Ask David & Ian โ All Your Questions About the Financial Modeling Academy Scholarship Answered
Oct 29, 2024The Financial Modeling Academy (FMA) Scholarship has gained significant attention for its transformative potential, particularly in Africa. In a recent webinar, David Brown, Managing Partner of dbrownconsulting, and Ian Schnoor, Executive Director of the Financial Modeling Institute (FMI), answered pressing questions from attendees. Here’s a curated Q&A covering everything you need to know.
Q1: What is the vision behind the Financial Modeling Academy Scholarship?
David Brown: The Academy was born out of a passion for democratizing financial modeling education. In partnership with FMI, we aim to equip Africans with world-class modeling skills and accreditation, ultimately creating one million financial modelers in the next five years. This initiative bridges the affordability gap, enabling more people to access opportunities in finance.
Ian Schnoor: Modeling is a multidisciplinary skill critical for decision-making in finance. Our rigorous Advanced Financial Modeler (AFM) accreditation program ensures that graduates are competent and exceptional, helping them transition into impactful roles.
Q2: How is the Financial Modeling Academy structured?
David Brown: The program kicks off with an 8-week training that covers building a three-statement financial model from scratch. Participants learn to interpret financial statements, make forecasts, and handle practical scenarios. Around the 7th week, we transition candidates to FMI for their exam preparation. Resources include a step-by-step guide, 8 mock exams, live reviews, and access to a supportive community for a full year post-exam.
Q3: What career opportunities open up with financial modeling skills?
Ian Schnoor: Financial modeling is foundational for roles in investment banking, credit analysis, corporate development, risk management, and more. Whether you’re forecasting revenues, valuing companies, or managing mergers and acquisitions, modeling is your ticket to making informed decisions and standing out in competitive markets.
Q4: Who can apply for the FMA Scholarship, and what does it cost?
David Brown: The scholarship has three routes:
1. African Students: $150, exclusive to accredited institutions in Africa.
2. African Residents: $347 for professionals living in Africa.
3. Non-African Residents: $972, which includes all training materials, mock exams, and the AFM exam fee.
Note: The scholarship excludes residents of South Africa and Canada.
Q5: What does the AFM exam entail?
Ian Schnoor: It’s a 4-hour proctored exam requiring candidates to build a financial model from scratch using three years of historical data and a case study. The model must include income statements, cash flow, and balance sheets. Graders assess design, structure, and functionality, ensuring the highest standards.
Q5: What does the AFM exam entail?
Ian Schnoor: It’s a 4-hour proctored exam requiring candidates to build a financial model from scratch using three years of historical data and a case study. The model must include income statements, cash flow, and balance sheets. Graders assess design, structure, and functionality, ensuring the highest standards.
Q7: Are there age restrictions for the scholarship?
David Brown: No, there’s no age barrier. We’ve seen participants in the later stages of their careers and even retirees excel in the program. It’s all about commitment and capacity.
Q8: Why is financial modeling so transformative?
David Brown: Beyond Excel, modeling hones critical thinking and decision-making. It’s about understanding industries, anticipating risks, and crafting scenarios. This skill positions you as a leader and decision-maker, ready to tackle challenges across sectors.
Q9: What’s the future for financial modelers in Africa?
David Brown: Offshoring and outsourcing are growing trends. With strong modeling skills, professionals can work remotely for global companies, transforming their careers and contributing to economic development.
Final Thoughts
The FMA Scholarship is more than a training program; it’s a gateway to excellence in finance and leadership. As Ian eloquently said, “Modeling allows you to become the smartest person in the room.” Ready to leap? Join the Financial Modeling Academy Scholarship today!