Learn how to build a financial model of any business by modeling Apple Inc.

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Financial Modeling Fundamentals

This free training course we will teach you how to build an integrated 3-way financial model of any business from scratch, using Apple Inc. ('Apple') as an example.

We have delivered this course as part of the graduate training programs of thousands of organizations globally over the past 20 years, including Goldman Sachs and KPMG.

This course is fundamental for anyone with ambitions of working in the investment banking, business advisory, private equity, accounting, or corporate strategy fields.


A 3-way (or three statement) financial model is a financial model containing an income statement, balance sheet, and cash flow statement, which are linked together so they remain correct and consistent when assumptions are changed. This is why it is referred to as an integrated 3-way model.

The principles taught in this exercise apply to any financial model, regardless of complexity, and are therefore referred to as financial modeling fundamentals.

This exercise assumes that you have a basic knowledge of Microsoft Excel such that you are comfortable navigating between sheets, entering text, and writing formulas using basic functions such as the IF and SUM functions.

This exercise requires that you have access to the desktop version of Microsoft Excel. It does not require that you have the Modano Excel add-in installed or any other software.

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Why do I need a Modano account?

You will need to create a Modano account before undertaking this training course, as the model you build will be assessed for correctness at the end of each of the 7 learning exercises within the course.

The course also includes multi-choice theoretical assessment exercises after each practical learning exercise to confirm your understanding of the key concepts.

You do not need to install any software to undertake this course, but until 31st January 2022 we are providing unlimited access to the Modano Excel add-in to anyone who undertakes this training course so you can also undertake our broader range of training course if you choose.

Step-By-Step Videos

Enjoy having a front row seat as our CEO and founder Michael Hutchens instructs you while sharing knowledge accumulated during his 20 years as an investment banker and financial modeler.

Theoretical + Practical Assessment

Verify the correctness of your model as you built it using our game-changing interactive practical training platform.

Learning Report

Monitor your progress via learning reports provided in the reports section of your Modano account.

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