Stage 1 (2022)
Originally published: 07/02/2022 15:26
Publication number: ELQ-39003-1
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Stage 1 (2022) "Tiered Waterfall"

This is a real-life example of an FMWC stage case.

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. 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 Stages as they desire. At the end of the season (December), the overall winners are announced and the prize fund is distributed. Additional monthly prize money is distributed to the best performing participants of each stage.

Tiered Waterfall is an actual case from the Financial Modeling World Cup 2022, Stage 1 (January 28-31) competition. This case is dealing with a real estate model, forecasting cashflows for an office building. The case is split into 2 parts – part 1 deals with modeling operational cashflows and part 2 deals with the cashflow waterfall.

The downloadable file consists of the following:
-Task: PDF file with Case Materials; PDF file with Questions; Excel file with case assumptions
-Solution: Excel file with full Solution Model; PDF file with correct answers in bold

This model awarded 500 regular points + 50 Extra Points for the bonus questions, while the whole 2h Stage allowed to earn 1,250 points in total.

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 and Answers

Acquire nonprofit license for $20.00

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Further information

To provide training opportunities for financial modelers.

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