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Financial Modeler's Corner

Paul Barnhurst AKA The FP&A Guy

Financial Modeler's Corner is a podcast where we talk all about the art and science of financial modeling with distinguished Financial Modeler's from around the globe. Financial Modeler's Corner is hosted by Paul Barnhurst, aka The FP&A Guy, a global thought leader in the field of finance.
The Financial Modeler's Corner podcast is brought to you by Financial Modeling Institute. FMI offers the most respected accreditations in financial modeling.

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  • 21 episodes
  • weekly
  • Avg 40 min
  • English

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  • Tuesday · 49 min

    What Separates an Excellent Financial Modeler From a Technically Good One with Diarmuid Early

    In this episode of Financial Modeler’s Corner, Paul Barnhurst speaks with Diarmuid Early about what separates great financial modelers from technically capable ones, the rise of AI in financial modeling, and why judgment remains essential. Diarmuid shares lessons from his career, his experience as a three-time World Financial Modeling Champion, and why understanding what a model actually means matters more than simply building it correctly. Diarmuid Early is the founder of Early Days Consulting, a data analytics and financial modeling consultancy. He previously worked at Boston Consulting Group and spent nearly a decade in Deutsche Bank’s Origination and Advisory division. He holds a PhD in computer science and is a three-time World Financial Modeling Champion, Excel MVP, and Master Financial Modeler Expect to Learn: Why great modelers think beyond simply building the model How assumptions and business understanding drive valuable financial models Where AI currently fits into financial modeling Why AI-generated models still require careful human review Why continuous learning remains essential for financial modelers Here are a few relevant quotes from the episode: “The hard part is getting everybody aligned. What are the assumptions?” - Diarmuid Early “There is a smart way to do it. And so if you're banging your head against it, go find the smart way.” - Diarmuid Early AI will continue to take on more of the technical work involved in financial modeling, but speed alone does not make a model useful or reliable. Strong modelers will continue to stand out through their ability to develop credible assumptions, interpret results, exercise judgment, and understand the decisions a model is meant to support. Follow Diarmuid: LinkedIn: https://www.linkedin.com/in/diarmuidearly/ YouTube: https://www.youtube.com/@dimearly Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration produced under human editorial review. Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today's Episode: [00:00] - Trailer [03:31] - Diarmuid’s Journey Into Financial Modeling [06:00] - Financial Modeler Stereotypes [08:20] - Career Advice for Aspiring Modelers [12:46] - Financial Modeling Competitions [14:59] - Consulting, Coaching, and Career Evolution [18:25] - Meeting Microsoft CEO Satya Nadella [21:08] - AI and the Future of Financial Modeling [25:41] - Why AI-Generated Models Still Need Review [31:09] - Financial Modeling Standards and Best Practices [35:19] - Diarmuid’s Most Challenging Modeling Case [39:28] - Excel Shortcuts and Modeling Tools [41:38] - Rapid-Fire Modeling Questions [46:01] - Continuous Learning and Final Advice

  • August 18 · 22 min

    Can Financial Modelers Trust AI to Build Reliable Models? with Ryan Humphrey

    In this episode of Financial Modeler’s Corner, Paul Barnhurst speaks with Ryan Humphrey about financial model auditing, the skills strong modelers need, and how AI is changing the profession. Ryan explains why communication, judgment, and independence matter alongside technical ability. He also shares how model audits work, why poorly structured models create risks, and how AI could shift financial modelers from building models toward reviewing and refining them. Ryan Humphrey is a Partner at Forvis Mazars in London, specializing in financial model audits, including accounting and tax reviews. A qualified chartered accountant, he contributed to How to Review a Spreadsheet and co-authored Credible Model Audit for the AI Era. He is also conducting research with Cambridge University in sustainability leadership and is an advocate for the energy transition. Expect to Learn: Why communication is essential in financial modeling How independent financial model audits support major investment decisions Why human judgment remains critical as AI improves How AI could shift financial modelers from building to reviewing Why continuous learning is increasingly important in the AI era Here are a few relevant quotes from the episode: “The model really is... a communication vector more than anything. It's about telling a story.” - Ryan Humphrey “What cannot be replaced is judgement.” - Ryan Humphrey AI is becoming increasingly capable of understanding and building spreadsheets, but credible-looking outputs can still contain errors. As AI takes on more of the technical building process, financial modelers will need to focus even more on judgment, review, communication, and understanding what a model is designed to accomplish. Follow Ryan: LinkedIn: https://www.linkedin.com/in/rchumphrey/ Website: https://www.forvismazars.com/uk/en/users/our-team/ryan-humphrey Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today's Episode: [02:31] - Why Communication Matters in Financial Modeling [05:14] - Ryan’s Financial Model Audit Nightmare [08:29] - How Financial Model Audits Work [10:18] - What Model Auditors Actually Validate [12:50] - Essential Skills for Model Auditors [16:45] - How AI Is Changing Financial Model Audits [19:26] - The Risks of Credible-Looking AI Models [20:45] - Moving From Model Building to Model Reviewing [21:25] - Continuous Learning and Final Advice

