Financial modeling
DCF models, LBO structures, sensitivity tables, and the Excel skills that Wall Street actually uses.
Browse by Topic
Click a category to see every guide available.
Learning Path by Skill Level
Not sure where to start? Follow the path that matches your experience.
Start with Excel basics, then build a 3-statement model from scratch.
Learn DCF, comps, and precedents — the three pillars of valuation.
LBOs, merger models, and sector-specific templates used in IB and PE.
Your Modeling Toolkit
Quick references and related guides to keep open while you build models.
Frequently Asked Questions
Common questions about learning financial modeling.
Do I need to pay for a course to learn financial modeling?
No. Everything on EquityRef is free and covers the same models taught in paid courses — DCFs, LBOs, merger models, and industry-specific templates. Paid courses add video walkthroughs and pre-built templates, which can be helpful, but the concepts and logic are all here. Start with our three-statement model guide and work through the learning path above.
What’s the most important model to learn first?
The three-statement model. It connects the income statement, balance sheet, and cash flow statement — and every other model (DCF, LBO, merger) is built on top of it. Master this first and the rest becomes significantly easier.
How long does it take to get good at financial modeling?
With focused practice, you can build a solid 3-statement model in 2–4 weeks and a basic DCF in a few days after that. Getting to the level where you can build an LBO or merger model comfortably takes 2–3 months. Getting fast — the kind of speed you need in banking — takes 6+ months of repetition. The key is to build models by hand, not just read about them.
Do I need VBA or Python for financial modeling?
Not to start. 95% of financial modeling is done in plain Excel with formulas. VBA is useful for automating repetitive tasks (updating models, formatting outputs), and Python is increasingly used for data analysis and quantitative modeling. Both are “nice to have” additions, not prerequisites.
What’s the difference between a DCF, LBO, and merger model?
A DCF values a company based on its projected future cash flows — it answers “what is this company worth?” An LBO models a leveraged buyout and answers “what return can a PE firm earn?” A merger model analyzes whether an acquisition would be accretive or dilutive to the buyer’s earnings. Each serves a different purpose in deal analysis.