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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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Today · 47 min
Excel LAMBDA and Dynamic Arrays: Benefits and Limits for Financial Models with Diarmuid Early
In this episode of Financial Modeler's Corner: The ModSquad, Ian Schnoor, Paul Barnhurst, and Giles Male welcome Diarmuid Early to discuss how modern Excel features are changing financial modeling. They explore the benefits of dynamic arrays, LET and LAMBDA functions, and how these tools can make financial models more flexible, consistent, and efficient. Diarmuid Early is the Founder of Early Days Consulting and an expert in Excel and financial modeling. He is an accomplished competitive Excel esports participant and an active contributor to the Excel community. He shares practical approaches to using dynamic arrays, LET, and LAMBDA functions to build more flexible, efficient, and reliable financial models. Expect to Learn How dynamic arrays improve flexibility and consistency in financial models. How LET and LAMBDA functions simplify complex calculations. Why Power Query is useful for connecting Excel workbooks. How custom functions can improve model accuracy and auditability. When modern Excel features create compatibility and modeling challenges. Here are a few quotes from the episode: “Lambdas can do crazy things, but you don't need them to do crazy things to be useful.” - Diarmuid Early “For the guts of 40 years, one Excel formula returned one result, and now one Excel formula can return many results.” - Diarmuid Early Diarmuid explains how dynamic arrays and LAMBDA functions can reduce repetitive work and help financial modelers build more adaptable models. He also highlights their limitations, particularly when dealing with circular dependencies, complex calculations, and older Excel versions. Follow Ian: LinkedIn - https://www.linkedin.com/in/ianschnoor/ Follow Giles: LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/ Follow Diarmuid: LinkedIn - https://www.linkedin.com/in/diarmuidearly/ Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration produced under human editorial review. In Today's Episode: [00:00] - Introduction [10:44] - Modern Excel & Financial Modeling [12:41] - Understanding Dynamic Arrays [19:15] - Understanding LAMBDA Functions [24:35] - Practical LAMBDA Applications [33:16] - Benefits of Reusable Functions [34:49] - LAMBDA Limitations & Compatibility [38:48] - Making LAMBDA Models Easier to Audit [43:10] - When Small Model Changes Become Big Problem [46:21] - Resources for Learning LAMBDA
October 20 · 40 min
Why AI-Built Models Get Investment at Much Lower Rates and What to Do About It with Taimour Zaman
In this episode of Financial Modeler's Corner, host Paul Barnhurst sits down with Taimour Zaman to discuss why AI-generated financial models often fail to convince lenders, what investors really look for when evaluating financing opportunities, and how financial modelers can build more credible models by focusing on risk, capital protection, and realistic exit strategies. Taimour is the Founder and Chief Capital Strategist of AltFunds Global, a financial advisory firm with offices in Canada and Switzerland. With more than 11 years of experience, he has advised operators and project sponsors on structured finance transactions ranging from $1 million to $500 million. He has developed 13 structured finance programs and built a network of more than 900 brokers. Expect to Learn: Why AI-generated financial models often fail to meet lenders' expectations. The three critical factors investors look for: capital protection, returns, and exit strategies. How to approach financial modeling from a lender's perspective rather than a borrower's. Why geopolitical risks, currency fluctuations, and unexpected events matter in financing decisions. Here are a few relevant quotes from the episode: “Put yourself in the lender banker's shoe. Know and understand the world is full of shocks and surprises and build me a model that protects and manages my risk.” — Taimour Zaman “So it's AI assisted model building rather than AI building the entire model.” — Taimour Zaman Taimour explains that a strong financial model is not simply about projecting growth or presenting impressive numbers. It must demonstrate how investors can protect their capital, receive their expected returns, and recover their investment when things do not go according to plan. Follow Taimour: Website: https://altfundsglobal.com/ Substack: https://taimour1.substack.com/ 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 Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration that has undergone human editorial review. In Today's Episode: [00:00] - Trailer [06:16] - Taimour's Journey Into Structured Finance [10:34] - Real Estate & Alternative Financing [16:55] - Building Models From an Investor's Perspective [19:57] - Managing Risk & Exit Strategies [22:20] - What Lenders Look for in Financial Models [27:17] - Real-World Financing Risks [32:14] - The Right Role for AI in Modeling [36:00] - Rapid Fire & Closing Advice
October 13 · 20 min
Stop Letting AI Do All Your Thinking in Financial Modeling with Danielle Stein-Fairhurst