  • August 11 · 49 min

    AI Can Build the Model, But Can You Trust It? with Ryan Humphrey

    In this episode of Financial Modeler’s Corner, Paul Barnhurst speaks with Ryan Humphrey about financial model auditing, the skills strong modelers need, and how AI is changing the profession. Ryan explains why communication, judgment, and trust matter as much as technical ability. He also shares how model audits work, why poorly structured models create serious risks, and why finance professionals must continue developing their skills as AI takes on more of the building process. Ryan Humphrey is a Partner at Forvis Mazars in London, specializing in accounting, tax reviews, and financial model audits. A qualified chartered accountant, he co-authored Credible Model Audit for the AI Era and is currently researching sustainability leadership with Cambridge University. Expect to Learn: Why communication is essential in financial modeling How independent model audits support better decisions Why human judgement remains critical in the AI era How AI may shift modelers from building to reviewing Why trust and continuous learning are becoming more valuable Here are a few relevant quotes from the episode: "The model really is a communication vector more than anything. It is about telling a story." - Ryan Humphrey "Trust becomes so important because things can look right very quickly, even when they are not." - Ryan Humphrey AI may make financial models faster to build, but it also makes careful review more important. The future belongs to professionals who can combine technical knowledge with judgement, communication, and trusted decision-making. Follow Ryan: LinkedIn: https://www.linkedin.com/in/rchumphrey/ Website: https://www.forvismazars.com/uk/en/users/our-team/ryan-humphrey Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration produced under human editorial review. Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today's Episode: [00:00] -Trailer [05:16] - Why Communication Matters [06:45] - AI and the Future of Modeling Careers [08:50] - Ryan’s Model Audit Nightmare [12:26] - How Financial Model Audits Work [17:36] - Essential Skills for Model Auditors [21:35] - How AI Is Changing Model Audits [27:54] - The Growing Importance of Trust [32:34] - Why Continuous Learning Matters [37:30] - Excel Preferences and Shortcuts [41:30] - Rapid-Fire Modeling Questions [47:35] - Final Advice for Financial Modelers

  • August 4 · 54 min

    AI vs. Financial Modeling World Champion: Who Wins, and What Can We Learn from It

    In this episode of The ModSquad, Paul Barnhurst, Giles Male, and Ian Schnoor are joined by Excel and Financial Modeling World Champions Michael Jarman and Diarmuid Early to discuss a unique “man versus machine” financial modeling challenge. The group breaks down their experience testing AI against expert modelers using real financial modeling and Excel competition cases. They explore where AI performs well, where human judgment still matters, and what the future of financial modeling may look like as AI tools continue to improve. Expect to Learn How AI compares against expert financial modelers in real-world challenges Where AI adds value and where human judgment remains essential Why reviewing and validating AI-generated models is becoming more important How AI tools are changing the future role of financial modelers Why strong modeling fundamentals still matter in an AI-driven world Here are a few quotes from the episode: “AI can build something quick, but if you want it to be right, often the majority of the time is in checking it.” - Michael Jarman “The most interesting question is how do you get from something that works to something you actually feel confident in.” - Diarmuid Early AI is changing the way financial models are built, reviewed, and improved. While AI can increase speed and efficiency, the best results still come from professionals who understand modeling principles, question outputs, and apply human judgement. The future belongs to modelers who can combine technology with expertise. Follow Ian: LinkedIn - https://www.linkedin.com/in/ianschnoor/ Follow Giles: LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/ Follow Michael Jarman: LinkedIn - https://www.linkedin.com/in/michael-jarman-excel/ Follow Diarmuid Early: LinkedIn - https://www.linkedin.com/in/diarmuidearly/ In today’s episode: [00:00] – Trailer [03:59] – Setting Up the Competition [09:50] – AI Competition Commentary [13:02] – Shortcut vs Human Results [16:17] – AI Review Agents [20:11] – Trusting AI Models [29:41] – Future of AI Agents [33:13] – Human Oversight in AI [41:27] – Real-World Modeling Challenges [45:54] – Beyond AI Prompting [47:50] – Future of Financial Modeling [53:20] – Closing Thoughts

