Stage 2 (2020)
Originally published: 01/12/2020 10:29
Last version published: 23/04/2021 12:00
Publication number: ELQ-77914-2
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Stage 2 (2020) "Follow-up with AFM"

This is a real-life example of FMWC stage cases.

Financial Modeling World Cup is an annual competition dedicated to financial modeling with a view of promoting healthy competition and education. FMWC challenges participants through a range of different types of questions and challenges. To answer everything correctly and win prizes, it takes a wide spectrum of skills and knowledge related to financial modeling. The competition is structured in a way that each participant accumulates points during the season by participating in as many monthly Stages as they desire. At the end of the season (December), the overall winners are announced and the prize fund is distributed.

This is an actual case from the Financial Modeling World Cup 2020, Stage 2 (Oct 16-19) competition. It can be used to expand your knowledge of financial modeling and train for future FMWC Stages.

The downloadable file consists of the following:
-Task: Excel file with given case assumptions and model template; PDF file with Case Materials; PDF file with Questions.
-Solution: Excel file with the full Solution Model; PDF file with correct Answers in Bold.

This model awarded 450 points, while the whole 2h Stage allowed to earn 1,000 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at

This Best Practice includes
3 files to start the Task; 2 files for Solution answers

Acquire nonprofit license for $10.00

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Further information

To provide an example of a real-life FMWC competition case.


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