In this episode of Financial Modeler’s Corner, host Paul Barnhurst sits down with Danielle Stein Fairhurst to discuss how AI is reshaping financial modeling, what modelers need to do to stay relevant, and why strategic thinking matters more than ever. Danielle also shares practical lessons from training financial modelers, working with real-world client models, and preparing for the Advanced Financial Modeler (AFM) exam. Danielle Stein Fairhurst is the Principal Financial Modeling Specialist at Plum Solutions, a Microsoft Excel MVP, Master Financial Modeler with the Financial Modeling Institute, LinkedIn Learning instructor, and internationally recognized financial modeling trainer and speaker. She is also the author of Financial Modeling in Excel For Dummies and Using Excel for Business and Financial Modeling. Expect to Learn: How AI is changing financial modeling. Why modelers need to keep learning and experimenting. How to use AI without outsourcing your thinking. Why real-world models differ from training examples. How to prepare effectively for the AFM exam. Here are a few relevant quotes from the episode: “AI is already building financial models, and that is quite terrifying to me.” - Danielle Stein Fairhurst “I think it's important that we just sit down and think strategically about what we want rather than outsourcing all of your creativity and all of your thinking to AI.” - Danielle Stein Fairhurst Danielle explains that AI can save time and help modelers go deeper with analysis, but it shouldn't replace independent thinking. She also shares why simplicity matters in real-world models and why practice and speed are essential when preparing for the AFM exam. Follow Danielle: LinkedIn: https://www.linkedin.com/in/daniellesteinfairhurst 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: [00:48] - Danielle's Background [01:41] - Modeling Journey [02:59] - Careers & AI [05:58] - AI & Financial Modeling [11:34] - AI in Everyday Work [13:31] - Real-World Models [17:20] - AFM Preparation [19:09] - Closing Thoughts
October 6 · 49 min
AI, Excel and the Changing Role of Financial Modelers with Danielle Stein Fairhurst
In this episode of Financial Modeler’s Corner, host Paul Barnhurst sits down with Danielle Stein Fairhurst to discuss how AI is changing financial modeling, why modelers need to keep learning, and how dynamic arrays are shaping the future of Excel. Danielle also shares her thoughts on model design, AFM exam preparation, and why strategic thinking still matters in an AI-driven world. Danielle Stein Fairhurst is the Principal Financial Modeling Specialist at Plum Solutions, a Microsoft Excel MVP, Master Financial Modeler with the Financial Modeling Institute, LinkedIn Learning instructor, and internationally recognized financial modeling trainer and speaker. She is also the author of Financial Modeling in Excel For Dummies and Using Excel for Business and Financial Modelling. Expect to Learn: How AI is changing financial modeling. Why modelers should not outsource all their thinking to AI. How dynamic arrays are changing Excel modeling. What it takes to prepare for the AFM exam. Why simplicity and strong model design still matter. Here are a few relevant quotes from the episode: “AI is already building financial models, and that is quite terrifying to me.” - Danielle Stein Fairhurst “I think it’s important that we just sit down and think strategically about what we want, rather than outsourcing all of your creativity and all of your thinking to AI.” - Danielle Stein Fairhurst Danielle explains that AI can now handle many technical tasks that once required significant modeling expertise. She believes modelers should embrace these tools while still relying on their own judgment, creativity, and strategic thinking. Follow Danielle: LinkedIn: https://www.linkedin.com/in/daniellesteinfairhurst 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 Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration that has undergone human editorial review. In Today's Episode: [00:00] - Trailer [05:19] - AI and the Future of Financial Modeling [08:30] - Financial Modeling Pet Peeves [10:21] - Updating Courses with AI [15:34] - Lessons From Danielle’s Pilgrimage [18:26] - AI Building Financial Models [27:30] - Training vs. Real-World Modeling [31:01] - Preparing for the AFM Exam [35:35] - Dynamic Arrays in Financial Modeling [40:24] - Lessons From Past Models [44:47] - Rapid Fire: Excel & Modeling [48:41] - Closing Thoughts
September 29 · 46 min
Poker, Probability, and Financial Modeling with Dan Mayoh
In this episode of Financial Modeler’s Corner, host Paul Barnhurst sits down with Dan Mayoh to discuss his career in financial modeling, lessons from model auditing, and why he sees Excel as one of the world’s most accessible programming languages. Dan also shares how mathematical modeling, poker, and probability have shaped his approach to risk and decision-making under uncertainty. Dan Mayoh is the Founder and CEO of Fintega Pty Ltd and a financial modeling and spreadsheet specialist with more than 15 years of experience. With a background in actuarial studies, Dan began his career in model auditing before moving into financial modeling and consulting. He also placed second in the inaugural ModelOff competition and was an early CFM holder with the Financial Modeling Institute. Expect to Learn: Why Excel can be viewed as a programming language. What model auditing teaches you about model design. How Modeloff helped Dan grow as a modeler and consultant. How mathematical modeling helps quantify risk and uncertainty. Why good