  • July 28 · 19 min

    Can Competition Make You Better at Finance? with Eric Kelley

    In this episode of Financial Modelers Corner, host Paul Barnhurst welcomes Dr. Eric Kelley, Finance Professor | Microsoft MVP (Excel), and one of the leading educators in financial modeling. Eric shares how his passion for teaching, mathematics, and financial markets led him into academia, and why developing scalable financial models starts with understanding the business before opening Excel. Dr. Eric Kelley is a Professor of Finance at the University of Tennessee's Haslam College of Business, a Microsoft Excel MVP, and Faculty Fellow with the Microsoft Excel Collegiate Challenge (MECC). He coaches the University of Tennessee's Excel eSports team, which won the 2024 MECC World Championship, and is passionate about using financial modeling and Excel eSports to prepare students for finance careers. Expect to Learn: Why communication matters as much as modeling skills. Building scalable financial models that last. Common financial modeling mistakes to avoid. How Excel eSports sharpens problem-solving. Why competition improves modeling skills. Here are a few relevant quotes from the episode: "Great financial modelers need strong oral communication skills because they must explain the story behind the model, not just build it." - Dr. Eric Kelley "You're not trying to solve a single problem, you're trying to build a system that can take flexible inputs and generate useful outputs." - Dr. Eric Kelley Eric Kelley shares why financial modelers need more than technical skills, highlighting the importance of communication, problem-solving, and building scalable models. He also discusses how Excel eSports and hands-on learning are helping students develop real-world modeling skills for future finance careers. Follow Eric: LinkedIn: https://www.linkedin.com/in/ekkell/\ University of Tennessee: https://haslam.utk.edu/ Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today's Episode: [00:00] - Introduction & Dr. Eric Kelley [02:10] - Eric’s Finance Journey [03:17] - The Top Modeling Skill [04:40] - Understanding Your Model [05:33] - Common Modeling Mistakes [08:03] - Excel eSports Explained [10:31] - Performing Under Pressure [11:51] - Coaching Excel Champions [14:22] - Excel eSports in Modeling [17:13] - Teaching with FMI Cases [18:57] - The Future of Financial Modeling

  • July 21 · 47 min

    The Human Financial Modeler: AI insights from 60+ global experts

    In this episode of Financial Modeler's Corner, host Paul Barnhurst is joined by Ian Schnoor, Executive Director of the Financial Modeling Institute. They discuss the future of financial modeling in the age of AI, with a focus on how modelers are using AI today, where human judgment still matters, and what governance, ethics, and skill development look like going forward. Expect to Learn: Why communication skills are critical for financial modelers How to build models as flexible systems instead of one-time solutions How Excel Esports helps students develop real-world modeling skills How competitions can improve financial modeling education Here are a few quotes from the episode: "86% of the council members are using AI for modeling tasks" – Ian Schnoor "The shift, there will be a shift, of course, from construction to judgement" – Ian Schnoor Ian Schnoor shares why AI should enhance, not replace, human expertise in financial modeling, emphasizing judgment, governance, and strong foundational skills. He also offers practical career advice for aspiring modelers and highlights why mastering the fundamentals remains essential in an AI-driven future. Follow Ian: LinkedIn - https://www.linkedin.com/in/ianschnoor/ Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today’s Episode: [00:00] –Trailer [03:25] – Ian’s Modeling Journey [06:20] – Building Modeling Skills [09:59] – Global Leadership Council Report [14:40] – AI Use in Financial Modeling [21:31] – Human Judgment in Modeling [26:09] – Trust and AI Governance [30:11] – Ethics and the Future of Modeling [44:14] – Final Thoughts on Modeling Careers

  • July 14 · 45 min

    Building Financial Modeling Skills While Playing an E-Sport Game with Professor Eric Kelley

    In this episode of Financial Modeler’s Corner, Paul Barnhurst sits down with Dr. Eric Kelley, finance professor, Microsoft Excel MVP, and financial modeling educator, to discuss how financial modeling education is evolving through Excel Esports and hands-on learning. Eric shares how he uses competitions, real-world cases, and structured modeling techniques to help students build stronger financial modeling skills, think in systems, and create models that support better decision-making. Dr. Eric Kelley is a finance professor at the University of Tennessee’s Haslam College of Business, where he teaches finance at the undergraduate, MBA, and PhD levels. He is a Microsoft Excel MVP and faculty fellow with the Microsoft Excel Collegiate Challenge. Eric focuses on developing integrated financial modeling education, helping students build scalable models through innovative techniques and competitive Excel-based learning. Expect to Learn: Why communication skills are critical for financial modelers How to build models as flexible systems instead of one-time solutions How Excel Esports helps students develop real-world modeling skills How competitions can improve financial modeling education Here are a few quotes from the episode: "At the end of the day, we've got to be able to communicate. We've got to be able to tell stories." - Eric Kelley "You're not trying to find a loan payment. You're trying to build a system that is going to take in a flexible set of inputs and generate a loan payment as an output." - Eric Kelley Eric Kelley shares how financial modeling education can move beyond traditional instruction by combining technical skills, communication, and competitive problem-solving. Through Excel Esports and structured case-based learning, he helps students understand that strong models are not just about getting the right answer, but about building systems that can adapt, scale, and support decisions. Follow Eric: LinkedIn: https://www.linkedin.com/in/ekkell/ Youtube: https://www.youtube.com/@erickelley5900 Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today’s Episode: [00:00] – Trailer [04:33] – The Importance of Communication Skills [09:12] – Discovering Excel Esports [11:35] – Competing Under Pressure [13:01] – Coaching Future Financial Modelers [16:36] – Bringing Financial Modeling Into the Classroom [23:51] – Building Excel Esports Cases [32:00] – Students’ Biggest Modeling Breakthroughs [36:23] – Advice for Aspiring Modelers [38:10] – Excel Rapid Fire Questions [43:33] – Final Advice on Learning Financial Modeling

