  • Basic Excel comfort (entering formulas, copying cells)
  • Microsoft Excel 2019/365 or Google Sheets

Curriculum · 5 sections, 19 lectures

Foundations4 lectures
  1. What is a financial model and who uses itFree preview10 min
  2. Excel skills every modeller needsFree preview12 min
  3. Model structure: inputs, calculations, outputs8 min
  4. Quiz: foundations5 min
Accounting for modellers3 lectures
  1. The three financial statements12 min
  2. How the statements link12 min
  3. Quiz: accounting for modellers5 min
Building forecasts4 lectures
  1. Revenue drivers and assumptions12 min
  2. Forecasting costs, working capital and capex12 min
  3. Project: 3-year forecast for a café20 min
  4. Quiz: building forecasts5 min
Valuation basics4 lectures
  1. Time value of money, NPV and IRR in Excel14 min
  2. DCF valuation step by step14 min
  3. WACC and terminal value explained simply8 min
  4. Quiz: valuation basics5 min
Scenarios and presenting4 lectures
  1. Scenario and sensitivity analysis with data tables12 min
  2. Checking and formatting a model8 min
  3. Project: DCF and scenario model for a D2C brand20 min
  4. Quiz: scenarios and presenting5 min

Who this is for

  • B.Com, BBA and MBA students aiming for finance analyst roles
  • Freshers preparing for FP&A, equity research or KPO interviews
  • Startup founders who want to build their own financial plan