Financial Modeling Institute (AFM) Exam Solution
Originally published: 11/07/2018 09:22
Last version published: 02/04/2020 07:26
Publication number: ELQ-21231-3
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Financial Modeling Institute (AFM) Exam Solution

This is our FMI Exam solution created by Model Citizn. The model demonstrates other alternatives to the exam solution.

The financial model is built based on the FMI case study data and the exam questions and outline provided.
Go to to get access to this information.

FMI candidates are required to build this model in 4 hours as part of their practical assessment and accreditation to being a certified financial modeler under the FMI.

This particular exam question is for the Advanced Financial Modeler (AFM) certification exam, being the level 1.

Despite the fact that it is the level 1 exam, there is still a low pass rate as most participants do not have the required skills and experience in building balanced 3-way models.

The 3-way includes IS, BS and CFS including some complex calculations require as a result of the cirular nature of the interest calculations.

The current FMI solution (available on allows this circular reference to remain with the use of iterations.

Whilst this is an option, we prefer using 2 other alternatives which breaks the circularity and avoids the use of iterations which can cause other issues in the model.

Both of those 2 alternatives are demonstrated in this model either through a copy and past manual process or a macro driven solution.

It is suggested that candiates be familiar with all 3 approaches and practice solving this prior to taking the exam. In addition to practicing this exam solution one should ensure you build up the necessary skills in using shortcut keys, consistent formula logic and similar techniques to build the model quickly and accurately.

The model has been designed to assist students wIth learning the fastest way to complete the exam, but not necessarily the best way to present such a model to clients. For example models should contain charts and outputs, table of contents etc.

These have been excluded as they are not required for the exam and no additional marks are provided for creating these.

Hence this model is very much a technical solution, not a client demonstration version.

For additional information and access to the free FMI training materials which were used as a basis for the solution go to the following link -

If you want further assistance or training on how to use this be sure to contact us at

We have also used the advanced Excel auditing tool called Excel Analyzer and provided reports on the 2 model solutions ie iterations with no macro and 1 with a macro.

This Best Practice includes
1) 2 x Financial Models (iterations and macro version) 2) Model accuracy comparison 3) PDF Output of both approaches

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Further information

To assist potential students and candidates for the FMI exam for level 1 which is the Advanced Financial Modeler (AFM).

Preparation of the AFM exam, however in order to get the rest of the training materials go to the FMI website directly to download their free training materials.

Presentations to clients, dashboarding etc



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Discussion feed for Financial Modeling Institute (AFM) Exam Solution

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  • karan jani
    hi..i want to appear for AFM exam and i have already join the cf institute class but it seems like it is quite different from your own sample models so i want to know that if i register with you will i be learning with proper methods and videos i am attempting to tally a balancesheet but something is wrong so i am unable to ..any if you can then can you provide me with your sample learning videos
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    • Lance Rubin
      Hi Karan, I cannot comment on the CF institute class. It is a different training organisation and doesnt have any association with the FMI who sets the AFM exam. It is probably not advisable to try use the CF material to write the AFM exam as they are different organisations.

      I train people to write the AFM exam as an approved trainer of the FMI so I ensure that that I teach is aligned to the exam question specifically, albeit only slight differences in my solution to theirs.

      It's like paying 1 university for classes then going to write another universitites exam. It's not really going to help you. FMI is a very practical focused examinsation centre which uses trainers like me to deliver training for their exam.
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      • karan jani
        But FMI has given approval to this cf Institute from there nly I hav found their contact.. As I want to know as your will teach for the exam and then how to approach it in practical life as we prepare it using company report nd stuffs?
        arrow_drop_uparrow_drop_downReply reply
        • Lance Rubin
          You will have to take this up with them. I cannot comment and I not across what others are doing in this space. Perhaps they have a specific targeted training course for FMI and one that isnt. Just check with them. My course is focused on the exam in addition to helping prepare for real life financial modeling application.
          arrow_drop_uparrow_drop_downReply reply
          • karan jani
            ok then wat you charge for your package and i would like to ask you that if i want to appear for exam in oct then how much session you take ..and after registering for FM exam what stuffs they provide to the candidates?
            arrow_drop_uparrow_drop_downReply reply
            • karan jani
              helping prepare for real life financial modeling application all those things comes with your package ?? whats comes with will provide online portal ?
              arrow_drop_uparrow_drop_downReply reply
              • Lance Rubin
                Hi Karan, see my website for package details and register your interest and we can provide details.

                arrow_drop_uparrow_drop_downReply reply

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