  • July 7 · 38 min

    AI Financial Modeling Test for Finance Pros to Understand the Limitations Using Real Tool Comparison

    In this episode of The Mod Squad, Paul Barnhurst, Ian Schnoor, and Giles Male put today's leading AI tools to the test in a live financial modeling "bake-off." Using the same modeling case and prompts, they compare ChatGPT, Claude, and Copilot to see how well each tool builds a financial model. The discussion highlights the progress AI has made, where it still falls short, and why financial modeling expertise remains essential. Expect to Learn: How ChatGPT, Claude, and Copilot perform on the same financial modeling task The strengths and weaknesses of AI-generated financial models Why AI-generated models still require careful review and testing How custom instructions and skills can improve AI outputs Why financial modeling knowledge is still critical in an AI-driven world Here are a few quotes from the episode: "People are trying to do their jobs and keep up with AI at the same time. It's exhausting." – Ian Schnoor "AI is a magnifier, not a replacement for financial modeling skills." – Paul Barnhurst AI is powerful, but it is not a shortcut to quality work. It still needs guidance, structure, and strong fundamentals. The people who benefit most are those who understand both the tools and the work behind them. For now, the best approach is simple: test it, guide it, and never trust it blindly. Follow Ian: LinkedIn - https://www.linkedin.com/in/ianschnoor/ Follow Giles: LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/ In today’s episode: [00:00] – Trailer [03:30] – AI Fatigue & Keeping Up [05:48] – The Modeling Challenge [08:41] – ChatGPT Results [17:57] – Claude Results [27:33] – Copilot Results [30:36] – Human Review Still Matters [33:18] – How AI Has Improved [36:10] – Better Results with Custom Skills [37:08] – Final Verdict & Key Takeaways

  • June 30 · 47 min

    Spatial Finance: How Satellite Data Is Enhancing Financial Models, with Jorge Rojas

    In this episode of Financial Modeler’s Corner, Paul Barnhurst sits down with Jorge Rojas, finance professor, consultant, and Advanced Financial Modeler, to explore how emerging technologies are reshaping financial modeling. Jorge shares insights from his latest research on spatial finance and Earth observation data, explaining how satellite imagery, AI, and alternative data sources are transforming forecasting, investment analysis, ESG reporting, and risk management. Jorge Rojas is a finance professor, consultant, CFA Charterholder, and Advanced Financial Modeler (AFM) with a PhD in Finance from Tulane University, where he also serves as an Adjunct Professor. He has taught finance across the United States, Europe, Asia, and Latin America, and is the author of several books on corporate finance, risk management, and financial modeling Expect to Learn: How satellite data can improve financial forecasting Why Monte Carlo simulation is useful for decision-making Practical applications of spatial finance Tips for building reliable financial models Advice for developing your financial modeling skills Here are a few quotes from the episode: "Most useful financial models should be forward-looking and based on current information." - Jorge Rojas "Build your model as automated as possible. It takes more time upfront, but it will save you time later." - Jorge Rojas Jorge Rojas shares practical insights on building stronger financial models by combining sound modeling principles with modern data sources and risk analysis techniques. Whether you're new to financial modeling or an experienced professional, this episode offers valuable lessons to help you make better-informed financial decisions. Follow Jorge: Linkedin: https://www.linkedin.com/in/jorgerojasphdcfa/ Company: https://orcid.org/0009-0002-4136-7995 Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today’s Episode: [00:00] – Trailer [03:08] – Financial Modeling Horror Story [04:35] – Why Jorge Enjoys Teaching [07:38] – CFA & AFM Certifications [12:18] – Introduction to Spatial Finance [17:01] – Satellite Data in Finance [25:41] – Monte Carlo Simulation [32:20] – Modeling Agricultural Risk [37:57] – Rapid Fire Questions [45:29] – Advice for Financial Modelers

  • June 23 · 1 hr 6 min

    AI in Financial Modeling: Better Than Ever, Still Not There, and the Fatigue Factor

    In this episode of The Mod Squad, Paul Barnhurst, Ian Schnoor, and Giles Male share their real experiences using AI in financial modeling. They discuss what works, what doesn’t, and how finance professionals can best use AI today. From testing different AI tools to running a “bake-off” on a real financial model, the conversation highlights the practical challenges, hallucinations, and creative approaches to working with AI in FP&A. Expect to Learn Where AI actually adds value in modeling and finance workflows Why AI outputs still need careful checking and guidance How different AI tools compare when building real models Why instructions, structure, and human oversight improve AI results Here are a few quotes from the episode: “Most companies don’t have AI governance yet, and that’s where real risk comes in.” - Ian Schnoor “Automation is great, but you still need to audit and understand every step.” - Giles Male AI is powerful, but it is not a shortcut to quality work. It still needs guidance, structure, and strong fundamentals. The people who benefit most are those who understand both the tools and the work behind them. For now, the best approach is simple: test it, guide it, and never trust it blindly. Follow Ian: LinkedIn - https://www.linkedin.com/in/ianschnoor/ Follow Giles: LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/ In today’s episode: [00:05] – Trailer [03:06] – AI Progress Update [05:00] – Mental Load & AI Pace [08:03] – Busting AI Hype [12:30] – Training & Business Demands [17:57] – AI “Eye of the Storm” [24:13] – Testing AI Models [30:52] – Fixing vs Building AI Models [35:15] – Challenging Misleading AI Claims [38:41] – Improving AI with Instructions [42:59] – Final Thoughts & Takeaways