decisions should not be judged only by outcomes. Here are a few relevant quotes from the episode: “Excel is really just the most accessible programming language in the world.” - Dan Mayoh “Sometimes you win. Sometimes you lose, even when you make the right decision.” - Dan Mayoh Dan explains that strong financial modeling goes beyond formulas and functions. Structure, navigation, error checks, usability, and designing around the end user all play an important role in creating models that are easier to understand, update, and trust. Follow Dan: LinkedIn: https://www.linkedin.com/in/dan-mayoh-255227/ 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 Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration that has undergone human editorial review. In Today's Episode: [00:00] - Trailer [03:40] - Dan’s Financial Modeling Journey [06:05] - Building a Career in Financial Modeling [12:14] - Modeling as Software Development [15:09] - Financial Modeling Horror Stories [19:19] - Lessons From Model Auditing [22:03] - Competing in ModelOff [27:39] - Mathematical Modeling of Games [32:04] - Modeling Risk in Real-World Projects [35:13] - Decision-Making Under Uncertainty [40:53] - Rapid Fire: Excel & Modeling [44:22] - Closing Thoughts
September 22 · 20 min
Financial Modeling, Deal Making, and the Skills Every Analyst Needs with Oren Klaff
In this episode of Financial Modeler’s Corner, host Paul Barnhurst sits down with Oren Klaff, Private Equity Fund Manager and bestselling author of Pitch Anything, to discuss how financial modeling can support deal-making, investment decisions, and career growth. Oren shares how modeling helped him move from financial analyst to dealmaker. Oren Klaff is a Private Equity Fund Manager and the author of Pitch Anything. He began his career as a financial analyst in private equity before moving into deal-making and capital raising. Financial modeling has remained central to how he evaluates businesses and structures deals. Expect to Learn: How modeling can lead to deal-making and capital raising. Why identifying key sensitivities matters more than finding errors. How modelers can become trusted business partners. Why simple, structured models are more useful. How financial insight can help move deals forward. Here are a few relevant quotes from the episode: “The shortest path to high status is finding something wrong.” - Oren Klaff “Your job is to make the future feel more certain.” Oren Klaff Oren explains that strong modelers do more than build spreadsheets. They identify the assumptions that drive outcomes, communicate insights clearly, and help decision-makers find practical ways to make deals work. Follow Oren: LinkedIn: https://www.linkedin.com/in/orenklaff/ 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 Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration produced under human editorial review. In Today's Episode: [04:00] - From Modeling to Deal-Making [06:08] - Creating Business Insight [08:38] - Finding Sensitive Assumptions [09:38] - How Analysts Build Trust [10:58] - Reviewing Models Without Creating Conflict [14:41] - Structuring Better Deals [18:23] - Real-World Deal Applications [20:13] - Closing Thoughts
September 15 · 50 min
Building AI for the Top 1% of Excel Users with Peter Fuller
In this episode of Financial Modeler’s Corner, the Mod Squad, Ian Schnoor, Giles Male, and Paul Barnhurst, speak with Peter Fuller about AI-powered financial modeling and the rapidly changing future of Excel. Peter shares how Tracelight evolved from an AI-for-Excel tool into a broader AI workspace for professionals in finance and consulting. Peter Fuller is the Co-Founder and CEO of Tracelight, based in London, England. Before founding Tracelight in 2024, he was an early-stage venture capital investor at Entrepreneurs First and spent five years at McKinsey, including time with QuantumBlack, McKinsey’s AI practice. His background combines finance, consulting, venture capital, AI, and financial modeling. Expect to Learn How Tracelight evolved from an AI-for-Excel tool. Why specialized AI tools can compete with larger platforms. How AI orchestration is changing financial modeling. Why enterprise AI adoption is accelerating. How AI could transform the role of financial modelers. Here are a few quotes from the episode: "The needs of the top 1% of users are different from the needs of the other billion people using Excel." - Peter Fuller "The amount of value that you'll be able to add in the world is now just increasing exponentially." - Peter Fuller Peter explains why he sees AI as an opportunity for financial modelers rather than simply a threat. As AI becomes more capable, he expects modelers to move beyond manually building spreadsheets and toward creating models that become a persistent part of how businesses operate. Follow Ian: LinkedIn - https://www.linkedin.com/in/ianschnoor/ Follow Giles: LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/ Follow Peter: LinkedIn - https://www.linkedin.com/in/peter-fuller-/ Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration produced under human editorial review. In Today's Episode: [00:00] - Trailer & Introduction [03:40] - Building AI for Excel [07:14] - Competing With Big AI Labs [11:27] - Tracelight's Strategy [15:30] - Tracelight's Core Customers [16:23] - AI Harnesses & Orchestration [19:32] - The Future of AI Models [22:10] - Multi-Model AI Workflows [27:44] - Enterprise Growth & User Love [33:32] - The Tracelight Platform [43:03] - Excel, AI & The Future of Modeling [47:13] - The Future of Financial Modelers