  • June 16 · 18 min

    The Language and Excel Problem Stopping AI from Fixing Financial Modeling with John Yeldham

    In this episode of Financial Modelers Corner, Paul Barnhurst talks with John Yeldham, founder of Lodeum, about building trust in Excel models, standardizing modeling language, and creating modular, scalable models. John shares his experience leading financial modelers and using advanced Excel features like Lambda functions and dynamic arrays. Expect to Learn: Standardize language to improve clarity and collaboration Use modular blocks to make models understandable and trusted Leverage advanced Excel functions carefully for scalable, auditable models Online training through Lodeum allows flexible global learning Here are a few quotes from the episode: "If standards could be introduced for language, it allows financial modeling knowledge to be shared and scaled beyond individual experts." - John Yeldham "The role of a modeler is evolving from just churning out numbers to creating reusable, understandable modules." - John Yeldham John provides actionable strategies for financial modelers to improve clarity, scalability, and trust in their work while leveraging advanced Excel techniques and modular design principles. This episode is a must-listen for anyone looking to elevate their modeling skills and build reusable frameworks for complex financial analyses. Follow John: Company: https://www.linkedin.com/company/lodeum/ LinkedIn: https://www.linkedin.com/in/johnyeldham/ Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today’s Episode: [02:14] – Worst Model Horror Story [04:09] – Communication & Language Challenges [11:55] – Standardizing Language & AI Integration [14:43] – Online Training & Lodeum Platform [24:25] – Lambda Functions & Dynamic Arrays [39:42] – Rapid Fire Opinions [16:32] – Advice for Becoming a Better Modeler [18:07] – How to Connect

  • June 9 · 51 min

    The Critical Role of Communication and Standard Definitions in Financial Modeling with John Yeldham

    In this episode of Financial Modeler’s Corner, Paul Barnhurst sits down with John Yeldham, a leading expert in financial modeling and founder of Lodeum, a global online financial modeling training platform. John shares his experience leading and training teams of financial modelers across corporate and project finance, and discusses the importance of standardizing language, modular model design, and building trust in complex Excel models. John Yeldham has 20 years of experience leading and training financial modeling teams in project and corporate finance, supporting deals and valuations for global funds, energy, and infrastructure, as well as smaller businesses. He created and refined modeling methodologies at BDO UK, Forvis Mazars, and for Lodeum, a global financial modeling training platform launching in 2026. Expect to Learn: Models build trust, not just numbers Connect finance with operations for better decisions AI is a helpful junior analyst, but human judgment matters Scenario analysis and storytelling are essential in models Here are a few quotes from the episode: "Standardizing language allows AI and people to understand and use models effectively." – John Yeldham "A good modeler breaks down a complex model into functional blocks; this is key to building trust and usability." – John Yeldham John provides actionable strategies for financial modelers to improve clarity, scalability, and trust in their work while leveraging advanced Excel techniques and modular design principles. This episode is a must-listen for anyone looking to elevate their modeling skills and build reusable frameworks for complex financial analyses. Follow John: Company: https://www.linkedin.com/company/lodeum/ LinkedIn: https://www.linkedin.com/in/johnyeldham/ Follow Financial Modeler's Corner: LinkedIn: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and get 15% off using the code “Podcast” at https://bit.ly/497oAqW In Today’s Episode: [00:00] – Trailer [02:28] – Worst Model Horror Story [05:20] – Transition to Own Business & Lodeum [08:51] – Communication & Language Challenges in Modeling [16:03] – Standardizing Language & AI Integration [24:25] – Lambda Functions & Dynamic Arrays in Excel [30:19] – Online Modeling Training Advantages [36:43] – Favorite Excel Shortcuts [38:22] – Most Challenging or Fun Spreadsheet Created [39:42] – Rapid Fire: Modeling Opinions [47:16] – Advice for Becoming a Better Modeler [49:31] – How to Connect & Learn More

  • June 2 · 44 min

    How Founders Mistake Models Only for Fundraising and What They Should Do With Ilyas Anis

    Paul Barnhurst speaks with Ilyas Anis, CFO and Chartered Financial Modeler, about using financial models to build stakeholder confidence, drive operational decisions, and tell a clear business story. Ilyas shares insights on integrating AI, avoiding common modeling pitfalls, and the importance of scenario analysis and three-statement models. Ilyas Anis is Finance Lead at Turning Point Brands Canada and Founder of IMnS Associates. He has 15+ years of experience in financial modeling, valuation, and governance across multiple industries. An FCA, CPA, AFM, and FMVA®, he is also a board advisor and AI enthusiast. Expect to Learn Models build trust, not just numbers Connect finance with operations for better decisions AI is a helpful junior analyst, but human judgment matters Scenario analysis and storytelling are essential in models Here are a few quotes from the episode: “Stakeholders don’t pay you for getting the right thing. They pay for the confidence.” – Ilyas Anis “Financial models should open every Monday morning, they shouldn’t die after fundraising.” – Ilyas Anis Ilyas Anis highlights how financial models go beyond numbers to build trust, enable strategic decisions, and communicate a clear business story. He emphasizes the role of AI as a supportive tool, the importance of connecting finance with operations, and practical strategies for building models that deliver actionable insights for stakeholders. Follow Ilyas: Website: https://imnsassociates.com/ LinkedIn: https://www.linkedin.com/in/ilyasanis/ Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast” Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [00:00] – Trailer [02:35] – Early Career Horror Stories [04:28] – Storytelling in Models [09:52] – Fundraising vs Operational Models [12:39] – Connecting Finance & Operations [18:36] – Revenue Models as Foundation [25:29] – AI in Modeling [27:38] – Automating Dashboards [34:30] – Rapid-Fire Modeling Best Practices [42:03] – Final Advice

  • May 26 · 50 min

    The Mistakes in Structure and Data Thinking That Break Models with Mark Proctor

    In this episode of Financial Modeler’s Corner, host Paul Barnhurst (aka The FP&A Guy) is joined by guest Mark Proctor. Together, they discuss the intricacies of financial modeling and data analysis, with a focus on building efficient models and leveraging automation in Excel. Mark shares his deep expertise on why structure is key, how to automate tedious tasks, and how Excel continues to evolve to meet the demands of modern financial professionals. Mark Proctor is a seasoned financial professional with a background in accounting and finance, an Excel MVP, and the founder of Excel Off The Grid, a platform dedicated to improving efficiency and effectiveness in Excel. With decades of experience, Mark's insights are invaluable for anyone looking to optimize their use of Excel for financial modeling and beyond. He has helped countless professionals streamline their work through better data structure and automation techniques. Expect to Learn Financial modeling vs. data analysis Automation in Excel with Power Query & Pivot Why VLOOKUP is outdated and modern alternatives Building flexible, stakeholder-friendly models Reducing manual and repetitive Excel tasks Here are a few quotes from Mark Proctor: "Hard-coding is the enemy of a flexible financial model. Once you start hard-coding, you lose the ability to see what's really driving the model." - Mark Proctor "One of the key takeaways from bad models is that manual adjustments should always be documented and trackable." - Mark Proctor As Excel continues to evolve with powerful features like dynamic arrays and advanced automation, the tools discussed in this episode are essential for anyone looking to keep pace with the future of financial modeling. Mark’s emphasis on mastering the basics and thinking structurally will help you work faster and more effectively. Follow Mark: Website - https://exceloffthegrid.com/ LinkedIn - https://www.linkedin.com/in/markstephenproctor/ Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code “Podcast” Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [00:00] - Trailer [01:54] - Financial Modeling Horror Stories [04:55] - Lessons from Bad Models [06:28] - Mark's Career Journey and Background [12:59] - Data Analysis vs. Financial Modeling [19:17] - Excel as a Data Analysis Tool: Key Innovations [22:55] - Automation in Excel and Practical Tips [33:59] - The Importance of Mastering Excel Basics [44:19] - Wrap-Up and Closing Remarks

  • May 19 · 19 min

    AI in Investment Banking for Analysts to Adapt as Workflows Change but Jobs Remain – Matan

    Paul Barnhurst speaks with Matan Feldman, Founder and CEO of Wall Street Prep. Matan shares his insights from his career in investment banking and financial modeling, discussing how AI is transforming the investment banking landscape, its impact on financial modeling, and the future of financial modeling education. He reflects on his journey founding Wall Street Prep and the lessons he’s learned along the way. Matan Feldman is the Founder and CEO of Wall Street Prep, where he leads business development, course creation, and training programs for clients such as Morgan Stanley, J.P. Morgan, The Wharton School, and many others. Before founding Wall Street Prep, Matan worked at Chase Manhattan Bank and J.P. Morgan in investment banking and equity research. Expect to Learn: How AI is changing financial modeling and banking workflows The evolving role of financial modelers in an AI-driven world How AI speeds up repetitive tasks, letting analysts focus on higher-level judgment Why are core financial modeling skills still essential despite AI advancements? Here are a few quotes from the episode: "AI is already helping junior analysts by taking over repetitive tasks, but we're just scratching the surface." "AI has the potential to completely reshape how investment banks operate, but it's still in its early stages." Matan Feldman highlights how AI is revolutionizing investment banking and financial modeling, improving efficiency and allowing analysts to focus on higher-level tasks. While AI tools are reshaping workflows, Matan stresses that core financial modeling skills and human judgment remain essential in this evolving industry. Follow Matan: Website: https://www.wallstreetprep.com/ LinkedIn: https://www.linkedin.com/in/matanfeldman/ Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast” Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [05:55] – AI in Banking [07:00] – AI’s Banking Impact [10:00] – Future of Modeling [12:00] – Role of Modelers [14:00] – AI’s Opportunities [15:00] – AI in Advisory [17:00] – Banking’s Future with AI [19:00] – Analyst’s Future [20:00] – AI’s Effect on Banking [22:00] – AI and Careers