September 8 · 49 min
Pitch Anything's Oren Klaff: From Spreadsheet to Deal Table
In this episode of Financial Modeler’s Corner, Paul Barnhurst speaks with Oren Klaff about how financial modeling can become a powerful tool for deal-making, investment decisions, and career growth. Oren explains why modelers should focus on identifying key sensitivities, communicating insights effectively, and helping buyers and sellers find ways to make deals work rather than simply pointing out flaws. Oren Klaff is a Private Equity Fund Manager and the bestselling author of Pitch Anything. Based in Beverly Hills, California, he focuses on recruiting smart people to join his portfolio companies. Oren began his career as a financial analyst in private equity before moving into deal-making and capital raising. His experience in financial modeling has played a key role in his approach to deal-making and raising capital. Expect to Learn: How financial modeling can help you transition into deal-making and capital raising. Why identifying sensitive assumptions is more valuable than simply finding errors. How analysts can avoid antagonizing other parties and instead help move deals forward. What makes a financial model professional, usable, and trustworthy. Why simplicity and structure matter when building models for business users. Here are a few relevant quotes from the episode: "Excel will never die. Rock and roll will never die, and Excel will never die." - Oren Klaff "The shortest path to high status is finding something wrong." - Oren Klaff Oren explains that the real value of a modeler goes beyond building technically complex spreadsheets. The best modelers help decision-makers understand what matters, communicate uncertainty, and find practical ways to move a deal forward. A strong model should also be simple enough for business users to operate and robust enough to withstand scrutiny. Join FMI’s Global Conference: Take your financial modeling skills to the next level with FMI’s Global Financial Modeling Conference. Experience 24 hours of learning, networking, and practical insights from leading experts across the finance community. Register today: https://fminstitute.com/conference/ Follow Oren: LinkedIn: https://www.linkedin.com/in/orenklaff/ 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 Disclosure: Portions of this episode (such as the introduction or promotional segments) use AI-generated voice narration produced under human editorial review. In Today's Episode: [00:00] - Trailer [05:20] - Finding Insight in the Numbers [07:28] - Moving From Analyst to Deal Maker [10:58] - Using Modeling Without Antagonizing the Other Side [15:26] - Price, Terms, and Making Deals Work [20:11] - Real-World Applications of Modeling in Deals [23:24] - Modeling Horror Stories & What Good Models Look Like [31:25] - Building Models That Help Raise Money [35:20] - Storytelling With Numbers [40:13] - Pitch Anything and the Role of Status [43:24] - Rapid Fire: Excel, AI, Sensitivity Analysis & More [44:53] - Final Advice for Advancing Your Modeling Career
September 1 · 53 min
Why AI Makes Financial Modeling Best Practices More Important with Marli van Staden-Basson
In this episode of Financial Modeler’s Corner, Paul Barnhurst speaks with Marli van Staden-Basson about best-practice financial modeling, AI, model design, and the skills needed to build reliable models. Marli explains why transparency, usability, and risk management matter, and how AI makes strong modeling practices even more important. Marli van Staden-Basson is the founder and financial modeling specialist at Near Future Limited, with over 20 years of experience in corporate and infrastructure finance. She specializes in renewable energy and digital infrastructure modeling, including complex model development and independent model audits. Expect to Learn: What best-practice financial modeling really means. Why model design and transparency are so important. How AI is changing financial modeling. Common modeling mistakes and practices to avoid. How to design models around the people who use them. Why human review remains essential when using AI. Here are a few relevant quotes from the episode: "You are still the last line of defence as the human modeler." - Marli van Staden-Basson "A good financial model should really be doing a single thing." - Marli van Staden-Basson AI can make modeling faster, but Marli explains why it does not replace good modeling practices. Clear design, purposeful structure, checks, and human judgement remain essential for creating models that are reliable and easy to review. Follow Marli: LinkedIn: https://www.linkedin.com/in/marli-van-staden-basson-7119ba28/ 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 [03:29] - Building a Career in Financial Modeling [07:18] - Breaking the Modeler Stereotype [10:54] - Financial Modeling Horror Stories [18:49] - Starting a Financial Modeling Consultancy [24:28] - AI and Best-Practice Modeling [30:26] - Why Model Design Matters [37:07] - Tips for Building Better Models [41:23] - Worst Modeling Practices to Avoid [47:43] - Excel Rapid Fire [51:05] - AI and the Future of Modeling
August 25 · 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

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