  • May 12 · 47 min

    The Investment Banking Job Hasn't Changed Since 1990. AI Is Changing That with Wall Street Prep CEO Matan Feldman

    Paul Barnhurst speaks with Matan Feldman, Founder and CEO of Wall Street Prep. Matan shares insights from his career in investment banking and financial modeling, discussing the future of AI in the industry, its impact on investment banking roles, and how it will reshape financial modeling education. He also reflects on his journey founding Wall Street Prep and the lessons he's learned along the way. Matan Feldman is the Founder and CEO of Wall Street Prep, where he leads business development, course creation, and training programs for clients such as Morgan Stanley, J.P. Morgan, The Wharton School, and many others. Before founding Wall Street Prep, Matan worked at Chase Manhattan Bank and J.P.Morgan in investment banking and equity research. Expect to Learn How AI is transforming financial modeling and investment banking workflows. The evolving role of financial modelers in an AI-driven world. How AI accelerates repetitive tasks, enabling analysts to focus on higher-level judgment. Why foundational financial modeling skills remain crucial despite AI advancements. Here are a few quotes from the episode: "A model can either be the most powerful tool or the most frustrating one." – Matan Feldman "Judgment and interpretation will always remain important." – Matan Feldman Matan Feldman shared valuable insights into the evolving role of AI in financial modeling and investment banking. He emphasized the growing importance of business judgment and foundational skills as AI tools continue to reshape the industry. Matan's journey from investment banking to founding Wall Street Prep highlights the ongoing need for both technical expertise and strategic thinking in financial modeling Follow Matan: Website: https://www.wallstreetprep.com/ LinkedIn: https://www.linkedin.com/in/matanfeldman/ Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast” Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [00:00] – Introduction [02:27] – Matan’s Modeling Nightmare [05:07] – The Journey of Wall Street Prep [08:21] – AI in Investment Banking [14:06] – The Future of Modeling and Automation [22:16] – Opportunities and Concerns in AI [29:48] – AI’s Role in Teaching Financial Modeling [36:02] – Rapid Fire Questions

  • May 5 · 39 min

    Financial Modeling for Analysts to Build Clear, Structured Models for Better Decisions with Shreya Bhatt

    In this episode of Financial Modeler’s Corner, Paul Barnhurst speaks with Shreya Bhatt about her journey in financial modeling and her experience working across infrastructure and project finance. Shreya shares real challenges she has faced, including rebuilding poorly structured models, and explains what makes a model reliable and easy to use. The conversation also covers modeling standards, practical use cases, and how financial models support real-world decisions. Shreya Bhatt is a Manager at CrossBoundary Group with over eight years of experience in financial modeling and infrastructure finance. She works on project finance, portfolio modeling, and investment analysis, supporting decision-making across sectors like renewable energy and infrastructure. Expect to Learn What makes a financial model reliable and easy to use Common mistakes that make models difficult to work with How project finance models connect to real-world decisions When to use different modeling standards like FAST and SMART How AI fits into financial modeling today Here are a few quotes from the episode: A model can either be the most powerful tool or the most frustrating one.” – Shreya Bhatt “AI can help us, but judgment and interpretation will always remain important.” – Shreya Bhatt Shreya explains that strong financial models are built with clarity, structure, and consistency. She highlights that while tools and technologies like AI can speed up parts of the process, the real value comes from understanding the business, making sound assumptions, and delivering insights that support decision-making. Follow Sherya: Gmail: shreyabhattofficial@gmail.com Linkedin: https://in.linkedin.com/in/-shreyabhatt- Follow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast’. Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [00:00] – Introduction [02:48] – Worst Modeling Experience [05:44] – Role at CrossBoundary [07:35] – Favourite Model Types [11:14] – Portfolio & Solar Models [14:06] – FAST Certification Journey [16:15] – FAST vs SMART Standards [19:56] – Modeling Best Practices [23:36] – AI in Financial Modeling [28:52] – Career Lessons [33:04] – Rapid Fire Insights [36:56] – Final Advice

  • April 28 · 48 min

    AI in Finance for Professionals Dealing with Errors, Overhype, and Constant Learning Pressure

    In this episode of The Mod Squad, Paul Barnhurst, Ian Schnoor, and Giles Male share their real experiences using AI in financial modelling. They cut through the hype and discuss what AI actually does well, where it still struggles, and how professionals should be thinking about using it today. From building models to handling workflows, the conversation highlights both the value and the limitations of AI tools in real work. Expect to Learn Where AI actually helps in finance and modelling work Why most “one-click solution” claims are unrealistic The importance of checking and guiding AI outputs How instructions and structure improve AI results Here are a few quotes from the episode: “It’s not a one-click solution. You still have to check everything.” – Giles Male “You will have to understand every line to guide AI properly.” – Ian Schnoor AI is powerful, but it’s not a shortcut to good work. It still needs guidance, structure, and strong fundamentals. The people who benefit most will be the ones who understand both the tools and the work behind them. For now, the best approach is simple: use it, test it, and don’t trust it blindly. Follow Ian: LinkedIn - https://www.linkedin.com/in/ianschnoor/ Follow Giles: LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/ In today’s episode: [02:06] – Current thoughts on AI after recent progress [03:45] – Daily use of AI and time savings [05:00] – Mental fatigue and keeping up with AI changes [08:03] – Calling out AI hype and unrealistic claims [12:30] – AI training challenges and business demand [17:57] – “Eye of the storm” phase of AI development [24:13] – Testing AI-built financial models [30:52] – Why fixing AI models can take longer than building from scratch [35:15] – Responsibility to challenge misleading AI claims [38:41] – Using instructions to improve AI output [42:59] – Final thoughts on AI, stress, and the future

  • April 21 · 21 min

    The Rise of Evergreen Funds for Retail Investors to Enter Private Markets with Rafael

    In this episode of Financial Modeler’s Corner, Paul Barnhurst is joined by Rafael Le Saux to explore the real-world challenges of financial modeling, valuation, and how the role is evolving with new tools like AI. They discuss why strong modeling fundamentals still matter, the risks of poorly structured models, and how professionals can improve their skills in a rapidly changing environment. Rafael Le Saux is a valuation and modeling expert with over 16 years of experience in financial advisory and alternative investments. He leads Valuation and Modeling Services at PwC Deals and Strategy Luxembourg, advising clients on complex valuation matters across multiple asset classes. He has held senior roles at Partners Group and worked across multiple global markets and is actively involved in industry education and research. Expect to Learn Why is the model structure important Common mistakes in financial modeling How to improve Excel and modeling skills How AI is used in modeling today Why analysis and judgment still matter Here are a few quotes from the episode: |“Those Frankenstein models built from different sources are always the hardest to fix.” - Rafael Le Saux “When you work on a bad model, you quickly understand why structure matters.” - Rafael Le Saux Rafael explains that AI can help speed up work, but it cannot replace thinking. The real value comes from understanding the data and building models that others can trust and use. Follow Rafael: LinkedIn: https://www.linkedin.com/in/rafael-le-saux/ Website: https://www.pwc.lu/ Follow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [00:34] – Rafael Le Saux Background [03:04] – Modeling Horror Story [05:09] – Teaching Financial Modeling [07:15] – AI in Learning & Education [09:50] – Using AI in Daily Work [12:03] – Limits of AI in Analysis [11:53] – Automation vs Analysis [15:13] – Luxembourg as a Financial Hub [17:56] – Regulation & Valuation [20:31] – Advice for Financial Modelers

  • April 14 · 45 min

    Evergreen Fund Growth and the NAV Valuation Challenges Financial Modelers Face with Rafael

    In this episode of Financial Modeler’s Corner, Paul Barnhurst sits down with Rafael Le Saux to talk about valuation, modeling, and how the field is changing. They dig into real challenges from working on complex models and what happens when things go wrong. The conversation also covers how private markets are evolving and why valuation is getting harder. It’s a practical look at how modeling connects to real decisions in today’s finance world. Rafael Le Saux is a valuation and modeling expert with over 16 years of experience in financial advisory and alternative investments. He leads Valuation and Modeling Services at PwC Luxembourg, working across multiple asset classes. He has also worked at Partners Group and across global markets, including France, Australia, and Chile. Alongside his professional work, he teaches, speaks at industry events, and supports the valuation community. Expect to Learn Why a strong model structure is critical in real-world projects The impact of evergreen and semi-liquid funds on valuation risk Why regulators are increasing scrutiny on valuation practices How AI is helping improve workflows but not replacing human judgment How to bridge the gap between auditors and investment teams Here are a few quotes from the episode: “Some students are actually afraid of Excel, and you can see that change in just a couple of days.” - Rafael Le Saux “Financial modeling is not just about numbers. It’s about understanding where you are today and where you’re going tomorrow.” - Rafael Le Saux Valuation and modeling are becoming more demanding as markets continue to change. Better tools make the work faster, but they don’t replace the need for clear thinking and solid structure. The people who focus on understanding the “why” behind the numbers, not just the output, will be the ones who stand out. Follow Rafael: LinkedIn: https://www.linkedin.com/in/rafael-le-saux/ Website: https://www.pwc.lu/ Follow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/ Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984 Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [04:25] – Modeling Horror Story [06:36] – Teaching Modeling [09:11] – AI in Education [11:21] – AI in Daily Work [16:45] – Luxembourg as a Financial Hub [19:48] – Regulation & Valuation [22:55] – Retail Investors & Private Markets [26:59] – Valuation Frequency [30:10] – Auditors vs Investment Teams [33:30] – Excel Tips [35:20] – World Cup Model [37:30] – Rapid Fire [44:00] – Final Advice

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